Ripple Inc, renowned for XRP, has partnered with Digital Euro Association to work on accelerating development and research for the creation of CBDCs.
Jonas Gross, the chairman of the Digital Euro Association, said they are excited to team up with Ripple to extend the technological expertise of the DEA community. He pointed out that as more Central Bank Digital Currency projects come up across the world, the technological design will play a key role for policymakers.
Ripple is not new in the CBDC space. It has taken up projects in Bhutan, the United Kingdom, and the Republic of Palau. Ripple had joined the Digital Pound Foundation in October 2021 to help develop UK’s CBDC. XRP’s parent company will be a supporting partner to the Digital Euro Association.
The Digital Euro Association, in a press statement, highlighted that the partnership with Ripple will cover joint educational efforts around digital currencies and knowledge exchange. The enterprise blockchain and crypto firm have been investing significant efforts in the increasing number of CBDCs across the world. It has 40 developers and researchers working on CBDCs across partnerships.
However, this new partnership is not directly linked to the European government’s personal efforts at creating a digital Euro. It should be noted that this is a purely research-based and theoretical initiative. Policy and regulation will likely be influenced if a digital Euro does come to actuation.