Ripple’s XRP Tech Drives India’s $1B CBDC Project

Ripple Working to Develop India’s CBDC

• Ripple is working with numerous countries in their development of CBDCs projects.
• India is the latest country to tap into Ripple technology for its own CBDC project.
• Working with India will drive XRP utility and guarantee its long-term success.

Background on Ripple Technology

Ripple offers a complete platform built on a private ledger for central banks to mint, manage, transact, and destroy CBDCs. Over the last couple of years, Ripple has been discussing CBDCs with nearly 20 central banks. Some of those who are already testing or using the ledger technology include Bhutan’s central bank, the Royal Monetary Authority (RMA).

India Launches Pilot Project for CBDC

India recently launched a pilot project on the usage of CBDCs for retail and wholesale use. A fast-growing economy in dire need to reform its financial system, the country’s central bank, the Reserve Bank of India (RBI), has an ambitious plan to reach a million CBDC users fast. According to the government, the CBDC dubbed ‚digital rupee‘ will bring numerous benefits such as financial inclusion and improved payment systems.

Infrastructure Needed for Deployment

Infrastructure to launch and accelerate CBDC adoption is scarce and as such most governments have looked into already established and perfected projects and for many none is better than what is offered by Ripple. For India to achieve its ambitious goal, many are speculating that its central bank will tap into Ripple technology.

Implications of Ripple Working With India

If Ripple works with the Indian government, this will drive XRP utility and guarantee its long-term success. Additionally, working with one of the largest economies will validate its technology, attracting more countries to explore and test the technology.