Digital Pound Foundation and Ripple Partner to Build a CBDC

by in Blockchain News

UK CBDC Ripple

Digital Pound Foundation, a separate forum engaged in the development of the U.K's central bank digital currency (CBDC) announced its launch today (October 14).

Related: UK’s CB Explores Digital Currency With Google, and Others

The DPF is formed by tech, innovation, and regulation specialists. Its Chair is Jeremy Wilson, former Vice President of London-based global bank Barclays.

According to him, a CBDC will help the U.K. to create an innovative, inclusive economic and social system. Among the backers of the forum are tech company Accenture, IT consulting provider CGI Group, and blockchain company standing behind the development of the XRP cryptocurrency, Ripple Labs.

The foundation will supposedly work together with fintech specialists that cooperate with the Bank of England to develop the framework for the digital Pound.

Earlier, the U.K. CB and HM Treasury stated the membership of the engagement and tech forums. Among the participants are well- known names including Google, World Economic Forum, PayPal and others.

Presently, central banks of different countries are studying CBDCs. The British forum isn't the first organization that decided to partner with Ripple to develop and launch its CBDC. In September, Ripple revealed cooperation with the CB of Bhutan, to pilot use cases for a digital Ngultrum.