Ripple Becomes a Part of the Digital Pound Foundation

In an official press release, Ripple mentioned that the company will be represented on the Board by Susan Friedman, Head of Policy at Ripple. The Digital Pound Foundation (DPF) aims to promote the importance of a central bank digital currency (CBDC) in the UK.

According to DPF, a digital pound will facilitate the UK’s transition to an innovative digital economy. The latest announcement from Ripple came nearly 3 weeks after the blockchain firm announced a collaboration with the Royal Monetary Authority, the central bank of Bhutan.

“Today, over 80% of central banks are actively exploring some form of sovereign-backed cryptocurrency, including CBDCs. The Bank of England is actively working to navigate the practical and technological challenges of designing, implementing and operating a digital Pound that could play an important role in expanding access to central bank money by households and businesses,” Ripple mentioned in the latest announcement.

In a recent paper released by Ripple, the blockchain firm termed XRP as a bridge currency for CBDCs. In March 2021, the company mentioned that it is planning to support central banks through a private version of the XRP Ledger (XRPL).

Ripple’s Participation in DPF

Ripple highlighted the growing popularity of CBDCs among global central banks and mentioned that the company’s participation in the DPF will support digital innovation. “The Bank of England has also recognized that the evolving digital
 
 Payments 
Payments

One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times.

One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times.
Read this Term landscape brings the potential for faster, cheaper, sustainable and more efficient payments with greater functionality. But, achieving the full potential of digital payments requires collaboration with a wide range of actors. This is precisely what the Digital Pound Foundation aims to achieve, bringing together a diverse array of members to ensure the UK maintains its globally competitive lead in financial innovation,” Ripple added.