Ripple Joins the Digital Pound Foundation: Designing a Path for a CBDC-Forward Future

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https://ripple.com/insights/ripple-joins-the-digital-pound-foundation-designing-a-path-for-a-cbdc-forward-future/

Today, Ripple is excited to announce it is joining the Digital Pound Foundation, a non-profit focused on the development and implementation of a digital Pound in the United Kingdom. Ripple, as a Foundation member, will be represented on the board by Susan Friedman, Head of Policy. Ripple’s participation in the Foundation continues our ongoing work engaging central banks globally on technical and policy issues related to central bank digital currencies (CBDCs).

Ripple believes the UK has long been at the forefront of encouraging responsible innovation and growth in the crypto-asset space, and development of a digital Pound is the logical outgrowth of that work. “We are excited to support the design and implementation of a digital Pound in partnership with the Digital Pound Foundation,” Friedman noted. “The Foundation will help advance the UK’s goal to build a more inclusive and sustainable financial system.”

The Foundation believes a digital Pound will underpin the UK’s transition to an innovative digital economy and society. The implementation of a CBDC, alongside other forms of digital money,  will ensure the UK’s place in the emerging global digital landscape. 

Defining the Future of Money

Today, over 80% of central banks are actively exploring some form of sovereign-backed cryptocurrency—including CBDCs. The Bank of England is actively working to navigate the practical and technological challenges of designing, implementing and operating a digital Pound that could play an important role in expanding access to central bank money by households and businesses. The Bank of England has also recognized that the evolving digital payments landscape brings the potential for faster, cheaper, sustainable and more efficient payments with greater functionality.  

But achieving the full potential of digital payments requires collaboration with a wide range of actors. This is precisely what the Digital Pound Foundation aims to achieve—bringing together a diverse array of members to ensure the UK maintains its globally competitive lead in financial innovation. As more and more central banks implement CBDCs, interoperability, privacy and complete sovereignty will be key to enable central banks to move money cost-effectively, reliably and instantly.

Ripple Leads the Global Race Toward Embracing CBDCs

Just last month, Ripple announced a partnership with Bhutan’s central bank, the Royal Monetary Authority (RMA), to pilot retail, cross-border and wholesale payment use cases for a digital Ngultrum using its CBDC solution. The partnership will help Bhutan enhance digital payments and expand financial inclusion efforts while maintaining its commitment to sustainability. As Bhutan is the only carbon-negative country in the world, Ripple’s carbon-neutral solution is a natural fit to help Bhutan meet this goal. 

If you’re a central bank interested in learning more about Ripple’s CBDC solutions, get in touch at cbdc@ripple.com.

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[WarChest]

https://twitter.com/Ripple/status/1448621862540431371?s=20

[Danny]

Let's not forget London still is the 2nd financial center of the world. 

 

[4Fingers]

I find it difficult to assess the significance of this foundation. I was very enthusiastic when I saw the article but the video does not impress me, neither the members who are all crypto companies it looks like. I would at least have expected to see some banking experts or someone from the Bank of England in this foundation.

 

[RipMcGillicuddy]

10 minutes ago, 4Fingers said:

I find it difficult to assess the significance of this foundation. I was very enthusiastic when I saw the article but the video does not impress me, neither the members who are all crypto companies it looks like. I would at least have expected to see some banking experts or someone from the Bank of England in this foundation.

 

It is independent, so it's not like it was sanctioned by the government. I don't know anything about electroneum, but I do know Quant is a major major up and comer. Their founder is deeply tied into the British/European/Australian banking and security sectors. 

It makes me happy to see Ripple and Quant working together.

[HAL1000]

https://cointelegraph.com/news/g7-leaders-issue-central-bank-digital-currency-guidelines

G7 leaders issue central bank digital currency guidelines

Financial leaders from the G7 agree that CBDCs would complement cash and should not be detrimental to the monetary system.

[Danny]

On 10/14/2021 at 5:36 PM, RipMcGillicuddy said:

It makes me happy to see Ripple and Quant working together.

True, plus CGI:
https://www.alphavoice.io/video/ripple/cgis-ripple-enabled-intelligent-gateway

[RipMcGillicuddy]

26 minutes ago, Danny said:

True, plus CGI:
https://www.alphavoice.io/video/ripple/cgis-ripple-enabled-intelligent-gateway

oh nice find. I will have to look a little more into CGI

[Danny]

7 minutes ago, RipMcGillicuddy said:

oh nice find. I will have to look a little more into CGI

King Solomon found it.