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Ripple Pilots Private Ledger for Central Bank Digital Currencies

The CBDC platform will be powered by the same blockchain technology as Ripple's public XRP Ledger.

Mar 4, 2021 at 12:30 p.m. UTC
Updated Sep 14, 2021 at 12:21 p.m. UTC

Ripple is piloting a private ledger to provide a platform for the issuance of central bank digital currencies (CBDCs).

  • The CBDC Private Ledger will be powered by the same blockchain technology as Ripple's public XRP Ledger (XRPL).
  • This means the ledger will be built both for payments and issuing digital currencies, according to a blog post Wednesday.
  • The CBDC ledger will aim to move money at low cost and with the speed and volume demanded by central banks, while also meeting their standards of security.
  • Ripple will also need to ensure CBDC products built with XRPL will be interoperable with existing financial infrastructure.
  • "The core technology behind this new CBDC Private Ledger has been running for more than 8 years without incident and with billions of dollars of value transacted everyday," according to Ripple's post.
  • Around 80% of central banks are looking at launching a CBDC, per the post, with the Bahamas' Sand Dollar being the first to launch and China's digital yuan thought to be nearing fruition.

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