Will Ripple launch America's next CBDC?

[Abiky]

Ripple (the company behind XRP) announced the launch of its very own stablecoin a few months ago. Now that the road is clear with the SEC, I was wondering how long will it take for the company to do such a thing. With many banks finding the XRP Ledger "useful" for financial settlements, it's likely the FED will make a partnership with Ripple to declare the new stablecoin as the US' official CBDC.

Do you think this is possible? After all, XRP is utterly-centralized. The company can cede control of the ledger to the FED (and the US government itself) if it wants to. If my theories are true, the USD will become bigger and stronger than ever.

What are your thoughts?

[DeathAngel]

I think if Brad Garlinghouse & Chris Larsen get the chance to launch a USD CBDC on XRP they will fall over themselves, desperately to make it happen. I’m not sure if they will get the chance though. Many politicians have discussed & championed a CBDC but it is yet to get the go ahead yet so we will have to see what happens.

[Marvell1]

What are your thoughts?

So far, the idea of ​​a CBDC has only been spread on the internet by our hypotheticals because if I remember correctly the Fed has stated that they have no intention of issuing a CBDC. Not to mention they need Congress permission if they want to issue a CBDC, they cannot decide that on their own. Also, I don't think this will help the USD become stronger because after all it is just a digital version of the USD.

Up to now, there are not too many countries interested in issuing CBDC, only a few like China or Nigeria, but as we all know, the Nigerian government's CBDC has also had to receive forgettable failure. I think we are exaggerating about CBDC and its potential risks to cryptocurrencies. I don't think CBDC will be deployed by governments anytime soon if the Fed remains disinterested and has no intention of issuing it. It will all depend on the Fed because they are still the ones holding the world's money printing machine.



https://www.federalreserve.gov/cbdc-faqs.htm

[JeromeTash]

Do you really see the American Government hand over the power of its currency or finances to a third party company that they even once tried to fight using SEC? I personally don't think they can do that. If the American Government was a person, their top most characters would be being a narcissist, a control freak and very selfish.

[nelson4lov]

Unlikely. We know that Ripple had a law suit for years with the government  and they only managed to get away with it albeit some fines. They won't have endured all of them only to come start another trouble with a CBDC. Ripple's ledger is one of the top chains for enterprises and the fact that it should. But that's just by the way. I'm not glk perturbed about another CBDC because CBDCs don't go  long way especially when crypto have more features and too pernissioned.

[Abiky]

I think if Brad Garlinghouse & Chris Larsen get the chance to launch a USD CBDC on XRP they will fall over themselves, desperately to make it happen. I’m not sure if they will get the chance though. Many politicians have discussed & championed a CBDC but it is yet to get the go ahead yet so we will have to see what happens.

If Trump wins, we can forget about a US-based CBDC for good. I think it's for the best. Especially when CBDCs will completely eliminate one's freedom. There will be no privacy when using a government-backed digital currency. Not to mention, central banks will have more power than usual to directly grant/restrict access to your own money. Freezing your account, would be as easy as pie. They can also set monetary policies with ease.

If politicians approve the launch of a CBDC in the US, it's likely the FED will use a centralized "blockchain" like XRP. Or it could launch its own private chain for greater control. Why "re-invent the wheel", though? The easiest path would be to choose an existing Blockchain network. If Ripple gets the "green light", XRP will go all the way to the moon. It will probably go as far as replacing SWIFT. We'll see.