{"id":10971,"date":"2023-05-19T12:11:51","date_gmt":"2023-05-19T16:11:51","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/ripple-launches-platform-to-help-governments-issue-cbdcs\/"},"modified":"2023-05-19T12:11:53","modified_gmt":"2023-05-19T16:11:53","slug":"ripple-launches-platform-to-help-governments-issue-cbdcs","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=10971","title":{"rendered":"Ripple Launches Platform To Help Governments Issue CBDCs"},"content":{"rendered":"
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Ripple launched a platform on Thursday that would help central banks, governments and financial institutions around the world issue their own central bank digital currency.<\/p>\n

The Ripple CBDC Platform would offer customers ledger technology and enable issuers to manage CBDCs from start to finish, according to a press release<\/u>.\u00a0<\/p>\n

The platform would encompass both wholesale and retail CBDCs \u2014\u00a0respectively CBDCs used in interbank settlements or CBDCs used by everyday people.<\/p>\n

\u201cAs a trusted partner to several central banks, we believe this platform will help solve problems for many central banks and governments who are devising plans and developing a technology strategy for CBDC Implementations,\u201d said James Wallis, VP of Central Bank Engagements & CBDCs in a statement. \u201cThe innovative capabilities of the platform will help enable instant settlement of both domestic and cross-border payments, reduce risk, and improve the user experience of quickly sending and receiving digital currency on either side of a transaction.\u201d<\/p>\n

Around the world\u00a0<\/h2>\n

Eleven countries so far have launched a CBDC and all G7 economies have moved into the development stage of a CBDC, according to the Atlantic Council<\/u>.\u00a0<\/p>\n

Now 114 countries, representing over 95 percent of global gross domestic product, are exploring a CBDC, when in May 2020, only 35 countries were considering it, the council said.\u00a0<\/p>\n

CBDCs have become divisive in the US as some government leaders look to ban it.\u00a0<\/p>\n

Florida Governor Ron DeSantis signed a bill last week banning CBDCs, and said Florida was the first state to do so.\u00a0<\/p>\n

\u201cThe movement to establish a central bank digital currency is an attempt to surveil & control the finances of Americans. It would violate privacy, limit consumer choice & undermine market competitiveness,\u201d DeSantis tweeted in March.\u00a0<\/p>\n

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Cruz has also suggested banning the US Federal Reserve from issuing a CBDC, and introduced a bill in March 2022<\/u> that would ban the Fed from developing a direct-to-consumer CBDC.\u00a0<\/p>\n

Advocates say CBDCs can provide better financial services to their citizens.\u00a0<\/p>\n<\/p><\/div>\n