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Ripple claims XRP is a Bridge Currency for CBDCs

Ripple claims XRP is a Bridge Currency for CBDCs

Recently, Ripple has issued a whitepaper on the future of CBDCs, according to which XRP is a neutral bridge currency for CBDCs. It has described the inherent advantages of central bank digital currencies in its latest report. Entitled as ‘The Future of CBDCs’, the report emphasized the increasing demand for an efficient way for governments worldwide to immediately pay benefits or stimulus money to citizens, particularly the unbanked. Ripple also discussed the value of neutral bridge currencies such as XRP for CBDCs.

The report highlights that the XRP would make it practical for various CBDCs to move value in a frictionless and cost-effective manner. Ripple stands for innovation, financial inclusion, and encouraging competition amongst the main advantages of CBDCs. Nevertheless, it also discusses central banks’ capacity to control monetary policy as a positive characteristic. Advocating the difficulties encountered by CBDCs, Ripple drafts that it’s essential to guarantee their interoperability.

XRP Proponents Ignite ‘RelistXRP’ Campaign on Twitter

XRP is the 7th biggest cryptocurrency globally, with a market cap of over $23 billion. Moreover, the XRP is up more than 120% following the start of 2021. Ripple declared earlier this month that the company is experimenting with a private version of the XRP Ledger to help central banks in the issuance of CBDCs. A current report from CPA Australia suggested that France’s Central Bank actively views XRP Ledger for the issuance of a CBDC. Ripple has established numerous collaborations in recent months, and the company is operating with various financial companies worldwide.

Recently, the XRP token supporters have commenced online management to pressure crypto exchanges to relist XRP tokens amidst Ripple facing a lawsuit from the U.S. SEC. According to Twitter user @MackAttackXRP, the hashtag “RelistXRP” was trending in The Netherlands earlier today. Some users describing the social media movement were obtaining traction in Australia, the United States and the United Kingdom. The campaign is reportedly an effort to attract attention to crypto exchanges that have delisted or barred the trading of XRP due to the ongoing lawsuit between SEC and XRP. 

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