Ripple foundation established partnership with a non profit Digital Pound Foundation to develop Central Bank Digital Currency in the United Kingdom.
In the present time blockchain adoption is at tremendous level among the central banks of the world. As per records, around 80% of central banks are either developing or studying CBDCs to bring advancement in the existing payment system. Ripple is playing a vital role to support the central banks to help in the development of CBDCs and cross border remittances based transactions. Recently it partnered with the Central Bank of Bhutan.
Through an official announcement, San Francisco based gaint payment firm Ripple confirmed that they teamed up with the Digital Pound Foundation. And the main aim of this partnership will be the introduction of digital Pound in the UK i.e both of these two foundations will create Central Bank Digital Currency for the UK.
Susan Friedman, the head of Rippe policy, responses on this initiative support of the ripple and wrote
“Looking forward to collaborating on this new form of money to support an innovative, inclusive digital economy.”
According to the Ripple Firm, this participation of the Ripple development team is a sign of how Ripple is “engaging central banks globally on technical and policy issues related to central bank digital currencies (CBDC).”
In this Development support, Beside Ripple other firms will also contribute. These firms are CGI Group, Accenture, and Quant.
Bank Of England On CBDCs
Recently we covered a report on the Bank Of England, which published a study & investigation based document on the Central Bank Digital Currency (CBDCs).
In the document, most of the previous questions were included that raised questions on the operations & Implementation of CBDCs.