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Ripple has been very involved with its participation in central bank digital currencies projects since inaugurating an exclusive rendition of the XRP ledger in March 2021 and offering a platform for central banks to safely roll out CBDCs.
Central Bank Digital Currency is essentially a digital currency supported and authorized by the central bank. Since cryptocurrency has caught the eye of a majority of the public, this is an approach adopted by the central banks to be in the loop and not miss out on the future. CBDC, when introduced, will be managed on the digital ledger that will pace up and secure payments between banks and individuals. Virtual currencies authorized by the central bank of a country are one of the most pioneering ideas in the face of the international financial environment.
Sentosumosaba, a popular crypto influencer on Twitter, posted a tweet saying that the company Ripple was deep into launching quite a few CBDC project programs, with one in Bhutan and the other in Palau. Ripple’s senior advisor Welfare, replied to the same thread of comments, hinting at a ‘few more announcements in the next couple of weeks.
Ripple has been very involved with its participation in central bank digital currencies projects since inaugurating an exclusive rendition of the XRP ledger in March 2021 and offering a platform for central banks to safely roll out CBDCs. During the previous week, Ripple was acknowledged as one of the first parties of a Technical Sandbox Program, introduced by a US-based think tank called the Digital Dollar Project. This collaboration with Accenture and the Digital Dollar Foundation aims to involve and support research and general discussion on the benefits of a digital dollar.
A year ago in September, Ripple Labs disclosed its association with the Royal Monetary Authority of Bhutan to spearhead a one-of-its-kind project in the south-central Asia region. The project was aimed at distributing and operating a virtual ngultrum with the purpose to enhance international relations. Two months following this event, the blockchain firm allied with the Republic of Palau to enable the Pacific island to build its own environment-friendly digital currency.
Recently in June this year, the blockchain firm also inaugurated its first-ever online hackathon known as Ripple CBDC Innovate. The challenge was a success since more than 450 teams registered for the same to design CBDC-oriented applications that could excel in one of the three tasks – enhance interoperability of CBDCs, make it more convenient for retail users, and introduce banking to otherwise unaware populations.