Ripple executive: CBDC has a role in breaking down financial barriers

James Wallis, Vice President of RippleX responsible for central bank operations and CBDC, emphasized the role of CBDC in promoting global financial inclusion in a short video. James Wallis stated that inclusive finance aims to provide financial services to individuals around the world, especially those who are low-income and have no connection with financial institutions. Wallis believes that CBDC provides a cost-effective solution to provide financial services at much lower costs than traditional methods. He stated that even without prior contact with financial institutions, CBDC can provide simplified payment options and opportunities to establish credit. Ripple is collaborating with more than 20 central banks worldwide to launch CBDC programs and is serving as a technical partner for the second phase of the Georgian digital Lari project. In addition, Ripple is actively participating in CBDC collaborations in Bhutan, Palau, Montenegro, Colombia, and Hong Kong. (Cointelegraph)