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šŸ’„Ripple: 90% of central banks are pursuing CBDC projects, this is why it should be based on XRPLšŸ’„
January 14, 2023
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  • Ripple says 90% of Central Banks are now actively developing their own CBDCs.
  • With the CBDC narrative growing by the day, the firm believes XRPLedger can provide unique advantages to Central Banks.

It is becoming no news that the majority of Central Banks around the world are working with firms like Ripple to introduce their own Central Bank Digital Currency (CBDC).Ā 

While the International Monetary Fund (IMF) onceĀ affirmedĀ that over 110 Central Banks are at one stage or the other in their CBDC development, blockchain payments firm, Ripple Labs Inc has revealed in its recent report tagged CBDCs: The Future of Fiat, that about 90% on Central Banks are actively involved in floating the digital version of the currency.

CBDCs are not a new innovation, however, they have been generating a significant buzz since around 2020 when China went ahead with the broad-based retail testing of its Digital Yuan.Ā  Ripple has highlighted a few reasons why many of these Central Banks are embracing CBDC and one of these includes increasing payment system efficiencies.

In many of the developed countries of the world, cash payments are gradually becoming obsolete as digital forms of payment are taking the center stage. With the advent of blockchain technology, the flaws in digital payment including the high cost and slow transaction speed were exposed.

Rather than the days it typically takes to complete a transfer from one country to another, blockchain-based payments can take a few seconds and at most minutes. This obvious advantage has seen many users embracing the tech, posing a threat to legal tender in many countries. With a CBDC, the overall country’s payment landscape can tag along with recent advances in the world.

According to Ripple, the CBDCs will also enhance national competitiveness and the introduction of new use cases will help revamp the role of the financial institutions operating in the country as a whole.

How Ripple Fits into the CBDC Narrative

Ripple has grown to become a dominant leader in the blockchain payments ecosystem and over the years, it has developed a vibrant and easy-to-adopt solution based on the XRPLedger through which Central Banks can deploy their own CBDCs.Ā 

AccordingĀ to the company, its CBDC platform enables stability, security, and resilience. It boasts that Central Banks can build trust using the XRP Ledger’s proven technology, enabling consistent standards, privacy, and security. The XRPLedger will also enable CBDCs to build on it to create wholesale retail products that can come in handy for banks, fintechs, and members of the public.Ā 

Link

CBDCS, THE FUTURE OF FIAT .PDF

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This is not merely a fleeting trend; it's a crowning moment in global adoption. The U.S. government has just validated what many in the Web3 space have been building towards for years: that Web3 is not a sideshow, but a foundational layer for the future. The current cycle will be remembered as the moment the world definitively crossed this threshold, marking the last great opportunity to truly say, "we were early."

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US Dept of Commerce to publish GDP data on blockchain

On Tuesday during a televised White House cabinet meeting, Commerce Secretary Howard Lutnick announced the intention to publish GDP statistics on blockchains. Today Chainlink and Pyth said they were selected as the decentralized oracles to distribute the data.

Lutnick said, ā€œThe Department of Commerce is going to start issuing its statistics on the blockchain because you are the crypto President. And we are going to put out GDP on the blockchain, so people can use the blockchain for data distribution. And then we’re going to make that available to the entire government. So, all of you can do it. We’re just ironing out all the details.ā€

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While it would be possible to procure the data from third parties, it is always ideal to get it from the source to ensure its accuracy. Getting data directly from government sources makes it tamperproof, provided the original data feed has not been manipulated before it reaches the oracle.

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šŸ’³ PayPal:Ā 
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List Of Cardano Wallets

Well-known and actively maintained wallets supporting the Cardano Blockchain areĀ Eternl,Ā Typhon,Ā Vespr,Ā Yoroi,Ā Lace,Ā ADAlite,Ā NuFi,Ā Daedalus,Ā Gero,Ā LodeWallet,Ā Coin Wallet,Ā ADAWallet,Ā Atomic,Ā Gem Wallet,Ā TrustĀ andĀ Exodus.

Note that in case of issues, usually only queries relating to official wallets can be answered in Cardano groups across telegram/forum. You may need to consult with specific wallet support teams for third party wallets.

Tips

  • Its is important to ensure that you're in sole control of your wallet keys, and that the keys used can be restored via alternate wallet providers if a particular one is non-functional. Hence, put extra attention toĀ Non-CustodialĀ andĀ CompatibilityĀ fields.
  • The score column below is strictly a count of checks against each feature listed, the impact of specific feature (and thus, score) is up to reader's descretion.
  • The table represents current state on mainnet network, any future roadmap activities are out-of-scope.
  • Info on individual fields can be found towards the end of the page.
  • Any field that shows partial support (eg: open-source field) does not score the point for that field.

Brief info on fields above

  • Non-Custodial: are wallets where payment as well as stake keys are not shared/reused by wallet provider, and funds can be transparently verified on explorer
  • Compatibility: If the wallet mnemonics/keys can easily (for non-technical user) be used outside of specific wallet provider in major other wallets
  • Stake Control: Freedom to elect stake pool for user to delegate to (in user-friendly way)
  • Transparent Support: Easy approachability of a public interactive - eg: discord/telegram - group (with non-anonymous users) who can help out with support. Twitter/Email supports do not count for a check
  • Voting: Ability to participate in Catalyst voting process
  • Hardware Wallet: Integration with atleast Ledger Nano device
  • Native Assets: Ability to view native assets that belong to wallet
  • dApp Integration: Ability to interact with dApps
  • Stability: represents whether there have been large number of users reporting missing tokens/balance due to wallet backend being out of sync
  • Testnets Support: Ability to easily (for end-user) open wallets in atleast one of the cardano testnet networks
  • Custom Backend Support: Ability to elect a custom backend URL for selecting alternate way to submit transactions transactions created on client machines
  • Single/Multi Address Mode: Ability to use/import Single as well as Multiple Address modes for a wallet
  • Mobile App: Availability on atleast one of the popular mobile platforms
  • Desktop (app,extension,web): Ways to open wallet app on desktop PCs
  • Open Source: Whether the complete wallet (all components) are open source and can be run independently.

Source

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XLM: GDMJF2OCHN3NNNX4T4F6POPBTXK23GTNSNQWUMIVKESTHMQM7XDYAIZT
XDC: xdcc2C02203C4f91375889d7AfADB09E207Edf809A6

Ā 

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