Ripple has led many different projects in the cryptocurrency industry and now he was moving to help various countries with CBDC solutions. The blockchain solutions company previously discussed the central bank‘s digital currency issue with various nations. And it seems he managed not only to convince them, but also to lead them down the path of the CBDC.
According to Ripple’s latest announcement, he joined the Digital Pound Foundation [DPF] to promote the importance of a CBDC in the UK. According to the DPF, a digital book will help the country transition to an innovative digital economy.
Ripple added in an official announcement,
âRipple, as a member of the Foundation, will be represented on the Board of Directors by Susan Friedman, Policy Officer. Ripple’s participation in the Foundation continues our ongoing work involving central banks around the world on technical and policy issues related to central bank digital currencies (CBDCs).
Many join the CBDC movement
The news followed the announcement of Ripple’s collaboration with the Royal Monetary Authority, Bhutan’s central bank, to pilot a CBDC. Ripple promoted its private ledger for different countries to launch their CBDCs, with XRP as the bridging currency. In a report titled âThe Future of CBDCs,â Ripple noted:
âTo enable a truly efficient global marketplace, a bridging currency must be specifically optimized for payments and support the same speed, scalability, low cost, and security that CBDCs will provide. An example of a neutral bridge is the XRP digital asset, which can be used to link two different currencies together quickly and efficiently. “
Besides the two countries, the central bank of France was also considering the XRP book for the issuance of its CBDC.
Ripple has forged a union with several countries over the past year. Even as he fights US SEC regulators in court, he will continue to spread his wings by working alongside various countries in the development of CBDC. Thus, also adding to the use case of XRP.