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Ripple

Ripple And Bank For Int’l Settlements Team Up For Payments Taskforce – A Boost For XRP Price?

Christian Encila
by Christian Encila
2 years ago
·
Posted in Crypto News, Uncategorized
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Ripple, the revolutionary blockchain-based payment solutions provider, has achieved a significant milestone by becoming an official member of the “cross-border payments interoperability and extension taskforce” within the prestigious Bank for International Settlements (BIS). 

Ripple’s inclusion in the cross-border payments taskforce, an integral part of the BIS Committee on Payments and Market Infrastructures, holds significant implications.

This remarkable feat not only underscores Ripple’s expertise in transforming the financial landscape but also signals a pivotal moment in the evolution of cross-border payment systems.

The BIS Committee on Payments and Market Infrastructures has announced the membership of its cross-border payments interoperability and extension taskforce. For further details, look here https://t.co/yDQmdOmp9m pic.twitter.com/8G9UpOaDtL

— Bank for International Settlements (@BIS_org) August 9, 2023

Related Reading: Elon Musk Legal Team Pushes For Dismissal Of Alleged ‘Abusive’ Dogecoin Case

Understanding The Role Of BIS

The Bank for International Settlements, often referred to as the “central bank of central banks,” serves as a global hub for cooperation and innovative thinking within the financial realm. 

Headquartered in Switzerland, BIS facilitates collaboration among international monetary authorities, striving to maintain the stability and efficiency of the worldwide financial system. 

With its commitment to fostering cross-border financial transactions and synergy, BIS remains at the forefront of driving initiatives that elevate the standards of global finance.

Ripple’s Collaborative Endeavors For Global Payment Advancement

This committee, led by Ulrich Bindseil from the European Central Bank and composed of 33 entities, recognizes the pivotal role of collaboration between the public and private sectors in achieving seamless cross-border payments.

BIS emphasizes the importance of harmonizing efforts between public authorities and private stakeholders to refine payment systems that underpin cross-border transactions.

XRP price as of Thursday. Source: Coingecko

However, against the backdrop of Ripple’s achievement, recent market fluctuations have brought along challenges. Presently listed at $0.629 on CoinGecko, XRP has experienced a 2.1% price decrease in the last 24 hours and a 5.2% drop over the past week. 

XRP is currently trading at $0.62. Chart: TradingView.com

Amidst these price variations, regulatory complexities persist. The US Securities and Exchange Commission has submitted a letter outlining its intent to pursue an interlocutory appeal concerning the classification of XRP transactions and distributions as securities under the Howey Test.

This development follows a prior ruling by Judge Analisa Torres that certain XRP transactions do not qualify as securities.

Ripple: A Legal & Strategic Dance

Stuart Alderoty, Ripple’s lead counsel, responded to the SEC’s intent, offering a nuanced perspective. He highlighted that the SEC is seeking permission for an “interlocutory” appeal, rather than possessing an inherent right to appeal.

Related Reading: Drowning In Complexity: Bitcoin Miners Submerged By Soaring Mining Difficulty

In response, Ripple is poised to present its counter-response within the upcoming week. This legal dialogue between Ripple and the SEC exemplifies the ongoing interaction and negotiation between the cryptocurrency industry and regulatory authorities, underscoring the fluid and evolving nature of the sector.

In a digital age characterized by transformative technologies and the pursuit of financial inclusivity, Ripple’s inclusion into BIS’s task force solidifies the company’s dedication to revolutionizing cross-border payments. 

Featured image from Occupy 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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