The race to launch a central bank-based digital currency (CBDC) is in full swing. Triggered by the announcement of the launch of Facebook Libra, more and more countries around the world are investigating a CBDC, while the Facebook project has stalled. Thus, according to a new report, Facebook Libra will launch as a USD-based stablecoin in January 2021 without another basket of currencies.
The current global leader is China, which according to experts is at least 3 years ahead of the world, as the digital yuan is already being tested in numerous restaurants such as Starbucks and other well-known partners. As Crypto News Flash reported, the view of governments worldwide towards so-called CBDC’s (Central Bank Digital Currencies) has fundamentally changed, as the need for networking as a result of the global economy is taking place in the financial system.
This creates many financial venues that need to move large amounts of fresh capital quickly and cheaply. However, there is still a lack of the appropriate infrastructure to move digital assets such as stablecoins, which are issued as CBDCs, across national borders quickly and cheaply. Asheesh Birla, General Manager of RippleNet, said in a new podcast from Lend Academy that “local CBDC’s” could be sent perfectly over the RippleNet:
I think, RippleNet can actually take these local CBDCs and bridge them to make money move more efficiently.