Ripple joined the development of a digital pound by partnering with the Digital Pound Foundation
Ripple has officially joined the development of a digital pound by partnering with the Digital Pound Foundation as a foundation member. This non-profit organization seeks to facilitate the rollout of the Central Bank Digital Currency (CBDC) pegged to the Great British Pound in the United Kingdom (UK).
Ripple Joins the Digital Pound Foundation: Designing a Path for a CBDC-Forward Future
OCT 14, 2021 ?? #XRP #Ripple https://t.co/GWn41xIrVc— ????XRP (@BankXRP) October 14, 2021
Ripple joins the development of digital British pound CBDC
In a press statement, Ripple indicated that the move is part of the company’s efforts to work with central banks, assisting them with the technical and policy aspects of CBDC development. The firm will be represented at the Foundation by Susan Friedman, who also serves as the Head of Policy.
Susan Friedman, head of policy at Ripple, will represent the corporation at the Digital Pound Foundation.
“We are excited to support the design and implementation of a digital Pound in partnership with the Digital Pound Foundation. The Foundation will help advance the UK’s goal to build a more inclusive and sustainable financial system”, she stressed the importance of this partnership for the evolution of the global financial system.
Ripple chose the UK because the digital pound will highlight the height of the country’s support for innovation in the crypto space. Elsewhere, this partnership comes just a month after Ripple partnered with Bhutan’s central bank, the Royal Monetary Authority (RMA). This agreement aims to conduct a pilot project to facilitate cross-border payments and wholesale through a CBDC solution.
In addition to Ripple, the forum is supported by other players, including Accenture and CGI Group. The Foundation argues that the implementation of the CBDC will underpin the UK’s transition to an innovative, inclusive digital economy and society.
Currently, global central banks are increasingly considering the idea of CBDCs. Notably, the Bank of England is actively launching a digital Pound as it has taken various steps.
Ripple adds that experiments with GBP-based CBDCs will help the UK secure its place in the global financial landscape of the Web3 era.
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