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The International Monetary Fund could be of help to financial institutions Adopting XRP
It will be very important to follow XRP will be recognized as security or not. The world of cryptocurrencies has been waiting for this decision for a long time. But here is a very interesting situation happening. Ripple is trying to make the current financial system more fair and efficient.
It is important to stress that it is not difficult for regulatory agencies to determine whether Ripple is a title or not. The real question is whether Ripple technology can be used for securities, commodities, stocks and bonds. In summary, is Ripple able to transform transactions worldwide?
There are currently over $ 294 trillion dollars in financial assets. This also involves money that goes day by day. These transactions can be processed with Ripple technology.
The international upward monetary Fund on ripple?
The International Monetary Fund (IMF) has shown its support for virtual currencies on several occasions. And indeed, Christine Lagarde, CEO of the International Monetary Fund, said that virtual currencies do not involve substantial threats to legal currencies.
Lagarde commented on the question:
"Because citizens cling to virtual currencies instead of physical dollars, physical euro or pound sterling, because one day it could be easier and safer to get paper invoices, especially in remote regions and because virtual currencies could actually become more stable. "
In addition, the IMF leaders explained that citizens could decide one day to use cryptocurrencies because of the fact that they potentially offer the same cost and the same convenience that there could be no liquidity, no settlement risk, no compensation delay and many other benefits.
In order to increase the HIgh advisory group on finance and technology, there were 19 different members, including Ripple, Ryan Zagone and Chris Larsen. The group will advise to help IMF staff to understand more FinTech issues.
Lagarde noted:
"Will work closely with the Inter-departmental Working Group of the IMF on Finance and Technology, established in 2016, to study the economic and regulatory implications of developments in the financial and technological sector. Such a system (Ripple) would represent a good change of players rooted and rooted (for example, Swift), according to the IMF. "
The IMF had several meetings on the Blockchain technology that were proposed by the IMF. Many of them had the presence of Ripple's Ryan Zagone. This shows that he is representing Ripple as an IMF and they are working together.
This information is very important. The International Monetary Fund is working with Ripple and supports its development. And indeed, Ripple was able to build a strong market presence with various technology communities and financial institutions around the world.
Ripple offers fast and inexpensive technology for banks and other institutions to send payments and settle them on Ripple's network in seconds. Using Ethereum and Bitcoin takes from 2 minutes to 1 hour, and the traditional system from 3 to 5 days.
If the IMF supports and works side by side with Ripple, this virtual currency could have a very promising future.
XRP is the third most important virtual currency in the market. Each token can be purchased for $ 0.41 dollars and has a market capitalization of $ 16 billion.
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