Ripple Details Plans For CBDCs
According to Ross Edwards, the company’s head of global customer solutions, Ripple is actively planning to provide central banks with a toolkit that will enable them to implement various central bank digital currencies (CBDCs).
In a recent ripple presentation, Edwards highlighted the company’s cross-border payment products and enterprise solutions for financial institutions and said the company plans to take these developments into the public sector world. Edwards used the following expressions:
“WE CAN MAKE FURTHER USE OF THIS TECHNOLOGY AS A SUITABLE INFRASTRUCTURE FOR THE DISCOVERY, IDEA AND FINAL DELIVERY OF A FULLY FUNCTIONAL CBDC.”
Presentation XRP Ledger shows that the ripple toolkit, which includes the Interledger Protocol and PayID (now called Paystring), will enable a CBDC project to examine technical, functional and operational results on platforms used in live payments today.
Additionally, according to the Ripple executive, the toolkit will promote both private and public sector development of the CBDC ecosystem. Edwards, of CBDC Ripple “will be added according to specific needs and will be changed” is planning to use an open source platform, and centralized and decentralized central banks ‘ record keeping, consensus algorithms, and accessibility/authorization feature operational options such as numerous plans to offer says. The toolkit will also allow central banks to adjust their economic and functional options to suit their own needs.
The manager also stated:
“MANY ECONOMIC FACTORS CAN BE CHANGED, FROM CURRENCY DIVISIBILITY, TO INFLATION AND INTEREST-BEARING ASPECTS, TO ALL OTHER MONETARY AND FISCAL POLICY EFFECTS… THE BASIC SET OF FUNCTIONALITY CAN BE ADDED, MODIFIED OR REDUCED ACCORDING TO THE NEEDS OF A PARTICULAR CBDC. NEW TRANSACTION TYPES CAN BE ADDED. MECHANISMS SUCH AS SMART CONTRACTS CAN BE INCORPORATED INTO THE CORE PLATFORM AS A SPECIFIC REQUIREMENT. IDENTIFICATION FEATURES CAN ALSO BE INCLUDED.”
Ripple was looking for a top executive for Central Bank Jobs
In a ripple job ad released last month, he had made clear that the San Francisco-based venture wanted to bring it into the CBDC world. Ripple chief executive Brad Garlinghouse recently indicated that central banks may consider using Xrpl to extract stablecoin.