Ripple has revealed over 8 countries are building CBDCs on XRP Ledger

Ripple has revealed over 8 countries are building CBDCs on XRP Ledger

Ripple, the digital payment protocol, unveiled in May 2023 a groundbreaking Central Bank Digital Currency (CBDC) platform. This state-of-the-art platform offers central banks, governments, and financial institutions a robust tool to spearhead the issuance, distribution, and management of their digital currencies.

The CBDC platform, rooted in Ripple’s cutting-edge technology, builds upon its precursor, the Private Ledger project. Central to this venture is the XRP Ledger (XRPL), setting the stage for the next generation of versatile and streamlined CBDCs.

Within a mere three months of its inception, more than 8 countries have adopted the XRP Ledger for crafting their CBDCs, as reported by the blockchain news outlet, CryptoGeek, on August 19. The list of nations includes heavyweights such as Russia, Japan, and the United Arab Emirates (UAE), alongside Montenegro, the Republic of Palau, Uruguay, New Zealand, and Hong Kong.

Ripple’s XRPL Garnering Global Attention

James Wallis, who helms the position of Vice President of Central Bank Engagements and CBDCs at Ripple, provided insights last month, revealing that discussions are underway with over 30 countries keen on integrating Ripple’s XRPL-driven CBDC platform.

While Ripple has publicly disclosed collaborations with 5 central banks, 5 more remain under wraps. Beyond these 10 nations, Ripple is in advanced talks with 20 additional countries, deliberating the potential adoption of either its public or private XRP ledger for CBDC development.

When viewed against the backdrop of the 195 recognized countries globally, these numbers indicate that Ripple’s technological prowess is garnering attention from over 15 countries.

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About Maria Morgan

Maria Morgan is a full-time cryptocurrency journalist at Coinography. She is graduate in Political Science and Journalism from London, her writing is centered around cryptocurrency news, regulation and policy-making across the glob.

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