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Ripple Advisor Sheds Light on Private XRP Ledger and CBDC Projects

Mon, 03/06/2023 - 09:09
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Gamza Khanzadaev
Ripple's work on CBDC projects in these countries at advanced stage, advisor reveals
Ripple Advisor Sheds Light on Private XRP Ledger and CBDC Projects
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Ripple's senior advisor for CBDC and global partnerships, Antony Welfare, has lifted the veil of secrecy on the company's so-called "state cryptocurrency" projects. According to Welfare, projects being developed with Bhutan and Palau are in an advanced stage right now.

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Private versions of XRP Ledger are being used to work on these and similar CBDC or stablecoin projects, the Ripple advisor said. When asked if XRP could be used as a bridge currency for CBDC exchanges between states' private networks, the advisor did not answer directly. Nevertheless, he said, any private XRPL chain could be linked to the main one and, therefore, all CBDCs would be "cross-border."

Private XRP and XRPL

Welfare's responses served as a continuation of a conversation on the topic of private XRPL and XRP that was raised yesterday on Twitter. As reported by U.Today, some community members have accused Ripple management of creating and exploiting private XRPL chains and the existence of a special private XRP. According to doubters, the price of this private XRP differs from that of the token on the market.

Ripple Works on Private XRP Ledger for CBDC, Says Ex-Executive

This theory was further dispelled by the former director of developer relations at Ripple, Matt Hamilton. Although private XRPL chains exist for CBDC and stablecoin projects, states the developer, there is only one XRP, and only on the main chain. Private XRP could either exist in a completely isolated system or its price would be counterbalanced by market elements, Hamilton concluded.

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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.