XRP Ledger Is the Pioneer of CBDCs, Claims Raoul Paul

XRP Ledger Is the Pioneer of CBDCs, Claims Raoul Paul

The XRP Ledger was created mainly with payments in mind, and most people are bullish on its price for this reason.

Among these people is Raoul Pal, former co-manager of London's GLG global macro fund and former Goldman Sachs executive, where he co-managed the European Hedge Fund sales business in Equities and their derivatives.

Raoul Pal is now the CEO of Real Vision, a finance and business video channel he co-founded in 2014.

The XRP Ledger: What Exactly Is it

The XRP Ledger, according to XRPL.org, is a "decentralized and public blockchain, led by a global developer community." It is a regular public blockchain on which payment channels, cross-currency payments, decentralized exchanges, and even other tokens (IOUs) can be built.

In essence, the network uses a federated consensus protocol to confirm transactions in which designated independent servers (validators) regularly agree on the network's state.

This ensures that all transactions are processed with no single point of failure, and no single participant can make decisions for the entire network.

Ripple's Collaboration with Central Banks 

Ripple Labs has been in the news several times for collaborations with the government of countries such as Bhutan and, quite recently, Russia.

There have been meetings with the Digital Euro Association (DEA), and the Digital Dollar Association (DDA) about how feasible it might be to create a digital dollar or a digital euro respectively.

In a blog post published by the Digital Euro Association, the group mentioned Ripple and their forefront experience in creating and implementing Central Bank Digital Currencies, or CBDCs.

Raoul Pal's Thoughts

According to Raoul Pal, the lawsuit Ripple is currently facing is not something to be considered seriously because Ripple plays an important role.

Raoul also stated that Ripple is a money transmission network and is a perfect one at that. He believes that if one lifted the legal issue and viewed things as they are, the value of the chain would increase significantly, and the world would move quickly toward CBDCs.

Disclaimer: The author's comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR  (do your own research)

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