Ripple works with governments around the world. It's about CBDC

Ripple CEO Brad Garlinghouse said his company works with about 10 governments around the world. This is about working on central bank digital currencies (CBDC).

Ripple CEO on cooperation with governments

A video clip of Ripple CEO Brad Garlinghouse appeared on the X platform. He said his company cooperates with nearly 10 governments around the world. It is about working on CBDC.

However, the recording is not new. It is from October 19, 2023.

In his statement, Garlinghouse said that “Ripple has invested in and cooperates with approximately 10 different governments around the world.” The latter want to “create central bank digital currencies.”

The businessman indicated that the key to issuing CBDCs is “having clear regulatory guidelines” on how digital currencies are supposed to operate. In addition, there is “making sure that (CBDC) are safe for consumers, (…) contractors.”

Garlinghouse is working on Ripple USD (RLUSD), which the company itself described as a “stablecoin backed in a 1:1 ratio in USD, offering” transparency and stability thanks to the XRP blockchain. It is known that the project will start this year.

Fewer and fewer countries want CBDC?

It is worth noting that in May last year, Ripple revealed that it was in talks with over 20 countries about their plans for CBDC issuance.

Based on this activity, Ripple has enhanced its CBDC platform to meet the needs of central banks, financial institutions, governments and commercial banks to customize their currency plans and prototypes with the new CBDC platform

– the company explained at the time.

As you can see, out of 20 companies, about 10 remain. Does this mean that countries are less interested in CBDC? Not necessarily. It's possible that fewer of them are simply continuing to work on CBDCs in collaboration with Ripple.

A report published at the end of 2023 by PIE showed that as many as 130 central banks around the world were working on digital currencies. In turn, a new report by the Bank for International Settlements (BIS) shows that as many as 94% of central banks are analyzing the subject of CBDC.