Blockchain-based company Ripple has officially partnered with an independent forum, Digital Pound Foundation (DPF) to explore the development of a British Central Bank Digital Current also known as a CBDC.
Digital Pound Foundation is a non-profit organisation, focusing on the development and implementation of a ‘well-designed’ digital pound for the United Kingdom.
The DPF was launched in June 2021 and proposed a model, where both public and private sectors could work together to enable the UK’s ‘transition to a digital economy’.
The foundation is carrying out research and exploratory projects to roll out a British EBDC.
Ripple announced its partnership with the forum on October 14 and expressed excitement over the project.
The Bank of England is also working towards incorporating evolving digital payments system.
On September 29, Bank of England and UK Treasury had announced PayPal, Amazon, Visa and Morgan Stanley among corporate representatives in the two advisory groups, Technology Forum and Engagement Forum, that were formed to coordinate exploratory work on potential CBDC.
Ripple is also working in partnership with Bhutan’s Central Bank, Royal Monetary Authority (RMA), to pilot the use cases of cross-border payments and wholesale payments using CBDC solutions.
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