Ripple Rolls Out CBDC Platform For Govt
In order to enable governments, financial institutions, and central banks to develop their own digital currencies, Ripple is launching a proprietary platform for central bank digital currencies (CBDCs).
The creation, distribution, redemption, and removal from circulation of CBDCs may all be controlled and customised by government entities using the new platform, according to Ripple.
While end users, both corporate and retail, will be able to securely store their digital currencies and use them for purchases of goods and services, similar to how current payment and banking applications work, financial institutions will also be able to use the platform to manage the CBDC’s distribution processes.
According to the cryptocurrency company, this includes the ease of offline transactions and support for non-smartphone settings.
(With inputs from Shikha Singh)
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