In May 2023, ripple (XRP) has taken a major step in the world of digital finance with the announcement of its innovative central bank digital currency (CBDC) platform. The platform is designed to facilitate central banks, governments, and financial institutions in managing their digital currencies more efficiently.
Adopting ripple’s cutting-edge technology and building on previous private ledger projects, the platform leverages the advantages of the XRP ledger (XRPL) to usher in a new era of customizable and effective CBDC.
So far, more than 8 countries have implemented CBDC on the XRP ledger, according to a report from cryptogeek, a blockchain news aggregator, on august 19. It is worth noting that this new ledger was only launched three months ago.
Astonishingly, more than 15% of the total countries in the world have the potential to use XRP as a CBDC platform. The previous month, James Wallis, vice president of central bank and CBDC engagement at ripple, announced that more than 30 countries were in talks to adopt a CBDC platform powered by XRP.
At that time, Wallis also revealed that Ripple has formed partnerships with 5 central banks, while the other 5 banks are still keeping their identities secret. Furthermore, Ripple is in conversations with 20 other countries to offer XRP ledgers in both private and public formats as a basis for developing CBDC.
Given that there are a total of 195 countries around the world, this suggests that more than 15% of global countries are exploring ripple technology to build their own CBDC.
The role of XRP crypto in this ecosystem is as a neutral bridge asset that facilitates the seamless movement of value between CBDC and other currencies. It is important to emphasize that while this private ledger is based on XRP, its use does not require the interaction or use of the crypto token itself. As such, Ripple provides a flexible option for central banks looking to adopt this technology in their CBDC builds.
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