Despite the latest peak in Ripple and XRP in terms of acceptance and value, few enthusiasts of cryptography speak without enthusiasm about Ripple's product. The latest tweet released today on December 18, 2018 hit the mainstream media stating that "NO banking institutions are using xRapid".
XRP Regulation and application of xRapid
xRapid is one of the products of Ripple Labs that focuses in particular on the "cross-border remittance". A Twitter user name "Steven Diep" has published a video of Marpple Delatinne, Ripple's Global Head of Banking, and notes that only "payment service providers use xRapid and non-banking institutions.
The tweet goes as follows;
Because of regulatory uncertainty, NO banks are using xRapid now, ONLY payment service providers.
– Steven Diep (@DiepSanh) December 18, 2018
In a very short time, many other enthusiasts joined the conversation and few pointed out what Ripple's CEO Brad Garlinghouse said about xRapid in mid-2018. They stressed that Brad was very confident about xRapid and its use through various banks. .
so Brad got it wrong, no bank will use xrapid this year?
– nIlSO (@ fingerinpomexi1) December 18, 2018
However, the other Twitter enthusiast talks about the regulatory positions that occur on XRP and the potential of xRapid. Few people say, it does not seem clear yet on a matter of 'XRP as safety'. One of the Twitter users said;
With the ongoing lawsuit on XRP as security, could we expect years potentially for the end of the judicial process and purpose on regulatory clarity that does not mean Xrapid use for banks and US countries waiting for their example? or could govern. clarity present before?
Regarding this conversation, Marjan Delatinne explained how cryptographic and digital resources are building the global economy by associating it with the liquidity management system. In his words;
No banking institution is using this, the regulatory framework on the use of digital assets is not very clear for banks, but the payment service provider or other financial institutions are less subject to these obligations.
He provided examples of how currency liquidity is managed by adding that liquidity can be used when needed and when it does not need it, it is not used.
Moreover, few enthusiasts hope that Brad discusses this issue tonight;