In a recent interview with the Digital Pound Foundation, Susan Friedman, head of policy at Ripple, elucidated on the company's vision for London as a burgeoning hub for digital currencies.
She expressed her excitement over the UK government's forward-thinking approach to fintech, particularly Central Bank Digital Currencies (CBDCs), embodied by the Bank of England's engagement with the digital pound initiative. Friedman highlighted Ripple's expanding presence in London, recognizing the city's dynamic environment conducive to the growth of crypto.
Friedman provided insights on the prospects of CBDCs on a global scale, identifying them as a natural evolution of value exchange in our increasingly globalized world.
She suggested that CBDCs could offer the same protections as traditional fiat currencies while better addressing specific domestic challenges. The implementation of a comprehensive strategy would be critical for these digital currencies to interact efficiently with global markets and adapt to future requirements.When it comes to the broader implications of digital currencies, Friedman underscored their potential to encourage financial inclusion, enhance direct person-to-person payments, improve payment infrastructure efficiency, foster innovation, and potentially reduce environmental impact. She also acknowledged the challenges faced by central banks to maintain financial stability and control of their monetary systems while encouraging these initiatives.
As one of the founding members of the Digital Pound Foundation, Ripple sees the benefits of the foundation's collective approach to tackling the complexities of digital currency. The foundation facilitates dialogue and collaboration between various stakeholders, from policy proposal discussions to the exploration of real-life applications of a digital pound.