The review includes material from a webinar hosted by Ripple Vice President of Central Bank Engagement James Wallis. Some of the participants in the webinar suggest further interesting partnerships for Ripple. These include Fabio Araujo, an economist at the Central Bank of Brazil, and John Keeffe, a former senior financial sector expert at the International Monetary Fund.
Ripple is actively networking in Brazil, including at the highest levels, so in 2020 there was a virtual meeting between the Central Bank of Brazil and Ripple representatives.
As noted, the testing of the digital Ripple at the Olympics was an important milestone, and overall CBDCs have the potential to digitize entire economies and are a powerful next step toward the Internet of Values.
Fabio Araujo, said that Brazil intends to use CBDCs as the cornerstone for a new smart payment system. He is confident in Brazil’s desire to actively lead the creation of a fair public system, secured by a digital currency accessible to all.
Stanford Graduate School of Business finance professor Darrell Duffy acknowledged that the U.S. is intentionally developing more slowly and more methodically than some other countries.
Overcoming Obstacles to Compatibility
CBDC will help bring countries and regions together but to do so, they must first be interoperable. will require countries and regions to agree on technological, operational, governmental and legal standards. anti-money laundering is one of the most difficult The Agreement on International Interoperability Standards is critical to balancing expectations for privacy and fraud prevention.
A promising future with CBDC
All participants agreed that Stablecoin, CBDC, or both, will become widespread in the future, and it will come sooner than we expect.
With partnerships in Bhutan and Palau, and active negotiations around the world, the Ripple CBDC initiative aims to support central banks around the world.