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).
In an official press release, Ripple mentioned that the company will be represented on the Board by Susan Friedman, Head of Policy at Ripple.
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What Did Ripple Say?
Ripple believes the UK has long been at the forefront of encouraging responsible innovation and growth in the crypto-asset space, and the 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.
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.
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.
What Is the Digital Pound Foundation?
The Digital Pound Foundation is an independent organization that was incorporated on 22 June 2021 to work with a variety of stakeholders and participants towards the implementation of a well-designed Digital Pound.
The Digital Pound Foundation is unique in proposing a model whereby the public and private sectors can fully engage in the design, development, and adoption of a digital Pound, thus contributing to its successful roll-out and helping drive forward the UK’s transition to a digital economy
Commenting on the launch, Digital Pound Foundation Chairman Jeremy Wilson, said:
“Technology is transforming human interaction and money must adapt to that. The world has become a global laboratory realizing the benefits of a new form of money. The social ramifications of this shift will affect everyone. The Digital Pound Foundation seeks to support the UK in bringing that about for the benefit of all”.
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