United Kingdom one step closer to CBDC, Bloomberg Crypto says $GBP
The new report confirmed that the government-backed stablecoin is able to facilitate payments between individuals quicker and easier, and help organizations to launch new financial products and reduce fraud.
Also, the authors of the report stressed that CBDCs unlock previously unseen opportunities for various groups of market participants, including banks, e-commerce organizations and public services: It could allow for money"programmability" — for example, meaning that a payment to an online vendor would automatically settle when a buyer had verified that the products had been received satisfactorily.
However, the project is yet to find the backing of the U.K. Treasury. Also, it is still unclear whether BoE will be interested in the next phases of Britcoin research.The prototypes of the Digital GBP have been in development since at least 2020. In 2021, U.S.-based fintech heavyweight Ripple announced that it had joined the Digital Pound Foundation.One of the most advanced prototypes of GBP-backed CBDC for retail use is powered by Quant platform.
As covered by U.Today previously, Ripple is coordinating stablecoin efforts for many countries, including Great Britain, Hong Kong, Montenegro and so on.
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