- Ripple is a crypto project that has a real-life application. One of them is creating a CBDC platform.
- More than 30 countries are engaging Ripple due to potential or ongoing participation on the platform.
Ripple is putting the crypto industry on the world maps. Apparently, one can say this crypto project is showing centralized or traditional finance how to improve financial services. They are doing so using Ripple’s CBDC platform. Continue reading as we provide insight into countries utilizing this platform.
8 Countries Building on Ripple’s CBDC
- Ripple is showing why it is one of the biggest cryptocurrencies in existence. Despite the legal issues they are battling with the US government regulators, they are still expanding. Apparently, one can see this with their CBDC expansion.
- It was in May 2023 that Ripple said they would go into a new venture in the realm of digital finance. However, this new venture was the launch of a Central Bank Digital Currency (CBDC) platform. But before 2023, the crypto project built an enhanced version of Ripple’s Private Ledger. Apparently, this happened in 2021 for issuing CBDCs.
- Nevertheless, in 2023, Ripple’s CBDC launch attracted a lot of countries. A new insight shows as many as 8 countries currently operate using Ripple’s CBDC. Furthermore, this is a massive achievement for Ripple, considering its current situation.
- Moreover, the CBDC platform helps countries take control of their digital currency issuance, distribution, and management. The power of the XRP Ledger (XRPL) is what plays a key role in this invention. XRPL allows CBDCs to operate more efficiently and transparently.
Close to a Quarter of the World Uses Ripple’s CBDC Platform
- According to new info, Russia, the Republic of Palau, Montenegro, Japan, the United Arab Emirates (UAE), Uruguay, New Zealand, and Hong Kong use Ripple’s CBDC. But away from that, more countries are planning on using this technology.
- James Wallis, the Vice President of Central Bank engagements and CBDCs at Ripple, made this revelation last month. Apparently, the crypto company is in talks with more than 30 countries to adopt its CBDC platform.
- According to Wallis, they made headway with 10 of these countries but are still in discussions with the remaining 20. In all these, what is XRP’s role?
How Does XRP Help With CBDCs?
- XRP is the native token of the Ripple ecosystem. With the creation of their CBDC platform, there’s a question of the role it plays on the platform. There’s a catch here.
- Apparently, XRP itself does not play any prominent role in Ripple’s CBDC. The only thing countries use in this technology is the XRP Ledger (XRPL). Apart from that, XRP has no interactions with the platform.
Conclusion
Ripple is one of the biggest cryptocurrencies showing the type of use case they have. Apparently, this crypto project has a clear-cut real-life application. One can see this in Ripple’s CBDC platform, which is taking the crypto industry . More countries are signing up to use this service Ripple provides. Moreover, with their CBDC platform, countries can better their digital currency issuance, distribution, and management.
