More CBDC Announcements Are Anticipated In The Coming Weeks, According To Ripple Consultant

Following suggestions from Ripple CBDC adviser Antony Welfare that more announcements are forthcoming, Ripple may soon reveal promising advancements in its Central Bank Digital Currency programs.

On Tuesday, crypto influencer Sentosumosaba revealed on Twitter that Ripple was running several Central Bank Digital Currency pilot initiatives, one of which was in Palau and the other was in Bhutan.

Welfare, a senior consultant at Ripple who oversees Central Bank Digital Currency Europe and international 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.

Ripple was recently mentioned as one of the founding members of the “Technical Sandbox Program” created by the American think tank Digital Dollar Project to investigate the potential technical and commercial repercussions of a Central Bank Digital Currency in the US.

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

With the goal of enhancing cross-border payments, Ripple Labs announced in September 2021 that it would collaborate with the Royal Monetary Authority of Bhutan to test a Central Bank Digital Currency in the country of Bhutan.

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 Central Bank Digital Currency.

“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.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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