XRP Fans Allege Upcoming Ripple Adoption for Australia’s CBDC

Former Ripple Global Head for Infrastructure Innovation Dilip Rao shared the success of the Australian CBDC Pilot Conference on June 2, in which banking industry leaders and authorities from Australia gathered to discuss the benefits and use cases of a digital Australian dollar.

According to Rao’s LinkedIn post, the conference was sponsored by the Reserve Bank of Australia, the Department of the Treasury, and Digital Finance CRC — his current company.

Meanwhile, the CBDC pilot is already underway, with top Australian banks such as the Commonwealth Bank of Australia (CBA) and Australia and New Zealand Banking Group (ANZ) in active participation.

The CBDC trial, according to the official whitepaper, hinted at the possibility of using digital ledger technology (DLT) such as blockchain with 2-5 seconds latency. Based on this, others have assumed that Ripple’s XRP Ledger (XRPL) might be used for the digital Australian dollar.

XRP and AUSTRALIA 🇦🇺

Dilip Rao was GLOBAL HEAD for #RIPPLE and has joined the DIGITAL FINANCE (CRC).

The RESERVE BANK OF AUSTRALIA 🇦🇺 has presented a CBDC pilot together with CRC.

The white paper mentions DLT and transactions with 2-5 seconds latency.

Connect the dots ⬇️ pic.twitter.com/W7MLyPa7dS

— EDO FARINA 🅧 XRP (@edward_farina) June 7, 2023

To set the record straight, there has been no mention of Ripple’s technology being used for the CBDC trial. However, given the hype that XRP is getting nowadays due to XRPL being recognized as a feasible CBDC framework, many are hoping that Ripple will become Australia’s partner for its digital AUD.

In other news, XRP has not been named as a security in the US Securities and Exchange Commission’s (SEC) lawsuit against Binance and Coinbase. This may be because there is already an expected conclusion to the Ripple lawsuit. Should Ripple emerge victorious against the SEC, including XRP in the list of alleged securities might weaken the SEC’s case.

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