Ripple (CCC:XRP-USD) is on the move Friday following news of an agreement with the Royal Monetary Authority, which is the central bank of Bhutan.
Let’s jump into that XRP news below!
- According to a press release, Ripple is going to assist the Royal Monetary Authority with the creation of a central bank digital currency (CBDC).
- This will make use of the company’s CBDC Private Ledger.
- The Royal Monetary Authority intends to make use of its current payment structure to set up retail, cross-border and wholesale payments using a digital Ngultrum.
- The country also highlights the carbon-neutral XRP Ledger as positive to match its own carbon-negative status.
- The Royal Monetary Authority’s adoption of Ripple moves it closer to its goal of 85% financial inclusion in Bhutan by 2023.
- This comes after its launch of a Global Interchange for Financial Transactions in 2019 to allow for large electronic, and bulk, transfers.
James Wallis, vice president of Central Bank Engagements at Ripple, said the following about the XRP news today.
“We couldn’t be more thrilled to partner with the RMA on its CBDC agenda and foster our shared values in creating a more sustainable, accessible, and financially inclusive reality. In addition to providing the full lifecycle of CBDC requirements, Ripple’s solution offers central banks the superior functionality and interoperability needed to implement global cross-border CBDC payments.”
Despite the positive news for Ripple, XRP is down 6% over a 24-hour period as of Friday morning.
This doesn’t have anything to do directly with Ripple’s actions and instead involves China.
For those currently unaware, China has introduced a ban on cryptocurrency. As a result, several cryptos are taking a beating today. We’re also seeing quite a few crypto stocks that aren’t doing so hot, either. You can get up to speed on all of that news by checking out the links below!
More Crypto News for Friday
- China Crypto Ban: 13 Things for Investors to Know About the Latest Crackdown News
- Crypto News: Why BTC, ETH, LTC, DOGE, SOL and ADA Are Dropping Today
- Crypto Stocks: Why RIOT, MARA, COIN and BTBT Are Falling Today
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.