Main navigation

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

Fri, 02/10/2023 - 09:51
article image
Gamza Khanzadaev
Idea of CBDCs running on XRP is absurd, Nick Bougalis says
Former Ripple Chief Engineer Slams CBDC on XRP Notion, Here's Why
Cover image via
Read U.TODAY on
Google News

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."

Possible Ethereum Staking Ban Part of All-Out War by SEC, XRP Holders' Lawyer Says

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.

Here's How XRP Is Really Used, Ex-Ripple Executive Explains

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.

article image
About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.