Ripple Unveils Blockchain-Powered CBDC Platform – Ripple has taken a significant step in enhancing its involvement in Central Bank Digital Currencies (CBDCs) by introducing a fresh platform. This platform aims to facilitate central banks, governments, and financial institutions in creating their own CBDCs. Known as the ‘Ripple CBDC Platform,’ it harnesses the blockchain technology utilized in the XRP Ledger (XRPL).
The platform has been specifically designed to cater to various scenarios, including the issuance of stablecoins or wholesale and retail CBDCs on a private ledger. AcAccording to the San Francisco-based blockchain company, the aim is to “holistically manage and customize the entire life cycle of fiat-based central bank digital currency, transaction, and distribution.”
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Following the development, James Wallis, Ripple’s VP of Central Bank Engagements & CBDCs, said, “As a trusted partner to several central banks, we believe this platform will help solve problems for many central banks and governments who are devising plans and developing a technology strategy for CBDC Implementations.” The executive stated that the platform’s innovative features are anticipated to enable quick resolution of both local and international payments, reduce risks, and improve the user’s experience when sending and receiving digital currency in any transaction.
As part of its global push for its CBDC platform, Ripple has onboarded the Republic of Palau to develop the country’s national digital currency on it. Surangel Whipps Jr, President of the Republic of Palau, commented, “Partnering with Ripple to help create our national digital currency is part of our commitment to lead in financial innovation and technologies, which will provide the citizens of Palau with greater financial access.”
It is worth noting that Palau and Ripple established their partnership in November 2021. Their collaboration aimed at creating strategies for cross-border payments and introducing a USD-backed digital currency specifically for Palau. In a related development, Ripple announced its involvement in the digital Hong Kong Dollar (e-HKD) initiative.
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This initiative, led by the Hong Kong Monetary Authority (HKMA), serves as a platform for Ripple to showcase the potential of its central bank digital currency (CBDC) technology. Furthermore, Ripple is collaborating with Taiwan’s Fubon Bank within the e-HKD pilot program to develop a product focused on real estate asset tokenization and equity distribution. Despite a generally stable market over the past 24 hours, XRP’s price has been on an upward trend and has sustained its gains.