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In the midst of the US’s pressure on crypto firms, an astounding development has emerged from Hong Kong. The Hong Kong Monetary Authority, which launched the e-HKD Pilot Program for the Digital Hong Kong Dollar (e-HKD), included Ripple Labs, the issuer of the popular altcoin XRP and a US-based company, amongst the companies in the program.
Ripple Labs Detail in e-HKD Pilot Program
Hong Kong Monetary Authority announced today the commencement of the e-HKD Pilot Program, including comprehensive payments, programmable payments, offline payments, tokenized deposits, Web3 transaction settlements, and tokenized asset settlements.
The program selected 18 companies and banks, including Alipay, Visa, and Mastercard. The inclusion of Ripple Labs among these companies has caught the attention of the crypto world.
Ripple CBDC Platform Announced
Following the announcement of Ripple Labs’ participation in the e-HKD Pilot Program, Ripple announced the Ripple CBDC Platform, an end-to-end solution for central banks, governments, and financial institutions to issue their own central bank digital currency.
Powered by the same Blockchain technology used on the XRP Ledger (XRPL), the platform will now allow users to holistically manage and customize the entire life cycle of their fiat-based central bank digital currency, including transactions and issuance.
While allowing central banks and governments to bring the next level of digitization to their financial services, the Ripple CBDC Platform will pave the way for access for millions of unbanked people worldwide. Developed to address multiple use cases, including issuing wholesale and individual CBDCs or a stablecoin on a private ledger, the Ripple CBDC Platform will offer its customers the following:
Ledger Technology: Supported by the XRP Ledger, Ripple’s CBDC Platform is built on a new private ledger supported by XRPL’s underlying energy-efficient technology. Issuer: Issuers, such as central banks, monetary authorities, or commercial banks, will be able to securely manage the entire lifecycle of fiat-based digital currencies from issuance and distribution to redemption and destruction, leveraging XRP Ledger’s built-in multi-signature features. Operator: The operator will facilitate significant digital currency holding financial institutions in managing and participating in inter-institutional reconciliation and distribution functions. End-User Wallets: Digital currency users, like corporate and individual end-users, will be able to securely hold their digital currencies and make and receive payments for goods and services, including offline transactions and use cases outside of smartphones, as provided by other payment and banking applications today.
