Ripple (XRP) today has a new central bank digital currency (CBDC) platform unveiled. This platform should enable central banks and other financial service providers to set up their own CBDCs. With this, Ripple hopes to play an important role in the digital transformation of money around the world.
Ripple CBDCs
CBDCs are a type of digital currency issued and regulated directly by a central bank. They represent a digital form of fiat money and are designed to function as a direct digital counterpart to traditional physical currency.
It ‘Ripple CBDC platform‘ uses the same blockchain technology that is behind the XRP Ledger and hopes to make CBDCs more accessible to central banks around the world. The new platform actually allows users to control the entire process of rolling out a CBDC. From issuing to arranging transactions. Everything will be housed on the new platform.
Of course, the average crypto investor is not the target group of this CBDC platform, but it is governments and central banks that may start working with this. James Wallis, top executive at Ripple, had this to say:
“As a trusted partner of several central banks, we believe this platform will help solve problems for many central banks and governments as they devise plans and develop a technology strategy for CBDC implementations.”
XRP in the future
Africa in particular is a region that Ripple has targeted. Recently was in it Ripple news read that the company is already working with as many as 13 countries on the African continent. It is therefore possible that some governments will also collaborate with Ripple in the future for the issuance of their own CBDCs.
Of course, the infamous lawsuit between Ripple and the American is ongoing Securities and Exchange Commission (SEC) also still. Yesterday it was announced that Ripple had achieved a major victory over the US regulator. This new development could certainly affect the course of the case in a positive way for Ripple.