Ripple hints at new CBDC announcements Ripple hints at new CBDC announcements
Ripple has scored several partnerships in its CBDC drive, including a participation in the digital dollar sandbox initiative.
2 min read
Updated: Sep. 7, 2022 at 10:50 am UTC
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Ripple’s (XRP) advisor on central bank digital currency (CBDC), Anthony Welfare, revealed that the company has “several pilots” in the works related to CBDCs which will be made public in the coming weeks.
Thanks @sentosumosaba for the mention – make sure you follow me for more CBDC announcements in the next few weeks 👌👌👌
— Antony Welfare (@AntonyWelfare) September 6, 2022
Welfare made the statement in response to Sentosumosaba’s tweet, which shared a screenshot showing that Ripple had “several pilots in progress for CBDCs, including the Royal Monetary Authority (RMA) of Bhutan and the Republic of Palau.”
Ripple’s CBDC partnerships
After launching a private version of XRP Ledger for central banks last year, Ripple has scored several partnerships with countries considering a CBDC project.
While the public is yet to have all the information on its CBDC pilots, the partnership with Palau and Bhutan has been public information since last year.
Ripple partnered with the Royal Monetary Authority of Bhutan for a CBDC pilot in 2021. The project will help the country issue digital ngultrum to improve cross-border payments.
In November 2021, it also partnered with Palau. However, it is working on a USD-backed stablecoin for the island nation.
Ripple is participating in the Digital Dollar project
The blockchain firm has made more moves in recent days. It is one of the first four participants in the Digital Dollar Project focused on examining the possibility of a digital USD.
The Digital Dollar Project is a nonprofit focused on the digital version of the US dollar, and it recently announced the launch of its Sandbox program. The program will start in October, and the first focus will be on cross-border payments.
Besides this project, Ripple is also a partner of the Digital Euro Association think tank, which it joined in February. The association is also focused on the development of CBDCs in the continent.
Meanwhile, Ripple is still engrossed in a legal battle with the SEC over its XRP token. The case has been in court since 2020 and has significantly affected Ripple XRP’s value. However, some legal experts believe that a settlement is possible in the next few months.
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The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.