Eight Countries are Building CBDCs on XRP Ledger, Says Ripple
Ripple started a new venture aimed at offering third-party support for production of CBDCs. This platform provides a dynamic dashboard for Central banks, state, and private financial enterprises who are working on a CBDC project.
The new Ripple ledger has the ability to handle creation, management, and distribution of the digitized version of the legal tender or a token. XRP ledger is an upgraded version of the preceding CBDC project.
This new ledger leverages the technology of the previous version of XRP Ledger or XRPL. The latest rendition was launched 3 months ago. However, it has managed to gain massive traction among 8 nations working with government agencies.
Among these nations are noteworthy regions such as UAE, New Zealand, Hong Kong, Russia, Montenegro, Japan, and Republic of Palau.
Ripple’s Partnership with Governments
James Wallis, Vice President of Ripple for Central Bank Affiliations recently told media that blockchain is currently collaborating with various governments and Central Banks. He revealed that at least 30 different nations are currently in talks with 30 states to find the viability of its CBDC platform.
He also claimed that thus far Ripple has finalized contracts with 5 different Central Banks. However, the details about these contracts are not made public thus far.
Ripple maintained that its officials are negotiating with 20 other Central banks to confirm provision of XRPL in public or private capacity as CBDC base layer. Based on the current magnitude of Ripple Labs national clientele, it could mean that 15% of the all nations in the world may be using Ripple’s native technology as their CBDC infrastructure.
Ripple introduced private XRPL for CBDCs in 2021 as a CBDC, fiat, and other virtual currencies interexchange channel. The new private ledger in question is based on XRP tech but it does not depend on XRP to operate. It means that Central banks that are using Ripple do not have any stakes or interaction with XRP token.
Ripple CTO David Schwartz, has posted some insights on X formerly Twitter about the SEC appeal matter in Ripple lawsuit. He explained that the matter is not simple while asserting that the case is still not concluded. He relayed that in accordance with the legal due process both parties in the case reserve the right to appeal the verdict.
He claimed that a combined appeal process is more effective as it minimizes delays and confusion in the main lawsuit. It could mean halting the main case until all appeals are settled but Ripple has retained that the central lawsuit should continue and focusing on appeals after the trial is concluded.
Meanwhile, Ripple has continued to work on its educational initiatives. The Ripple University Blockchain Research Initiative or UBRI recently celebrated its 5th anniversary. Operational since 2018, the institute has awarded over 500 fellowships.
At the same time, it has collaborated with 50 universities across the globe and its researchers have contributed 1000 scholarly articles on various topics related to blockchains, DeFi, and Web3.
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