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Many countries across the international community took the initiative of developing CBDCs lately. Traditional blockchain companies like Ripple Labs were also employed with such tasks. Ripple was appointed for the development of central bank digital currencies for many countries. Now there are several indications that show the company is indulged in several running projects also, not disclosed yet.
Tweet Ignited the Discussion
On September 6th, 2022, a prominent crypto influencer Sentosumosaba went on to Twitter and told his 207.3K followers about Ripple’s involvement in CBDC projects. Citing senior advisor at Ripple, Anthony Welfare’s statement in his tweet, the influencer noted that the payment protocol services provider is piloting several CBDC projects. These projects include working along with Bhutan’s Royal Monetary Authority and the Republic of Palau.
Soon after his tweet, Welfare went on to reply on his Twitter thread. He thanked Sentosumosaba for the update and mention and also told me to keep watch on him for further CBDC announcements in upcoming weeks. The reply of Welfare confirmed Ripple’s involvement in ongoing projects as well as also teased the potential programs to come along.
Ripple’s Involvement in CBDC Development Projects
Ripple was reported to participate actively in many CBDC development programs. It started in March 2021 when the company started piloting the XRP Ledger’s private version. This protocol was intended to provide authorities with the required infrastructure for the development and security of CBDCs.
Recently Ripple was seen participating in a US-based think tank Digital Dollar Project initiative called Technical Sandbox Program. The program had the objective to explore more potential technical and business effects of CBDC within the country.
Additionally, in February, Ripple was also said to join Digital Euro Association, a Europe-based think tank, as a supporting partner. The initiative was focused on driving the growth and development of Digital Euro and CBDCs in the region.
The CBDC development projects in Bhutan and Palau started in 2021. Ripple Labs partnered with the Royal Monetary Authority of Bhutan. The partnership was focused on the issuance and further managing of the digital form of native currency ngultrum. A couple of months later, the company also partnered with the Republic of Palay for developing a digital currency.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
