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Ripple partners with digital Euro think tank

Key Takeaways Ripple partners with the Digital Euro Association to share technical knowledge for a European CBDC. This is separate from previous news that the European Commission wants to create a framework for a CBDC by 2023. Ripple has previously been involved in CBDC efforts in the UK, Bhutan and the Republic of Palau. Share this article Ripple has joined the Digital Euro Association (DEA) to provide input on the design of central bank digital currencies (CBDCs). Partnership will involve knowledge sharing, Digital Euro Association president Jonas Gross suggested that the partnership is largely knowledge sharing and joint educational efforts around digital currencies. Gross stated that Ripple will help “expand the technology expertise of the DEA community”, noting that CBDC or government stablecoin projects increasingly require advice on technology design as they move beyond the initial research phase. Ripple VP of Central Bank Engagements James Wallis said Ripple has “invested significantly in the CBDC world” and has 40 members working on CBDCs around the world. He added that the partnership “will continue to develop” [Ripple’s] working in the CBDC area.” Today’s news appears to be separate from Thursday’s reports that the European Commission could create a framework for a digital euro by the end of 2023. The DEA is a think tank, while the European Commission is an executive branch of the EU government. and the DEA’s efforts are unlikely to lead directly to the creation of a digital euro, unlike the Commission’s efforts. Still, the partnership could influence the design of an eventual CBDC if the DEA think tank engages with policymakers. Ripple has previously been involved in CBDCs CBDCs are digital assets issued on a centrally managed ledger and linked to the price of a country’s major currencies. While Ripple’s native XRP token is not a CBDC, the blockchain is designed for institutions and enterprises, making it an attractive option for governments looking to issue a CBDC. Bhutan and Palau have both chosen to partner with Ripple on their CBDC efforts. Ripple also became involved in October 2021 with the Digital Pound Foundation, an NGO researching a CBDC for the UK. In other news, Ripple’s lawsuit with the US SEC continued this week. The SEC initially claimed that Ripple’s December 2020 token sales were unrecorded securities sales. Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and other cryptocurrencies. Share this article The information on or accessible through this website was obtained from independent sources believed to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness or accuracy of any information contained on or accessed through this website. 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