Ripple is collaborating with ten governments on CBDCs, aiming to enhance the utility of the XRP Ledger and develop stablecoins for global financial inclusion.
Ripple’s CEO, Brad Garlinghouse, has confirmed that the company is actively collaborating with ten governments worldwide on Central Bank Digital Currencies (CBDCs).
This was spotlighted by The Good Morning Crypto’s X account. Notably, Garlinghouse views a Central Bank Digital Currency as a stablecoin issued by the government. Ripple wants to enhance the utility of the XRP Ledger (XRPL), as it moves from speculation to practical application in 2024.
🚨 HUGE RIPPLE $XRP NEWS! 🚨
RIPPLE CEO CONFIRMS HIS COMPANY IS WORKING WITH 10 GOVERNMENTS AROUND THE WORLD ON CBDCs. 👀🌎
“A Central Bank Digital Currency Is A Stablecoin, It’s Just Issued By The Government” — @bgarlinghouse
The Game Is Changing For The #XRPL… Moving From… pic.twitter.com/zvExCcEHYS
— Good Morning Crypto (@AbsGMCrypto) June 16, 2024
Reactions and Community Feedback
The announcement has sparked a range of reactions within the crypto community. Some users speculate that the push for CBDCs might be the reason behind the swift release of RLUSD. One user expressed concerns about the implications of CBDCs on personal freedoms, questioning the enthusiasm for what they see as a potential loss of freedom.
Why do you guys get excited for CBDCs??? They are the final play on losing our freedom. It baffles me how you guys cheer on our own demise
— BigWig (@wiggins97_lee) June 16, 2024
Other community members focused on the practical aspects, highlighting the value of a network that supports free and stable value transfers without necessarily needing the internet.
Ripple’s Global CBDC Collaborations
Ripple has continued to partner with global governments. The firm collaborated with the Royal Monetary Authority of Bhutan to enhance digital and cross-border payments, leveraging the XRP Ledger’s infrastructure. Additionally, Ripple partnered with the Republic of Palau to develop a climate-friendly digital currency aligned with Palau’s environmental values.
In a similar fashion, Ripple announced a collaboration with the Central Bank of Montenegro to explore the potential of blockchain technology in launching a CBDC, aimed at improving financial inclusion and modernizing monetary policy. Furthermore, Ripple’s partnership with the National Bank of Georgia focuses on piloting the Digital Lari to enhance Georgia’s public and financial sectors.
Moreover, Ripple teamed up with Colombia’s Banco de la República to use blockchain technology to improve the country’s high-value payment systems, as part of a broader initiative by Colombia’s Ministry of Information and Communications Technologies to educate public entities on blockchain benefits.
Ripple’s partnership with The Digital Dollar Project (DDP) further highlights its influential role. The DDP, an independent non-profit initiative, collaborates closely with U.S. policymakers to explore the design and implications of a potential digital dollar.
Ripple Moves to Real USD (RLUSD)
Ripple is also gearing up to introduce its stablecoin, Real USD (RLUSD). Unveiled at the XRP Ledger Apex Summit in Amsterdam, RLUSD is designed to be directly linked to the US dollar, facilitating stable and efficient transactions. The stablecoin will be available on the XRP Ledger and Ethereum platforms.
‘The name of the @Ripple stablecoin, the $RLUSD, I like to call it Real USD… Ripple USD’ – Brad Garlinghouse (@bgarlinghouse) at #XRPLApex 2024 ⚡💙 pic.twitter.com/cRVsgnQLXQ
— XRP Ledger Apex (@xrplapex) June 12, 2024
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