In Brief:
- Ripple joins hands with Digital Pound Foundation to implement CBDC in UK
- It will provide technical advice to build a digital financial system and shape it to be more inclusive and stabilized.
Ripple to collaborate with Digital Pound Foundation, a non-profit organization in the United Kingdom that aims at introducing CBDC in the country.
With Ripple now being one of the foundation members, it will continue to focus on implementing CBDCs in the UK and provide technical advice to build a digital financial system.
Ripple’s head of policy, Susan Friedman will be leading the project. Friedman stated, “We are excited to support the design and implementation of a digital Pound in partnership with the Digital Pound Foundation.”
Ripple is already assisting multiple central banks in the implementation of CBDCs to provide a platform for a flexible financial system.
Friedman further added that “The Foundation will help advance the UK’s goal to build a more inclusive and sustainable financial system.”
With already 80% of the central banks actively exploring CBDCs, the Bank of England is also on its way to developing the digital pound.
This collaboration of Ripple and Digital Pound Foundation aims to assist the UK in its digital financial system and shape it to be more inclusive and stabilized.
Even though the introduction of CBDCs has met with criticisms, many believe it will bring a change in the digital financial system and a strong economic infrastructure.
