By
Bena Ilyas
May 20th, 2024
Ripple is, now more than ever, convinced about expanding its presence in London.
The Head of Policy at Ripple, Susan Friedman, has recently shared that the company has huge expectations of London – a growing digital currency hub. Friedman explained the company’s interest in the region during an interview with the Digital Pound Foundation.
According to her, the UK government holds a positive view and approach towards fintech, especially in the area of Central Bank Digital Currencies (CBDCs). This, she says, has created a very conducive environment for crypto businesses to thrive. And not just that, but also a place for crypto in the broader sense of it, to grow.
To this end, Friedman says Ripple is, now more than ever, convinced about expanding its presence in London.
Ripple to Key into London’s CBDC Plan
Meanwhile, she also spoke extensively on the subject of CBDCs. Friedman says there is nothing more to CBDCs than the fact they represent a natural evolution of value exchange.
She insists that these CBDCs can offer the same protections that the traditional fiat currencies offer or even more. She also added that there is even a chance that CBDCs address some domestic challenges that traditional currencies may not be able to cater to.
According to her, it all boils down to implementing a comprehensive strategy for these digital currencies to be absorbed seamlessly into global markets.
About digital currencies on a global scale, Friedman says their benefits cannot be overemphasized. She mentioned how they encourage financial inclusion for the unbanked, promote direct peer-to-peer payments, and also foster innovation among other benefits.
But despite all that, Friedman did not fail to acknowledge the complexities of digital currencies. She notes that financial stability, for instance, is a major thing to look out for while encouraging these CBDC initiatives.
Nonetheless, she claims that the so-called complexities are being tackled head-on, albeit collectively. That is via the Digital Pound Foundation, of which Ripple is a founding member.
The foundation seeks to ensure that all stakeholders do proper research and work hand-in-hand before the digital pound is launched. That is from the proposal discussion period up to the point of exploring real-life use cases of a digital pound.