Ripple announces partnership with Digital Pound Foundation to create digital value in UK

Ripple announces a partnership with the Digital Pound Foundation to create digital value in the UK. The latter is a UK-based non-profit organization that focuses on the development and use of digital pounds sterling.

Ripple General Counsel Susan Friedman praised Ripple's involvement in the Tweets. “We look forward to collaborating on these new benefits to support innovation and include digital commerce. "

According to Ripple, the partnership with the foundation is another example of "ongoing work with international financial institutions on financial and political matters." In addition to Ripple, the Digital Pound Foundation has partnered with CGI Group, Accenture and Quant.

Currently, nearly 80% of global financial institutions are studying the use of cryptocurrencies and CBDCs. In June of this year, the Bank of England (BoE) released in-depth discussion data on digital bank deposits, including exchange rate issues regarding the potential release, use and oversight of digital assets.

Shortly after the data breach, Bank of England Governor Andrew Bailey said he believed the CBDC could usher in a new era. "If this turns out to be true, it will be one of the most innovative developments in central bank history," said Andrew Bailey.

Additionally, Ripple's involvement in CBDC recently came just a month after the announcement of his partnership with the Royal Monetary Authority of Bhutan. According to Ripple's private CBDC data, Bhutan plans to create its own Bhutanese digital currency.

In September of this year, the Fed also announced that it would release research data on CBDCs “soon”. The US authorities will focus on the development of stable and reliable digital devices. Earlier this month, leading financial services firm VISA announced a free article on the interaction between CBDCs and fixed income coins.

While many analysts believe further gains amid these funds will add to the crypto space, others do not. Edward Snowden, former chief computer scientist, fears the CBDCs are "pulling" their savings and posing a threat to "hiring staff."