The recent update revealed that the good dead of the leading blockchain company, Ripple, has started paying as it was recently mentioned in the Bank of England (BoE) consultation paper on the digital pound, U.K.’s digital currency.
It is worth noting that Ripple has been extraordinary in helping central banks in different parts of the world, including Bhutan.
The Bank of England sought a method to get a digital version of the pound, which would eliminate the use of banknotes and coins in the United Kingdom. However, the BoE said it would decide whether to proceed with the plans highlighted in the consultation paper.
Bank Of England Says It Has Joint Project With Ripple
In the quest for this, the bank of England noted in the paper that it has a joint project with Ripple. The BoE said that the project aims to demonstrate that FX transactions synchronized in two simulated Real Time Gross Settlement (RTGS) systems can be executed.
“Cross-border Synchronisation: a joint project with Ripple demonstrating that synchronized FX transactions in two different simulated RTGS systems can be achieved, leading to the incorporation of synchronization functionality into the roadmap for renewal.”
As a matter of fact, the recent strategy is part of the BoE’s RTGS Renewal Program, which it aims to utilize to develop a roadmap for ongoing improvements to the RTGS service.
Although the statement by the Bank of England does not outrightly imply that it entering a partnership with the blockchain company nevertheless, a strong bond is noticed and that could probably result in a partnership.
It is worth noting that the update came after Ripple announced it is looking to hire a blockchain engineer intern who will work on a series of CBDC-related projects.
“We are looking for an intern to work on several projects that will drive up the level of engagement with central banks around the world,” Ripple said.
It was stated the new hire would be in charge of building prototype software solutions on the XRP Ledger (XRPL) to meet the needs of various central banks.
“The report was revealed by the leading blockchain company; The Q4 2022 XRP Markets Report is now live–detailing ebbs and flows in the broader crypto market to a ramp up in regulatory actions, as well as significant XRPL technical developments including XLS-20 going life on Mainnet, and the EVM sidechain on Devnet.”