Ripple Engages with 30+ Countries for Adoption of Its CBDC Platform.
The Vice President of Central Bank engagements and CBDCs at Ripple, James Wallis, recently disclosed that Ripple has ongoing conversations with over 30 countries to adopt its CBDC platform.
In a recent interview, James Wallis, Ripple’s Vice President of Central Bank Engagements and CBDCs, revealed the remarkable strides Ripple has made to partner with countries worldwide on Central Bank Digital Currencies (CBDCs) matters.
Renowned XRP influencer, Darren, shared a snippet of the interview with the crypto community. In the clip, Wallis revealed that Ripple is actively conversing with over 30 countries to adopt its CBDC platform.
there are 195 countries in the world🌐. James say 5 announced 5 not announced🤝. conversations with 20 more❓. If the conversations turn into signed deals that is 30 out of 195 or 15.38% running on Ripple's CBDC platform that offers private or PUBLIC $XRP pic.twitter.com/hSuUMDOL1O
— xrp.Darren🪝 🏴☠️ (@Fame21Moore) July 28, 2023
Recall that, as The Crypto Basic reported, Ripple recently sent its representatives to Montenegro, one of its CBDC partners, to enlighten them about Tokenization and Web3 Finance.
Over 15% of Countries Worldwide May Use Ripple CBDC Solution
Specifically, the vice president confirmed that Ripple had made significant progress by publicly announcing partnerships with five countries and discreetly working with another five on similar ventures. He further noted that the firm is in active conversation with over 20 countries to adopt its CBDC platform, offering the choice between private or public XRP.
Darren drew attention to the global scale of this endeavor. He noted that, given 195 countries of the world, this implies 15.38% of the world’s nations are considering embracing Ripple’s innovative CBDC platform.
Interestingly, the XRP influencer recalled Metcalfe’s law, named after Robert Metcalfe, to emphasize the significance of underway partnerships.
The law highlights that the financial impact of a telecommunications network is directly proportional to the square of its connected users. In this context, it underscores the potential for Ripple’s CBDC platform to revolutionize the global financial landscape as more countries join the network.
Furthermore, Darren provided insights into the concept of main net versus private net, highlighting the importance of interoperability not just for assets but also for XApps or dApps. He explained that a country investing in developing a pioneering XAPP on a private XRP Ledger (XRPL) could easily replicate it for use on the XRPL main net, leading to cross-network benefits that amplify its value.
Ultimately, Ripple’s dynamic engagement with numerous countries worldwide for its CBDC platform underscores its commitment to revolutionizing the global financial landscape.