Ripple Labs, a blockchain payment company, is well-positioned to revolutionize the global financial system as more central banks prepare to roll out their respective Central Bank Digital Currency (CBDC). According to Ripple’s Vice President of Central Bank Engagement, James Wallis, CBDCs have a higher level of security than traditional money systems and are capable of eliminating high friction, especially in last-mile transactions. The XRPL is expected to play a crucial role in retail CBDC mainstream adoption in the Web3 ecosystem amid regulatory clarity for Ripple in the United States.On Tuesday, New York District Judge Analisa Torres denied the SEC’s interlocutory motion of appeal, thus stamping on the narrative that XRP is not a security. As a result, the case is expected to proceed to trial during the first quarter of 2024. Wallis noted that digital currencies can move quickly with more certainty compared to the traditional form of money and that blockchain technology can add additional functions and capabilities on top of the core infrastructure used by the CBDC issuers.The XRP community is expected to be one of the largest beneficiaries of retail CBDCs running through the XRPL. Moreover, XRP is used as an intermediary currency to settle the forex differences between different fiat currencies, which is expected to dramatically increase the demand for XRP and add value to the digital asset.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | SEC, David Schwartz, Analisa Torres, FINRA, James Wallis |
| Companies | SEC, XRPL, Coinbase, eToro, Ripple Labs |
| Currencies | US Dollar, Ethereum, XRP, Bitcoin, British Pound |
| Securities | None |
