Is Ripple Helping the Bank of England develop a CBDC?
On Monday, February 6, the Bank of England (BoE) published a consultation paper on the new digital pound (CBDC).
On Monday, February 6, the Bank of England (BoE) published a consultation paper on the new digital pound (CBDC). In the document, the crypto technology from Ripple is mentioned among other things.
According to the document, Ripple and the Bank of England have already completed a joint project in the past. The results of this are being used for the development of England's CBDC. In 2017 the Bank of England and Ripple studied the behavior of different currencies and how to send them synchronously across different systems. This research used Ripple Connect and the Interledger protocol.
It remains to be seen whether Ripple will actively work on the development of the UK CBDC in the future. The crypto company is only mentioned twice in the 116-page document. There’s also no response or comment from the crypto company itself. Most people are not happy about the arrival of the CBDC.
The news has at least drawn no reaction for XRP. The coin has dropped almost two percent in the last 24 hours (to date). Recently, Ripple announced a partnership with the Montenegro government. Montenegro is working on a stablecoin to improve the country’s financial inclusion.
Meanwhile, the UK is expected to roll out the digital central bank currency in 2030.
