Ripple joins the Digital Pound Foundation
Susan Friedman, head of policy at Ripple, will sit on the Digital Pound Foundation board
The provider of blockchain and cryptocurrency solutions, Ripple has announced it is joining the Digital Pound Foundation (DPF), a non-profit organisation focused on the development and implementation of a digital Pound in the UK.
Ripple will be represented by Susan Friedman, head of policy at the company, who will sit on the DPF board. Ripple said its “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 also sees the UK at being at the forefront of encouraging responsible innovation and growth in the crypto-asset space.
Friedman said: “We are excited to support the design and implementation of a digital Pound in partnership with the DPF. The Foundation will help advance the UK’s goal to build a more inclusive and sustainable financial system.”
The DPF believes a digital Pound will cement the UK’s transition to an innovative digital economy and society, as a CBDC alongside other cryptos in the UK will make the nation a pivotal part of the global digital landscape.
BoE looking into a digital Pound
The Bank of England (BoE) is actively working to investigate the practical and technological challenges of designing and operating a digital Pound. Ripple states that over 80% of central banks are exploring the idea of some form of sovereign-backed cryptos, including CBDCs.
The BoE has recognised that the digital payments landscape brings the “potential for faster, cheaper, sustainable and more efficient payments with greater functionality”.
Furthermore, DPF says that in order to successfully achieve the roll-out of the digital Pound, collaboration between a “wide range of actors” is needed. This is one of the aims of the DPF, to “bring together a diverse array of members to ensure the UK maintains its globally competitive lead in financial innovation”.
Ripple partnered with Bhutan to pilot its CBDC
In September, Ripple announced its partnership with Bhutan’s central bank, the Royal Monetary Authority (RMA), to pilot its retail, cross-border and wholesale payment use cases for a digital Ngultrum (the country’s currency), using Ripple’s CBDC solution.
Ripple feels this partnership “will help Bhutan enhance digital payments and expand financial inclusion efforts while maintaining its commitment to sustainability”.