Ripple’s Efforts on Central Bank Digital Currency

03/01/2023 08:58 • Blockchain Buzz • 139 views

On March 1, Brooks Entwistle, Managing Director of Ripple Middle East, spoke about the company’s efforts and objectives in the field of central bank digital currency (CBDC) in an interview, and disclosed some details. The executive explained that interaction with regulators around the world was “priceless”. Unlike the United States, regulators in “Singapore, Tokyo, Switzerland and the United Kingdom” welcome dialogue and participate in round-table discussions.

Ripple executive: The company is talking with more than 20 central banks about CBDC

Interpret the above information:

Ripple, a blockchain-based payment company, is actively working on central bank digital currency (CBDC), according to Brooks Entwistle, the Managing Director of Ripple Middle East. In a recent interview, Entwistle revealed that dialogue with regulators around the world was crucial for the company’s efforts and objectives in the CBDC space.

Unlike the United States, where regulatory authorities have taken a cautious approach, regulators in Singapore, Tokyo, Switzerland, and the United Kingdom, are actively seeking dialogue and participating in round-table discussions. This, according to Entwistle, has been “priceless” for the company.

Central bank digital currencies are digital versions of sovereign currencies that can be issued and backed by the central banks of countries. These currencies have been gaining significant attention in recent times, and several countries, including China and Russia, are in the process of developing their own CBDCs.

Ripple, which is best known for its XRP cryptocurrency and its RippleNet payment platform, is also exploring the potential of CBDCs. According to Entwistle, the company is working with central banks in several countries to explore the use of CBDCs for cross-border payments.

The involvement of regulators is critical for the success of CBDCs, and this is why Ripple is focusing on engaging with them to understand their concerns and work together to find solutions. This approach has been successful in countries like Singapore, where the Monetary Authority of Singapore has been working with industry players to develop a payment system that uses CBDCs.

Ripple’s efforts on CBDCs are part of its broader ambitions to revolutionize the global payments industry. The company believes that by leveraging blockchain technology and digital currencies, it can make cross-border payments faster, cheaper, and more secure.

In conclusion, Ripple’s efforts on CBDCs are a step towards the future of payments. By engaging with regulators and central banks, the company is demonstrating its commitment to developing payment systems that are efficient, transparent, and accessible to everyone.

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Ripple’s Efforts on Central Bank Digital Currency

Ripple executive: The company is talking with more than 20 central banks about CBDC

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