- Ripple may announce its Central Bank Digital Currencies (CBDCs) in upcoming coming weeks.
- Ripple Advisor hints via a Tweet about the CBDC-based project release.
Ripple and CBDC Solution
Antony Welfare, Senior Advisor for CBDC and global partnership, at Ripple recently shared a Tweet related to CBDCs. On September 5, 2022 he shared that the Digital Dollar Project will launch a Technical Sandbox Program to explore CBDC infrastructure solutions including Ripple.
Welfare added, “CBDC team Ripple news: The Digital Dollar Project Launches Technical Sandbox Program to Explore CBDC Infrastructure Solutions including Ripple XRPL.” He explained Ripple’s CBDC solution based on the decentralized network of XRP Ledger (XRPL).
He also said in a Tweet that, “Make sure you follow me for more CBDC announcements in the next few weeks.”
While, in an interview in June 2022, Welfare once shared that Ripple is working on CBDCs solutions with some programs that are already lined-up. He said in the interview with Paypers that, “Ripple is continuing to innovate – for example, with NFTs [non-fungible tokens], CBDCs – helping enterprises and developers prepare and build for a crypto-enabled world. Ripple has several pilots in progress for CBDCs, including the Royal Monetary Authority (RMA) of Bhutan and the Republic of Palau.”
On September 5, 2022 Welfare also announced Ripple Lab’s partnership with the Royal Monetary Authority of Bhutan to Pilot CBDC in the South-Central Asia Kingdom. This will issue and manage digital ngultrum that may improve the cross-border payments.
Ripple launched its first online CBDC hackathon that was named “Ripple CBDC Innovate.” Around 483 participants took interest in making CBDC-focused applications. After the first stage, the finalists announced on September 8, 2022 those will move towards the second phase of the competition.
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