Would XRP be a rival to a central-bank digital currency?

Quick take

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• The Chief Executive Officer of the San Francisco blockchain initiative ripple, Brad Garlinghouse has been very vocal about the company's native token. 

• He is of the opinion that digital assets such as his would not come into direct competition with central-bank digital currencies.

The Chief Executive Officer of the San Francisco blockchain initiative ripple, Brad Garlinghouse has been very vocal about the company's native token. He is of the opinion that digital assets such as his would not come into direct competition with central-bank digital currencies. Instead, he believes that the token would be able to bridge amongst different kinds of CBDCs.

Recently, in the latest Ripple insights newsletter, the CEO highlighted that a CBDC is one thing but interoperability amongst different central-bank currencies is another. He even says that if the projects aren’t looking about how these various projects will collaborate together, it is basically just “rebuilding the same siloed system.“

There are many countries all over the world that are looking into central-bank digital currencies to launch in the nations. There are many companies that are actively and openly looking into these new assets including China and the Bahamas!

China reported that it could launch its sovereign and digital currency later in 2020. 

The Bank of England chief cashier, Sarah John said this year that there is a need for banks all over the globe to start talking about this new asset class even adding that it is “a crucial need“.

Even the governor of the Bank of England, Andrew Bailey has said that a CBDC could be beneficial. 

It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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