Messari, a crypto analytics platform, reports that Ripple is investigating central bank digital currencies (CBDCs) based on the XRP Ledger (XRPL) blockchain in collaboration with governments throughout the world.
Messari claims that Ripple is working with more than a dozen nations to develop CBDCs for the XRPL network. The XRP Ledger’s native token is XRP.
Ripple is among the businesses pioneering the use of the XRPL in institutional and governmental applications. The company’s On-Demand Liquidity service and CBDC activities are heavily reliant on XRP and the XRPL.
When it comes to government agencies investigating CBDC, the XRPL remains in the front. The XRPL blockchain technology is the foundation of the new Ripple CBDC platform. With the help of the XRPL, Ripple is collaborating with over 20 nations on CBDC proposals. Recently, the Central Bank of Colombia started collaborating with Peersyst and Ripple on a CBDC.
In the middle of last month, Ripple unveiled a trial program for CBDC in Colombia. The Colombian Ministry of Information and Communications Technologies will work with the country’s central bank to implement the CBDC pilot program. The pilot project is scheduled to continue for the remainder.
To facilitate the registration and verification of properties, the government of Colombia developed a national land register in June 2022 on the XRP Ledger.
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