• Ripple is expanding its focus on Central Bank Digital Currencies (CBDCs) with a large practice in Singapore.
• The company has declared CBDCs as a crucial focus for its goals in the coming years and established collaborations with countries including Montenegro, Palau, and Bhutan.
• Ripple’s presence in Singapore has sparked speculation about potential government connections for promoting a CBDC.
Ripple Focusing on Central Bank Digital Currencies
Ripple is focusing on Central Bank Digital Currencies (CBDCs) to expand its services around the world. The company has announced that it will be working closely with smaller governments and central banks to provide holistic solutions related to CBDC initiatives. Ripple has already established collaborations with several countries, including Montenegro, Palau, and the Kingdom of Bhutan.
Ripple Established Practice In Singapore
Recently, Brook Entwistle – Senior Vice President and Managing Director at Ripple – revealed that the company had established a large CBDC practice in Singapore with four people on the ground there. This news sparked speculation about potential government connections between Ripple and Singapore regarding promoting a CBDC.
Interoperability Of CBDCs
Entwistle mentioned how important interoperability will be between different CBDCs around the world as this could benefit many nations. He talked about how Ripple’s technology could play an important role in this regard.
Monetary Authority Of Singapore (MAS)
The Monetary Authority of Singapore (MAS) was also mentioned by Entwistle during his remarks at Crypto Finance Conference held mid-January 2021 as MAS had previously announced plans to develop its own digital currency by 2025 or sooner if possible. He encouraged other governments to take note of Bhutan’s tech-forward King who desired for better ways of moving value around his country which could potentially benefit from Ripple’s technology for establishing a remittance system.
Therefore, it can be seen that Ripple’s focus on Central Bank Digital Currencies (CBDC) could prove beneficial for many nations across the globe in terms of boosting their financial sectors and making them more efficient through interoperable payment systems using blockchain technology offered by Ripple itself or some other similar providers such as VISA etc