Ripple, the renowned blockchain technology company, is making significant strides in its efforts to partner with countries worldwide to build Central Bank Digital Currencies (CBDCs).
James Wallis, Ripple’s Vice President of Central Bank Engagements and CBDCs, recently revealed in an interview that the company is engaged in ongoing conversations with over 30 countries regarding the adoption of its CBDC platform.
there are 195 countries in the world🌐. James say 5 announced 5 not announced🤝. conversations with 20 more❓. If the conversations turn into signed deals that is 30 out of 195 or 15.38% running on Ripple's CBDC platform that offers private or PUBLIC $XRP pic.twitter.com/hSuUMDOL1O
— xrp.Darren🪝 🏴☠️ (@Fame21Moore) July 28, 2023
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Ripple’s Expanding Global Partnerships
Ripple has already publicly announced its partnerships with five countries, with an additional five partnerships being pursued discreetly.
In addition, the company is actively in discussions with more than 20 other countries that are considering adopting Ripple’s CBDC platform and have the option to choose between a private or public implementation of XRP.
The global scale of Ripple’s CBDC endeavor is noteworthy, given that there are 195 countries worldwide. If over 30 countries end up embracing Ripple’s CBDC platform, this would represent approximately 15.38% of the world’s nations showing interest in this innovative solution.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
The Significance of Ripple’s CBDC Network
To emphasize the potential of Ripple’s CBDC platform and the growing network of partnerships, XRP influencer Darren drew attention to Metcalfe’s law. This law, named after Robert Metcalfe, states that the financial impact of a network is directly proportional to the square of its connected users. In the context of Ripple’s CBDC platform, this law underscores the potential for revolutionary changes in the global financial landscape as more countries join the network.
Read Also: Get Ready for More CBDCs: Ripple Senior Advisor Says More Announcements Coming Soon
Darren also highlighted the importance of interoperability, not only for assets but also for XApps or decentralized applications (dApps). He explained that a country investing in developing an innovative XAPP on a private XRP Ledger (XRPL) could easily replicate it for use on the XRPL mainnet, leading to cross-network benefits that amplify its value.
Ripple’s active engagement with numerous countries worldwide, aiming for CBDC adoption, showcases the company’s dedication to transforming the global financial landscape.
Through its CBDC platform, Ripple seeks to revolutionize the way digital currencies are utilized, providing countries with flexible solutions to enhance their financial systems and empower their economies.
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