"Life is about helping each other, so if you want to help, what's wrong with it?"
Following India's recent pilot project with a central bank digital currency (CBDC), the country reportedly has lofty targets for domestic payments.
Explained in more detail, the Reserve Bank of India (RBI), which is the country's central bank, has acted quickly to start a pilot project regarding the use of CBDC for retail and wholesale use.
Currently, India is planning to further expand the use of CBDC on a large scale as the authorities strongly believe that it has the potential to offer various benefits such as financial inclusion and a better payment system.
For the record, there are reports saying that India's ultimate goal is to reach one million CBDC users in the near future.
Following that, a user asked Ripple if they had helped India introduce CBDC after the crypto community had speculated that the RBI was using XRP Ledger (XRPL) technology.
However, authorities are yet to explain the technical aspects of India's CBDC project, where XRPL is understood to be able to print, manage, transact and destroy CBDC.
As of this writing, XRP price has plunged by 0.11% to $0.50 in the last 24 hours with a market cap of $25 billion and recorded a loss of around 5.82% over the last week.
