financemagnates.com
Ripple, one of the world’s leading providers of enterprise blockchain and cryptocurrency solutions, announced today that the company has joined the Digital Pound Foundation to design a path for a CBDC-forward future.
In an official press release, Ripple mentioned that the company will be represented on the board by Susan Friedman, Head of Policy at Ripple. The Digital Pound Foundation (DPF) aims to promote the importance of a central bank digital currency (CBDC) in the UK.
According to DPF, a digital pound will facilitate the UK’s transition to an innovative digital economy. The latest announcement from Ripple came nearly 3 weeks after the blockchain firm announced a collaboration with the Royal Monetary Authority, the central bank of Bhutan.
“Today, over 80% of central banks are actively exploring some form of sovereign-backed cryptocurrency—including CBDCs. The Bank of England is actively working to navigate the practical and technological challenges of designing, implementing, and operating a digital Pound that could play an important role in expanding access to central bank money by households and businesses,” Ripple mentioned in the latest announcement.
In a recent paper released by Ripple, the blockchain firm termed XRP as a bridge currency for CBDCs. In March 2021, the company mentioned that it is planning to support central banks through a private version of the XRP Ledger (XRPL).
Ripple’s Participation in DPF
Ripple highlighted the growing popularity of CBDCs among global central banks and mentioned that the company’s participation in the DPF will support digital innovation. “The Bank of England has also recognized that the evolving digital payments landscape brings the potential for faster, cheaper, sustainable, and more efficient payments with greater functionality. But achieving the full potential of digital payments requires collaboration with a wide range of actors. This is precisely what the Digital Pound Foundation aims to achieve—bringing together a diverse array of members to ensure the UK maintains its globally competitive lead in financial innovation,” Ripple added.