As known Ripple Managed by RippleNet platform, anywhere in the world cryptocurrency It is used to send and transfer transactions between borders.
Therefore, the RippleNet system is seen as a direct alternative to the SWIFT banking system.
Ripple (XRP) Revealed Twice as an Alternative to the SWIFT System in the Report of the Arab Regional Fintech Group
In the “Practical Guide” prepared by the Arab Regional Fintech Group on central bank digital currencies (CBDC) on March 18, it was aimed that Arab central banks understand the differences in the digital assets market.
Surprisingly, RippleNet was mentioned twice in that report as a direct alternative to the SWIFT system.
This detail in the document in question was noticed by the account with the pseudonym WrathofKahneman, who is known for doing research on Ripple on Twitter.
Arab Regional Fintech Group report, “Central Bank Digital Currencies: A Practical Guide for Arab Central Banks.” Mentions #Ripple as an alternative system in two places.https://t.co/EG2AdMb6uN pic.twitter.com/DX37AiMp2A
— WrathofKahneman (@WKahneman) March 18, 2022
In the same document published by the Arab Regional Fintech Group cryptocurrencies He mentioned that the prices are not fixed and they are used as a speculative investment and savings tool rather than a payment method.
As it is known, Ripple experienced great decreases in its value during the ongoing litigation process in the current situation.
However, in recent developments, the SEC’s objection, which objected to the company’s defense on “fair reporting”, was rejected by the court.
The company’s CEO, Brad Garlinghouse, described this latest development as “a great victory”. New developments are expected in the coming weeks during the trial process.
In addition, recently XRP became part of the mission of the international authority, the Digital Euro Association (DEA), to work on CBDCs.
*Not investment advice.