Payments platform Ripple is unveiling a new protocol that would allow large-scale institutions to issue their own central bank digital currencies (CBDCs).
According to a new press release, Ripple Labs is announcing the Ripple CBDC Platform, a project that would allow central banks, financial institutions, and governments to manage and customize their own CBDCs and stablecoins.
“Today Ripple is announcing the Ripple CBDC Platform, a frictionless end-to-end solution for central banks, governments, and financial institutions to issue their own central bank digital currency.
Leveraging the power of the same blockchain technology used on the XRP Ledger (XRPL), the enhanced platform will now allow its users to holistically manage and customize the entire life cycle of fiat-based central bank digital currency, transaction and distribution.
The Ripple CBDC Platform enables central banks and governments to bring the next level of digitization to their financial services while promoting access to millions of people around the world who are unbanked.”
The CDBC platform would allow issuers to fully customize the full life cycle of their digital assets, from minting and distributing to redemption and destruction, according to the press release.
It would also allow financial institutions who hold large amounts of the CBDC they created to “manage and participate in inter-institutional settlement and distribution functions,” as well as put an end to the need for crypto wallets as virtual assets would be held in banks the same way traditional fiat currencies are.
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