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The Markets in Crypto-Assets (MiCA) Regulation takes effect this year in the E.U. and will usher in a new era for regulatory clarity, providing guidance for stablecoin issuers, custody of digital assets, licensing, compliance & more. Learn why it matters: https://on.ripple.com/3xDMICG
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@Ripple - Ripple
The future of money is digital. Learn why customers trust our groundbreaking technology for minting, managing, and transacting #CBDCs and stablecoins. https://bit.ly/3XZFjqw https://bit.ly/3XZFjqw
Video Transcript AI Summary
Ripple helps governments and central banks create high-performance financial infrastructures using blockchain technology. They specialize in building and launching central bank digital currencies (CBDCs), which are secure, centralized, and scalable national currencies. Ripple's CBDC solution is based on the reliable and sustainable XRP ledger technology, which allows for fast transactions, customization, and programmability. Each CBDC pilot is customizable to the needs of the central bank and hosted on a private version of the XRP Ledger. The central bank has full control over supply and can integrate the CBDC into existing systems. CBDCs enable real-time payments, collection of taxes, and analysis of data for monetary policy support. Ripple's CBDC solution also provides interoperability with other central bank ledgers, reducing risks in cross-border transactions. Overall, CBDCs offer improved financial development and economic potential.
Full Transcript
Speaker 0: Today's global financial system is more complex than ever before. Yet, as the world's economies grow, the infrastructure they rely on needs to evolve. Every nation has its own independent monetary policy and regulatory standards. But with varying system access and legacy technology, the world's financial infrastructure can seem overwhelming. At Ripple, we enable governments and central banks around the world to create new high performance financial infrastructures built on blockchain technology.
More specifically, we help governments build and launch central bank digital currencies or CBDCs. They are national currencies powered by modern technology that is secure, centralized and scalable. And these CBDCs will enable central banks to implement their monetary policies in more efficient in effective ways, the Ripple team brings a wealth of expertise to every new CBDC solution. Working with hundreds of financial institutions, policy makers and regulators, our solutions facilitate 1,000,000,000 of dollars in cross border payments around the globe. Ripple's CBDC solution is based upon one of the most reliable, sustainable and open source blockchain protocols, the RP ledger, XRPL.
The XRP ledger technology is perfect for CBDC blockchain locations, it's fast with transactions complete in 2 to 3 seconds. It's easily customizable and programmable. It's reliable having closed over 72,000,000 ledgers since 2012. The ledger's native functionality for issuing digital currencies also reduces the need for bespoke programming and reduces risk. Finally, The technology is sustainable as one of the 1st carbon neutral block chains.
Each pilot is completely customizable and shape to the needs of the central bank by an expert team, here's how it works. Each nation's CBDC is hosted on a private version of the XRP Ledger. Access by participants is granted by the administrator and fully secure using Ripple's CBDC solution. The central bank has full control over supply allowing them to increase supply or redeem it. And through a standard API and multiple SDKs, integration into existing systems is simplified, and suitable for traditional and non traditional participants.
Additionally, the central bank can issue other assets and allow participants like commercial banks to do so. The central bank can also authorize who holds the currency on the ledger, whether that's held directly by consumers or through banks, transactions typically settle in seconds compared to days, making c b d c's suitable for use cases like retail points of sale, this can open the door for real time salary payments and collection of tax at point of sale, which gets funds to an institution or a consumer faster while eliminating debt risks. CBDC data is fully controlled and auditable by a central bank. Allowing for its analysis in support of monetary policy. And the data maintains transaction privacy while still allowing for regulators to monitor for criminal activities.
Finally, a ripple design CBDC can provide a means to bridge disparate currencies through XRP. Its inherent interoperability can allow for connection with other central bank ledgers for efficient cross asset and cross border transactions. This can be done with cross issuance using XRP as a bridge currency or via cross ledger communication protocols, this reduces the risk that institutions are forced to set when transacting across multiple networks or currencies in the current system. The creation of a CBDC provides powerful benefits to and people of an adopting central bank. It's technology that places trusting digital money in the hands of a central bank that can guarantee access stability to funds and the resulting services, as is the case with cash today.
The result, an improved foundation for global financial development where businesses, commercial banks and ultimately, people can unlock new economic potential. Work with Ripple to build a custom pilot designed for your country or institution today.
Central Bank Digital Currency Platform | Ripple
The Ripple Central Bank Digital Currency Platform gives users a comprehensive solution for the issuance, management, minting and redemption of CBDCs and stablecoin digital currencies.
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