Crypto

Ripple Launches “CBDC Innovate” Hackathon


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Yesterday, June 27th, Ripple officially announced they are launching a hackathon, which calls upon developers to create innovative applications for Central Bank Digital Currencies (CBDCs) on the XRP Ledger (XRPL).

Ripple has invited participants to build CBDC applications on the XRPL sandbox. In particular they want to see applications relating to three categories:

  1. Interoperability – solutions that would help CBDC work functionally and bridge with other CBDCs, digital assets and stablecoins. With the amount of CBDCs under development, this is one of the main issues that will need to be overcome.
  2. Retail-Facing – which would focus on building a user-friendly and interactive interface for a retail CBDC.
  3. Financial inclusion – building solutions that leverage CBDCs, including additional functionalities that could bring banking to underserved populations.

Ripple’s technology is currently being used to develop CBDCs in two countries – the Republic of Palau and Bhutan. As of today, 105 countries (representing 95% of global GDP) are either exploring or developing a CBDC.

The deadline for submissions for the hackathon is August 25th, 2022. More information can be found here.


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