Blockchain-based payments company Ripple may issue announcements related to central bank digital currency (CBDC) in the coming weeks.
Ripple’s senior advisor for CBDC and global partnership Antony Welfare hints that the San Francisco-based firm could make an announcement as XRP-focused analyst CryptoEri shares that Ripple is working on several related projects.
In June, Welfare told The Paypers in an interview that Ripple is working on CBDC solutions with several pilot programs already in progress.
“Ripple is continuing to innovate – for example, with NFTs [non-fungible tokens], CBDCs – helping enterprises and developers prepare and build for a crypto-enabled world. Ripple has several pilots in the progress for CBDCs, including the Royal Monetary Authority (RMA) of Bhutan and the Republic of Palau.”
Welfare, an enterprise blockchain technology expert, says that Ripple’s CBDC solution is based on the XRP Ledger (XRPL), the decentralized network which has so far processed over 70 million blocks over the course of 10 years.
He says that Ripple is also participating in the Digital Dollar Project, which aims to explore a range of technical design choices for a US-issued CBDC.
“CBDC team Ripple news: The Digital Dollar Project Launches Technical Sandbox Program to Explore CBDC Infrastructure Solutions including Ripple XRPL.”