Ripple plans to release CBDC-based developments in the upcoming weeks | The Financial Express

 Ripple plans to release CBDC-based developments in the upcoming weeks

On the basis of information by Cointelegraph, Ripple was recognised as one of the first participants of a technical sandbox program, launched by United States-based think tank Digital Dollar project, with the intention to explore the technical and business ramifications of a CBDC in the United States

 Ripple plans to release CBDC-based developments in the upcoming weeks
The blockchain company also launched its first online CBDC hackathon called the Ripple CBDC Innovate

Ripple is expected to unveil developments with regard to central bank digital currency (CBDC) projects, after hints were provided by Antony Welfare, CBDC advisor, Ripple, of more announcements to come, as reported by Cointelegraph. 

According to Cointelegraph, through Twitter, cryptocurrency influencer Sentosumosaba shared that Ripple was in between many CBDC pilot projects, including one in Bhutan and the other in Palau. Welfare, who handles CBDC Europe and global partnerships, also responded to that by stating that more CBDC announcements could happen over the upcoming weeks. Recently, the company has shown increase in activity for development of central bank digital currencies since the pilot version of the XRP ledger came into effect in March, 2021, to provide an area for central banks create CBDCs.

On the basis of information by Cointelegraph, Ripple was recognised as one of the first participants of a technical sandbox program, launched by United States-based think tank Digital Dollar project, with the intention to explore the technical and business ramifications of a CBDC in the United States. Ripple has collaborated with the European think-tank Digital Euro Association as a supporting partner to ensure a joint driving of CBDCs’ growth and development and the Digital Euro. In 2021, Ripple Labs announced its partnership with the Royal Monetary Authority of Bhutan to create a pilot project of CBDC in south-central Asia for improvement in cross-border payments. Later, the blockchain company entered into a partnership with Republic of Palau to enable the place develop its own climate-friendly digital currency. 

Moreover, Cointelegraph noted that the blockchain company also launched its first online CBDC hackathon called the Ripple CBDC Innovate, which attracted 483 participants to develop CBDC-based applications which help with interoperability of CBDCs and digital assets, make it easier for retail use and interaction, or bring banking to populations, among others. 

(With insights from Cointelegraph) 

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