Ripple confirms that CBDC announcements are coming soon

Ripple confirms that CBDC announcements are coming soon

It’s shaping up to be a very interesting autumn for Ripple. In the coming time, the team of one of the largest blockchains, is scheduled to announce new partnerships within the CBDC domain. Is this an opportunity for XRP growth?

An interesting time is coming for XRP 

One of the most recognizable blockchain companies, such as Ripple, is constantly pushing for growth in the CBDC space. It looks like the long-standing work could soon yield very interesting results.

As Antony Welfar, one of the company’s CBDC advisors, reports, there will be some interesting announcements in the coming weeks regarding virtual central bank currencies being created with the help of Ripple. 

“Further announcements” in this case will follow actions that Ripple has already taken in countries such as Bhutan and Palau. The company announced its cooperation with the Royal Monetary Authority of the former in September 2021. The operations there were a pilot for the local CBDC. The partnership with Palau, announced two months later, took a slightly different form. Here the priority became the development of a climate-friendly digital currency, albeit operating as a stablecoin backed by the USD, rather than the CBDC itself.

Ripple’s not inconsiderable achievements

Countries such as Bhutan and Palau may be perceived by market observers as small and of little economic importance. Nevertheless, larger and larger economies are beginning to follow suit. Thus, this past week, Ripple was marked as one of the initial participants in the “Technical Sandbox Program.” This is an initiative launched by the US think tank Digital Dollar Project. Its goal is to study the potential consequences of introducing CBDCs in the United States. Both technical and business aspects are being studied. 

In addition, Ripple has also joined the European think tank Digital Euro Association. Here, the company’s role is support, aiming to work for the development and growth of the digital euro.

Ripple is also betting on internal development

In June, the company announced, it launched its first online CBDC hackathon, known as “Ripple CBDC Innovate.” The initiative attracted as many as 483 participants. Their task was to build applications that improve CBDC interoperability, as well as facilitate retail use. Another issue, in turn, was to design the implementation of banking to a population that has limited contact with it.

The finalists of the first stage of the competition are scheduled to be officially announced on September 8. The winners are expected to continue the competition soon. 

Disclaimer: Blockbulletin does not take accountability of investments based on the information of the website. We highly advice readers to make extensive research prior to any invest

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