Boom! Ripple (XRP) Working On The Central Bank Digital Currency Project (CBDC)

Ripple is working on a central bank digital currency project or CBDC. (Unsplash)

JAKARTA Ripple, a cross-border payment company and blockchain solutions, will reportedly announce the construction of a central bank digital currency project or CBDC in the near future. The information was conveyed by senior Ripple adviser to CBDC and global partnership Antony Welfare.

According to him, the company will announce a project related to CBDC in the coming weeks. The information was shared by XRP analyst CryptoEri, who stated that the blockchain solutions company from the US is working on a number of CBDC projects.

"Make sure you follow me for more CBDC announcements in the next few weeks," CryptoEri said, quoted by The Daily Hodl, September 8, 2022.

Previously, Ripple's senior adviser, Welfare, in an interview with The Paypers stated that Ripple was working on a central bank digital currency and a pilot program that was being carried out. Welfare delivered last June.

Ripple continues to innovate for example, with NFT [non-fungible tokens], CBDC helping companies and developers prepare and build a crypto-supporting world. Ripple has several pilot (projects) in the process for the CBDC (developing), including the Royal Monetary Authority (RMA) of Bhutan and the Republic of Palau, said Antony Welfare.

Apart from being a senior adviser, Walfare is also a blockchain technology expert at Ripple. He stated that Ripple's CBDC solutions are based on XRP Ledger (XRPL), a decentralized network that has so far processed more than 70 million blocks in 10 years.

Not only that, Welfare also revealed that Ripple is working on the Digital Dollar project. This is intended for the exploration of various technical design options for CBDCs that will be produced by the US.

Ripple's CBDC team: Digital Dollar Project Launching the Technical Sandbox Program to Explore CBDC Infrastructure Solutions including Ripple XRPL, concluded senior adviser Ripple.

On the other hand, despite being constrained by the US Securities and Exchange Commission (SEC) and his feud at the court is still protracted to date. It seems that Ripple continues to develop its capabilities and expand massively with various financial companies from around the world for real-time remittance services. This is a positive step taken by Ripple in recent years.

While the Ripple token, XRP, at the time of writing is trading at a price of Rp5,216. The performance price has increased by 5.2 percent in the last 24 hours. While the all-time high price (ATH) XRP was last inscribed on January 7, 2018 at a price of Rp45,650, according to Coinecko data.