Ripple To Host Panel On The Digital Pound and CBDCs

By Kevin • January 25, 2023 2:17 pm • Comments

It looks like Ripple was right when the company predicted that central bank digital currencies would soon become the biggest trend in the upcoming years.

Already, the majority of central banks around the world are expressing interest and looking into doing pilot programs with CBDCs.

As a result, Ripple has positioned itself very nicely within this specific niche as it has a well-developed CBDC platform solution and is actively working on CBDC projects in both the public and private sector.

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Ripple has also been an advisor on the topic for many government entities and it looks like the company will soon be hosting a panel where the focus is on the creation of a digital pound.

Bitcoinist.com reports:

Participating in the discussion will be William Lorenz (co-leader of the Digital Pound Foundation’s use case working group), Chris Ostrowski (CEO and co-founder, SODA), Jakub Zmuda (strategy officer, Modulr), Andrew Dare (CTO banking and financial markets director advisory expert, CGI), Claire Conby (managing director at Billon), and David Karney (head of digital assets, Worldline).

The panel is hosted by the Digital Pound Foundation, which Ripple joined in October 2021. The foundation is focused on the development and launch of a digital pound in the United Kingdom.

The announcement at the time stated that Susan Friedman, Head of Policy, would represent the foundation as a board member to strengthen Ripple’s initiative to participate in “ongoing work to engage with central banks worldwide on technical and policy issues related to central bank digital currencies (CBDCs).”

Ripple will likely play the role of an expert that will give advice regarding how to test and implement such a digital pound if the panel decides that a CBDC is worth pursuing.

However, whether or not Ripple itself will actually part of the solution to creating the digital pound is something that is still not determined.

Ripple has already collaborated with other entities such as the Digital Euro Association where Ripple serves as an advisor, but the XRP ledger itself has not yet been used for CBDCs as of now.

Investors and speculators hope that it may one day get to that point once governments and central banks truly commit to CBDCs within a few years time.

After all, it is still at the very early stages and such things will take a significant amount of time in order to achieve mass adoption.

Bitcoinist concludes:

Brooks Entwistle, SVP and MD at Ripple, revealed in another recent interview that the company does not intend to implement a solution for every central bank in the world, but is taking a targeted approach.

We’ve realized that we’re not going to solve that problem for every single central bank around the world – we are very targeted.

We found great interest in some of the smaller central banks around the world that are looking for a strategy or a partner, looking for a technology, a side blockchain, some ideas how to go about this.

When asked if central banks are interested in the RippleNet or the XRP Ledger, Entwistle disclosed that “[t]hey want to use technologies that will help them and their own citizens. We don’t believe there is one solution for all these central banks,” he said.

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