Since there is ease between the Securities & Exchange Commission of the US and Ripple, Ripple is all over the place. It has been found throwing several ideas and the latest being of making public a freshly compiled white paper.
In its recent statement Ripple was found stating that if used properly then crypto can be used for multifarious uses. One of its use explained by Ripple was of creating a neutral bridge between crypto and different fiats.
A freshly compiled white paper relating to XRP (-4.25) has been made public by none other than Ripple itself. In this white paper, Ripple has claimed that -4.25 can be used to interlink crypto with government-backed cryptocurrency (also known as CBDCs).
It has been further claimed that the use of -4.25 will provide a more robust method of processing transactions. It claimed that the newly developed XRP is highly efficient and is equipped to deal with tedious transactions without any problem at all. In addition, it can be used to create a neutral bridge, particularly between fiat currencies and digital currencies.
The white paper has been named by Ripple as the “Future of CBDCs” and has been published on Monday, 22nd March 2021.
Through this paper, Ripple has also drawn the attention of worldwide central banks to the significance and importance of cross-border transactions. It has been pointed out that the importance of cross-border transactions has been overlooked. In fact, too much attention has been focused on domestic/in-house transactions. It was stated by Ripple that whether the transactions relate to domestic or cross border, the receiver demands speedy retrieval. It has been suggested by Ripple that what matters is the “end receiver”. It really doesn’t matter at all if the person receiving the funds is a local or someone residing outside.
Furthermore, in the white paper, Ripple totally objected to the idea and stated it to be “myopic”. In fact, Ripple supported the idea of “interoperable CBDCs”. It opined that the concept could not only bring the nations closer but would also create an environment of fair competition. In this way, global entities will be encouraged more than ever to engage in international trades.
Ripple has also drawn attention towards usual methods of sending and receiving funds by traditional sources such as banks. It claimed that the wait of at least 3 to 5 days is not acceptable in this time which is an era of evolution and technology. While the money sent through exchanges is received at the receiver’s end almost instantly, claimed Ripple.
The idea brought to the attention of the masses through the white paper seems to be on the spot. However, whether anyone is willing to accept and implement it, is a separate matter.