Ripple is pleased to announce today that it is joining the Digital Pound Foundation, a non-profit organization focused on developing and implementing a digital pound in the UK. Ripple is represented on the board as a member of the foundation by Susan Friedman, Head of Policy. Ripple’s involvement in the foundation continues our ongoing work engaging central banks worldwide on technical and policy issues related to central bank digital currencies (CBDCs).
Ripple believes the UK has long been at the forefront of promoting responsible innovation and growth in the crypto assets space, and the development of a digital pound is the corollary of that work. “We are excited to help design and implement a digital pound in partnership with the Digital Pound Foundation,” said Friedman. “The Foundation will help achieve the UK’s goal of building a more inclusive and sustainable financial system.”
The Foundation believes that a digital pound will support the UK’s transition to an innovative digital economy and society. The introduction of a CBDC, along with other forms of digital money, will secure the UK’s place in the emerging global digital landscape.
Define the future of money
Today, over 80% of central banks are actively exploring some form of government-backed cryptocurrency – including CBDCs. The Bank of England is actively working to address the practical and technological challenges of developing, implementing and operating a digital pound that could play an important role in expanding access to central bank money for households and businesses. The Bank of England has also recognized that the evolving digital payments landscape has the potential for faster, cheaper, sustainable and more efficient payments with greater functionality.
In order to exploit the full potential of digital payments, however, it requires cooperation with a large number of stakeholders. This is exactly what the Digital Pound Foundation wants to achieve: It brings together a large number of members to ensure that the UK maintains its global competitive leadership in financial innovation. As more central banks implement CBDCs, interoperability, privacy, and complete sovereignty will be key to enabling central banks to move money inexpensively, reliably, and instantly.
Ripple leads the global race to adopt CBDCs
Just last month, Ripple announced a partnership with Bhutan’s central bank, the Royal Monetary Authority (RMA), to test retail, cross-border and wholesale payment use cases for a digital ngultrum with its CBDC solution. The partnership will help Bhutan improve digital payments and expand financial inclusion efforts while maintaining its commitment to sustainability. With Bhutan being the only carbon negative country in the world, Ripple’s carbon neutral solution is a natural addition to helping Bhutan achieve this goal.
If you are a central bank and want to learn more about Ripple’s CBDC solutions, contact us at firstname.lastname@example.org.