Blockchain company Ripple has recently released a comprehensive white paper shedding light on central bank digital currencies (CBDCs). The document offers an analysis of CBDCs’ potential benefits, associated risks, and hurdles to adoption.
G20 Nations At The Forefront
According to Ripple’s white paper, CBDC projects are gaining momentum worldwide. Currently, 130 countries, representing 98% of the global gross domestic product (GDP), are actively exploring or pursuing CBDC initiatives.
Several countries, including the United States, South Africa, and various European Union members, have entered exploratory phases. China has progressed to a pilot phase and is nearing full-scale launch in certain areas.
The white paper highlights that 19 of the G20 countries are in advanced project stages. Additionally, a recent Ripple survey revealed that 85% of global finance leaders anticipate their country launching a digital currency within the next four years.
The majority of leaders surveyed in Ripple’s study identified financial inclusion as a significant benefit of CBDCs. Many also expressed optimism about improved national competitiveness (44%), enhanced efficiencies within payment systems (43%), and broader advancements in innovation (42%).
The white paper highlights the potential of CBDCs to streamline global payments, bolster monetary policy, and extend financial inclusion. Tokenization, a feature enabled by blockchain technology, is seen as a means to enhance privacy, agility, and asset ownership models.
Addressing CBDCs Deployment Challenges
While CBDCs offer various advantages, Ripple’s white p
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Author: Ronaldo Marquez
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