{"id":25790,"date":"2023-06-22T19:10:06","date_gmt":"2023-06-22T23:10:06","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=25790"},"modified":"2023-06-22T19:10:06","modified_gmt":"2023-06-22T23:10:06","slug":"expert-analysis-imf-documents-and-xc-platform-raise-concerns-for-xrp","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/06\/22\/expert-analysis-imf-documents-and-xc-platform-raise-concerns-for-xrp\/","title":{"rendered":"Expert Analysis: IMF Documents And XC Platform Raise Concerns For XRP"},"content":{"rendered":"

The IMF has often recognized crypto assets, especially Ripple (XRP), as instruments facilitating cross-border payments and remittances. Reuters reported that the International Monetary Fund IMF plans<\/a> to launch a platform to facilitate CBDC creations and transactions.\u00a0<\/p>\n

These mentions have always excited the XRP community. But recently, a prominent XRP influencer opined that the new XC platform and IMF cross-border documents are not pro-XRP.\u00a0\u00a0<\/p>\n

IMF Documents and Upcoming Platform Don\u2019t Directly Favor XRP<\/h2>\n

WrathofKahneman took to Twitter<\/a> to quell the anticipation that the IMF favors XRP directly.\u00a0<\/p>\n

Related Reading: Bitcoin Rally Appears To Be Fueled By Derivatives, Will It Last?<\/a><\/p>\n

The influencer wrote;<\/p>\n

Man, the IMF docs are neither pro-XRP nor the XC platform. There are 3 docs worth reading to decide for yourself.<\/p>\n

Recall that in 2018, the International Monetary Fund organized a presentation captioned The Regulation of Virtual Currencies. The body classified XRP as a coin for digital payments highlighting that it can facilitate cross-border payment, which has been a challenge for central banks.\u00a0<\/p>\n

Also, earlier in February, the IMF published a paper recognizing the importance of crypto assets such as XRP for cross-border payments and remittances.\u00a0<\/p>\n

Then on June 19, the IMF published another paper<\/a> stating it plans to push through the launch of an XC platform where many wholesale central bank digital currency projects will interoperate.\u00a0<\/p>\n

According to the IMF report,\u00a0this is an evolution of wholesale CBDC, which is both a settlement asset and infrastructure\u2014a platform, really. But according to WOK, the XRP community exaggerated the whole plan implying support for Ripple.<\/p>\n

In his tweet, WOK added the documents about the first XC platform proposal, the recent IMF report, and even director Tobias Adrian\u2019s comments.\u00a0<\/p>\n

He stated clearly that these documents didn\u2019t only mention Ripple but also pointed at its rivals, Bitcoin Lightning Network and Stellar Blockchain, implying that the network wasn\u2019t unique as touted.\u00a0<\/p>\n

Regarding the XC platform, WOK said<\/a>, \u201cI think the IMF is trying to envision a single global cross-border clearinghouse.\u00a0It\u2019s cool but hard to imagine major economies sharing exposure so nakedly. They mention blockchain\/crypto need not be used at all.\u201d<\/p>\n

International Monetary Fund is Aware of Ripple and Stellar But Didn\u2019t Indicate Adoption, WOK<\/h2>\n

WOK\u2019s tweet sparked discussion around the topic and\u00a0Twitter user Salvacrypto <\/a>asked him if the IMF\u2019s mention of Stellar or Ripple could increase the probability of adopting the assets for future cross-border payments models or decrease it. The user even told him to give an honest answer.<\/p>\n

In response, WOK said, \u201cIf pushed, I would say slightly increase because it indicates to me they are aware of the XRPL and Ripple. But that doesn\u2019t mean planning for them.\u201d<\/p>\n

Following WOK\u2019s answer, Salvacrypto responded that the XRP community members are excited that such recognition by IMF \u201cstacks the chips in their favor.\u201d<\/p>\n

XRP is currently changing hands at $0.499 at the time of this writing, up 1.34% in the last 24 hours, according to data from Coinmarketcap.<\/p>\n

Featured image from Pixabay and chart from Tradingview.com<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

The IMF has often recognized crypto assets, especially Ripple (XRP), as instruments facilitating cross-border payments and remittances. Reuters reported that the International Monetary Fund IMF plans<\/a> to launch a platform to facilitate CBDC creations and transactions.\u00a0<\/p>\n

These mentions have always excited the XRP community. But recently, a prominent XRP influencer opined that the new XC platform and IMF cross-border documents are not pro-XRP.\u00a0\u00a0<\/p>\n

IMF Documents and Upcoming Platform Don\u2019t Directly Favor XRP<\/h2>\n

WrathofKahneman took to Twitter<\/a> to quell the anticipation that the IMF favors XRP directly.\u00a0<\/p>\n

Related Reading: Bitcoin Rally Appears To Be Fueled By Derivatives, Will It Last?<\/a><\/p>\n

The influencer wrote;<\/p>\n

Man, the IMF docs are neither pro-XRP nor the XC platform. There are 3 docs worth reading to decide for yourself.<\/p>\n

Recall that in 2018, the International Monetary Fund organized a presentation captioned The Regulation of Virtual Currencies. The body classified XRP as a coin for digital payments highlighting that it can facilitate cross-border payment, which has been a challenge for central banks.\u00a0<\/p>\n

Also, earlier in February, the IMF published a paper recognizing the importance of crypto assets such as XRP for cross-border payments and remittances.\u00a0<\/p>\n

Then on June 19, the IMF published another paper<\/a> stating it plans to push through the launch of an XC platform where many wholesale central bank digital currency projects will interoperate.\u00a0<\/p>\n

According to the IMF report,\u00a0this is an evolution of wholesale CBDC, which is both a settlement asset and infrastructure\u2014a platform, really. But according to WOK, the XRP community exaggerated the whole plan implying support for Ripple.<\/p>\n

In his tweet, WOK added the documents about the first XC platform proposal, the recent IMF report, and even director Tobias Adrian\u2019s comments.\u00a0<\/p>\n

He stated clearly that these documents didn\u2019t only mention Ripple but also pointed at its rivals, Bitcoin Lightning Network and Stellar Blockchain, implying that the network wasn\u2019t unique as touted.\u00a0<\/p>\n

Regarding the XC platform, WOK said<\/a>, \u201cI think the IMF is trying to envision a single global cross-border clearinghouse.\u00a0It\u2019s cool but hard to imagine major economies sharing exposure so nakedly. They mention blockchain\/crypto need not be used at all.\u201d<\/p>\n

International Monetary Fund is Aware of Ripple and Stellar But Didn\u2019t Indicate Adoption, WOK<\/h2>\n

WOK\u2019s tweet sparked discussion around the topic and\u00a0Twitter user Salvacrypto <\/a>asked him if the IMF\u2019s mention of Stellar or Ripple could increase the probability of adopting the assets for future cross-border payments models or decrease it. The user even told him to give an honest answer.<\/p>\n

In response, WOK said, \u201cIf pushed, I would say slightly increase because it indicates to me they are aware of the XRPL and Ripple. But that doesn\u2019t mean planning for them.\u201d<\/p>\n

Following WOK\u2019s answer, Salvacrypto responded that the XRP community members are excited that such recognition by IMF \u201cstacks the chips in their favor.\u201d<\/p>\n

XRP is currently changing hands at $0.499 at the time of this writing, up 1.34% in the last 24 hours, according to data from Coinmarketcap.<\/p>\n

Featured image from Pixabay and chart from Tradingview.com<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-25790","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/25790","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=25790"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/25790\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=25790"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=25790"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=25790"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}