Ripple’s effort seems to pay off with the recognition it received from a United States official Bill proposal under a Financial Agency, the Bureau of Consumer Financial Protection. The Bill proposal specially mentioned and acknowledged the impact of Ripple and its digital token XRP in the payment industry.
This development was hinted on Twitter by an XRP enthusiast identified as Yasuka. In the pages of the document released, a number of innovations were also recognized alongside Ripple and XRP.
— Yasuke (Yahs-Kay) (@YasukeTheRonin) December 12, 2019
Ripple and XRP Use Cases Receive Special Recognition
The major partnerships sealed by Ripple in the past and now are part of the yardstick used by the agency to quantify the effort of Ripple, the cross-border payment company and its digital token, XRP.
The agency sees those partnerships with virtual currency companies as a way of fostering services it renders in terms of cross-border remittance in mutual agreement with the third-largest digital currency by market capitalization, XRP.
Read the statement below:
“…the continued growth and expanding partnerships of virtual currency companies, such as Ripple, which offer both a payments messaging platform to support cross-border money transfers as well as a proprietary virtual currency, XRP, which can be used to effect settlement of those transfers.”
In the document, the agency imagined what the future could hold if such developments persist in the payment industry. It stressed that in the future, banks and credit unions might find a means to reduce their existing reliance on estimates.
The agency took time to compare the fundamental similarities of the above-continued development involving Ripple, XRP and SWIFT in the cross-border payment services.
“…they all apply elements of a closed network payment system to cross-border money transfers sent by banks and credit unions…” the Agency added.
According to the document, the Agency believes that the expanded adoption of Ripple’s suite of products could enable banks and credit unions to know the specific amount that recipients of remittance transfers will receive before the transfer is made.
Image Credit: Amazonaws.com
In conclusion, the community behind Ripple and XRP expects more of this recognition to foster the mainstream adoption of the digital currency XRP and Ripple’s use of blockchain technology in the cross-border settlement. So, this special mention from the Bureau of Consumer Financial Protection of the United States is seemingly a step in the right direction.