Is XRP a Potential Component of France’s Future Financial Strategy?
A number of Twitter users have recently speculated that France, one of Europe’s leading economies, may consider adopting Ripple’s native token, XRP, for its digital euro. One individual who supports this idea is EDO FARINA, the CEO of Alpha Lions Academy.
They point out that the country’s central bank conducted a successful test of Central Bank Digital Currency (CBDC) two years ago. Furthermore, the financial institution has previously expressed admiration for Ripple and XRP in a paper titled “Implementation of real-time settlement for banks using decentralized ledger technology policy and legal implementations.”
Banque de France has highlighted the coin’s potential to serve as an intermediary asset, facilitating transactions between different currency pairs. The European Union (EU) has recently undertaken significant measures to introduce a digital version of the euro. This controversial monetary product has garnered support from some central bankers, but has also faced criticism from certain cryptocurrency advocates who fear its potential for surveillance purposes.
Just recently, the Governing Council of the European Central Bank (ECB) transitioned the project to a “preparation phase,” with plans for an official launch in the coming years.
XRP’s Involvement in Other CBDCs
XRP’s involvement in other central bank digital currencies (CBDCs) extends beyond France. It was reported by CryptoPotato that the Royal Monetary Authority (RMA) of Bhutan, in partnership with Ripple, plans to launch a digital version of its official currency. This collaboration aims to improve digital and cross-border payments and promote financial inclusion. Additionally, Montenegro’s central bank has also collaborated with Ripple this year to develop a strategy for its CBDC. The institution is also considering utilizing Ripple’s assistance in introducing a stablecoin.