Ripple: Ripple partners with Digital Pound Foundation for UK CBDC development



NEW DELHI: Blockchain-based company Ripple has officially partnered with an independent forum, Digital Pound Foundation (DPF) to explore the development and facilitate the deployment of the UK CBDC in the UK.
Besides Ripple, the fastest smart contract company, Avalanche is also coordinating with the DPF on the project.
Digital Pound Foundation is a non-profit organization focused on the development and implementation of a well-designed digital book for Britain.
DPF was launched in June 2021 and offered a model, where the public and private sectors could work together to enable the UK’s transition to a digital economy.
The Foundation will conduct research and exploration projects to deploy the British CBDC.
According to DPF, CBDCs and other forms of digital currency can boost technology to develop inclusive payment services like programmable currency and strengthen Britain’s payment infrastructure.
Ripple announced its partnership with the independent forum on October 14 and expressed enthusiasm for the project.
Ripple’s policy officer, Susan Friedman, said the partnership is part of Ripple’s ongoing work to engage with central banks around the world on technical and policy issues for the development of CBDCs.
Friedman said DPF, working with Ripple, will help the UK achieve its goal of building a more inclusive and sustainable financial system.
The UK has long advocated responsible innovation and growth in cryptoassets, Ripple said. With the implementation of a digital CBDC, the UK will transition to an innovative digital economy and society, making it the emerging global digital platform.
The Bank of England is also working on the integration of an evolving digital payment system.
On September 29, the Bank of England and the British Treasury announced PayPal, Amazon, Visa and Morgan Stanley among business representatives in the two advisory groups, Technology Forum and Engagement Forum, which were formed to coordinate the scoping work. on a potential CBDC.
Ripple is also working in partnership with the Central Bank of Bhutan, the Royal Monetary Authority (RMA), to pilot the use cases of cross-border payments and wholesale payments using CBDC solutions.
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