the cryptocurrency market is down this week, continuing a trend that has seen values fall every month since january. the chinese government’s crackdown on bitcoin has put the market under strain. the digital euro initiative has now received approval from the european central bank. investors are apprehensive of central bank competition, according to hargreaves lansdown analyst susannah streeter.

ripple is one of the blockchain companies that has created a private version of the xrp ledger for central banks to use in accordance with their own system and legal framework. according to ripple’s lawyers, the sec action against them will be resolved by early 2022. while the lawsuit is ongoing, it has been questioned if the firm is a viable alternative for the construction of a cbdc.