The United Nations Development Program (UNDP), a UN agency, gave Ripple (XRP) a special place among altcoin projects in a report on the use of cryptocurrencies in Africa. Meanwhile, Ripple CEO Brad Garlinghouse spoke about the Hinman emails that are important to Ripple and the SEC case.
UN draws attention to this altcoin project in its report
The United Nations Development Program team has prepared a report on the prospects of cryptocurrencies in Africa. The United Nations Development Program (UNDP), a UN agency, supports countries and communities in the fight against poverty. UNDP has prepared a report on ‘Cryptocurrency in Africa’. The report in question highlights the usefulness of Ripple (XRP) in cross-border payment solutions. The community-run Twitter account of WKahneman, an XRP enthusiast, shared the report:
A report released by the UN this January: Cryptocurrencies in Africa. He talks about BTC, stablecoins in general, smart contracts (including ETH). But he has a good snippet on cross-border payments noting XRP. He proposes derivatives to balance volatility.
The authors of the report analyze a use case for the altcoin. That is, it deals with using tokens in payment corridors for low-cost and near-instant money transfers. According to the text, XRP has the ability to cost-effectively bridge two local fiat currencies.
Through Ripple’s Credit Limit (LoC) service, conversions between two currencies can be organized at a fixed exchange rate. The parties can then repay the loan according to a suitable schedule. However, XRP is not an altcoin pegged to fiat currencies. Therefore, the volatility problem becomes inevitable when used in cross-border transfers. Therefore, XRP needs to be hedged with additional financial instruments.
Investments, trust and regulation needed for crypto adoption
The report’s authors suggest experimenting with industry-grade cryptocurrency derivatives services to allow payment processors to hedge their capital against volatility spikes. Also, some recommendations for nation-states in the UNDP report include supporting local cryptocurrency products, establishing clear regulatory frameworks, and increasing reliance on digital assets as payment instruments and an investment avenue.
Meanwhile, Ripple Inc. It is gradually strengthening its presence in Africa. cryptocoin.comAs you follow, in December 2022, it started to provide remittances from 19 African states to Europe. Nala, a Tanzanian fintech company, provides the technical basis for this development.
Ripple CEO spoke about Hinman emails
At the World Economic Forum (WEF) in Davos, Ripple CEO Brad Garlinghouse spoke about the latest emails from SEC Director Bill Hinman, which was recently ordered to be delivered to the judge. The Ripple manager hinted that these may contain some important information. According to Garlinghouse, when these documents are finally made public, it will raise more questions as to why the U.S. Securities and Exchange Commission chose to file a lawsuit against Ripple.
“When this comes to light, I think we will see something more like how it is possible for the SEC to decide to file a lawsuit against Ripple given what it has said within its own walls,” the Ripple boss says.
As you know, former SEC official Bill Hinman gave a speech in June 2018 that the second largest cryptocurrency, Ethereum (ETH), should not be classified as a security. During the interview, Garlinghouse admits to the fraud accusation of founder Sam Bankman Freed, as well as the reputational damage caused by the FTX collapse. However, he argues the scandal may have been misinterpreted as a ‘crypto issue’.
Garlinghouse mentioned that Ripple has a billion-dollar cash pile after earning record high revenues despite US regulators’ lawsuit over XRP’s security situation. He underlined that non-US customers make up 95% of Ripple’s customers. The CEO also noted that there is less hiring activity but no layoff plans. Speaking of the SEC case, Garlinghouse remains optimistic about the SEC’s legal battle that will end in the first half of 2023.
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