Digital Euro Association (DEA) warmly welcome Ripple to its digital money think-tank family on digital currencies. Penning out the news in a Twitter blog post on 11th February, DEA posted;
DEA is an association of likewise minded entities focusing on digital money such as cryptocurrencies, stablecoins, NTFs, and CBDCs. Representatives from DEA said that Ripple was chosen as a ‘gold supporting member’ due to its undoubted expertise in the market.
Digital Euro Association Chairman Jonas Gross explained that the fostered partnership would inform future decisions on digital currencies.
He noted that the CBDC and government stablecoin projects need advice on technological designs to progress beyond the research stages. Therefore, joint educational efforts with Ripple should assist in future strategies of central bank digital currencies (CBDCs).
The vice president of Ripple’s Central Bank Engagements, James Wallis, upheld the intensity Ripple has invested into the CBDCs. With a total of 40 members chipping into it globally, the partnership should advance Ripple’s efforts in the CBDCs.
It sure is a win-win arrangement.
Ripple’s Prior Involvement with the CBDCs
Central Bank Digital Currencies are digiassets issued on a central ledger and pegged to the main currency. Although Ripple’s native token, the XRP, is not a CBDC, its blockchain is.
The ledger has been designed for institutions and larger enterprises making it a viable option for governments looking to issue CBDCs.
In October last year, Ripple teamed up with an NGO researching the CBDCs in the UK. The Digital Euro Association is now working across Europe and other global markets to further CBDCs beyond research stages.
As earlier reported, the new Ripple-DEA fostered partnership will primarily design a GBP-pegged stablecoin for use in United Kingdom markets.
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