Ripple Has Been Shortlisted for Its CBDC Solution in the G20 Challenge

The G20 TechSprint CBDC challenge has announced its shortlisted finalists, and Ripple comes out as one of them. The G20 challenge has been announced by the BIS innovation hub and Bank Indonesia and the challenge was created under the G20 Indonesian Presidency.

Launched in April, the challenge included three stages where participants varied from entrepreneurs, developers, and stakeholders. The main issue in the challenge was to develop solutions to distribute and transfer CBDCs, in turn aiding in improved financial inclusion, interoperability, and better payment systems.

The shortlisted teams presented their ideas to Bank Indonesia, the BIS, and specialists invited from central banks across the world as part of the Indonesia Digital Economy and Finance Festival prior to the meeting of G20 Finance Ministers and Central Bank Governors.

Additionally, they took part in a CBDC Masterclass to learn about some of the CBDC projects being conducted at the BIS Innovation Hub.

The teams that are shortlisted have time till August 31 to finish their prototypes, which would then be evaluated by a panel of independent experts that Bank Indonesia has assembled. In October, in advance of the G20 Summit, winners in each of the three categories will be revealed.

Out of almost 100 participating teams from more than 15 different nations and jurisdictions, 21 finalists were chosen. Large multinational firms and more specialized fintechs are represented among the nominated teams.

Ripple has turned out to be one of the shortlisted teams, along with Mastercard, BitMint, and several other platforms.