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- There is growing speculation that the French central bank will use XRP and Ripple technology in the development of the digital euro.
- Ripple technology is already been tested and explored by more than 20 countries that are looking to launch their respective CBDCs in the coming months and years.
The XRP community is celebrating what could be a massive win for the XRP token and the greater Ripple ecosystem. There is speculation that France might use XRP for its digital euro. The rumors swirling on X (formerly Twitter) are backed by positive references from Banque de France, the National Bank of France.
One X user, the CEO of Alpha Lions Academy using the handle EDO FARINA, is convinced of this being true. In a post, the CEO noted that the bank is ready to utilize a decentralized ledger technology policy and legal implementations and the bank has already praised Ripple technology and XRP. The commentator shared an image showing the bank highlighting XRP and stating that it could act as a bridge currency.
FRANCE 🇫🇷 has chosen $XRP
Among the most powerful countries in the world, France 🇫🇷 (6th GDP) is the first to admit it wants to commit to $XRP for its digital euro.
In 2021, Banque de France successfully used CBDC in a test environment, in connection with TARGET2-Securities… pic.twitter.com/ZXj1BFNg3k
— EDO FARINA 🅧 XRP (@edward_farina) October 17, 2023
It is important to note that the bank has not made any direct indication that it will use XRP and this remains a speculation. However, the European Union (EU) which has been working on its version of its CBDC referred to as the digital euro, has taken a step forward towards its launch. The Governing Council of the European Central Bank (ECB) moved the project to a “preparation phase,” with an official launch now expected in the next couple of years.
Ripple (XRP) Implementation Across the World
The Central Bank of France would make one of more than 20 central banks from all over the world that are exploring the XRP Ledger and other Ripple technologies for the launch of their respective digital currencies. Some of those collaborating with Ripple and in the last stages of the launch include Colombia, Bhutan, Palau, Hong Kong, and Montenegro.
As CNF reported, financial technology firm Ripple Labs has announced the launch of its Central Bank Digital Currency (CBDC) platform where financial institutions, governments, and central banks can mint their stablecoins and CBDCs. Notably, Ripple has been making several efforts toward driving accessibility for CBDCs as a platform for innovation and also to increase the adoption of national digital currencies.
The adoption of XRP as the base currency for governments will play a major role in the adoption and price increase of the digital asset. Some experts believe that XRP has the potential to reach as high as $100 over the coming years. At the time of press, XRP is trading at $0.51 after an 8 percent increase in the last 24 hours.
