In a recent interview with Forkast News, the senior vice president of customer success and managing director of APAC and MENA at Ripple revealed how deep-rooted the company’s work on CBDC is.
Entwistle talks about Ripple’s efforts
The latest interview Brooks Entwistle gave to Forkast News reveals that Ripple’s key goals for 2023, are not the SEC investigation cases, but its work on central bank virtual currencies (CBDCs). The senior vice president noted that the interactions the company is currently having with regulators around the world are invaluable to the company. He noted that many global centers are operating just the opposite of the model observed in the United States. He mentioned Singapore, Japan, Switzerland and the United Kingdom on this occasion. He noted that the authorities of these countries are keen on dialogue and are happy to participate in various types of discussions.
Therefore, it can be assumed that this information is an unofficial signal that it is with these countries that Ripple is currently working closely. The participation of the issuer of the XRP token, in the work on the virtual pound has long been rumored. Evidence quoting official documents was available online. In contrast, the issue of Singapore, Japan, or Switzerland is new here.
Ripple has been bringing together 10% of the globe’s countries since its inception
Despite the fact that CBDC is a very young initiative, already at its start Ripple managed to grab a sizable piece of this pie exclusively for itself. As Entwostle puts it:
“There are more than 200 countries. There are many central banks and they have different needs and there are different parts of the journey.”
He went on to point out that more than 20 countries are already participating in a dialogue with the U.S. company, and it is through the company that it is conducting market intelligence as well as implementing new solutions.
Ripple focuses on operations outside the US
Bhutan and Palau are countries that already benefit from Ripple’s innovative solutions. This was also highlighted in this interview. Entwistle also made no secret of the fact that most of the company’s operations are focused outside the United States. This is evidenced by the hiring of nearly 300 new employees outside that region in the past year.
He also pointed out the limitations that come with implementing such ambitious projects, as well as solutions such as RippleNet, which can be of great help in this aspect:
“It is impossible to assemble a 70-country network overnight. Yes, there are many great innovations in single corridors or within certain regions. We offer a holistic, global solution. So we just have to continue to work hard and hire great people.”