Ripple’s CBDC Proposed Solution Adopted in the 2022 G20 TechSprint CBDC Challenge: Details

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Ripple's proposed solution for CBDCs has been embraced by the G20 TechSprint CBDC challenge committee, constituting the Bank for International Settlements (BIS), Bank Indonesia, and several central bank connoisseurs. Ripple Labs and 20 other shortlisted fintechs now have until the end of August to complete their prototyped CBDC solutions.

2022 G20 TechSprint CBDC Challenge 

Over the years, there has been an increased interest in Central Bank Digital Currencies (CBDCs) by several central banks around the globe. The G20 countries have not been left out in this pursuit and actualization of CBDCs.

Hence, the ongoing G20 TechSprint Challenge on Central Bank Digital Currencies (CBDCs), spearheaded by the Bank for International Settlements (BIS) Innovation Hub and Bank Indonesia, under the Indonesian G20 Presidency.

In preparation for the fast-approaching G20 summit and as part of the Indonesia Digital Economy and Finance Festival, ahead of the meeting of G20 Finance Ministers and Central Bank Governors, this 2022 challenge was staged. It is geared towards the rollout of effective, efficient, and sustainable Central Bank Digital Currencies (CBDCs) in G20 nations. 

The 2022 G20 TechSprint CBDC challenge commenced in April and is scheduled to be concluded in October. Around 100 large global corporations and specialized fintechs joined the competition.

Accordingly, the lead organizers BIS Innovation Hub and Bank Indonesia issued three problem statements on Central Bank Digital Currency (CBDC) and prompted the wide range of experts (participants) to develop innovative technological solutions to any of the given operational challenges. 

Notably, participants included innovators, entrepreneurs, developers, data scientists, and telecommunications experts from over 15 countries and jurisdictions. Among these participating firms include Ripple (XRP), Mastercard Asia Pacific Pte Ltd., and S.e.A. (Stellar, eCurrency, and ANZ).

According to the 2022 G20 TechSprint CBDC challenge report, the three problem statements are: (1) Building effective and robust means to issue, distribute and transfer CBDCs, (2) Solutions to enable financial inclusion, and (3) Improving connectivity and interoperability. 

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