Ripple and XRP discussed by the Governor of the Bank of England in an open discussion

XRP is back to being the second largest cryptocurrency in the world after pushing Ethereum [ETH] back to third place. 2019 was a really good year for Ripple and XRP as the latter has exceeded over 200 partnerships with financial institutions.

Also, in a recent AMA-style discussion titled "You Say About the Future of Money", the Governor of the Bank of England, Mark Carney discussed with some XRP fans the plans of the bank on the future of payments cross-border.

Carney said:

"Money is evolving, as well as the way we pay and the financial services we want … The banknotes will remain for some time a form of central payment …"

On a user's discussion forum, Steve asked:

"How does BofE see the increased usefulness of digital resources (for example, the use of XRP through RippleNet as a bridge resource for cross-border payments and transfers) and it is BofE that works for use of a digital resource to perform this or other monetary tasks? "

Mark Carney replied that the bank had already collaborated with Ripple in 2017 to work towards new ideas in cybersecurity, digital resources, distributed ledger technology, machine learning and many other topics.

Furthermore, he explained:

"For that proof-of-concept study, we examined whether two transactions in different currencies could be performed simultaneously in separate RTGS systems.The important test is that if one of the synchronized transactions fails to pass, the other party it should not pass in. This shows that the system is functioning properly and could be used in principle for cross-currency conversions. "

He said that this could be something that could change the way cross-border payments work and, ultimately, change it in an unprecedented way, reducing rates and transaction times.

Previously, in October 2018, in an interview with SibosTV, Victoria Cleland, Executive Director of Banking, Payments and Financial Resilience of the Bank of England, spoke about their "proof of concept", which was a research on the future of money, made by collaborating with Ripple. He has declared:

"We want to be sure that when there are some sort of participants or systems that some kind of RTGS plugs can do it using DLT so proof of the concepts we have been doing during the summer really tries to tell if someone wants to connect us from a system DLT can work and the good news is that it can do it. "

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Akash is your usual Mechie with an unusual interest in encryption and day trading, ergo, a full-time AMBCrypto journalist. He holds XRP because of peer pressure, but otherwise he found a day of trading with that little capital he owns.