Ripple has recently released a whitepaper on the future of CBDCs, according to which XRP is a neutral bridge currency for CBDCs. The firm based in San-Francisco has indicated the potential advantages of central bank digital currencies in its latest published report.
The report released by Ripple says that there is an increasing need for an effective way for governments around the world to pay benefits or stimulant money directly to the citizens.
Moreover, the firm mentions the significance of neutral bridge currencies such as XRP for CBDCs.
The details mentioned in the report goes as follows:
In addition to this, the report mentions details regarding the scalability, low cost, speed, and security of a bridge currency, which reads:
As announced by Ripple earlier this month, a private version of XRP is in the testing phase to support the central banks in the publication of CBDCs.
Additionally, a recent report from CPA Australia revealed that the Central Bank of France is anticipatorily considering XRP Ledger for the issuance of a CBDC.
In past months, the firm has formed various partnerships and is anticipatingly functioning with major financial institutions worldwide.