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Ripple, the enterprise blockchain firm behind XRP Ledger and its native digital asset XRP, as well as the open-source PayString protocol, has announced that it is joining the Digital Pound Foundation, a non-profit organization thatās helping develop and strategize the implementation of a digital Pound for the United Kingdom.
Rippleās participation in the initiative to create a digital Pound will help boost the Foundationās efforts to connect with central banks on a global scale, advising on technical and policy issues related to central bank digital currencies (CBDCs). Rippleās role will be represented on the Digital Pound Foundationās board by Susan Friedman, its Head of Policy.
āWe are excited to support the design and implementation of a digital Pound in partnership with the Digital Pound Foundation. The Foundation will help advance the UKās goal to build a more inclusive and sustainable financial system.ā Friedman notes.
According to Ripple, it recognizes the UKās leadership in terms of āencouraging responsible innovation and growthā in the crypto-asset space. Ripple says that the development of a digital Pound was the ālogical outgrowthā of these efforts.
In a press release issued today, the Foundation said that it believes that the development of a digital Pound will āunderpin the UKās transition to an innovative digital economy and society.ā A recent statement from the Bank of Englandās Deputy Governor for Financial Stability, Sir Jon Cunliffe, acknowledges the role of CBDCs in helping reduce the impact of risks stemming from the crypto industry.
āThe implementation of a CBDC, alongside other forms of digital money,Ā will ensure the UKās place in the emerging global digital landscape.ā the Foundation adds.
Sir Cunliffe also identified while crypto technologies pose a risk of financial instability, regulatory frameworks may help counter these risks from the sector. The Bank of England is the UK governmentās officially appointed body towards the development project for a UK CBDC.
āAs 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.ā Ripple says.
Earlier in September, Ripple announced its partnership with Bhutanās central bank, the Royal Monetary Authority (RMA). The partnership sees Ripple developing a pilot program for retail, cross-border, and wholesale payment solutions for a digital Ngultrum with the use of both its open-source and proprietary blockchain technologies.
Notably, Bhutan is the only carbon-negative country in the world, which synergizes well with Rippleās recent partnership with Nelnet to reduce the carbon footprint of the crypto industry and develop standards and frameworks to achieve this elsewhere.
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