France considers using Ripple to issue digital currency, says report

Charlie Taylor

In a recent report, CPA Australia stated that the Central Bank of France is considering using Ripple and XRP as a potential platform for issuing the digital euro. CPA Australia is a professional accounting organization based in Australia since 1886, and has more than 166,000 employees in more than 150 countries around the world. The company released a report called "Central Bank Digital Currencies (CBDCs): A Comparative Review". The document reveals that the French Central Bank has been discussing Ripple and XRP as a possible basis for the launch of the digital euro. According to the report, Bitcoin and Ethereum were also considered, but with no progress in the discussions.

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The document states that the world is rapidly entering a new stage of technological development due to the recent pandemic. This spurred the adoption of digital currencies and online payments instead of physical cash. The authors mention that Ripple is being considered by several Central Banks due to its high centralization, which could be of interest to governments around the world. published by Deutsche Bank said that, in the long run, digital currencies created by central banks (CBDCs) should replace physical money. And a survey by the Bank of International Settlements showed that about 80% of central banks are working on developing their own digital currencies.

Ripple and XRP enjoy the trust of many banks as a model for CBDCs because it is highly centralized and is based on an allowed network where only certain nodes in the network can validate transactions, as opposed to decentralized and unauthorized Bitcoin and Ether.

"France's central bank, Banque de France, openly discussed Ripple / XRP as a possible platform for Europe's central digital currency." Leave it in the comments section below.Read more: 12 women from the crypto market to follow

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