Bank of England Governor claims cross-border payments are too expensive and implies that Ripple will be the solution?
At the virtual Davos conference, Bank of England Governor Andrew Bailey mentioned that there are some gaps to fill in digital payments. And the names he wants to mention are obviously Ripple and XRP …
Bank of England Governor Andrew Bailey
Cross-border remittances as the obvious one since they are way too expensive, is Ripple the solution?
“We still have some very big gaps to fill. Cross border payments being the obvious one where the cost of making payments is too high.”
While he didn’t directly mention XRP, his words could certainly be seen as backing for Ripple.
Due to its design, XRP is primarily advertised as a fast and inexpensive bridge currency to make real-time cross-border payments more efficient. XRP will also have to compete for relevance with booming private stablecoins and a slew of central bank digital currencies (CBDCs) that are being tested or developed by major world powers. However, as mentioned by Ripple’s Emi Yoshikawa, the controversial token will merely be complementary to these instead, refuting the idea that there would be some kind of rivalry between them.
While the US SEC has made it clear that it views XRP as unregistered security in its lawsuit, the UK Treasury Department has recognized it as an exchange token.
Due to regulatory clarity, Ripple came up with the idea of moving its global headquarters from San Francisco to London.
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