The company will also demonstrate a product that allows real estate assets to be converted into digital tokens as part of Hong Kong Monetary Authority’s e-HKD pilot program.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/2R7VMGX33ZDV7OTMEJ5XUOBJX4.jpg)
Users can manage and customize the entire life cycle of the CBDC, including minting, distribution, redemption and destruction. (Ripple Labs)
Ripple is launching a platform that enables central banks, governments, and financial institutions to create their own digital currency, known as a central bank digital currency (CBDC).
With Ripple’s platform, government institutions have the ability to oversee and personalize every step of the CBDC’s journey, such as creating, distributing, redeeming, and removing tokens from circulation. Additionally, financial institutions can utilize the CBDC for settlement and distribution among different institutions.
Central banks have the option to create two types of CBDCs: wholesale and retail. These CBDCs enable transactions both online and offline, expanding their usability.
The platform is an upgraded version of Ripple’s Private Ledger, which was launched in 2021 for issuing CBDCs. It is built on a new private ledger, utilizing the XRP Ledger’s technology.
Ripple will demonstrate the functionality of its platform through the e-HKD pilot program, conducted by the Hong Kong Monetary Authority, which acts as the central bank. Additionally, Ripple is collaborating with Taiwan’s Fubon Bank to develop a product that tokenizes real estate assets and facilitates equity distribution within the e-HKD pilot framework.
This information is for general knowledge only and should not be considered as advice for investing or making financial decisions.
