Ripple Pilots Private Ledger for Central Bank Digital Currencies
The CBDC platform will be powered by the same blockchain technology as Ripple's public XRP Ledger.
Mar 4, 2021 at 12:30 p.m. UTCUpdated Aug 19, 2021 at 7:44 a.m. UTC
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Ripple is piloting a private ledger to provide a platform for the issuance of central bank digital currencies (CBDCs).
- The CBDC Private Ledger will be powered by the same blockchain technology as Ripple's public XRP Ledger (XRPL).
- This means the ledger will be built both for payments and issuing digital currencies, according to a blog post Wednesday.
- The CBDC ledger will aim to move money at low cost and with the speed and volume demanded by central banks, while also meeting their standards of security.
- Ripple will also need to ensure CBDC products built with XRPL will be interoperable with existing financial infrastructure.
- "The core technology behind this new CBDC Private Ledger has been running for more than 8 years without incident and with billions of dollars of value transacted everyday," according to Ripple's post.
- Around 80% of central banks are looking at launching a CBDC, per the post, with the Bahamas' Sand Dollar being the first to launch and China's digital yuan thought to be nearing fruition.
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