Ripple shared: 25% of U.S. consumers use less cash now than before COVID lockdowns. As the world progresses toward digital alternatives, what are the options for central banks? Enter CBDCs, virtual fiat built to help money move like information.

For Clarity, The term Central Bank Digital Currency (CBDC) refers to the virtual form of a fiat currency. A CBDC is an electronic record or digital token of a country’s official currency. As such, it is issued and regulated by the nation’s monetary authority or central bank.

Community Response:  Great news, and yet, we still hit my low levels w/precision! Lets hit my high levels now! $589.

Tell me why are people so emotional? After all, these inheritances are an opportunity to get rich in the future. I buy all the time it is a bargain. You will be buying at higher prices. Do you really want this?

Rookie question: How is a CBDC different from say, the fiat currency that I hold, transfer, receive, and spend today via my bank account, assuming that I never go to an ATM to withdraw it in physical cash and only spend/receive it electronically? What problem is a CBDC solving?

With today’s fiat currency, the central banks are unable to directly service to The retail market. In order to do that, they depend on Retail Banks. Here comes the problem, retail banks have their own hidden interests which may not align with Central banks.

Sorry still not clicking to me. So currently, federal reserve prints fiat, and issues them to private banks to retail customers? New method, central banks creates CBDCs and issues them to private banks before they reach retail. What is different in the new system?

The problem ripple solves is instant settlement. Meaning you use your normal bank card to buy stuff but the money doesn’t actually move. Its like an I owe you. For that old system, they have a lot of money locked up in nostro/vostro accounts just sitting there.

Internet of value. The digital money moves and is settled within seconds instead of days/weeks and removed all extra costs cause the money is actually moved and settled online. It would unlock all the nostro/vostro accounts money to flow in the economy and less fees for transfers

As of now the value of XRP depreciates like a lot please, give us some light to hold on.

If you knew enough about XRP, this price action would not make you budge one bit. Keep holding on!

So, 75% of consumers use more cash now than in 2019? That doesn’t sound right to me.

Doesn’t mean the other 75% increased, just they stayed the same.

Gary Gensler thinks ETH and BTC can do this.

Actually, Gensler thinks ETH and BTC CAN’T do this, which is why he allows it. It’s not a threat to his banking buddies.

What the hell happens if all this shuts down. I get it. I also use more digital currency. Always have that thought. JS.

Why does XRPL make the most sense in the future? Because Mars is a few light-minutes away. Somebody ask ELON MUSK what happens when Mars can’t participate in a Proof-of-work or Proof-of-Stake economy due to latency.

Ripple will be the future of digital payments.  Nope. It will be ‘a’ future digital payment, but not ‘the’ future of digital payments. There is already a more technically effective alternative that’s working with multiple major banks and has the first ever live CBDC – Bahamas Sand Dollar as somewhat of a trial.

XRP is the best option for banks.