Ripple will focus its efforts on CBDCs to strengthen the digital economies of many countries.

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Ripple, the San Francisco-based blockchain company, has established itself as a leader in cryptographic services for different government entities for some years now and has been a key player in the development of financial technologies for the entire crypto ecosystem.

Now Ripple is stepping up its efforts to serve the trillion-dollar market for central bank digital currencies (CBDCs). which are presented as the new form of digital fiat money that is issued by the central bank of a country.

Central banks around the world have already begun to experiment with these pieces of digital value to strengthen the economy of their countries. Among them are some of the main economies, such as the European Union, China, India and Australia, among others. On the other hand, the United States has been a little more conservative on the matter and continues to assess the financial and legal responsibilities of having a digital dollar.

Ripple and CBDCs.

Blockchain startup Ripple has published its own white paper on CBDC, in which it A complete framework is offered for the implementation of CBDC in banks around the world. It also provides step-by-step guidance for ensuring global interoperability of different CBDCs with the goal of positioning themselves in a trillion-dollar industry that has evolved exponentially in recent years.

It also highlights the ability of the Ripple network to handle stablecoins and CBDCs for billions of people around the world. while providing key features such as security, reliability, sustainability, and interoperability that are crucial to the entire ecosystem.

The crypto community raises its voice.

However, the project has received much criticism from the crypto community, as CBDCs are believed to be able to create control structures for central banks, something totally opposite to what the latest technologies led by blockchain promise.

Given this, Ripple noted in its white paper that central banks must balance the desire for transformation with the need to maintain stability on a global scale. to create balanced ecosystems between centralization, innovation and ease of use

“If central banks do not enable the broad access, enhanced native functionality, and interoperability that will allow their currencies to be adaptable and scalable, they risk losing control of the infrastructure for digitized global services.”

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