XRP Fans Allege Upcoming Ripple Adoption for Australia’s CBDC

Dilip Rao announced that the Australian CDBC pilot may conclude successfully soon.
XRP fans are alleging that the Australian CBDC may use Ripple’s XRP Ledger.
Meanwhile, XRP was not named a security in the SEC’s lawsuit against Binance and Coinbase.

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.

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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.

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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Jesus Dawal

Jesus Dawal Jr covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.