Thursday, September 21, 2023
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Ripple confirms upcoming news on CBDC

ripple may soon reveal new positive developments in projects related to Central Bank Digital Currencies (CBDC). This follows what Antony Welfare, one of his top advisers in the state’s digital currency space, said on Tuesday about the upcoming announcement. week.

ripple and the system

Ripple is probably one of the companies involved in the most projects related to the development of digital state currencies. There are currently over 80 projects reported in many countries around the world. Digital Euro Associationis a think tank specializing in the research and development of projects related to stablecoins and digital national currencies, mainly working on the research and development of the new digital euro.

A number of tweeted benefits over the past few weeks seem to suggest there is some big news on the CBDC issue, saying in response to a user tweet about Ripple’s new project. Bhutan And the Republic of Palau said he was ready for an upcoming major new announcement on the subject.

Since March 2021, when the company developed a private version of the XRP Ledger that was specifically created to become a platform for central banks to securely issue CBDCs, the company has been working with many states and governments looking to explore the world of CBDCs. It has become a benchmark for central banks.

“Ripple provides a complete platform for issuing, managing, trading, and destroying CBDC. Each solution is built on a private ledger based on XRP Ledger technology. It is a proven blockchain that has been transacted over 70 million times and is trusted by financial institutions around the world.”

The company describes the platform on its website

Digital Dollar Project recently signed partnership A US think tank has launched a new and innovative “Technical Sandbox Program” to work with four companies, including Ripple itself, to explore the potential technical and commercial impact of CBDC in the US. purpose.

“For Ripple, crypto is in our DNA.”Welfare said in a recent interview.

“Our RippleX business unit is dedicated to making it easier for developers to build with the XRP Ledger, and partnering with others in the crypto space on use cases such as NFTs and CBDCs (tokenized assets). We focus on doing.”

In June, the company launched its first online CBDC hackathon (a kind of competition for computer scientists) called “Ripple CBDC Innovate” to strengthen its relevance and importance in the CBDC industry.

The competition will feature 483 professionals invited to create CBDC-focused applications to improve interoperability with digital assets.

XRP Ledger Supports Central Banks in Creating Suitable Infrastructure for CBDC Issuance

Ripple’s SEC Issues

The choice fell simply because Ripple has significant infrastructure regarding CBDC. SEC For more than two years on suspicion of unauthorized sale of financial products,

In fact, the SEC has filed a lawsuit against Ripple since December 2020, and Ripple may still be classified as a security.

In fact, the U.S. Securities and Exchange Commission has accused Ripple Labs CEO Brad Garlinghouse and co-founder Chris Larsen of selling Ripple’s native token, XRP, as if it were an unregistered security service. I’m here. In contrast, Ripple tries to argue that XRP is not a security.

The SEC defeatbut the jury is still out.


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