Ripple Developing Private Version of XRP Ledger for CBDC

03/05/2023 11:55 • Tech Trends • 91 views

On March 5, Matt Hamilton, former director of developer relations at Ripple, revealed that the company was currently developing a private version of XRP Ledger code for CBDC. However, these versions have not been launched yet, because the regulatory framework of CBDC is still under development.

Former Ripple executive: Ripple is developing a private XRP Ledger for CBDC

Analysis based on this information:

Ripple, the blockchain-based payment protocol, is developing a private version of XRP Ledger code for central bank digital currencies (CBDCs), according to Matt Hamilton, the former director of developer relations at Ripple. CBDCs are becoming increasingly popular as central banks seek more efficient and secure ways to issue and manage their currencies through digitization.

However, the launch of these private versions of XRP Ledger code has been delayed because of the regulatory framework of CBDC. Regulations are still being developed, and thus, the launch of the versions must wait.

Ripple’s XRP Ledger has become popular for its speed and low transaction fees, making it an attractive option for CBDCs. But the company is now building a private version of the ledger as CBDCs require a unique set of features that other digital currencies do not. For instance, CBDCs require regulatory compliance and interoperability with existing payment systems.

Private versions of the XRP Ledger code for CBDCs will come with enhanced privacy features for payments and will be fully regulated to prevent illicit activities. The private version will also be interoperable with existing payment systems making it easy for CBDCs to integrate it into their payment infrastructure.

It should be noted that Ripple is already working with several central banks across the globe, including the Bank of Japan, the European Central Bank, and the Reserve Bank of Australia, to develop CBDCs. Ripple is also collaborating with the People’s Bank of China (PBOC) through its partnership with the Chinese payments company LianLian Group.

In conclusion, Ripple’s plans to develop a private version of XRP Ledger for CBDC is an important development in the blockchain industry. The low transaction fees and high speed of the XRP Ledger means it is an excellent option for CBDCs, and its improved privacy and full regulation features make it even more compelling. The delay in launching the private version of XRP Ledger code highlights the importance of regulatory frameworks in the blockchain industry.

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