Ripple Starts Platform for Central Banks to Issue Their CBDCs

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The firm will also showcase a real estate tokenization product as part of Hong Kong Monetary Authority's e-HKD pilot.

By Lavender Au

May 18, 2023 at 10:00 a.m. UTC

Updated May 18, 2023 at 10:47 a.m. UTC

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Users can manage and customize the entire life cycle of the CBDC, including minting, distribution, redemption and destruction. (Ripple Labs)

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Lavender Au

Lavender Au is a CoinDesk reporter with a focus on regulation in Asia. She holds BTC, ETH, NEAR, KSM and SAITO.

Follow @ lavender_au on Twitter

Ripple is starting a central bank digital currency (CBDC) platform which allows central banks, governments, and financial institutions to issue their own digital currency.

Using Ripple's platform government institutions can manage and customize the entire life cycle of the CBDC, which includes minting, distribution, redemption and token burning. Financial institutions would also be able to manage and participate in inter-institutional settlement and distribution functions using the CBDC.

Central banks can issue both wholesale and retail CBDCs, which can make offline transactions as well.

The platform is an enhanced version of Ripple's Private Ledger, which was started in 2021 for issuing CBDCs. The platform is powered by the XRP Ledger, but was built on a new private ledger.

Ripple will show the use case for its platform under the e-HKD pilot, a program run by the Hong Kong Monetary Authority, the de facto central bank. It is also working with Taiwan's Fubon Bank, to build a product for real estate asset tokenization and equity distribution, under the e-HKD pilot.

Read more: Hong Kong's Central Bank Digital Currency Could Be on Permissioned Blockchain: Source

Edited by Parikshit Mishra.

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Lavender Au

Lavender Au is a CoinDesk reporter with a focus on regulation in Asia. She holds BTC, ETH, NEAR, KSM and SAITO.

Follow @ lavender_au on Twitter

Learn more about Consensus 2024 , CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

Lavender Au

Lavender Au is a CoinDesk reporter with a focus on regulation in Asia. She holds BTC, ETH, NEAR, KSM and SAITO.

Follow @ lavender_au on Twitter

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Policy. The firm will also showcase a real estate tokenization product as part of Hong Kong Monetary Authority's e-HKD pilot. By Lavender Au. May 18, 2023 at 10:00 a.m. UTC. Updated May 18, 2023 at 10:47 a.m. UTC. share on Facebook. share on LinkedIn. share on Twitter. Users can manage and customize the entire life cycle of the CBDC, including minting, distribution, redemption and destruction. (Ripple Labs) share on Facebook. share on LinkedIn. share on Twitter. Lavender Au. Lavender Au is a CoinDesk reporter with a focus on regulation in Asia. She holds BTC, ETH, NEAR, KSM and SAITO. Follow @ lavender_au on Twitter. Ripple is starting a central bank digital currency (CBDC) platform which allows central banks, governments, and financial institutions to issue their own digital currency. Using Ripple's platform government institutions can manage and customize the entire life cycle of the CBDC, which includes minting, distribution, redemption and token burning. Financial institutions would also be able to manage and participate in inter-institutional settlement and distribution functions using the CBDC. Central banks can issue both wholesale and retail CBDCs, which can make offline transactions as well. The platform is an enhanced version of Ripple's Private Ledger, which was started in 2021 for issuing CBDCs. The platform is powered by the XRP Ledger, but was built on a new private ledger. Ripple will show the use case for its platform under the e-HKD pilot, a program run by the Hong Kong Monetary Authority, the de facto central bank. It is also working with Taiwan's Fubon Bank, to build a product for real estate asset tokenization and equity distribution, under the e-HKD pilot. Read more: Hong Kong's Central Bank Digital Currency Could Be on Permissioned Blockchain: Source. Edited by Parikshit Mishra. DISCLOSURE. Please note that our privacy policy , terms of use , cookies , and do not sell my personal information has been updated . The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies . CoinDesk is an independent operating subsidiary of Digital Currency Group , which invests in cryptocurrencies and blockchain startups . As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights , which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG . Lavender Au. Lavender Au is a CoinDesk reporter with a focus on regulation in Asia. She holds BTC, ETH, NEAR, KSM and SAITO. Follow @ lavender_au on Twitter. Learn more about Consensus 2024 , CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now. Lavender Au. Lavender Au is a CoinDesk reporter with a focus on regulation in Asia. She holds BTC, ETH, NEAR, KSM and SAITO. Follow @ lavender_au on Twitter. Read more about. Ripple. CBDC. Hong Kong. Hong Kong Monetary Authority.