Ripple’s dedication to lead the global race for CBDC keeps its community amazed despite the SEC’s lawsuit being faced in the US. The San Francisco based company announced joining the Digital pounds foundation.
Ripple Focuses on the Development and Implementation of the UK’s Digital Pound
This new development was announced in a press release on October 14, that the cross-border payment company has joined the Digital Pound Foundation – a non-profit organization focused on the development and implementation of the UK’s Digital Pound.
As a member of the foundation, Ripple will be represented on the board by Policy Leader Susan Friedman. Ripple’s involvement in the foundation is to continue to engage global central banks on technical and policy issues related to the central bank digital currency (CBDC).
Ripple believes the UK has long been at the lead of promoting responsible innovation and growth in crypto assets, and the evolution of the digital pound is a logical product of that work.
In an interview with Friedman, he stated that they are very excited to be working with the Digital Pound Foundation to help design and implement the Digital Pound. He also noted that the Foundation will help advance the UK’s goal of building a more inclusive and sustainable financial system.
According to the Foundation, it believes that the digital pound will support the UK’s transition to an innovative digital economy and society. The introduction of CBDC and other forms of digital currency will secure the UK’s position in the emerging global digital space.
The Future of Digital Assets
More than 80% of central banks are actively exploring some form of government-backed cryptocurrency – including CBDC. The Bank of England is actively responding to the practical and technical challenges of designing, implementing and operating the digital pound, which can play an important role in expanding household and corporate access to central bank finance. The Bank of England also recognizes that the ever-evolving digital payments environment has the potential for faster, cheaper, sustainable and more efficient payments and has more powerful features.
However, to get the most out of digital payments, you need to work with a wide variety of participants. This is exactly the aim of the Digital Pound Foundation – bringing different members together to ensure that the UK maintains its leadership position in the global competition for financial innovation. As more central banks implement CBDC, interoperability, data protection and full sovereignty will be keys to enabling central banks to transfer funds cheaply, reliably and instantly.
