February 25, 2024

Ripple has announced the CBDC Innovate challenge, with a total prize pool of $197,000. The Ripple CBDC Innovate competition aims to motivate programmers to create applications that can operate on the XRP Ledger and assist retail CBDCs, interoperability, and financial inclusion. The first round of submissions is due on August 25th.

Competitors are expected to create or improve a fintech or payment solution that uses CBDC and can run on the XRP Ledger, build a solution that can benefit from CBDC features, or create an interface that allows any human to interact with a CBDC.

Ripple announced in September a partnership with Bhutan’s central bank, the Royal Monetary Authority (RMA), to pilot a central bank digital currency (CBDC) in stages using Ripple’s CBDC solution. The decision was motivated by the country’s push to improve digital and cross-border payments, scale up financial inclusion measures, and deepen its commitment to sustainability, according to the statement.

Ripple’s CBDC initiative hopes to move forward with cooperation in Palau and Bhutan, as well as ongoing global discussion.

According to recent updates in the ongoing lawsuit shared by defense lawyer James K. Filan, “the Ripple Defendants have filed a letter opposing the SEC’s continued efforts to seal its response to amici regarding the SEC’s expert,” claiming that the SEC’s arguments “are, on their face, about shielding the SEC from public criticism.”

Summited by HotQA

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