Brooks Entwistle, Managing Director of APAC and MENA and Senior Vice President of Customer Success at Ripple, disclosed in a recent interview that Ripple is discussing with over 20 central banks regarding creating a Central Bank Digital Currency (CBDC). This revelation highlights Ripple’s dedication to CBDC development and its role in shaping the future of digital currencies.
Interaction with regulators is “invaluable”, according to the executive. Ripple engages with regulators worldwide to design custom CBDC solutions for smaller countries. While larger countries like China and the U.S. develop their CBDCs through the public sector, countries like Singapore, Tokyo, Switzerland, and the U.K. are turning to Ripple for tailored solutions.
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Entwistle highlighted that every country and the central bank has unique needs, that “there are 200-plus countries out there” and a “lot of central banks” worldwide. According to him, Ripple is “in dialogue with not ten, not twenty, but a bunch more central banks around the world.” The company has already announced projects with Bhutan and Palau. He believes this highlights the growing interest in tailored CBDC solutions for different regions.
Ripple’s dedication to CBDC development and tailored solutions is one aspect of its efforts to transform the cross-border payments space. With its global network RippleNet, the company aims to solve one of the last great financial puzzles in the world. As Ripple expands its policy team and continues to engage with regulators and central banks worldwide, the future of digital currencies and cross-border payments is sure to be shaped by the innovative solutions offered by Ripple.
