Ripple will help develop the UK’s digital currency
The San Francisco-based company announced the news in a press release published yesterday. Susan Friedman, Policy Officer at Ripple, will represent her at the Digital Pound Foundation.
The UK was slow to confirm your intention to develop a central bank digital currency : the country took the step less than a year ago. Then, last April, he created a working group on the subject. Making a digital book has become a hot topic as the UK struggles to rebalance itself after Brexit. According to the Digital Pound Foundation,
« Digital Libra to Support UK Transition towards 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 that the UK has been at the forefront to cheer innovation and responsible growth in the field of crypto assets, and the development of a digital book is the logical continuation of this work. »
In fact, we will allow ourselves to be a bit more measured than Ripple. The country’s central bank Northe has never been particularly kind to cryptocurrencies, and the Financial Conduct Authority (FCA) has also tended to curb the development of businesses related to cryptocurrencies.
👉 Read about this – UK: FCA bans UK version of Binance from operating in the territory
MNBC projects are growing
Still, this partnership is remarkable, even if Ripple is not the only company in the field that integrates the UK digital currency project. Upon Foundation of the Digital Pound site, you learn what Avalanche (AVAXE) it is associate memberIt is.
Earlier this year, it was estimated that 86% of the world’s central banks were now working on a digital currency. Therefore, some crypto companies are positioning themselves to be a part of it, because most of the projects are based on blockchain. This is one more sign that technology has shown its interest even in the main institutions.
👉 Check out our guide – Central Bank Digital Currencies (MNBC) – What are they and how do they work?
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