The RBI Confirms the Use of Ripple's XRP Ledger for the Digital Rupee Project🤑

How does it work?

The central bank of India, the Reserve Bank of India (RBI), has confirmed the use of Ripple's XRP Ledger for its Digital Rupee project. This collaboration aims to enhance the efficiency and security of the Digital Rupee, leveraging Ripple's expertise in blockchain technology and cross-border transactions.

Maintained by a global community of companies and developers, the XRP Ledger (XRPL) is a public and decentralized blockchain designed for high-performance and low-cost transactions.

Introduced by the finance minister of India in February 2020, the Digital Rupee (e₹) is a tokenized digital version of the Indian Rupee, issued by the RBI as a Central Bank Digital Currency (CBDC). The Digital Rupee is divided into two segments: Wholesale (e₹-W) for financial institutions and Retail (e₹-R) for consumer and business transactions.

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