Ripple, a blockchain-based digital payment platform, joined the Digital Pound Foundation in order to help create a central bank digital currency.
The Digital Pound Foundation – Incorporating
A recent announcement stated that the enterprise blockchain provider will continue to be involved in CBDC projects through its membership of the Digital Pound Foundation.
The forum was founded by a group that included founding members on October 14th. It is an independent forum that aims to support the development of a digital currency and digital money system in the United Kingdom. Other members include Ripple, Accenture, Avalanche and Billon Group, CGI. Electroneum.
Susan Friedman, Head of Policy at the blockchain provider, will be its representative. She said:
“We are thrilled to support the creation and implementation of a Digital Pound in partnership the Digital Pound Foundation. The Foundation will support the UK’s goal of creating a more inclusive, sustainable and equitable financial system.
Ripple stated in its announcement that more than 80% central banks are looking into digital projects like CBDCs. This could potentially enhance the monetary system. The DPF’s goals could be helped by the solution provided by the payment network.
Ripple’s other CBDC projects
The blockchain provider is participating in this program for the second time. CryptoPotato last month reported that Bhutan’s central bank, the Royal Monetary Authority of (RMA), teamed up to create a digital version its national currency.
The RMA launched the initiative to increase digital and cross-border payments, and expand financial inclusion efforts by 85% over the next two year.
Ripple stated that the CBDC solution it offered would match Bhutan’s green policies, as Bhutan is the only country known to have zero carbon emissions.
“Ripple’s dedication to sustainability was crucial for Bhutan. According to the company, the CBDC solution is carbon neutral and is 120,000x more efficient than proof-of work blockchains.
Ripple stated that its network would give Bhutan’s central banking more control over the issuance, management and validation of currency than public blockchains.
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