Digital Euro Association partners with Ripple: CBDC

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Ripple firm will help in the development of Digital Euro in collaboration with the Digital Euro Association. 

Ripple is a San Francisco-based Fintech firm, which is working on huge numbers of blockchain and crypto-based services to bring a better adoption of the crypto & blockchain at the commercial level. 

On Friday, Digital Euro Association (DEA) announced its official partnership with Ripple to use the resources and experience of Ripple in Digital Currency.

Through the blog post, DEA noted that Ripple firm already developed its infrastructure for Central Bank Digital Currency (CBDCs), and also it is working to help the Central Bank of Bhutan for the development of CBDC. 

“Ripple, one of the leading providers of enterprise blockchain and crypto solutions for cross-border payments, has recently developed a blockchain-based infrastructure to support CBDCs and is engaged with Bhutan’s central bank, amongst others, to help execute their CBDC pilot.”

DEA also noted that Ripple is working to push the development of CBDCs on a global level and also it is an official member of the Digital Pound Foundation. 

The Chairman of the Digital Euro Association, Jonas Gross, also stated on this collaboration with Ripple. 

He said: 

“We are thrilled that, due to the partnership with Ripple, we can extend the technological expertise of the DEA community. As more and more CBDC projects worldwide reach advanced stages, technological design of a CBDC will play a key role for policy-makers shortly,”

Ripple facing scrutiny issues 

No doubt that Ripple is doing much better in the present time because of its development potential on blockchain technology but at present Ripple is facing huge scrutiny issues because of the US securities and exchange commission (SEC).

In December 2020, the SEC agency filed a lawsuit against the Ripple firm and claimed that the native token of Ripple is security. Right now this case is going on and the ending seems invisible. However, Ripple CEO Brad Garlinghouse believes that case will end in the first half of this year. 

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