Ripple developing private version of XRP Ledger code for CBDC

03/05/2023 11:55 • Blockchain Buzz • 133 views

On March 5, Matt Hamilton, former director of developer relations at Ripple, revealed that the company was currently developing a private version of XRP Ledger code for CBDC. However, these versions have not been launched yet, because the regulatory framework of CBDC is still under development.

Former Ripple executive: Ripple is developing a private XRP Ledger for CBDC

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Ripple, a leading payment technology company known for its blockchain-powered payment solutions, is reportedly developing a private version of its XRP Ledger code for Central Bank Digital Currencies (CBDCs). As revealed by the company’s former director of developer relations, Matt Hamilton, the private version of the XRP Ledger code is being developed to support the issuance and management of CBDCs.

While this development is a step in the right direction for Ripple, the regulatory framework for CBDCs is still being developed, and therefore, the private versions developed by the payment technology firm have not yet been launched.

Central Bank Digital Currencies are digital versions of traditional fiat currencies that are backed by central banks. They are designed to address the limitations of traditional payment systems and to offer a more efficient, secure, and cost-effective alternative to cash. CBDCs are expected to play a key role in the future of digital payments, given their potential to provide greater financial inclusion and reduce transaction costs.

As a payment technology company, Ripple is well-poised to develop solutions for CBDCs, given its experience with blockchain technology and its extensive network of clients in the banking and financial sector. Furthermore, Ripple’s XRP Ledger is an open-source, decentralized platform that enables fast, secure, and low-cost transactions, making it an ideal solution for CBDCs.

However, the development of CBDCs is a complex process that involves several stakeholders, including central banks, governments, and regulatory bodies. As such, the regulatory framework for CBDCs is still being developed, and there are several issues that need to be addressed before CBDCs can be launched. These include issues related to privacy, security, interoperability, and adoption.

In conclusion, Ripple’s development of a private version of the XRP Ledger code for CBDCs is a significant development in the world of digital payments. However, the regulatory framework for CBDCs is still under development, and therefore, it is essential to ensure that these solutions comply with the regulatory requirements before they can be launched.

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Ripple developing private version of XRP Ledger code for CBDC

Former Ripple executive: Ripple is developing a private XRP Ledger for CBDC

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