Ripple Working on Private XRP Ledger for CBDC: Ex-Executive

    Simar Marwaha
    Simar Marwaha
    Published on March 05, 2023 08:05 PM

    Here is what Matt Hamilton actually says about XRP Ledger and its private counterparts.

    Ripple Working on Private XRP Ledger for CBDC: Ex-Executive
    Source: Unsplash

    It has been more than two years since the SEC and Ripple began their well-known legal battle. The SEC's complaint against Ripple for allegedly marketing XRP as a security hindered the possibility for a long-term price rise of XRP.

    The case will have an impact on the future of Ripple and crypto regulation in the native workplace. In spite of this, the XRP team keeps expanding along with its advancements.

    Ripple is now developing private versions of the XRP Ledger code for CBDC, the so-called "state cryptocurrencies," according to Matt Hamilton, the company's former director of developer relations. But, according to the developer, these versions have not yet been released since CBDC's regulatory framework is still being created.

    The developer is doubtful, though, whether any CBDC products from Ripple are currently ready. Recall that it was previously stated that Ripple plays a significant role in the development of "state cryptocurrencies."

    The firm is involved in projects to develop digital dollars, pounds, and euros. It is also developing a CBDC with the national bank of Montenegro.

    Is private XRP available?

    In response to allegations that Ripple has its own private chains on which there is a form of private XRP, Hamilton made the comments. According to this hypothesis, the price of XRP varies between the private and public XRPL networks.

    There are no private copies of the cryptocurrency; it only exists on the main public XRPL blockchain. Hamilton claims that any centralized exchange on which XRP is exchanged might be deemed a private XRP Ledger. He said:

    “As far as I know, they are not live yet (the federation code is still being worked on). But again, regardless, the only place XRP actually exists is on the XRP Ledger.”

    The creator said a private XRP network was impossible since it would require total network isolation. Once it was open, all pricing discrepancies would be resolved.