Payment protocol, Ripple, is offering its XRP Ledger and payment platforms to central banks for the development of the central bank digital currencies (CBDCs). The global head of client solutions at Ripple, Ross Edwards, said that the toolset the company is offering to central banks would help the institutions implement the various CBDCs. Apart from the XRP Ledger, the payment protocol offers its Interledger Protocol and PayID, which is now called Paystring.
In addition, the Ripple executive said that the products the company is offering would facilitate the development of CBDCs in the private and public sectors.
Edwards revealed the details on Ripple’s offering during a presentation on the 14th of December. He noted:
“We’re able to further leverage this technology as infrastructure suited to the exploration, ideation and eventual delivery of a fully functional CBDC.”
Edwards added that the financial institutions could use the Ripple toolset to adjust economic and functionality options to suit their requirements.
Speaking further, Ripple’s global head of client solutions mentioned that the company plans to offer multiple operational attributes to central banks through an open-source platform. The executive specified that the operational attributes include consensus algorithms, centralized vs. decentralized record-keeping, and accessibility choices.
Before now, Ripple CEO Brad Garlinghouse had said that central banks could use the XRP ledger for the issuance of stablecoins.