Ripple’s CBDC Platform to Be Used by Four Countries: Details
Ripple recently announced the launch of the Ripple CBDC Platform, a solution for central banks, governments and financial institutions to issue their central bank digital currency.
The enhanced platform leverages the power of the same blockchain technology used on XRP Ledger (XRPL).
Excited about the new development, Ripple CBDC’s strategic advisor Antony Welfare took to Twitter to mention four countries that have been announced and will likely utilize the platform: Palau, Bhutan, Montenegro and Hong Kong.
CBDC team making significant progress with the launch of the new #cbdc platform 👌 Four countries now announced 👍👍 Grateful to the team at @Ripple who are developing the best platform for the future of Digital Currencies 👌 Palau 🇵🇼 Bhutan 🇧🇹 Montenegro 🇲🇪 Hong Kong 🇭🇰…
— Antony Welfare (@AntonyWelfare) May 19, 2023
It should be recalled that in 2021, Ripple inked partnerships with Bhutan and the Republic of Palau.
In September 2021, Ripple announced its partnership with Bhutan’s central bank, the Royal Monetary Authority (RMA), which will use Ripple’s CBDC solution to pilot a central bank digital currency (CBDC) in phases.
Also, Ripple announced its partnership with the Republic of Palau in November 2021 to explore the country’s first national digital currency and its use cases with XRP Ledger (XRPL).
The initial focus of the partnership was to develop new strategies for cross-border payments and a USD-backed digital currency for Palau.
Fast forward to April 2023, when the Central Bank of Montenegro (CBCG) entered a partnership with Ripple to develop a strategy and pilot program to launch the country’s first digital currency in the form of a Central Bank Digital Currency (CBDC) or national stablecoin.
Most recently, yesterday, Ripple stated that it had been selected to showcase a real estate asset tokenization solution as part of the Hong Kong Monetary Authority’s (HKMA) inaugural e-HKD Pilot Program.
Hong Kong citizens will be able to experience a faster release of equity as the solution will leverage XRPL and Ripple’s Central Bank Digital Currency (CBDC) platform.
According to Ripple, more than 90% of countries are exploring, developing and implementing Central Bank Digital Currencies (CBDCs) as a way to increase financial inclusion and lower the cost and risk of domestic and cross-border payment processes; thus, increased adoption of Ripple CBDC adoption is expected in the days ahead.