Ripple boss predicts central bank adoption of blockchain

Central banks will use distributed ledger technology (DLT) to settle high-value interbank payments within the next five to ten years, predicts the chief executive of Ripple.

Brad Garlinghouse was speaking to Bloomberg at the recent FinTech Festival in Singapore which has gathered the great and good of the fintech market, including the San Francisco startup Ripple which focuses on blockchain-based, cross-border payments and has itself received positive comments from ex Federal Reserve chairman Ben Bernanke.

Garlinghouse told Bloomberg that “it’s only a matter of time” before central banks adopt blockchain for interbank settlement, adding that once the technology catches on with one central bank it will soon be adopted by others afraid they will miss out.

“Once that movement takes hold, that acceleration goes quickly. Is it one year or is it five years? It’s probably somewhere in between,” he said…

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