Ripple Pilots Private Ledger for Central Bank Digital Currencies

Ripple is piloting a private ledger to provide a platform for the issuance of central bank digital currencies (CBDCs).

• The CBDC Private Ledger will be powered by the same blockchain technology as Ripple’s public XRP Ledger (XRPL).

• This means the ledger will be built both for payments and issuing digital currencies, according to a blog post Wednesday.

• The CBDC ledger will aim to move money at low cost and with the speed and volume demanded by central banks, while also meeting their standards of security.

• Ripple will also need to ensure CBDC products built with XRPL will be interoperable with existing financial infrastructure.

• “The core technology behind this new CBDC Private Ledger has been running for more than 8 years without incident and with billions of dollars of value transacted everyday,” according to Ripple’s post.

• Around 80% of central banks are looking at launching a CBDC, per the post, with the Bahamas’ Sand Dollar being the first to launch and China’s digital yuan thought to be nearing fruition.

See also: PayPal Wants to Be a CBDC Distributor

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