Ripple, the digital payment network behind XRP, has launched a new platform that allows central banks, governments, and financial institutions to issue their own central bank digital currencies (CBDC). The platform, called Ripple CBDC Platform, leverages blockchain technology to manage and customize the life cycle of fiat-based CBDCs and stablecoins. Despite concerns about CBDCs posing risks to financial privacy and economic freedom, Ripple believes its platform will enable instant settlement of domestic and cross-border payments, reduce risk, and improve the user experience. Ripple CEO Brad Garlinghouse also revealed plans to focus hiring efforts outside the US to expand the company's international footprint.
What do you think about this new Ripple initiative? Is it against financial freedom then?
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https://crypto-economy.com/ripple-launches-cbdc-platform-for-banks-governments/This is good news for those that are interested in using CBDCs and don't care about privacy. The central bank of my nation created its CBDCs to reduce the popularity of bitcoin but the latter is still waxing stronger. This service by Ripple CBDC Platform will help to organize and promote these CBDCs making them more accessible and coordinated. Most countries that could not manage their digital currency will gladly join the platform so that their CBDCs can be managed and enjoy the platform's wide coverage. But Bitcoin will always be the first among others because these CBDCs cannot be used as an investment because of inflation which leads to the loss of value of these currencies. The privacy issues will keep scaring people from platforms like Ripple CBDC.