Ripple's CBDC Collaborations Address Financial Exclusion Challenges in Over 20 Central Banks Worldwide
Central Bank Digital Currencies (CBDCs) offer a solution to financial exclusion. They are cost-effective, allowing for financial service provision at a...
- Mustafa has been writing about Blockchain and crypto for many years and has trading experience.
- Central Bank Digital Currencies (CBDCs) offer a solution to financial exclusion by providing cost-effective financial services.
- Ripple's Vice President for CBDC Engagements, James Wallis, highlights the potential of CBDCs to enhance financial inclusion globally.
- Financial exclusion is caused by low incomes and a lack of pre-existing relationships with financial institutions.
- CBDCs are cost-effective, provide simplified payment options, and opportunities to build credit, fostering the growth of businesses.
- Ripple is collaborating with over 20 central banks worldwide for CBDC initiatives, including the Republic of Georgia, Bhutan, Palau, Montenegro, Colombia, and Hong Kong.
The article has a positive sentiment overall, as it highlights the potential of CBDCs to enhance financial inclusion and discusses Ripple's collaboration with central banks for CBDC initiatives.