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Ripple to Help Hong Kong Build CBDC: Official

Thu, 05/18/2023 - 12:48
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Gamza Khanzadaev
Ripple teams up with Hong Kong and financial giants to develop digital currency
Ripple to Help Hong Kong Build CBDC: Official
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Ripple, a leading player in the crypto payments industry, has secured a prominent role in Hong Kong's e-HKD Pilot Programme. The initiative, announced by the Hong Kong Monetary Authority, aims to explore the potential use cases of the digital Hong Kong dollar (HKD) with a select group of firms from the financial, payment and technology sectors.

XRP Stronger Than Ever as Ripple Scores Big Win

As the sole representative from the crypto sector, Ripple's participation in the pilot program underscores its commitment to the CBDC space. The company's expertise will be focused on the settlement of tokenized assets, leveraging its extensive knowledge and experience in this domain. With Ripple's competence and the collaboration of industry leaders, Hong Kong aims to drive innovation, enhance financial inclusivity and position itself at the forefront of the digital currency revolution.

Pound, euro, dollar

Ripple's involvement in the digital HKD development program is in line with its broader efforts to shape the future of the digital economy. Notably, Ripple previously collaborated on pilot projects for various CBDC initiatives, including the digital pound, euro and dollar.

XRP and Ripple v. SEC: End Is Near?

Building on its momentum, Ripple has revealed plans to launch a dedicated CBDC platform based on the private XRP Ledger. This innovative platform aims to empower central banks, governments and financial institutions to issue and manage their own digital currencies effectively.

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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.