Ripple issues white paper on CBDCs, reiterates belief in their potential
The white paper states that CBDCs help expand financial inclusion, streamlining cross-border payments and reinforcing monetary policy control.
Ripple has doubled down on its public support for central bank digital currencies by issuing a white paper on CBDCs. The 23-page document was released by the blockchain company on Dec. 14.
In the document, Ripple explains the basics of CBDCs, their attractiveness and risks, and barriers to widespread adoption. The white paper states that CBDCs help expand financial inclusion, streamlining cross-border payments and reinforcing monetary policy control. As the text goes:
Among the barriers to adoption, Ripple highlights the absence of a uniform, global regulatory framework for CBDCs. Other factors include a lack of end-user adoption, “little-to-no” consumer education, fears about privacy and security protections, digital identity verification, lack of interoperability among CBDCs and offline access to transactions. However, the authors of the white paper believe these issues “aren’t unsolvable.”
