20 Central Banks are in contact with Ripple (XRP) to develop CBDC: Report

Ripple executive reveals that huge numbers of Central Banks are in talks with the Ripple team ahead of CBDC development plans. 

Ripple is a San Francisco-based fintech company. This Fintech company is known to provide global payment services with the help of XRP coin. XRP Ledger (XRPL) is a Proof-of-stake (PoS) consensus-based blockchain network on which XRP runs as a native coin. Ripple Labs is the engineering team behind the XRPL blockchain. XRP coin was initially launched in 2012 under the name OpenCoin but later renamed XRP coin. Ripple is itself a very old company, which was founded by Chris Fugger in 2004 under the name RipplePay. But later this company merged with XRPL blockchain technology. 

Brooks Entwistle, the senior vice president of customer success and managing director of APAC and MENA at Ripple, appeared in an interview. In the interview, he explained how Ripple is contributing to the Central Bank Digital Currency (CBDCs) development at a practical level. 

Brooks said that Ripple has a friendly interaction with many countries’ regulators like Singapore, Tokyo, Switzerland, the UK, etc, unlike the US. 

According to the Ripple executive, many countries are doing well in the race for CBDC development and he noted that the Chinese Central Bank “The People Bank of China (PoBC)” launched its CBDC (Digital Yuan) in the 2021 is showing that China is ranking in top in the CBDC race.

Brooks said that the majority of the CBDC developers under the authority of the Central Banks are facing a lack of resources, and even China is also facing similar kinds of challenges. 

Further Ripple executives said that the Ripple team has all the resources to help them & overcome all the issues that they are facing. And also noted that Ripple is in talks with 20 Central Banks in the world to help them at an advanced level to develop CBDC.

“So, we are in dialogue with not ten, not twenty, but a bunch more central banks around the world on these discussions,” Brooks said.

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