The Central Bank of France, Banque de France has apparently discussed XRP and Ripple for the launch of Central Bank Digital Currency (CBDC). The officials have discussed the XRP and Ripple platform for the launch of CBDC over Bitcoin and Ethereum. From the data, Ripple and XRP have grabbed the attention of central banks all over the world. The chief reason behind the preference is the centralized nature of the network.
The Central Bank of France Considers XRP for CBDC
The report published by CPA Australia highlights the efforts made by the Reserve Bank of Australia, PBOC, ECB, and Federal Reserve assuring Central Bank Digital Currency. Meanwhile, Ripple announced that the company is testing the private version of the XRP Ledger. The private version will be useful to global Central Banks in the management and issuance of CBDCs. Ripple also mentioned that the advent of the world’s first CBDC is inevitable.
According to the CPA Australia Report, “Ripple and XRP enjoy the trust of many banks as a model for CBDCs because it is highly centralized and is based on a permissioned network where only certain network nodes can validate transactions, as opposed to decentralized and permissionless Bitcoin and Ethereum. Ripple also allows the creation of new currencies, and Ripple developers can decide the timing and quantity of supply in a similar way to current central bank operations.”
XRP Platform Over Bitcoin and Ethereum
Despite the SEC lawsuit filed against Ripple a few months back, it is observed that Ripple did not lose hope. During an interview, Brad Garlinghouse, CEO of Ripple mentioned that the activity of XRP has increased significantly outside the United States. He clarified despite the uncertainty regarding the status of XRP in the United States, the trading volume of XRP is growing and has gained more than 100% since the beginning of the new year. The market cap of XRP is more than $21 billion according to current statistics.
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