Ripple introduces central bank digital currency platform

Ripple, the blockchain company associated with XRP ( XRP-USD ) cryptocurrency, launched a platform that enables central banks, governments and financial institutions to issue their own central bank digital currency, according to a Thursday release. Users of the platform, powered by the decentralized Layer 1 blockchain XRP Ledger, will be able to manage and customize the entire life cycle of a CBDC, from minting to redemption. The rollout comes as many countries have explored the use of a digital currency that's backed by a central bank rather than a commercial bank. “The innovative capabilities of the platform will help enable instant settlement of both domestic and cross-border payments, reduce risk, and improve the user experience of quickly sending and receiving digital currency on either side of a transaction,” said James Wallis, vice president of Central bank Engagements & CBDCs. Financial institutions using a CBDC will also have the ability to manage and participate in inter-institutional settlement and distribution functions, the release noted. More on CBDCs BNP Paribas to promote CBDC use by linking digital yuan to bank accounts - report CBDCs are the future of money, payments as most of globe explores them: BofA Japan's central bank to conduct CBDC experiments with three banking giants The Digital Euro