Ripple Backs Digital Euro Association Major Event To Develop Work in CBDC Area

Ripple continues to show support for CBDC initiatives.

The Digital Euro Association, in a tweet on Tuesday, revealed that blockchain company and payments giant Ripple is one of the sponsors of its summer event starting next week.

“Next week, we are hosting our first of many DEA summerfests, generously sponsored by @EYnews, @Ripple and Bundesdruckerei and set up in collaboration with @fsblockchain,” tweeted the group. “We express our thanks to our sponsors who are decisively contributing to the success of the summerfest!”

Next week, we our hosting our first of many DEA summerfests, generously sponsored by @EYnews, @Ripple and Bundesdruckerei and set up in collaboration with @fsblockchain.

We express our thanks to our sponsors who are decisively contributing to the success of the summerfest! pic.twitter.com/FvDWlt3Yl1

— Digital Euro Association (@DigiEuro) July 5, 2022

The DEA is an independent think-tank focused on contributing to the digital euro discourse through research and education. Notably, Ripple became a partner of the association in February and is the only one ranked as a “Supporting Gold Member.”

“We are excited to join the Digital Euro Association as a supporting partner to further develop our work in the CBDC area. The DEA is working across Europe and global markets to drive the development and growth of CBDCs and, specifically, the Digital Euro,” said VP of Central Bank Engagements at Ripple James Wallis at the time.

Ripple has been a long-time supporter of the idea of CBDCs. Aside from the DEA, the firm also boasts of a partnership with the Digital Pound Association, which it joined in 2021. Additionally, Ripple also has a history of working with different governments to come up with CBDC solutions.

Earlier this month, the payments giant launched a CBDC hackathon dubbed Ripple CBDC Innovate with an initial $47,000 prize pool and an extra $150,000 prize pool at an exclusive winners-only event. The hackathon will focus on interoperability, retail-facing, and financial inclusion. 

Presently, China remains far ahead of other developed countries in CBDC development as it has already started carrying out large-scale tests. In contrast, others remain in different stages of CBDC research.

Earlier this year, the US Fed released a paper on the subject but refrained from taking an official stance, urging the public to submit opinions. Meanwhile, in his famous crypto executive order in March, Biden urged related government agencies to consider the idea seriously.

It is worth noting that the public, especially the crypto faithful, remains split on the idea of CBDCs. While many agree that it will offer a cheap and more efficient transfer of value, some argue that stablecoins are already filling this role, raising concerns over increased government oversight and privacy risks.

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