Ripple’s CEO, Brad Garlinghouse, has announced a major development in blockchain and digital currency by revealing partnerships with 10 governments to create Central Bank Digital Currencies (CBDCs). These collaborations leverage Ripple’s blockchain technology for the issuance and management of government-backed digital currencies, marking a significant step in integrating crypto solutions with traditional banking systems.

“Ripple has invested in and is working with about 10 different governments around the world to develop central bank digital currencies. A central bank digital currency is essentially a stablecoin issued by the government,” Garlinghouse stated. The disclosed partnerships each illustrate unique approaches to adopting blockchain technology tailored to national needs.

**Ripple’s Government Partnerships:**

1. **Bhutan:** In September 2021, Ripple teamed up with the Royal Monetary Authority of Bhutan to pilot a CBDC. The project aims to use Ripple’s technology to enhance digital and cross-border payments while boosting financial inclusion in Bhutan, leveraging the XRP Ledger’s low energy consumption and scalability.

2. **Republic of Palau:** Ripple and the Republic of Palau partnered in November 2021 to develop a climate-friendly digital currency, likely a USD-backed stablecoin. This initiative focuses on creating alternatives that align with Palau’s environmental and economic needs, exploring how blockchain technology can support sustainable financial development.

3. **Montenegro:** In April 2023, Ripple collaborated with the Central Bank of Montenegro to launch a CBDC. The project aims to evaluate blockchain technology’s functionality, analyze the benefits and risks of digital currencies, and enhance electronic payment systems, aiming to improve financial inclusion and modernize monetary policy.

4. **Georgia:** Announced in 2023, Ripple’s partnership with the National Bank of Georgia focuses on piloting the Digital Lari. This initiative tests Ripple’s CBDC technology to improve the efficiency, security, and inclusivity of Georgia’s public and financial sectors, marking a significant step in exploring blockchain’s potential for economic development.

5. **Colombia:** In June 2023, Ripple partnered with Banco de la República, Colombia’s central bank, to enhance high-value payment systems using blockchain technology. Part of a broader pilot program led by Colombia’s Ministry of Information and Communications Technologies (MinTIC), this collaboration aims to educate public entities on blockchain’s benefits and develop solutions to improve the transparency and efficiency of high-value transactions.

At the time of writing, XRP traded at $0.49.