Bitcoin
Bitcoin (BTC)
$63,888.00 1.94261
Bitcoin price
Ethereum
Ethereum (ETH)
$3,411.87 1.85125
Ethereum price
BNB
BNB (BNB)
$569.82 -0.56192
BNB price
Solana
Solana (SOL)
$156.48 2.6717
Solana price
XRP
XRP (XRP)
$0.5458810 2.87332
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000192 6.76816
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000120 24.55032
Pepe price
Bonk
Bonk (BONK)
$0.0000267 9.43753
Bonk price
Bitcoin
Bitcoin (BTC)
$63,888.00 1.94261
Bitcoin price
Ethereum
Ethereum (ETH)
$3,411.87 1.85125
Ethereum price
BNB
BNB (BNB)
$569.82 -0.56192
BNB price
Solana
Solana (SOL)
$156.48 2.6717
Solana price
XRP
XRP (XRP)
$0.5458810 2.87332
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000192 6.76816
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000120 24.55032
Pepe price
Bonk
Bonk (BONK)
$0.0000267 9.43753
Bonk price
Bitcoin
Bitcoin (BTC)
$63,888.00 1.94261
Bitcoin price
Ethereum
Ethereum (ETH)
$3,411.87 1.85125
Ethereum price
BNB
BNB (BNB)
$569.82 -0.56192
BNB price
Solana
Solana (SOL)
$156.48 2.6717
Solana price
XRP
XRP (XRP)
$0.5458810 2.87332
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000192 6.76816
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000120 24.55032
Pepe price
Bonk
Bonk (BONK)
$0.0000267 9.43753
Bonk price
Bitcoin
Bitcoin (BTC)
$63,888.00 1.94261
Bitcoin price
Ethereum
Ethereum (ETH)
$3,411.87 1.85125
Ethereum price
BNB
BNB (BNB)
$569.82 -0.56192
BNB price
Solana
Solana (SOL)
$156.48 2.6717
Solana price
XRP
XRP (XRP)
$0.5458810 2.87332
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000192 6.76816
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000120 24.55032
Pepe price
Bonk
Bonk (BONK)
$0.0000267 9.43753
Bonk price

Ripple VP James Wallis bullish on CBDCs, unlike Mastercard

ripple-vp-james-wallis-bullish-on-cbdcs-unlike-mastercard
Edited by
News
Ripple VP James Wallis bullish on CBDCs, unlike Mastercard

James Wallis, Ripple’s Vice President for Central Bank Engagements, recently shed light on the role central bank digital currencies (CBDCs) play in advancing global financial inclusion.

In a fresh YouTube video, Wallis emphasizes the aim of extending financial services worldwide, particularly to those with modest incomes and no affiliations with traditional financial institutions.

Understanding financial exclusion

Wallis delves into the roots of financial exclusion, citing low incomes and the absence of connections with financial institutions as primary factors. 

This absence often results in a lack of credit history, presenting a barrier for individuals seeking financial services. In regions grappling with financial exclusion, traditional banks, driven by shareholder interests, face challenges in serving those with limited resources.

The CBDC solution

According to Wallis, CBDCs emerge as a cost-effective solution by facilitating financial services at a notably lower cost compared to traditional methods. These digital currencies offer streamlined payment options and the opportunity to establish credit, even for individuals without prior ties to financial institutions. 

This, Wallis argues, empowers individuals to build credit histories, access borrowing capabilities, and stimulate business growth. In essence, CBDCs represent a transformative innovation addressing the global challenges of financial inclusion. CBDCs are digital currencies issued by central banks, with their value intricately tied to the official currency of the issuing country. 

Wallis believes that the unique attributes of CBDCs position them as a catalyst for change, especially in the realm of financial inclusion.

IMF’s perspective on CBDCs

The International Monetary Fund (IMF) weighs in on the potential evolution of CBDCs, suggesting that these state-issued digital currencies could eventually replace cash. Kristalina Georgieva, the Managing Director of the IMF, sees CBDCs as a means to offer resilience, particularly in more advanced economies. 

Moreover, she envisions CBDCs improving financial inclusion in regions where few individuals have bank accounts, presenting a distinct perspective on the transformative potential of these digital currencies.

Mastercard wary of CBDCs

In contrast to the optimistic view held by James Wallis and the IMF, Mastercard — one of the world’s largest payment-processing providers — remains skeptical. Ashok Venkateswaran, APAC Head for Digital Assets and Blockchain at Mastercard, asserts that there is currently insufficient justification for the CBDC adoption. 

Consumers remain comfortable using existing forms of currency, he says, citing the reliability of cash for their transactions.