With some of the top economies across the world exploring central bank digital currencies (CBDCs), blockchain firm Ripple has unveiled the Ripple CBDC Platform as an end-to-end solution for governments, central banks, and financial institutions to issue their own CBDCs.
In the latest, Ripple has also joined hands with the Hong Kong Monetary Authority (HKMA) for the launch of the e-HKD Pilot Programme.
The Ripple CBDC platform will provide a way to increase financial inclusion and cut the risk of domestic and cross-border payments. Ripple will leverage the power of blockchain technology used for the XRP Ledger and will allow stakeholders to manage and customize the entire life-cycle of fiat-based CBDC, transactions, and distribution.
As a result, the Ripple CBDC Platform will allow governments and central banks to overhaul their financial services with digitization while promoting access to millions of people across the world. Surangel Whipps Jr, President of the Republic of Palau, praised Ripple’s CBDC Platform while explaining how it’s helping them to build their own solutions. He said:
“Partnering with Ripple to help create our national digital currency is part of our commitment to lead in financial innovation and technologies, which will provide the citizens of Palau with greater financial access”.
As said, the Ripple CBDC Platform takes a holistic approach to addressing multiple use cases such as issuing wholesale and retail CBDCs on a private platform as well as issuing a stablecoin. Here are the benefits the platform offers:
The announcement of the Ripple CBDC Platform comes as the company became the only platinum partner in the global CBDC Symposium last month.
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