Crypto News

France and Ripple’s XRP: A Digital Euro Connection in the Making?

Speculation on France’s Digital Euro and XRP

Amid speculation, some in the XRP community believe that France could be considering Ripple’s XRP for its digital euro. This conjecture stems from France’s central bank, Banque de France, having expressed favorable views about XRP.

A Positive Outlook from Banque de France

Banque de France had previously tested central bank digital currencies (CBDC) in a controlled environment two years ago. Moreover, the institution has published a paper titled “Implementation of real-time settlement for banks using decentralized ledger technology policy and legal implementations,” which highlighted the potential of Ripple and XRP.

XRP as an Intermediary Asset

The central bank specifically noted that XRP could serve as an intermediary asset to facilitate cross-currency transactions.

EU’s Digital Euro Progress

France is not the only nation looking into the possibility of incorporating Ripple’s XRP in its CBDC efforts. The European Union is making strides towards the launch of a digital euro, moving the project to a “preparation phase,” with an official launch expected in the coming years.

XRP’s Role in Other CBDCs

France’s potential interest in XRP for its CBDC is not an isolated case. Bhutan’s central bank, the Royal Monetary Authority (RMA), partnered with Ripple in 2021 to introduce a digital version of its official currency, aiming to enhance digital and cross-border payments and promote financial inclusion.

Similarly, Montenegro’s central bank joined forces with Ripple earlier this year to formulate a strategy for its CBDC. The financial institution is also considering Ripple’s assistance in launching a stablecoin.

The cryptocurrency community eagerly awaits to see if XRP will play a role in France’s future financial endeavors and how it might contribute to the digital euro.

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