Ripple announced the launch of a blockchain platform for digital national currencies
Ripple announced the launch of the Ripple CBDC Platform, a blockchain platform for creating and issuing digital national currencies
The company will demonstrate the operation of its solution in a pilot to test the digital Hong Kong dollar e-HKD
Ripple will launch the Ripple CBDC Platform to create and manage central bank digital currencies (CBDC). The full-featured platform allows for the issuance, management, transactions, and redemption of digital national currencies and stablecoins, according to a press release from the developers.
The platform runs on a private blockchain based on XRP Ledger (XRPL) technology.
Issuers can use it to manage the full lifecycle of digital currency, from issuance and distribution to redemption and destruction of tokens.
Ripple will demonstrate its platform in the Hong Kong Monetary Authority's (HKMA) pilot program to test the retail digital currency e-HKD (Hong Kong Digital Dollar).
On May 18, the HKMA announced the launch of a "pilot" to explore the use of CBDC. The regulator has not yet made a decision on e-HKD issuance, but the pilot test could "pave the way" for the possible introduction of the central bank's retail digital currency (CBDC) in the future.
Developer Ripple Labs will be one of 16 organizations participating in the "pilot." Working with Taiwan's Fubon Bank, the firm will conduct real estate tokenization on the Ripple CBDC Platform using e-HKD, Cointelegraph writes.
The price of the native XRP ecosystem token (XRP) has responded to news of the platform's launch and the company's participation in testing Hong Kong's digital currency. The price of the asset rose 6.8 percent overnight, from $0.44 to $0.47, according to CoinGecko. XRP has a market capitalization of $24.3 billion and a daily trading volume of $1.38 billion.
The project will define the practical application of the digital national currency and develop a system to simulate its circulation.
Earlier, the company entered into an agreement to test CBDC with Bhutan and is considering the introduction of the national currency in Palau. These two projects will also run on the Ripple CBDC Platform.
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