The French government plans to issue a state cryptocurrency of the European Union on the XRP network ($XRP ), launched by #Ripple .
Employees of the law firm Piper Alderman gained access to a report from the Australian accounting organization CPA Australia, which states that the use of the XRP Ledger (XRPL) for creating the central bank digital currency (CBDC) of the EU is openly discussed in France.
Many banks trust Ripple and consider XRP a model for CBDC because the cryptocurrency operates in a highly centralized network where only certain nodes can confirm transactions, unlike the decentralized blockchains of Bitcoin and Ethereum, as stated in the report by CPA Australia.
XRPL is favored by French officials not only for the control capabilities it provides but also for its high speed and security. Currently, the average transaction processing fee in the XRP blockchain is $0.0018, while in the $BTC and $ETH networks, it is $1.6 and $1.3 respectively. Additionally, in XRPL, money transfers are confirmed in 3-5 seconds, while in the blockchains of Bitcoin and Ethereum, it takes several minutes.
It is also worth noting that from the speech of the first deputy director of the Bank of France, Denis Beau, it became known when the European Union will create the digital euro. According to him, 'the Eurosystem intends to start supplying CBDC market participants in large quantities by early 2026.' Currently, the European Central Bank is testing software as part of the preparatory phase.
