Ripple is creating ripples in the crypto market
The US Securities & Exchange Commission is constantly taking a toll on the crypto market in an attempt to protect the interest of investors and traders. Ripple is on the list too, but for something – Ripple is making advancements non-stop. One such move was announced by the team, informing the community that it has enhanced the platform for CBDC, Central Bank Digital Currency.
With more than 90% of countries exploring and developing #CBDCs, we’re introducing the Ripple CBDC Platform, a frictionless solution for central banks, governments, and financial institutions to issue their own central bank digital currency.https://t.co/2bKkAJbx3F
— Ripple (@Ripple) May 19, 2023
CBDC Solution by Ripple is aimed at banking the population that has not been banked till now. Meaning Ripple’s CBDC solution is taking a step to bank the unbanked population. While this may sound fascinating to developed nations, there are plenty of such people in undeveloped nations. Those are precisely the target audience for Ripple and governments of 20+ countries.
As for targeting the unbanked population, a report published by the International Monetary Fund titled Central Bank Digital Currency & Financial Solution has highlighted that the financial instrument has the potential to boost the financial inclusion of the unbanked population in developing nations. The effects of such activities are expected to be an increase in lending and a reduction in the disintermediation risk for banks.
Over 20 countries are on board to work with Ripple on the customized plan CBDC solution. The aim is to meet the needs of financial institutions and governments.
The Republic of Palau, for instance, has said that working with Ripple is a part of their commitment to lead innovation in the financial sphere. Similarly, the Central Bank of Montenegro has said that they are on the path of following modern national banking trends while ensuring that the efficiency of the financial system is maintained.
What makes Ripple a perfect partner is its flexibility to allow different countries to adapt the currency plans through different stages. Some of the key components of Ripple’s CBDC platform are currency issuer, currency operator, end user wallet, and ledger.
Steven Dickens, the Vice President at Futurum Research, believes that Ripple’s announcement about the enhanced CBDC platform aligns with the mission of delivering innovation, transformative use cases, and adoption to countries across the globe.
XRP was last seen exchanging hands at $0.4602. Amid the SEC tussle, there is often a question of when XRP will go up; however, that has been finally answered by announcing the enhancement in the CBDC platform. Assuming it continues having a strong hold over the market, then the trading price could end in 2023 in the range of $0.40 and $0.98.
Making this evident is another development where it has been learned that Ripple, in collaboration with Fubon Bank, will demonstrate real estate asset tokenization use cases. This forms a crucial part of the e-HKD Pilot Program, the inaugural program of the Hong Kong Monetary Authority, also known as HKMA.
The announcement about getting selected for the inaugural program was made by Ripple, also informing that HKMA is following the 3-rail approach.