Ripple Helps Governments Explore XRP Ledger-Based CBDCs

Summary:

• 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 blockchain.
• Ripple has announced Colombia’s CBDC pilot program last month and Colombia’s central bank will conduct the CBDC pilot program in conjunction with the country’s Ministry of Information and Communications Technologies.
• In June 2022, the government of Colombia launched a national land registry atop the XRP Ledger allowing registration and verification of properties via a blockchain.

Ripple at the Forefront of CBDC Explorations by Governments

Crypto analytics platform Messari says Ripple is working with governments around the world to explore central bank digital currencies (CBDCs) based on its XRP Ledger (XRPL) blockchain. The XRP Ledger uses XRP as its native token. According to Messari, Ripple is collaborating with more than a dozen countries for their own CBDC plans which are being built using technology from the XRPL.

Colombia’s Pilot Program

Ripple recently announced Colombia’s CBDC pilot program last month, conducted in collaboration between Colombia’s Central Bank and its Ministry of Information and Communications Technologies. This pilot program is expected to be completed this year. Additionally, back in June 2022, Columbia launched a national land registry on top of the XRP Ledger which enables registration and verification of properties through blockchain-based technology.

On-Demand Liquidity Service by Ripple

Ripple is utilizing both XRP and its underlying ledger technology for its On-Demand Liquidity service as well as these CBDC initiatives. It hopes that leveraging this technology will help realize their visions for international payments systems powered by digital currencies.

Other Countries Joining In

More than 20 countries have already joined forces with Ripple to develop their own CBDC initiatives such as Brazil, Thailand, Singapore, Japan, United Arab Emirates, Saudi Arabia, Bahrain and South Korea. With each passing day more nations continue to join in exploring how they can use decentralized technologies for their benefit.

Conclusion
It appears that Ripple is leading the way when it comes to exploring how central banks can utilize digital assets for international payments systems based on distributed ledger technology provided by its underlying network -the XRP Ledger -and its native token -XRP. As more countries continue joining in on these explorations we can expect further advancements in terms of global payments systems backed by crypto assets such as stablecoins or other tokens issued by central banks themselves soon enough!