In the SEC v. Ripple case approaches, the price of XRP experienced a significant boost. Nearly $6 billion more was traded every day, which caused the price to increase by over 40% in a week.
Interestingly, Dilip Rao, a former executive at Ripple, is in charge of the CBDC trial.
As summary judgement in the SEC v. Ripple case approaches, the price of XRP experienced a significant boost. Nearly $6 billion more was traded every day, which caused the price to increase by over 40% in a week.
The Reserve Bank of Australia releases the CBDC Pilot White Paper.
The "Australian CBDC Pilot for Digital Finance Innovation" white paper was published on September 26 by the Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre (DFCRC).
To determine use cases and comprehend the technological, legal, and regulatory facets of the eAUD CBDC, the RBA and DFCRC will carry out a pilot study. By October 31, the central bank is asking business people to submit use cases that will help the Australian financial system and economy. Participants can also ask to have their use case used in the pilot project for testing and value demonstration.
On December 31, at least 12 use cases will be chosen for additional study, in accordance with the DFCRC. Participants should possess all relevant licences and permits, and the use cases must adhere to all legal requirements. Additionally, use case pilots will start on January 1 and the final report will be given by June 30 of the following year. Notably, the pilot will be free of charge to participants.
It's interesting to note that Dilip Rao, a former executive of Ripple who is now the project's programme director, is in charge of the pilot study. In reality, from 2014 to 2019, Rao helped the banking and finance sector embrace Ripple's XRPL. He thinks CBDCs can use the XRPL-based real-time settlement system. Although the eAUD will be built on a private, permissioned Ethereum network, the likelihood of XRPL use cases is higher.
Price of XRP Rallying a Lot
Last week, the price of XRP experienced a sharp increase of over 40% as traders and whales bet on Ripple's victory in its legal battle with the SEC. Furthermore, petitions for summary judgement have been submitted by both Ripple and the SEC.
The XRP price is currently $0.472, down almost 3.2% over the previous 24 hours. As Ripple has failed to establish XRP as a security, experts predict the SEC will settle with the company.
