Ripple advisor hints at more announcements for its CBDC

Regarding CBDC, Ripple advisor Antony Welfare suggests that more announcements are forthcoming, Ripple may soon reveal promising developments in its central bank digital currency (CBDC) programs.
Ripple advisor hints at more announcements for its CBDC
Ripple advisor hints at more announcements for its CBDC

On September 6, cryptocurrency influencer Sentosumosaba announced on Twitter that Ripple was running several CBDC pilot initiatives, one of which was in Palau and the other was in Bhutan.

Welfare, a senior adviser at Ripple who oversees CBDC Europe and Global Partnerships, commented on the same thread and hinted that “additional CBDC announcements” would be forthcoming in the “near few weeks.”

Since testing a private version of the XRP Ledger in March 2021 and offering central banks a platform to safely create CBDCs, the business has taken a more active role in the creation of central bank digital currencies.

Just last week, the U.S.-based think tank Digital Dollar Project said that Ripple was among the first participants in its “Technical Sandbox Program,” which examined the possible technical and commercial effects of a CBDC in the country.

In order to promote the growth and development of CBDCs and the Digital Euro together, Ripple also became a supporting partner of the European think tank Digital Euro Association in February.

In September 2021, Ripple Labs declared that it was collaborating with the Royal Monetary Authority of Bhutan to test a CBDC in the nation of Bhutan in south-central Asia, with the goal of enhancing cross-border payments.

Two months later, the blockchain business partnered with the Republic of Palau to assist the Pacific island nation in creating its own cryptocurrency that is favorable to the environment, however, it stated that it will function more like a stablecoin backed by the USD than a CBDC.

The blockchain business also held the first-ever “Ripple CBDC Innovate” online hackathon in June.

In order to create CBDC-focused applications that either enhance the interoperability of CBDCs and digital assets, facilitate retail use and interaction, or provide banking to marginalized communities, the competition drew 483 participants.

The first-stage finalists, who will then advance to the second stage of the competition, are scheduled to be announced on September 8 according to the CBDC Innovate website.