Ripple Stirs Financial World With CBDC Platform

May 18, 2023

MCP News Free

Ripple Stirs Financial World With CBDC Platform

Key Point

Central banks can now build Central Banks Digital Currencies (CBDC) using the Ripple CBDC platform

On Thursday, Ripple, a San Francisco-based crypto solution company, rippled the financial world with a game-changing central bank digital currency platform, neutralizing the excuses of many apex banks across the globe.

Ripple Launches CBDC Platform For Central Banks, Governments

According to the Bank of International Settlement (BIS), over 90% of apex banks of countries of the world are exploring the possibility of rolling out CBDC, while those central banks were scratching their heads on how to go about it, Ripple started waving hands to them to offer solutions.

Ripple on Thursday unveiled the Ripple CBDC platform to be used in the development of Central Bank Digital Currency (CBDC), thereby allowing central banks, financial institutions, and governments to develop and roll out their virtual currency.

The platform is enhanced by XRP Ledger, although built on a new private ledger will allow users to completely manage and customize the entire life cycle of fiat-based CBDC, distribution, and transaction in a well-secured manner.

Furthermore, users of digital currencies, either corporate or individual, will be able to hold their money and transact easily, just like how traditional banks provide apps for users to make transactions, is the same way Ripple is going to make it easy for users.

“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,” James Wallis, VP of Central Bank Engagements & CBDCs, noted.

“The innovative capabilities of the platform will help enable instant settlement of both domestic and cross-border payments, reduce risk, and improve the user experience of quickly sending and receiving digital currency on either side of a transaction,” Wallis added.

Already, Ripple’s platform is getting tested by some countries; for instance, Hong Kong Monetary Authority (HKMA) announced a CBDC pilot and partnered with Ripple for experimental purposes before the rollout of the CBDC.

Also, the Republic of Palau has partnered with Ripple to build the digital version of the country’s hard currency.

“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,” Surangel Whipps Jr, President of the Republic of Palau noted while commenting on the country’s partnership with Ripple.

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