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James Wallace, Ripple's Vice President in charge of 'Central Bank Participation and Central Bank Digital Currency (CBDC)', emphasized the role and importance of CBDC in improving financial inclusion around the world through the official YouTube channel on the 18th (local time). .
“Financial inclusion is about expanding financial services to individuals around the world, especially those with low incomes and those without a financial history,” said James Wallace, vice president of Ripple’s CBDC division.
He pointed out that the main factors of 'financial exclusion' are low income and lack of financial and credit records.
“In underserved areas, banks are often commercial institutions driven by shareholder interests, but their demographics make it difficult to generate revenue, making it difficult to serve individuals with limited resources,” Wallace said. “You will experience it,” he explained.
Meanwhile, it was argued that CBDC can be a more cost-effective solution because it implements financial services at a much lower cost than existing methods.
“CBDCs can simplify payment options and provide an opportunity to build credit even without prior financial history,” he emphasized.
“CBDC is an innovative way to address the global challenge of financial inclusion,” said Vice President Wallace. “With CBDC, individuals can secure their credit history and borrowing capacity, and grow their businesses.”
Ripple is pursuing the development of a cross-border network through blockchain and digital assets. In addition, we are providing solutions to central banks, financial institutions, and governments through our own CBDC platform. We are collaborating on CBDC pilot programs in six countries, including Georgia, which recently selected Ripple as an official partner .
