Bubble CBDC

Inspiration

After reviewing the Bank of International Settlements (BIS) "Project Rosalind", a project that aims to create a standard of the CBDC ledger functionality needed for retail purposes, it became clear that it was possible to implement the CBDC ledger described in the project documents by using the Ripple ledger which is rich in out of the box capabilities for such a network. Ripple can provide a lot of the functionality required as well as stability and security for the CBDC implementation.

How?

What we did was extract all the functionalities needed for the CBDC token as provided by the BIS and then mapped them to their Ripple equals. Not all were able to be implemented and in a case like that we wrote down a proposed solution on how to implement a wrapper on top of the Ripple ledger to ensure the functionality will exist.

Challenges we ran into

Not all the needed functions for a CBDC ledger were available in Ripple. We had to be creative on the way we would implement the functionality.

What we learned

We learn a lot about distributed ledgers and of course about CBDC itself with all the challenges that it comes with.

What's next for Bubble CBDC

We would like to provide a fully working PoC written in Python of the implementation of the CBDC ledger API as the BIS sees it with the ledger being based on Ripple.

Built With

• python