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Ripple is hosting a digital pound panel, here’s why

In its forecast for 2023, Ripple’s management team pointed to central bank digital currencies (CBDCs) as one of the biggest trends, such as Bitcoinist reported. To carry out this program, Ripple continues to work actively with the private and public sectors.

A country where Ripple is very active is the United Kingdom. On Thursday, January 26, James Wallis, Vice President of Central Bank and CBDC Commitments at Ripple, will present the opening speech during a webinar discussing the potential use cases and benefits of an e-book.

Joining the discussion will be William Lorenz (Digital Pound Foundation Use Case Working Group Co-Lead), Chris Ostrowski (CEO and Co-Founder, SODA), Jakub Zmuda (Head of Strategy, Modulr), Andrew Dare (CTO banking and director of financial markets consulting, CGI), Claire Conby (general manager 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 developing and launching a digital pound in the UK.

The announcement at the time, said Susan Friedman, head of policy, would represent the foundation as a board member to bolster Ripple’s initiative to participate in “ongoing work to engage with central banks.” from around the world on technical and policy issues related to central bank digital currencies (CBDCs).

The panel will focus on the benefits offered by CBDCs. To that end, during the webinar, “a select number of practitioners” who are testing or implementing real-world use cases for a digital ledger will speak and discuss with a panel of experts where CBDCs and stablecoins issued by the private sector can really achieve these goals.

The role of the Ripple and XRP ledger in CBDCs

The extent to which the XRP ledger or even the XRP token will play a role in a potential digital ledger is still unknown. However, Wallis revealed in a recent interview with Tony Edward of the “Thinking Crypto” podcast that collaboration with a variety of players is required to achieve a CBDC.

For this, there is the Digital Pound Foundation in the United Kingdom, as well as the Digital Euro Association in Europe and the Digital Dollar Association in the United States.

Wallis declared:

Other major markets are doing similar things. In Europe, for example, there is a Digital Euro Association of which we are also members and with which we work, as well as the Digital Pound Foundation in the United Kingdom. […] It’s really the private sector trying to encourage the public sector to move a little faster.

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 realized that we’re not going to solve this problem for all central banks in the world – we’re very focused.

We’ve found great interest in some of the smaller central banks in the world looking for a strategy or a partner, looking for technology, parallel blockchain, some ideas on how to go about it.

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

Entwistle explained in more detail:

There are places where we can play, maybe with a sidechain to the XRP ledger. We can contribute to interoperability in all of this, but it will be different for each central bank.

At press time, the XRP price was at $0.4219, with a retest of $0.42 that turned to cryptocurrency support.

Ripple XRP USD
XRP Price Seeing New Test, 1-da Chart | Source: XRPUSD on

Featured image by Adam Wilson / Unsplash, chart from

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