Ripple joins Team working towards the Creation of a UK CBDC ByAli RazaPRO INVESTOR Updated: 15 October 2021 DisclosureWe sometimes use affiliate links in our content, when clicking on those we might receive a commission – at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy. Join Our Telegram channel to stay up to date on breaking news coverage Ripple, a leading blockchain payments network, is collaborating with the Digital Pound Foundation to develop a central bank digital currency (CBDC). The partnership will also include firms such as Accenture, Quant and CGI Group. News of this recent partnership was given by Susan Friedman, the Head of Policy at Ripple. In a tweet, she stated, “Looking forward to collaborating on this new form of money to support an innovative, inclusive digital economy.” Ripple and CBDCs Ripple noted that this recent collaboration with the Digital Pound Foundation was in line with the firm’s objectives of working with global central banks to solve the technical and policy issues concerning CBDCs. Buy Ripple Now This is not the first engagement of Ripple with CBDCs. Last month, the payments firm announced its partnership with the Royal Monetary Authority of Bhutan. Under this partnership, Ripple’s CBDC private ledger will be the foundation of the Bhutanese digital currency. Ripple is well-positioned to be a bridge towards CBDC development. With over 80% of central banks globally looking towards CBDCs and ways to boost cryptocurrency adoption, the use of Ripple’s network is expected to continue increasing. The race towards CBDC Development CBDCs have been a heated topic in the cryptocurrency sector. Recently, the Bank of England released a discussion paper on CBDCs. The paper tackled some of the major issues that face CBDCs, such as implementation and regulation. CBDC development has also been supported by the governor of the Bank of England, Andrew Bailey. In his recent remarks, he stated that if CBDCs are ever developed, they will mark one of the greatest innovations in the history of central banks. The US has also not been left behind in the race towards CBDC research. In September, the US Federal Reserve noted that it would soon issue its own research paper on CBDCs. However, the US is behind other developed economies such as China that have already launched CBDCs. The Chair of the US Federal Reserve, Jerome Powell, has previously stated that the US would not rush in developing a digital dollar. He noted that the country would rather focus on creating a currency that was stable and trustworthy. Payment service companies are also showing support for CBDCs. At the beginning of the month, VISA, a payment service company, issued a whitepaper discussing how CBDCs and stablecoins would achieve interoperability. While some parties in the crypto space are supporting CBDCs, some are opposing these currencies. Some fear that CBDCs will bring the government and central banks into a system meant to remove these bodies from transaction settlements. Looking to buy or trade Ripple (XRP) now? Invest at eToro! Buy Ripple Now 67% of retail investor accounts lose money when trading CFDs with this provider Read more: How to buy ripple How to buy cryptocurrency Join Our Telegram channel to stay up to date on breaking news coverage