Ripple Pushes CBDCs In New Whitepaper

Ripple continues to push for central bank digital currencies (CBDCs) via a new whitepaper it recently published.

Central bank digital currencies would give governments and other centralized authorities unprecedented power in controlling both the monetary supply and their citizens in an absolute way. We should always be wary of these technologies and any initiative pushing central bank digital currencies.

While there is currently strong pushback in the United States against a central bank digital currency, not all sovereignties and territories have gone on the offensive against CBDCs.

One such nation is the country of Palau, where Ripple has been conducting a pilot test of a CBDC for Palau based on the XRPL.

Palau’s Ministry of Finance claimed the first phase of the test was successful and has indicated that they wish to move forward to the next phases of testing. Here are the latest updates:

Learn about the key trends emerging in #CBDCs and stablecoins, and how the island nation of Palau has successfully deployed a #stablecoin pilot leveraging the #Ripple CBDC Platform.

Download the whitepaper to explore how CBDCs and stablecoins are modernizing global financial…

— Jay Hunter Anson (@JHX_1138) December 14, 2023

Since winning the case against it by the US SEC, #Ripple has made significant milestones, including collaboating with various central banks on #CBDC initiatives and its whitepaper on #CBDCs 👇 is a welcome Christmas gift.https://t.co/el8MN2Trro

— BbusyEarning (@BbusyEarning) December 15, 2023

Ministry of Finance Republic of Palau 🇵🇼 Stablecoin Program built on the $XRP Ledger in partnership with Ripple’s CBDC team highlighted the advantages of $XRP in comparison to #BTC.

Unlike #BTC PoW and high transaction fees associated with mining, $XRP utilizes a consensus… pic.twitter.com/X85fmF2NTJ

— EDO FARINA 🅧 XRP (@edward_farina) December 16, 2023

Crypto Intelligence noted Ripple’s roadblocks to establishing a CBDC:

A conspicuous challenge is the absence of a consistent global regulatory framework governing these digital currencies.

Additional roadblocks include the limited adoption of CBDCs among end-users, insufficient consumer education, apprehensions regarding privacy and security, the necessity for digital identity verification, interoperability issues among different CBDCs, and the requirement for offline access to transactions.

Central Bank Digital Currency (CBDC) Update

🇺🇸 Wisconsin bill excludes CBDC from the definition of money; prohibits state agencies from accepting CBDC as a form of paymenthttps://t.co/qD5Lu7IGce

🇺🇸 Ripple releases white paper on CBDCs; makes several comparisons to cash… pic.twitter.com/bctPf7NPuL

— Hotep Jesus (@HotepJesus) December 15, 2023

Cryptopolitan had more on the Palau stablecoin pilot:

With Ripple continuing as a technical partner, Phase 2 aims to expand the digital ecosystem and increase user engagement.

This phase will prioritize regulatory compliance and sustainable development goals, addressing challenges specific to Palau, such as the high cost of mobile data and the logistical complexities of moving fiat currency across its 340 islands.

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