Ripple's XRP Could Potentially Be Exchanged For Digital Euros In France, Per Speculation

Recent rumours, as reported by CryptoPotato, indicate that France may implement XRP, the native token of Ripple, for its digital euro. This conjecture is supported by favourable indications from Banque de France, the central bank of the country. A test environment for a central bank digital currency (CBDC) was effectively completed by the bank two years ago. In a previous paper discussing real-time settlement for banks utilising decentralised ledger technology, the bank praised Ripple and XRP.

Banque de France emphasised XRP's capacity to function as an intermediary asset in order to connect any currency pair. Recent advancements by the European Union (EU) in the direction of introducing a digital iteration of the euro, a contentious monetary instrument that has garnered endorsement from certain central bankers but encountered censure from cryptocurrency advocates fearing that it could be exploited for surveillance purposes, have been substantial.

A "preparation phase" was recently designated by the Governing Council of the European Central Bank (ECB) for the project, and an official launch is anticipated within the next few years. Reportedly, France is not the only nation to have contemplated implementing Ripple's native token in its CBDC initiatives. The blockchain enterprise and the Royal Monetary Authority (RMA) of Bhutan formed a partnership in 2021 with the intention of introducing a digital iteration of the country's official currency, facilitating cross-border and digital transactions, and broadening initiatives to promote financial inclusion.

Aside from developing a strategy for its CBDC, the central bank of Montenegro worked with Ripple earlier this year and has considered enlisting the firm's aid in the introduction of a stablecoin.