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Ripple (XRP) Exploring the Future of CBDCs in Cross Border Payments
Ripple (XRP) Exploring the Future of CBDCs in Cross Border Payments
December 16, 2020
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Interoperability is the key to uncovering the future of CBDCs. Central bank digital currency (CBDC) is the digital form of fiat money. This inspiration has come from the Bitcoin concept. However, CBDC is very different from cryptocurrency and virtual currency. CBDCs are not issued by the government and they do not have the legal tender status declared by the government.
CBDCs is at the state of proof of concept and it is not in real time execution. Several Central Banks are studying this concept. China’s central bank is in the forefront of “DC/EP”: Digital Currency/Electronic Payments. Lot of countries like Sweden on e-Krona; Uruguay for Uruguayan Pesos; and similarly lot of pilot CDBC programs are in existence.