Ripple unveils CBDC platform for governments

The fintech blockchain Ripple wishes to help the central banks and the financial institutions to issue CBDC and stablecoins taking advantage of the XRP Ledger.

This Thursday, the American company Ripple announced the launch of a platform dedicated to the issuance of digital currencies of central banks (MNBC), or (CBDC) in English.

Named soberly Ripple CBDCThe solution allows governments and central banks to issue and manage their own digital currencyThis can be done at wholesale or retail level. Private financial institutions can launch stablecoins backed by fiat currencies.

As a trusted partner of several central banks, we believe this platform will help solve the problems of many central banks and governments as they develop plans and technology strategy for CBDC implementations,” said James Wallis, vice president CBDC at Ripple.

Ripple is indeed already working with several central banks. In 2021, the American blockchain specialist announced a partnership with the Republic of Palau. More recently, it signed an agreement with the Bank of Montenegro as part of a digital currency pilot project.

The platform Ripple CBDC is based on the XRP Ledger blockchain and enables real-time processing of domestic and cross-border payments, while reducing risk, according to a statement.

Most central banks around the world, including the ECB, are now looking at CBDC. According to AtlanticCounsil, today more than 90% of central bankers are examining the benefits and risks of issuing CBDCs. Several countries, including China, have already started issuing this type of currency.

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