Ripple Labs has released its new XRP Ledger-based central bank digital currency (CBDC) platform to connect governments and banks.
The new ledger technology will enable wholesale and retail CBDC transactions, as well as stablecoin architectures amid a global push towards digital payments.
Ripple Onboards Palau and Montenegro Governments
Central banks can use the CBDC platform to control digital money flow through minting, distribution, redemption, and destruction mechanisms. Ripple claims its ledger technology is 120,000 times more efficient than traditional proof-of-work blockchains.
Palau’s government agreed to use the new CBDC ledger for its national digital currency.
James Wallis, the vice president of Ripple’s central bank business, said the new technology would enable instant settlement of cross-border and domestic payments.
The firm has partnered with SBI Remit to allow cross-border transfers between Japan and…
