Ripple is rolling out a proprietary platform for central bank digital currencies (CBDCs), enabling central banks, governments, and financial institutions to create their own digital currencies.

Described as “a frictionless end-to-end solution,” the Ripple CBDC Platform builds on Ripple’s Private Ledger, which was first introduced in 2021 for CBDC issuance. It’s based on the same blockchain technology as the XRP Ledger (XRPL), which was also designed primarily for payments.​

“As a trusted partner to several central banks, we believe this platform will help solve problems for many central banks and governments who are devising plans and developing a technology strategy for CBDC Implementations,” said Ripple’s vice president of CBDCs James Wallis.

Wallis added that the platform’s innovative capabilities “will help enable instant settlement of both domestic and cross-border payments, reduce risk, and improve the user experience of quickly sending and receiving digital currency on either side of a transaction.”

According to Ripple, the new platform enables government institutions to oversee and customize every aspect of the CBDC’s life cycle, including its creation, distribution, redemption, and removal from circulation.

Go to Source to See Full Article
Author: Andrew Asmakov

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details