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.

AccessTimeIconMar 4, 2021 at 12:30 p.m. UTC
Updated Sep 14, 2021 at 12:21 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.