- The platform enables central banks and governments to digitize financial services.
- Leveraging the XRP Ledger technology, the platform empowers users to personalize CBDCs and streamline transactions.
Ripple has announced the launch of the Ripple CBDC Platform in a recent press release. The decision came in response to the global trend of over 90% of countries exploring, developing, and implementing Central Bank Digital Currencies (CBDCs) to enhance financial inclusion and reduce the costs and risks associated with domestic and cross-border payments.
This comprehensive solution is designed to facilitate the issuance of CBDCs by central banks, governments, and financial institutions, offering a seamless end-to-end experience.
According to the document, by harnessing the potential of the XRP Ledger (XRPL) blockchain technology, the enhanced platform empowers users to efficiently oversee and personalize every aspect of fiat-based CBDCs, including their life cycle, transactions, and distribution processes.
By leveraging the Ripple CBDC Platform, central banks, and governments can embrace advanced digitalization in their financial services and extend access to millions of unbanked individuals worldwide. Speaking about partnering with Ripple, the President of the Republic of Palau, Surangel Whipps Jr added:
Partnering with Ripple to help create our national digital currency is part of our commitment to lead in financial innovation and technologies, which will provide the citizens of Palau with greater financial access.
The Ripple CBDC Platform allows central banks and governments to digitize their financial services and provide access to the unbanked. It supports wholesale and retail CBDCs and stablecoin issuance. The platform utilizes a private ledger based on the energy-efficient XRP Ledger.
Moreover, issuers have full control over their fiat-based digital currency’s life cycle, while financial institutions can manage inter-institutional settlement and distribution. End users can securely store and transact digital currencies, including offline and non-smartphone use cases. The platform aims to enhance speed, security, and user experience for domestic and cross-border digital currency transactions.