Ripple Pursues CBDC Development, In Talks With 20+ Central Banks

Author: Sohrab Khawas

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    Ripple Labs, a leader in blockchain payments, continues to expand its services and partnerships to improve cross-border transactions. The company has been collaborating with international businesses and governments globally to develop faster and more efficient payment services. 

    According to Brooks Entwistle, Senior Vice President of Customer Success and Managing Director of APAC and MENA at Ripple, the company is in discussions with over 20 central banks regarding the development of a central bank digital currency (CBDC).

    Customized Solutions for Central Banks

    Entwistle acknowledged that each central bank and country has unique needs, and Ripple is working to provide customized solutions to meet their specific requirements. With over 200 countries in the world, there is significant potential for Ripple to expand its reach and develop innovative solutions for cross-border payments. 

    Ripple has already announced collaborations with Bhutan and Palau, and more partnerships are expected in the future.

    Regulatory Environment and the Crypto Industry

    While the United States has implemented strict regulations on cryptocurrencies, many other countries welcome discussions on the topic. Entwistle mentioned that regulators in Singapore, Tokyo, Switzerland, and the United Kingdom are open to dialogue and exchange of ideas. 

    He emphasized that regulatory discussions are a two-way process, and Ripple actively participates in panel discussions and meetings with regulators.

    Ripple’s Long-Term Vision

    Despite the current regulatory crackdown on cryptocurrencies, Entwistle remains optimistic about the industry’s long-term potential. He noted that the crypto industry is still in its early stages, and there is significant room for growth and innovation. 

    With the increasing demand for faster and more efficient payment systems, Ripple is well-positioned to capitalize on the opportunities presented by the market.

    XRP price is exchanging around $0.37, up approximately 11.77 percent YTD.

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