Ripple is pleased to announce its membership in the Digital Pound Foundation, a non-profit organization dedicated to the development and implementation of a digital Pound in the United Kingdom. Susan Friedman, Head of Policy at Ripple, will represent the company on the board as a Foundation member. Ripple’s participation in the Foundation builds on our ongoing work with central banks around the world on technical and policy issues concerning central bank digital currencies (CBDCs).
Ripple believes that the United Kingdom has long been at the forefront of encouraging responsible innovation and growth in the crypto-asset space, and that the creation of a digital Pound is a natural extension of that work. “We are excited to collaborate with the Digital Pound Foundation to support the design and implementation of a digital Pound,” Friedman said. “The Foundation will contribute to the UK’s goal of developing a more inclusive and sustainable financial system.”
The Foundation believes that a digital Pound will help the United Kingdom transition to an innovative digital economy and society. The adoption of a CBDC, along with other forms of digital money, will secure the United Kingdom’s place in the emerging global digital landscape.
Defining Money’s Future
Currently, more than 80% of central banks are actively investigating 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, which could play an important role in increasing household and business access to central bank money. The Bank of England has also recognized that the evolving digital payments landscape offers the possibility of faster, cheaper, more sustainable, and more efficient payments with greater functionality.
However, realizing the full potential of digital payments necessitates collaboration with a diverse set of actors. This is precisely what the Digital Pound Foundation seeks to accomplish: to bring together a diverse range of members to ensure that the UK maintains its globally competitive lead in financial innovation. As more central banks implement CBDCs, interoperability, privacy, and complete sovereignty will be critical in allowing central banks to move money in a cost-effective, reliable, and instant manner.
Ripple is the global leader in the adoption of CBDCs.
Ripple recently announced a collaboration with Bhutan’s central bank, the Royal Monetary Authority (RMA), to test retail, cross-border, and wholesale payment use cases for a digital Ngultrum using its CBDC solution. Bhutan will benefit from the partnership by improving digital payments and expanding financial inclusion efforts while remaining committed to sustainability. Bhutan is the world’s only carbon-negative country, so Ripple’s carbon-neutral solution is a natural fit to assist Bhutan in meeting this goal.