- Central Banks will be able to launch CBDC
- Ripple is already partnering with the Republic of Palau
Crypto firm Ripple announced the launch of its CBDC and Stablecoin development platform.
The statement says the site will allow “management and customization of the entire life cycle of central bank fiat digital currency, transactions and distribution.”
The company is also already working with the Republic of Palau. The state’s president, Surangel Wipps, said:
“Partnering with Ripple to create our national digital currency is part of our commitment to leadership in financial innovation and technology that will provide Palauan citizens with greater financial access.”
Financial institutions (central bank, monetary authorities or commercial banks) that hold significant amounts of digital currency will be able to manage and participate in interinstitutional settlement through the platform.
As for ordinary users, they will also benefit from. They will be able to store their digital currencies securely and be able to pay for goods and services as they do with bank cards.
James Wallis, vice president of central bank and CBDC engagement, said:
“This platform will help solve problems for many central banks and governments that are developing plans and technology strategies for CBDC.”