XRPL at the Forefront of CBDC Explorations by Governments, Says Analytics Firm Messari
Crypto analytics platform Messari says Ripple is working with governments across the globe to explore central bank digital currencies (CBDCs) built atop the XRP Ledger (XRPL) blockchain.
According to Messari, Ripple is collaborating with over a dozen countries on CBDCs that will run on the XRPL blockchain.
The XRP Ledger uses XRP as the native token.
“Ripple is one of the companies leading the development of technologies that leverage the XRPL for institutional and government use cases. The company is focused on utilizing XRP and the XRPL to drive its On-Demand Liquidity service and CBDC initiatives.
The XRPL continues to be at the forefront of CBDC explorations by various governments. The new Ripple CBDC platform is based on the same blockchain technology used by the XRPL. Ripple is working with more than 20 countries on CBDC plans and hopes to leverage the XRPL to realize those visions. Most recently, the Central Bank of Colombia has begun working with [blockchain technology firm] Peersyst and Ripple toward a CBDC.”
Ripple announced Colombia’s CBDC pilot program mid-last month. Colombia’s central bank will conduct the CBDC pilot program in conjunction with the country’s Ministry of Information and Communications Technologies. The pilot program is expected to run over the rest of this year.
In June of 2022, the government of Colombia launched a national land registry atop the XRP Ledger allowing the registration and verification of properties via a blockchain.
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Author: Mark Emem
