Singapore Could Be Ripple’s Next CBDC Customer

By Kevin • February 20, 2023 12:05 pm • Comments

The focus on central bank digital currencies has exponentially increased in past years as many investors are starting to realize that it could soon be a reality in some regions of the world.

Within the crypto markets, it seems that Ripple is the leading solution for CBDCs as the company has stated that growth in this sector will be one of the company’s key priorities for this year.

Ripple has already been collaborating with multiple governments in order to conduct pilot programs such as its recent partnership with the country of Montenegro.

Trending: Ripple Spells Out Penalty Terms To SEC

Most recently, it was just revealed that Singapore could potentially be the next country to utilize Ripple’s technology for CBDCs.

A hint was given by the company at the Crypto Finance Conference last month where it disclosed that the company had 4 people deployed in Singapore who were working on CBDCs.

Bitcoinist reports:

In a January panel that was largely overlooked in the XRP community, Brook Entwistle, senior vice president and managing director at Ripple, revealed new details on CBDCs. At the Crypto Finance Conference in mid-January, Entwistle disclosed that his company is very active in Singapore:

We have a very big CBDC practice, it’s now globally based. We’ve actually put four people on the ground in Singapore alone, focused on this.

In the XRP community, this is interpreted as a strong hint that Ripple has established contacts with the Singapore government or even the country’s central bank to push for a CBDC. Whether Ripple is already a partner, however, is pure speculation and remains to be seen.

In November last year, it was announced that the central bank of Singapore, the Monetary Authority of Singapore (MAS) was exploring the Ubin+ wholesale CBDC project for cross-border payments. The project will test the use of CBDCs for foreign exchange and liquidity management, as well as connectivity between CBDCs and other digital asset networks.

Whether or not the company is working with the Singaporean government in the same way that it is working with Montenegro is still unknown.

However, the possibility of a partnership with Singapore would be a huge boost for Ripple’s reputation as a CBDC solutions provider given that Singapore is one of the major finance hubs in the world.

The more major regions in the world that Ripple can partner with, the more reputable the company becomes which will further allow its native token XRP to gain more value.

All of this is progressing and developing even while the company is still under a lawsuit with the SEC back in the United States.

There will likely be many other central banks that will soon reveal their intentions and Ripple may have more hidden partnerships coming up soon.

Bitcoinist concludes:

On top of that, the exec revealed that Ripple is in dialogue and working with a number of central banks around the world. “At the China level and the US level, there are a lot of people chasing that. A lot of people have their own sovereign interest, so you have to be realistic about your impact there,” Entwistle also acknowledged.

He concluded by saying that Ripple’s technology could play an important role in the interoperability of CBDCs around the world:

But CBDC will be an important topic for the entire industry going forward and the interoperability between them – we think has a real opportunity for many of us around the table.

At press time, the XRP price stood at $0.3881, trading below the 200-day EMA.

Join the conversation!

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.

 

Search ProCoinNews