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Ripple Advisor: More CBDC Announcements Are Anticipated In The Coming Weeks

07-Sep-2022 By: Divya Behl
Ripple Advisor: More

Ripple may soon reveal favorable developments in its central bank digital currency (CBDC) projects following hints from Ripple CBDC adviser Antony Welfare that additional announcements are on the way.

On Tuesday, crypto influencer Sentosumosaba tweeted that Ripple was in the midst of several CBDC pilot projects, including one in Bhutan and another in Palau.

Ripple's senior adviser Welfare, who manages CBDC Europe and global relationships, answered on the same thread, hinting that more CBDC announcements might be revealed in the coming weeks.

The business has become increasingly interested in the development of central bank digital currencies since piloting a private version of the XRP Ledger in March 2021, providing a platform for central banks to securely issue CBDCs.

Just last week, Ripple was named as one of the initial participants in the Technical Sandbox Program, which was launched by the United States-based think tank Digital Dollar Project to investigate the possible technical and business repercussions of a CBDC in the United States.

In February, Ripple became a supporting partner of the European think tank Digital Euro Association, with the aim of jointly driving the development and expansion of CBDCs and the Digital Euro.

Ripple Labs announced in September 2021 that it will collaborate with the Royal Monetary Authority of Bhutan to pilot a CBDC in the south-central Asian nation to issue and maintain a digital ngultrum aimed at boosting cross-border payments.

Two months later, the blockchain company announced a collaboration with the Republic of Palau to assist the Pacific island in developing its own climate-friendly digital currency, though it stated that it would function more like a USD-backed stablecoin than a CBDC.

In June, the blockchain company also introduced its first online central bank digital currency (CBDC) hackathon called “Ripple CBDC Innovate.”

The competition drew 483 participants who were challenged to create CBDC-focused applications that either improve interoperability of CBDCs and digital assets, make retail usage and engagement easier, or introduce banking to underserved populations.

According to the CBDC Innovate website, the first stage finalists will be announced on September 8, after which they will proceed to the second phase of the competition.

Read also: Meta and Qualcomm To Develop Metaverse Geared Silicon

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