Ripple XRP could become a platform for a digital version of the European single currency, CPA Australia, the country’s professional accountants association, said in its new report, Central Bank Digital Currencies (CBDC): A Comparative Review, ripplenews writes. This amplifies the rumor, which first surfaced in February 2020 when Ripple was mentioned in the Bank of France CBDC report.
CPA Australia’s report explores the link between CBDC and Bitcoin, Ethereum, Ripple XRP, and stablecoins. The world is entering a period of rapid technological change in light of the COVID-19 pandemic. The crisis has spurred the introduction of digital and contactless payment systems, as well as the development of CBDC, according to CPA Australia.
In her opinion, Bitcoin is too volatile as a means of payment. Ethereum is more suitable, and the Reserve Bank of Australia previously considered launching a CBDC on a second cryptocurrency network.
Ripple is described in the report as an alternative platform to Ethereum: “XRP is the main currency used on the Ripple platform, with the ability to facilitate payments. Ripple has its own patented technology, the Ripple Protocol Consensus Algorithm (RPCA) for verifying transactions. “
Ripple XRP is trusted by many banks as a model for CBDC, the report says.
As a reminder, last week Ripple published a blog post in which it was noted that the company may provide a technical solution for digital currencies of central banks – a private open source version of XRP Ledger.
From other news. The SEC’s stance on XRP as a security is damaging the cryptocurrency industry in the country, Ripple CEO Brad Garlinghouse told HBO. Referring to the examples of the UK, Japan, Switzerland and Singapore, he noted that “the United States is the only country in the world whose authorities claim that XRP is a security.”
Investors can get a stake in the company by buying securities, however those who buy XRP do not have a stake in Ripple, Garlinghouse said. Highlighting XRP’s independence from Ripple, he noted that: “XRP trading on exchanges will not stop even if Ripple disappears.”
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