Ripple (XRP) supporters found a deep link between Ripple & International Monetary Fund (IMF)’s concept cross-border payment system.
Ripple (XRP) is a San Francisco headquartered blockchain company. This company provides payment services with the help of XRP coin, which runs on the Proof-of-stake (PoS) blockchain network XRPL. At present, the Ripple team is engaged with nearly 20 Central banks globally, to provide guidance on the use of blockchain & crypto technology to achieve efficiency in digital payment systems.
On 19 June 2023, the International Monetary Fund (IMF) announced its new XC platform, which can be utilized to process payment across several central banks easily with or without the involvement of the Central Bank Digital Currencies (CBDCs).
The XC platform is only a concept platform and it is still not in existence and IMF expects that if it will not develop such a platform then in the future digital currencies will fulfil this gap.
Following the IMF’s concept XC platform news, Ripple (XRP) supporters are now happy to see that the IMF report mentioned the XRP coin.
Indeed, the IMF report on the XC platform considered the use of crypto assets in the cross-border payment services, via trading on crypto exchanges.
IMF also mentioned in its report that open-source public blockchain networks can be used for efficient & fast cross-border payment services, more similar to the Strike app which uses the Bitcoin lightning network to process transactions at almost zero cost & instantly.
Notably over the past couple of years, the Ripple team showed Inclination toward blockchain technology focussed payment services development. As per reports, Ripple is engaged with more than 20 Central banks to assist them to develop their corresponding digital sovereign fiat currency, or say CBDC.
No doubt that Ripple is playing a vital role in the world to push the adoption of crypto & blockchain technology. Even nearly 200 banks in the world use XRP coin to provide cross-border payment services but still, this blockchain firm is struggling badly in the US jurisdiction.
Since Dec 2020, the Ripple firm has been under a legal conflict with the United States Securities Exchange Commission (SEC) over the nature of the XRP coin & its business model.