Ripple will help develop the UK’s digital currency
The San Francisco-based company announced the news in a statement yesterday. She will be represented on the Digital Pound Foundation by Susan Friedman, Ripple’s Policy Officer.
The United Kingdom was slow to confirm its intention to develop a central bank digital currency: the country took the plunge less than a year ago. Then last April he created a working group around the subject. Crafting a digital book has become a hot topic at a time when the UK struggles to rebalance after Brexit. According to the Digital Pound Foundation,
“The digital book will support the UK’s transition to an innovative digital society and economy. The implementation of an MNBC, alongside other forms of money, will secure the UK’s place in the emerging global digital landscape. “
👉 Find all the news about Ripple (XRP)
The UK is ambivalent about cryptocurrencies
Ripple found the UK to be a big country when it comes to taking cryptocurrencies into account:
“Ripple believes the UK has long been at the forefront of encouraging innovation and responsible growth in cryptoassets, and the development of a digital book is the logical continuation of that work. “
In fact, we will allow ourselves to be a little more measured than Ripple. The country’s central bank has never been particularly gentle with cryptocurrencies, and the Financial Conduct Authority (FCA) has also tended to hold back the development of crypto-related businesses.
👉 Read on this subject – United Kingdom: FCA bans British version of Binance from operating in the territory
MNBC projects are growing
Still, this partnership is notable, even if Ripple is not the only company in the field to integrate the UK digital currency project. On the Digital Pound Foundation website, we learn that Avalanche (AVAX) is an associate member.
Earlier this year, it was estimated that 86% of the world’s central banks were now working on a digital currency. Some crypto companies are therefore positioning themselves to be part of it, because the majority of projects are based on the blockchain. This is one more sign that technology has shown its interest even in major institutions.
👉 Check out our guide – Central Bank Digital Currencies (MNBC) – What are they and how do they work?
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About the author: Marine Debelloir
Associate Editor on Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that arise from the blockchain and I like to find the most delicious information to share with you.
All articles by Marine Debelloir.