Ripple, a blockchain company, has released a white paper on central bank digital currencies (CBDCs), reaffirming its support for them. The 23-page document explains the basics of CBDCs, their benefits, and the challenges to their widespread adoption. Ripple believes that CBDCs can enhance financial inclusion, streamline cross-border payments, and strengthen monetary policy control. However, the company highlights several barriers to adoption, including the lack of a global regulatory framework, low end-user adoption, and concerns about privacy and security. Despite these challenges, Ripple remains optimistic and is actively collaborating with more than 20 central banks globally on CBDC initiatives.
The white paper concludes that CBDCs have significant potential, with an estimated $5 trillion worth circulating in major economies over the next decade. In November, James Wallis, Ripple’s vice president, expressed similar optimism, stating that CBDCs offer cost-effective solutions and streamlined payment options, even for individuals without ties to financial institutions.
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| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇧🇹 🇵🇼 🇲🇪 🇨🇴 ðŸ‡ðŸ‡° |
| Sentiment | very positive |
| Relevance Score | 1 |
| People | James Wallis |
| Companies | Ripple |
| Currencies | None |
| Securities | None |
