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

James Wallis, RippleX’s vice president for central bank operations and CBDC, highlighted the role of CBDC in advancing global financial inclusion in a brief video. James Wallis said that financial inclusion aims to provide financial services to individuals around the world, especially those with low incomes and no connections to financial institutions. Wallis believes that CBDC provides a cost-effective solution to provide financial services at a much lower cost than traditional methods. He said that CBDC can provide simplified payment options and the opportunity to establish credit even if there is no previous connection with a financial institution. Ripple is working with more than 20 central banks around the world on CBDC initiatives and serves as a technology partner for the second phase of the Georgian Digital Lari project. In addition, Ripple is also actively participating in CBDC cooperation in Bhutan, Palau, Montenegro, Colombia and Hong Kong. (Cointelegraph)