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The Bank of England (BoE) has released a new paper that explores the use of Ripple’s Interledger Protocol for synchronized settlement of payments. 
The new step taken by the Bank of England shows the increasing interest of central banks in blockchain technology. The <a href="https://twitter.com/edward_farina/status/1686492127134429184" target="_blank" rel="noopener noreferrer nofollow">paper</a> is titled “Ripple: Exploring the Synchronized Settlement of Payments using the Interledger Protocol.” 
The BOE believes that <a href="https://crypto.news/federal-judge-dismisses-ripple-ruling-in-terra-case/" rel="noopener noreferrer nofollow">Ripple</a> protocol could significantly impact the cross-border payments industry by allowing synchronized settlement across multiple ledgers. The protocol could connect different payment networks, like financial institutions and digital assets. 
The main purpose of the protocol is to create a fast and efficient payment ecosystem. The paper shows the results of implementing <a href="https://crypto.news/ripple-report-blockchain-can-save-billions-for-financial-institutions/" rel="noopener noreferrer nofollow">Ripple’s</a> protocol by the Bank of England with the RTGS systems. 
 You might also like: <a href="https://crypto.news/bank-of-england-governor-calls-crypto-extremely-speculative/" rel="noopener noreferrer nofollow"> Bank of England governor calls crypto ‘extremely speculative’ </a> 
The integration allows transactions to take place in a faster and more efficient way than traditional payment methods. 
Earlier this year, the Bank of England and the Treasury launched a public consultation to understand how CBDC, in this case, digital pound, could be used in British society. 
CBDC is moving fast among different finance fields. One clear example is the case of the digital euro, which the European Union regulators are exploring. 
 Read more: <a href="https://crypto.news/exploring-the-early-cbdc-adoption-results-beyond-the-hype/" rel="noopener noreferrer nofollow"> Exploring the early CBDC adoption results beyond the hype </a>

Bank of England releases new paper on Ripple use cases

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