ripple: Ripple partners with Digital Pound Foundation for development of British CBDC – Times of India



NEW DELHI: Blockchain-based company Ripple has officially partnered with an independent forum, Digital Pound Foundation (DPF) to explore the development and facilitate the roll out of British 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 nonprofit organisation, focused on the development of and implementation of a well-designed digital pound for Britain.
DPF was launched in June 2021 and proposed a model, where both public and private sectors could work together to enable UK’s transition to a digital economy.
The Foundation will carry out research and exploratory projects to roll out British CBDC.
According to DPF, CBDCs and other digital money forms can boost technology to develop inclusive payment services like programmable money and strengthen payments infrastructure of Britain.
Ripple announced its partnership with the independent forum on October 14 and expressed excitement over the project.
The Head of Policy at Ripple, Susan Friedman said that the partnership is a part of Ripple’s ongoing work of engaging with central banks globally on technical and policy issues for the development of CBDCs.
Friedman said that DPF in collaboration with Ripple will help UK fulfill its goal to build a more inclusive and sustainable financial system.
UK has been advocating responsible innovation and growth in the crypto-asset space for a long time, Ripple said. With the implementation of a digital CBDC, the UK will shift to an innovative digital economy and society, placing it the emerging global digital platform.
The Bank of England is also working towards incorporating evolving digital payments system.
On September 29, Bank of England and UK Treasury had announced PayPal, Amazon, Visa and Morgan Stanley among corporate representatives in the two advisory groups, Technology Forum and Engagement Forum, that were formed to coordinate exploratory work on potential CBDC.
Ripple is also working in partnership with Bhutan’s Central Bank, Royal Monetary Authority (RMA), to pilot the use cases of cross-border payments and wholesale payments using CBDC solutions.
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