Ripple joins CBDC study initiative in UK
Fintech company Ripple has co-founded the Digital Pound Foundation, a non-profit organisation focused on helping develop and implement a central bank digital currency (CBDC) in the UK.
In addition to Ripple, co-founders and affiliated members of the fund include firms Accenture, CGI Group, blockchain developer Billon Group, crypto projects Avalanche, Electroneum and Quant.
Jeremy Wilson, former vice chairman of Barclays and director of Nedbank Private Wealth International, headed the organisation.
Ripple's representative on the Digital Pound Foundation board of directors was the company's head of policy, Susan Friedman.
"The foundation will draw on the expertise of its members to conduct research, practical tests and multi-stakeholder collaboration in the design, development, implementation and deployment of the digital pound as a means of securing the UK's place in the emerging financial digital landscape," it said in a press release.
The organisation cited the results of a Bank for International Settlements survey. They showed that 10% of central banks, representing countries with 20% of the world's population, are highly likely to issue digital currencies in the next three years.
In April 2021, the Bank of England and Her Majesty's Treasury formed a working group on CBDC. In September, the agencies set up two forums with representatives from Visa, Mastercard, SWIFT, PayPal, Google and others to explore various aspects of launching a digital pound.
Earlier this year, Ripple said it was discussing using the XRP Ledger as the basis for CBDC "with various central banks around the world".
The company later said it was testing a private version of its distributed ledger for this purpose.
Recall that in September, Ripple partnered with the Royal Bhutan Monetary Authority to pilot test the nation's digital currency.