Ripple is reportedly in talks with Thai authorities to develop a retail central bank digital currency (CBDC). This is according to a letter sent to the Bank of Thailand by the blockchain payments firm.
According to a letter circulating on X, Ripple’s intent was expressed in response to the Bank of Thailand’s 2021 discussion paper outlining the nation’s CBDC plans.
Potential collaboration with Thailand
In its response, Ripple commended the Bank of Thailand for its role in the CBDC space. The firm also expressed its willingness to design and develop a retail CBDC for Thailand.
The letter also showcased Ripple’s prowess in the financial technology sector. The payments firm highlighted its global network of over 300 customers, stating that it offers faster, cheaper, and more transparent cross-border payments.
Thailand has already conducted a CBDC pilot and has also released a report of its successful completion in March 2024. However, the nation did not disclose any plans to release a digital baht.
The potential collaboration with Thailand comes as the nation has applied to join BRICS.
Ripple’s network of financial institutions includes several with established presences within BRICS nations. Some notable partnerships include SBI Holdings, HSBC, ONAFRIQ (MFS Africa), and Banco do Brasil.
At the time of writing, however, the letter has yet to be confirmed officially.
Ripple’s presence in BRICS
Meanwhile, the recent development follows a research paper shared last month suggesting that BRICS nations are exploring the creation of an alternative currency system.
Shared by XRP enthusiast Amelia on X, the paper hinted at Ripple being considered a bridge currency for international settlements within the BRICS bloc.
The paper was accompanied by a short clip of Russian President Vladimir Putin confirming the alternative currency system. However, Ripple’s involvement remains unconfirmed.
Prior to this, another X user suggested that Ripple could play a key role in the development of BRICS pay.
BRICS Pay is a digital payments platform developed by BRICS member countries. The platform seeks to facilitate seamless digital payments between the member countries’ populations.
Despite these promising connections, Ripple’s official involvement in BRICS Pay remains unconfirmed. Official announcements from Ripple or the BRICS nations are still awaited to solidify any potential partnership.
The recent speculations come amidst Ripple’s recent victory in its ongoing lawsuit with the United States Securities and Exchange Commission.
Per a June 13 ruling, Ripple had not violated federal securities laws. As such, the primary allegations against Ripple that it offered unregistered securities are now dismissed.
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