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Former Ripple Chief Engineer Slams CBDC on XRP Notion, Here's Why

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Fri, 10/02/2023 - 9:51
Former Ripple Chief Engineer Slams CBDC on XRP Notion, Here's Why
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Nick Bougalis, the former director of engineering at Ripple, commented on the much debated topic of how a CBDC could run on XRP. Bougalis said the idea is absurd to say the least, given that XRP is a digital asset, not a technology. In addition, the cryptographer said that all absurd predictions and outlandish claims about the future of XRP, actively circulating in the community, are silly "hopium nonsense."

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XRP is not XRPL

It seems that one of the leading developers of the current ecosystem around XRP was angry specifically at the misinterpretations. Thus, the correct wording of the notion would be CBDC running on XRPL, which is a distributed ledger technology.

The thesis was then picked up by another former Ripple official, Matt Hamilton, once director of developer relations at the company. He, in turn, said that many people now refuse to understand the difference between XRP and XRPL, which further creates many misconceptions.

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Continuing his rant, Bougalis nevertheless confirmed that he had participated in meetings defining Ripple's strategy for so-called state cryptocurrencies.

Ripple and CBDC

Crypto companies' interest in the direction of CBDCs has become increasingly concrete of late. Over the past year, Ripple has managed to fit in with the digital dollar, pound and euro initiatives. According to its latest quarterly report, the company expects to see further work on CBDCs from global central banks, while it is itself is actively recruiting blockchain specialists to work on projects in this area.

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