- Speculation suggests France might use XRP for its digital euro, backed by positive references from Banque de France.
- The European Union is progressing towards a digital euro with recent European Central Bank movements.
- Bhutan and Montenegro have already collaborated with Ripple for their CBDC efforts.
Could XRP Find a Spot in France’s Future Financial Plans?
Several X (Twitter) users have recently speculated that one of the leading European economies – France – might commit to Ripple’s native token – XRP – for its digital euro. One such person is the CEO of Alpha Lions Academy, using the handle EDO FARINA.
They reminded that the nation’s central bank successfully used CBDC in a test environment two years ago. In addition, the financial institution has previously praised Ripple and XRP in a paper called “Implementation of real-time settlement for banks using decentralized ledger technology policy and legal implementations.”
Specifically, Banque de France outlined the coin’s ability to be used as an intermediary asset to bridge any currency pair.
The European Union (EU) has recently taken some vital steps towards launching a digital version of the euro: a controversial monetary product that received support from some central bankers but was also bashed by certain cryptocurrency proponents who assumed it might be used as a tool for surveillance.
Earlier this week, the Governing Council of the European Central Bank (ECB) moved the project to a “preparation phase,” while an official launch is expected in the following years.
XRP’s Involvement in Other CBDCs
France is not the only nation that has supposedly decided to employ Ripple’s native token in its central bank digital currency (CBDC) efforts.
As CryptoPotato reported, the Royal Monetary Authority (RMA) – Bhutan’s central bank – partnered with the blockchain enterprise in 2021 to launch a digital version of its official currency, “enhance digital and cross-border payments,” and expand financial inclusion efforts.
Earlier this year, Montenegro’s central bank also collaborated with Ripple to develop a strategy for its CBDC. The financial institution has also contemplated using the firm’s help in introducing a stablecoin.