IMF, WorldBank and EU Commission Involvement with Ripple are on Pace to Make XRP Unstoppable
Ripple and the digital asset XRP would be unstoppable with the recent support received by the International Monetary Fund (IMF), the World Bank (WB) and the European Commission (EC). Ripple aims at changing the way in which cross-border payments are processed.
Ripple’s Expansion Could Be Unstoppable
Although 2018 was a very hard year for virtual currencies, things seem to be changing for them, including for Ripple. The World Bank, the International Monetary Fund and the EU Commission have already created some partnerships with Ripple.
It is not easy to have access to these institutions and be able to sign a partnership with them. Ripple’s work will be extremely important to define its future. The main intention is to reduce the barriers that exist between boundaries to move funds from one side to another.
The intention is not only to tackle inefficiencies but also to help ease the road to regulations. At the moment, there are no clear regulatory frameworks around the world about virtual currencies. Ripple aims at changing this by educating major financial institutions about distributed ledger technology (DLT) and how it can be used to help people around the world have better services.
In March this year, the xRapid product was featured on the World Bank’s official site. They explained that blockchain technology is a potentially revolutionary technology and they mentioned the efforts that Ripple is currently making in the space. They have also stated that remittances are also more expensive in those places that are needed the most.
The World Bank has also mentioned that the xRapid corridor between the United States and Mexico was a positive thing for the digital currency and for the ecosystem, Indeed, the pilot conducted between these two countries provided very positive results.
Moreover, Christine Lagarde, the Chairperson of the International Monetary Fund, has been saying very positive things about blockchain technology and how it could improve and make the financial world more efficient.
She knows that banks will have to adapt to this new financial world if they want to remain competitive in the market. She has also mentioned that blockchain technology will be helping banks to improve the services they offer and reduce payment times and costs.
Furthermore, Chris Larsen, the co-founder of Ripple, was selected as one of the individuals to discuss with the IMF about blockchain technology and how it can be used to streamline activities in the financial world. This shows that one of the largest financial institutions around the world is paying close attention to how the technology could help improve the financial sector.
A few days ago, the European Commission has announced that it was launching the Internat Association of Trusted Blockchain Applications (INATBA). The INATBA has been founded in order to start discussions about digital assets with regulators and how to create interoperability standards. Ripple is one of the members of this program and they want to become a leading participant.
There are other banks that are also analysing the possibility to start using XRP as a digital currency for payments or blockchain technology. One of these banks is Santander. The company has over $57 billion in deposits and over 650 retail offices in Europe. At the moment, they are working with the xCurrent product and they want to start working with RippleNET and other liquidity products offered by Ripple.
Ripple continues expanding in the market and there are many partnerships in the space that show that Ripple will not go away anytime soon and that its expansion is unstoppable.
Live Ripple (XRP) Price:
1 XRP/USD =$0.2464 change ~ 2.46%