Ripple Middle East to Collaborate with Regulators for Central Bank Digital Currency

03/01/2023 08:58 • Metaverse & Beyond • 163 views

On March 1, Brooks Entwistle, Managing Director of Ripple Middle East, spoke about the company’s efforts and objectives in the field of central bank digital currency (CBDC) in an interview, and disclosed some details. The executive explained that interaction with regulators around the world was “priceless”. Unlike the United States, regulators in “Singapore, Tokyo, Switzerland and the United Kingdom” welcome dialogue and participate in round-table discussions.

Ripple executive: The company is talking with more than 20 central banks about CBDC

Interpretation of the news:

Brooks Entwistle, Managing Director of Ripple Middle East, revealed their efforts and objectives for Central Bank Digital Currency (CBDC) in a recent interview. Ripple has been working on developing solutions for cross-border payments and remittances, and their objective is to support the launch of CBDCs by central banks worldwide. In the interview, Entwistle emphasized the importance of collaboration with regulators around the world for the success of CBDC initiatives.

Unlike the United States, many regulators in other countries including Singapore, Tokyo, Switzerland, and the United Kingdom are keen to participate in dialogue with Ripple and other technology companies. The round-table discussions are instrumental in shaping the regulatory policies and guidelines for implementing CBDCs. Regulators play a critical role in shaping the digital economy and ensuring that it is secure and fair for all stakeholders.

Entwistle highlighted the benefits of collaborations between regulators and companies in developing CBDC solutions. The dialogue facilitates a better understanding of each other’s needs, priorities, and limitations. This mutual understanding leads to the development of more practical solutions that meet the requirements of central banks, financial institutions, and end-users. Furthermore, regulators can ensure that the regulatory frameworks are up-to-date and able to keep pace with technological advancements. This is essential to prevent any system vulnerabilities, fraud, or money laundering.

In conclusion, Ripple Middle East’s efforts to collaborate with regulators worldwide are commendable. The dialogue and participation in round-table discussions are crucial in shaping the regulatory policies and guidelines for CBDC implementation. The interaction between regulators and technology companies will ensure that the CBDC systems are secure, efficient, and accessible to all. The efforts of Ripple and other companies create an environment where innovation can thrive, driving greater financial inclusion and economic growth.

Overall, it is expected that the collaboration would help Ripple Middle East to expand its CBDC solutions to a wider range of countries across the globe.

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Ripple Middle East to Collaborate with Regulators for Central Bank Digital Currency

Ripple executive: The company is talking with more than 20 central banks about CBDC

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