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Here is how IMF is pushing Ripple and Bitcoin towards the mass adoption

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Ripple Bitcoin

The big announcement on whether cryptos such as Ripple (XRP) will be declared as securities or not hasn’t been finalized. As of now, we can expect the big news to be announced in next couple of weeks, though. Although, the legal foundation of the world’s financial system is working tirelessly to make things better; Ripple, on the other hand, is partnering with them and other financial regulators out there.

The main problem right now is not declaring Ripple as a security, but if Ripple’s technology can be legally used for securities, commodities, stocks, bonds, and dividends – and whether Ripple’s technology can revolutionize the world’s transactions.

The world has $294 trillion financial assets, and part of it is the global market capitalization which has risen from $34 trillion to $69 trillion – this entails the amount of money that moves on a daily basis, and of course, we can now process these transactions with Ripple’s technology.

IMF is ‘bullish’ on cryptocurrencies

The IMF (International Monetary Fund) has recently expressed its support for cryptocurrencies such as Bitcoin and Ripple. IMF’s CEO, Christine Lagarde, stated that cryptos do not impose significant threats to the present-day fiat currencies.

Largarde sees cryptocurrency to be, “volatile, risky, energy incentive and because the underlying technologies are not yet scalable enough.”  Christine believes that the defects of cryptocurrency can be corrected effectively.

She further laid more emphasis on the future preference for digital currencies by saying:

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 head of IMF had added further,

“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.”

Moving forward, Lagarde declared the intentions to expand the Fund’s High-Level Advisory Group on Finance and Technology, to uphold the international organizations. Th team formed for the initiative has 19 members in it, 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 (Ripple) would stand a good chance of disrupting entrenched players (e.g., Swift), according to the IMF.”

IMF has had several meetings on blockchain technology, and most of these meetings had Ripple’s Ryan Zagone participating in them – which shows that Ripple is working hand-in-hand with IMF. Ryan Zagone and Charles Larson are also collaborating with other big financial companies.

It is worth noting that IMF’s support for cryptos such as Ripple is enormous. That said, the foundation that Ripple has built is strong and steady, and one of the main reasons why there hasn’t been an increase in XRP price is since Ripple is working on laws that govern the technology for communities, technologies, etc. And yes, the SEC case against Ripple’s XRP being a security is also holding its price back. Still, “Ripple is the only company with enterprise-ready solutions in distributed ledger technology.”  

The U.S Federal Reserve

The U.S Federal Reserve has a Faster Payment Task Force Steering committee – with Ripple the only Distributed Ledger Technology platform in the committee. The U.S Federal Reserve has declared that its primary aim is to let the market choose the way out that justifies the market share.

There have been 22 proposals that were submitted to the U.S Federal Reserve, but only 19 made the Steering Committee list. Ripple on its own is currently making sure that it becomes the leading solution or the way out that justifies the market share.

The Federal Reserve further issues the 6 “effectiveness criteria” for the future of RTGS networks, which are efficiency, safety and security, governance, speed, legal, and ubiquity. Lately, Ripple has been working to match with this criteria.

Nevertheless, a report by the U.S Federal Reserve in December 2016 talked about the Interledger Protocol, further stating that the Interledger Protocol would stir the use of the DLT-based platform for cross-border transactions. Financial companies such as Unicredit, Standard Chartered, Westpac, CIBC, among others that are of the Global Payments Steering Group, “will oversee the creation and maintenance of Ripple payment transaction rules, formalized standards for activity using Ripple, and other actions to promote implementation of Ripple capabilities as our network continues to grow,” according to Ripple’s governance advisory board, which means that this Global Payments Steering Group has Ripple in mind.

Final Words

Ripple technology is faster and cheaper. For payments to settle on Ripple’s network, it only takes four seconds. For Ethereum and Bitcoin, it takes 2 minutes and 1 hours – 3 to 5 days for traditional systems. Ripple’s technology is the future of cross-border transactions and IMF is pretty confident that Ripple can take the world to the next level. And ultimately, the trust the at International Monetary Fund has in Ripple and Bitcoin, will help the cryptos in mass adoption.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Maxpixel.net

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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