- Central Banks will be able to launch CBDCs on the platform
- Ripple already cooperates with the Republic of Palau
Crypto firm Ripple announced on the launch of a platform for the development of CBDC and stablecoins. The statement says that the site will allow “manage and customize the entire fiat central bank digital currency life cycle, transactions and distribution.”
The company is also already cooperating with the Republic of Palau. The President of the State, Surangel Vipps, stated:
“Partnering with Ripple to create our national digital currency is part of our commitment to being a leader in financial innovation and technology, which will provide the citizens of Palau with greater financial access.”
With the help of the platform, financial institutions (Central Banks, monetary authorities or commercial banks) that own significant amounts of digital currency will be able to manage and participate in inter-institutional settlements.
As for ordinary users, they will also have benefits. They will be allowed to securely store their digital currencies and be able to pay for goods and services in the same way as they do with bank cards.
James Wallis, Vice President for Central Bank and CBDC Relations, said:
“This platform will help solve the problems of many central banks and governments who are developing plans and technology strategy for the implementation of CBDC”