France, March 9, 2021 /AlexaBlockchain/ – France’s central bank, Banque de France, has discussed Ripple as a possible platform for Europe’s CBDC as per a report by CPA Australia.
A report titled “CENTRAL BANK DIGITAL CURRENCIES (CBDCS): A COMPARATIVE REVIEW” provides an overview of innovation in Central Bank Digital Currencies (CBDCs).
Report finds: “The control of money by central banks has been one of the key features of twentieth century political economy – governments have long relied on the fact that they print the money which they both tax and spend. That monopoly over money may be disappearing, and indeed may already have disappeared.”
The report states following reasons behind Ripple being considered as a suitable CBDC platform by many central banks:
- Ripple is highly centralised and is based on a permissioned network where only certain network nodes can validate transactions, as opposed to decentralised and permissionless Bitcoin and Ether.
- Ripple also allows the creation of new currencies and Ripple developers can decide the timing and quantity of supply in a similar way to current central bank operations.