Ripple Holds CBDC Development Contest, Here Are The Requirements!

Ripple supports CBDC development. (Zipmex)

JAKARTA – Recently Ripple (XRP) announced the CBDC Innovate contest, where developers can build decentralized applications (DApps) that operate on Ripple's blockchain, XRP Ledger (XRPL). The contest was announced by the programming competition event, Hackhaton.

To enter the contest, contestants are required to build or upgrade a fintech or payment solution in one of three categories. The first category focuses on interoperability, and developers are expected to propose solutions that enable central bank digital currencies (CBDCs) to interoperate with other digital assets such as stablecoins and NFTs.

The second category focuses on retail-facing, and contestants are expected to build an interface that allows users to interact with the CBDC. The last category includes financial inclusion, and developers should propose solutions that can take advantage of the advantages of such digital currencies, according to the U.Today page.

According to the official website of the Hackathon, each participant must submit their solution regarding CBDC by August 25, 2022. Then the winner of the CBDC Innovate contest will be announced on September 8, 2022. The competition is open to developers in all regions except Brazil, Crimea, Cuba, Iran, North Korea, Quebec, Russia, and Syria.

Ripple Supports CBDC Innovation

On the other hand, Ripple continues to invest heavily in CBDC solutions as more and more countries consider launching such a product. The company has a dedicated platform based on XRP Ledger technology that allows central banks to print, manage, transact and launch CBDCs.

In recent months, a number of countries and central banks have sought to develop their respective CBDCs. It is intended to stem the massive movement of cryptocurrencies among the global community. One of the first countries to issue their own digital currency was China with its digital yuan.

Even so, CBDC adopts the technology used by cryptocurrencies, namely blockchain. It doesn't stop there, Ripple has collaborated with various banks around the world to provide CBDC development services. In September 2021, it partnered with Bhutan to pilot the country's CBDC. This collaboration allows Bhutan to run its digital currency on Ripple's CBDC platform for retail, cross-border and wholesale payments.

Despite being at odds with the US Securities and Exchange Commission (SEC), Ripple has not wavered at all. Technology adoption and company expansion are actually getting stronger over time.