In a recent interview, Ripple’s Senior Advisor, Anthony Welfare, disclosed that the blockchain company is presently working on various CBDC pilots for nations like Bhutan and the Republic of Palau.
“Ripple has several pilots in progress for CBDCs, including the Royal Monetary Authority (RMA) of Bhutan and the Republic of Palau,” Welfare said in a recent interview.
It is worth noting that the Leading Silicon Valley tech firm, Ripple, is a global payment provider, and has extended its payment solutions across various borders.
Several Entities Have Partnered Chosen Ripple For CBDC
Recall, that Ripple has recently collaborated with several entities such as SBI Holdings and a few countries have chosen the fintech company for Central Bank-backed Digital Currency (CBDC) projects.
Anthony Welfare further said that the main aim of RippleX is not to permit developers to build on the XRP Ledger but much more to partner with top firms and countries for different initiatives, including CBDC.
“For Ripple, Crypto is in our DNA: our RippleX business unit is focused on making it easy for developers to build on and with the XRP Ledger, as well as partnering with others in the crypto space on use cases like NFTs and CBDCs (aka tokenized assets),” Welfare added.
According to a prominent proponent of Ripple, Crypto ERI, stressing the statement by the Welfare Anthony attracting the attention not only the XRP holders to the news.
The Comment of Anthony Welfare is considered massive to the XRP holders as he was given the significance of the initiative to the crypto asset and also Ripple noted in its recent Video that all new CBDC solutions would leverage XRPL for cross-border settlements.
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Ripple further stated:
- “At ripple, we enable governments and central banks around the world to create new high-performance financial infrastructures built on blockchain technology more specifically; we help governments build and launch central bank digital currencies or CBDC.”
- “These national currencies are powered by modern secure, centralized, and scalable technology. These CBDCs will enable central banks to implement their monetary policies more efficiently and effectively.”
- ” The Ripple team brings a wealth of expertise to every new CBDC solution working with hundreds of financial institutions, policymakers, and regulators; our solutions facilitate billions of dollars in cross-border payments around the globe.”
- “Ripple’s CBDC solution is based upon one of the most reliable, sustainable, and open-source blockchain protocols, the XRP ledger (XRPL).”
- “The XRP ledger technology is perfect for CBDC blockchain applications. It’s fast, with transactions completing two to three seconds, and it’s easily customizable and programmable. it’s reliable, having closed over 72 million transactions since 2012.”
- “The ledger’s native functionality for issuing digital currencies also reduces the need for bespoke programming and reduces the risk. Finally, the technology is sustainable as one of the first carbon-neutral blockchains; each pilot is completely customizable and shaped to the needs of the central bank by an expert team.”
The use case and adoption of Ripple’s token, XRP increases as more countries and regions choose Ripple as their official CBDC partner.
Hinman’s Secret Was Disclosed
Attorney John Deaton, the one representing over 72k XRP holders and the amici status in a case between Ripple and SEC has given further information about, Bill Hinman, a prominent SEC official’s hold of interest in the ongoing rigorous oversight of cryptocurrency.
[…] as well as proposed redactions, on December 9, 2022. More also, on the 22nd of December, 2022, Ripple and SEC will file an opposition to omnibus (Big) motions to […]