Ripple’s XRP Ledger-based CBDC platform expands its reach as Colombia joins Hong Kong, Bhutan, Palau, and Montenegro in launching its pilot project.
Antony Welfare, the CBDC Advisor at Ripple, took to Twitter to confirm that the XRPL-based platform for central bank digital currency (CBDC) serves as the foundation for the CBDC pilot programs of four different regions and countries, with Colombia being the fifth and latest country.
Specifically, Welfare noted that XRPL is the basis for the pilots in Hong Kong, Bhutan, Palau, and Montenegro, further solidifying Ripple’s position as a frontrunner in CBDCs. This list recently expanded to include Colombia.
“The XRP ledger CBDC platform also serves as the basis for similar pilot projects in Hong Kong, Bhutan, Palau and Montenegro.”
The future is @Ripple #CBDC ?? https://t.co/WPSCwomaHZ
— Antony Welfare (@AntonyWelfare) June 15, 2023
Welfare’s tweet echoed the growing recognition of Ripple’s CBDC platform as a game-changer in the global financial landscape.
Recall that Ripple and Peersyst Technology recently teamed up with the central bank of Colombia to enhance the country’s payment system, which involves CBDC, as reported by The Crypto Basic.
Following Ripple’s new CBDC solution, the XRPL-based solution has garnered significant attention and interest from central banks worldwide, leading to collaborative initiatives in various regions.
Ripple’s Latest CBDC Partners
Besides Colombia, Hong Kong and Montenegro are some of the latest regions to embark on pilot projects utilizing Ripple’s XRP Ledger CBDC platform.
Last month, the Hong Kong Monetary Authority launched a CBDC pilot program for the e-HKD, involving 16 banks and payment firms exploring various use cases. Major banks like HSBC and Hang Seng Bank and technology firms, including Ripple, Alipay (HK), Visa, and Mastercard, will participate. The program aims to maximize eagerness for a potential e-HKD, with an expert group formed to explore topics such as privacy and interoperability.
Similarly, the apex bank of Montenegro confirmed Ripple as a partner in its CBDC pilot program, as reported by The Crypto Basic.
In September 2021, Ripple partnered with the Royal Monetary Authority of Bhutan for CBDC piloting. At about the same time, Ripple secured similar partnerships with the Republic of Palau.
By leveraging Ripple’s CBDC platform, these jurisdictions seek to tap into the unparalleled speed, scalability, and security offered by the XRP Ledger. The potential benefits of blockchain-based CBDCs have gained significant recognition, attracting forward-thinking institutions.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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