Ripple’s
CEO,
Brad
Garlinghouse,
has
unveiled
a
significant
leap
forward
in
the
world
of
blockchain
and
digital
currency
by
announcing
partnerships
with
10
governments
to
develop
Central
Bank
Digital
Currencies
(CBDCs).
These
collaborations
aim
to
harness
Ripple’s
blockchain
technology
for
the
creation
and
management
of
government-issued
digital
currencies,
signaling
a
noteworthy
advance
in
the
integration
of
crypto
solutions
with
traditional
banking
systems.

“Ripple
has
invested
and
is
working
with
about
10
different
governments
around
the
world
to
do
central
bank
digital
currencies.
I
mean
a
central
bank
digital
currency
is
a
stablecoin,
it’s
just
issued
by
the
government,”
Garlinghouse

 

disclosed.
Among
the
partnerships
that
have
been
disclosed,
each
demonstrates
a
unique
approach
to
embracing
blockchain
technology
to
suit
specific
national
needs
and
contexts.

Ripple
Partnerships
With
Governments
Made
Public

1.
Bhutan:
In
September
2021,
Ripple

partnered
with
the
Royal
Monetary
Authority
of
Bhutan
to
pilot
a
CBDC
in
Bhutan.
The
collaboration
aimed
to
use
Ripple’s
technology
to
enhance
digital
and
cross-border
payments,
while
also
boosting
financial
inclusion
in
Bhutan.
The
project
planned
to
leverage
the
existing
infrastructure
of
the
XRP
Ledger,
which
is
known
for
its
low
energy
consumption
and
scalability​​.

2.
Republic
of
Palau:
Ripple
and
the
Republic
of
Palau

initiated
a
partnership
in
November
2021
to
explore
the
development
of
a
climate-friendly
digital
currency,
potentially
acting
more
like
a
USD-backed
stablecoin
rather
than
a
traditional
CBDC.
This
partnership
was
especially
focused
on
creating
alternatives
that
align
with
the
country’s
environmental
values
and
economic
needs.
This
initiative
reflected
an
exploration
into
how
blockchain
technology
could
be
leveraged
to
support
sustainable
financial
development​.

3.
Montenegro:
In
April
2023,
Ripple

announced
a
collaboration
with
the
Central
Bank
of
Montenegro
to
assist
in
launching
a
CBDC.
The
project’s
goals
included
evaluating
the
blockchain
technology’s
functionality
and
potential,
analyzing
benefits
and
risks
associated
with
digital
currencies,
and
exploring
the
impact
on
electronic
payments
systems.
This
partnership
was
also
seen
as
a
way
to
improve
financial
inclusion
and
modernize
monetary
policy
within
the
country​​.

 

4.
Georgia:
Ripple’s
partnership
with
the
National
Bank
of
Georgia,

announced
in
2023,
focuses
on
piloting
the
Digital
Lari.
The
collaboration
aims
to
test
the
practical
applications
of
Ripple’s
CBDC
technology
in
improving
the
efficiency,
security,
and
inclusivity
of
Georgia’s
public
and
financial
sectors.
This
initiative
marks
a
significant
step
for
Georgia
in
exploring
the
transformational
capabilities
of
blockchain
for
economic
development​.

5.
Colombia:
In
June
2023,
Ripple
partnered
with
Banco
de
la
República
(Colombia’s
central
bank)
to

explore
the
use
of
blockchain
technology
for
enhancing
the
country’s
high-value
payment
systems.
The
partnership
is
part
of
a
broader
pilot
program
led
by
Colombia’s
Ministry
of
Information
and
Communications
Technologies
(MinTIC),
aiming
to
educate
public
entities
on
blockchain’s
benefits.
This
collaboration
seeks
to
develop
solutions
that
can
significantly
improve
the
transparency
and
efficiency
of
high-value
transactions
in
Colombia​.

At
press
time,
XRP
traded
at
$0.49.

Featured
image
from
YouTube
/
CNBC,
chart
from
TradingView.com

Go to Source
Author: Jake Simmons

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