Ripple Joins the “Digital Pound” Foundation…Here’s Its Role in Developing CBDC
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Answer Ripple Joins the “Digital Pound” Foundation…Here’s Its Role in Developing CBDC
Ripple today announced its partnership with the non-profit Digital Pound Foundation.
This institution is developing and implementing a “Digital Pound” in the United Kingdom.
Ripple will join as a founding member and assist in the development process with its extensive experience in facilitating cross-border transactions.
Ripple will be represented by Susan Friedman, Head of Regulatory Policy who will consider the design and implementation process.
Friedman stated:
We are excited to support the design and implementation of the Digital Pound in partnership with the Digital Pound Foundation.
The foundation will help advance the UK’s goal of building a more inclusive and sustainable financial system.
Read:MasterCard launches a platform to help countries and central banks test their own digital currencies
Given the increasing demand for CBDC from nearly 80% of countries around the world, Ripple’s latest partnerships can help it become a leading infrastructure developer in the CBDC sector as well.
Ripple continues to forge new global partnerships:
Ripple is currently facing a very high profile lawsuit led by the SEC.
The SEC accused her of distributing and selling unregistered securities in the form of XRP.
Despite the ongoing lawsuit, Ripple continues to forge new international partnerships and cement its position as a leading global provider of fintech solutions.
Ripple will draw on its years of experience working with central banks around the world and play a key role in defining the functions of the next digital pound.
This is Ripple’s second CBDC partnership this year.
The first was with Bhutan, where it signed a strategic partnership with the Royal Monetary Authority (RMA), to pilot retail, cross-border and wholesale use cases.
With the SEC’s lawsuit nearing its conclusion, Ripple’s advance outside the United States could render the outcome of the case irrelevant.
Read:Phishing and attack targeting the cryptocurrency wallet “MetaMask”
But what is certain is that if Ripple wins the lawsuit, it will dominate the US market as well.
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