Ripple Launches CBDC Competition to Promote XRPL Innovation

The Ripple CBDC Innovate challenge aims to inspire programmers.

The CBDC Innovate challenge has been announced by Ripple, with a total prize pool of $197,000. The Ripple CBDC Innovate competition aims to motivate programmers to create applications that can operate on the XRP Ledger and assist retail CBDCs, interoperability, and financial inclusion. The first set of submissions is scheduled to be due on August 25.

Competitors are expected to build or upgrade a fintech or payment solution that uses CBDC and can run on the XRP Ledger, construct a solution that can benefit from the features of CBDC, or create an interface that allows any human to interact with a CBDC.

Last September, Ripple announced a cooperation with Bhutan’s central bank, the Royal Monetary Authority (RMA), to pilot a central bank digital currency (CBDC) in phases using Ripple’s CBDC solution.

According to the statement, the decision was motivated by the country’s push to enhance digital and cross-border payments, scale up financial inclusion measures, and deepen its commitment to sustainability.

Ripple’s CBDC initiative hopes to go forward with cooperation in Palau and Bhutan, as well as ongoing discussion around the world.

According to recent updates shared in the ongoing lawsuit by defense lawyer James K. Filan, “the Ripple Defendants have filed a letter opposing the SEC’s continued efforts to seal its response to amici regarding the SEC’s expert,” stating that the SEC’s arguments “are, on their face, about shielding the SEC from public criticism.”

The SEC suggested sealing off some exhibits related to its answer to amicus briefs referencing the SEC’s expert, Patrick Doody, who claims to know the motivation for XRP holders who purchased the assets.

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