Ripple (XRP) being acknowledged as a security or not is going to be one of the biggest announcements in the crypto world. At this very moment, we can only anticipate the big news to be publicized in the next few weeks. Even though, the legal basis of this world’s financial system is tirelessly at work to be able to improve; Ripple, in contrast, is affiliating with them and other financial managers out there.
The biggest difficulty at the moment is not announcing Ripple as a security, but if it’s technology could be officially used for securities, commodities, stocks, and bonds, – and whether Ripple’s technology can transform the world’s transactions.
There are some $294 trillion financial assets in the world already, and a fragment of it is the global market capitalization which has risen from $34 trillion to $69 trillion and this involves the amount of money which goes on a day-to-day basis, (and of course), these transactions can now be processed with Ripple’s technology.
IMF Is ‘Bullish’ On Cryptocurrencies Like Ripple
The International Monetary Fund (IMF) has in recent times voiced its support for cryptocurrencies such as Bitcoin and Ripple. Christine Lagarde the CEO of IMF, said that cryptos do not carry out substantial threats to the contemporary day fiat currencies.
Cryptocurrency is seen by Largarde as, “volatile, risky, energy incentive and because the underlying technologies are not yet scalable enough”. The flaws of cryptocurrency can be corrected effectively and Christine believes this very well.
She additionally placed more importance on the future first choice for digital currencies by making the statement: “Why would citizens hold onto virtual currencies rather than those physical dollars, physical euros or physical sterling’s. Because it may one day be easier and safer than obtaining paper bills, especially in remote regions and because virtual currencies could actually become more stable.”
The IMF leader then proceeded to add, “Citizens may one day prefer virtual currencies since they potentially offer the same cost and convenience as [there could be] no cash, no settlement risks, no clearing delays, no registration, no intermediary to check accounts and identities.”
Lagarde stated the objectives to increase the Fund’s High-Level Advisory Group on Finance and Technology, to uphold the international organizations. 19 team members were formed for this initiative, with Ripple’s Ryan Zagone and Chris Larsen. Lagarde said.
“The group will provide advice to help IMF staff deepen its understanding of FinTech issues. It will work closely with the IMF’s Interdepartmental Working Group on Finance and Technology, which was established in 2016, to study the economic and regulatory implications of developments in the area of finance and technology. Such a system would stand a good chance of disrupting entrenched players (e.g., Swift), according to the IMF.”
IMF Looking Into Blockchain Technology
There’s been several meetings on blockchain technology by IMF, and mostly in these meetings had presence Ripple’s Ryan Zagone participating with them – this proves that Ripple is working hand-in-hand with IMF. Ryan Zagone and Charles Larson are also collaborating with other big financial companies.
It’s important to note that IMF’s support for cryptos such as Ripple is huge. With this said, the basis that Ripple has built is strong and steady, and one of the major causes why there hasn’t been an increase in XRP price is because Ripple is working on laws that rule the technology for communities, technologies, etc. In fact, the SEC case against Ripple’s XRP being a security is also holding its price back. But still, “Ripple is the only company with enterprise-ready solutions in distributed ledger technology.”
The technology is faster and inexpensive. Can be used for payments to settle on the network which only takes four seconds, but Ethereum and Bitcoin takes 2 minutes to 1 hours and 3 to 5 days for traditional systems. The future is bright with Ripple’s technology being the cross-border transactions and IMF is very confident that it can take the world to the next level. And in due course, the trust International Monetary Fund will aid the cryptos in bulk acceptance.
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