News

Ripple helping to develop Digital Pound CBDC in the United Kingdom

Ripple has officially joined the development of a digital pound by partnering with the Digital Pound Foundation, a non-profit organization that seeks to facilitate the rollout of Central Bank Digital Currency(CBDC) in the United Kingdom. 

As a Foundation member, Ripple will be represented on the board by Susan Friedman, Head of Policy. Ripple’s participation in the Foundation continues our ongoing work engaging central banks globally on technical and policy issues related to central bank digital currencies (CBDCs).

Ripple believes the UK has long been at the forefront of encouraging responsible innovation and growth in the crypto-asset space. The development of a digital Pound is the logical outgrowth of that work.

“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.”

– Susan Friedman, the Head of Policy

According to Friedman, Ripple chose the United Kingdom because the digital pound will highlight the height of the country’s support for innovation in the crypto space.

Elsewhere, the partnership comes barely a month after Ripple inked a collaboration with Bhutan’s central bank, the Royal Monetary Authority (RMA). The deal aims to conduct a pilot project to facilitate cross-border and wholesale payment through a CBDC solution.

Besides Ripple, the forum is backed by other players, including Accenture and CGI Group. The Foundation argues that implementing a CBDC will underpin the UK’s transition to an “innovative, inclusive digital economy and society.”

Digital Pound progress

Currently, global central banks are increasingly considering the idea of CBDC. Notably, The Bank of England is actively rolling out a digital Pound, having accomplished various steps. 

In June, BoE governor Andrew Bailey said that the country’s CBDC development progress boosted him. He termed the CBDC as a possible ‘fundamental innovation in the history of central banking; it will move us into a new era.’

The institution has also been keen on joining CBDC related forums. In September, the BoE announced membership to the CBDC Engagement and Technology Forums. 

Also, check out:

Leave a Comment

Your email address will not be published. Required fields are marked *

Close Bitnami banner
Bitnami