Has Russia’s Central Bank Collaborated with Ripple Since 2018? Leveraging XRP for Cross-Border Settlements
The post Has Russia’s Central Bank Collaborated with Ripple Since 2018? Leveraging XRP for Cross-Border Settlements appeared on BitcoinEthereumNews.com.
One report has revealed that as far back as 2018, Russia’s central bank was exploring whether it could use Ripple’s technology and XRP for cross-border payments. Another report described XRP as the fix to Russia’s digital payment needs and claimed that major banks were working to integrate it. Ripple’s technology and XRP have become among the biggest players in today’s crypto-based payments and cross-border remittances. However, according to a new report, Russia was ahead of the curve six years ago, with the Bank of Russia exploring XRP in its financial system as far back as 2018. A recently circulated report shows that Ripple’s technology was ahead of its competition even back then. Turns out #Russia’s Central Bank, a #BRICS institution, has been working with #Ripple since 2018 to build a cross-border settlement system using $XRP as the bridge for fiat transfers Interesting, it would seem that Project #MBridge is leveraging the #XRP Ledger as its foundation pic.twitter.com/INmieRRhMC — Black Swan Capitalist (@VersanAljarrah) August 30, 2024 According to the report, one of the earliest blockchain projects was by the Bank of Russia in 2018 when it explored DLT for cross-border remittances. It adds: In the first half of 2018, the Bank of Russia’s Novosibirsk innovative laboratory conducted research on testing the possibility of cross-border settlements using the Ripple platform. This proposed technology assumed that the participants would have special accounts in Russia’s national payment system and addresses on the Ripple network. Once the transfer was done, the reconciliation could be done immediately on the national payment systems or it could be done at intervals, such as at the end of each day. The report added: Based on the research results, it was concluded that the Ripple platform can be considered as the basis for starting work on creating a system of…
Filed under: News - @ August 31, 2024 11:14 am