Bank of England Governor's important Ripple (XRP) submission

Andrew Bailey pointed to ripple in his speeches.


In remarks at the ongoing digital Davos conference, Bank of England Governor Andrew Bailey said that despite the innovation developments he had witnessed in recent years, there were some gaps in digital payments that needed to be filled.

Cross-Border Payments

Bailey said there were problems with cross-border payments, especially because they were too expensive, and said: “we still have very large gaps to fill. For example, in cross-border payments, it is obvious that the cost of paying is very high."he used his words.

In addition, Bailey did not mention XRP or ripple directly, but anyone who evaluated the conversations thought that the governor of the Bank of England was talking about the fifth largest cryptocurrency by market capitalization and the company behind it.

Because although he's been in trouble with the U.S. Securities and Exchange Commission lately, Ripple serves as a bridge for cross-border payments to be both fast and cheap.

Ripple and international payments

XRP will need to compete for the level of interest with private stablecoin and a range of central bank digital currencies (CBDCs) that have been tested or developed by major world powers, according to the disclosures. However, as Ripple's Emi Yoshikawa mentions, the controversial token will only be “complementary” to these thoughts, and there will be no kind of rivalry between them.

Different Regulatory Environments

Although the SEC has made it clear that it considers XRP an unregistered securities in its case, in the UK, XRP is considered a stock exchange token. In fact, there are too many countries that do not consider XRP as a securities.

In addition, because the regulations were not clear, Ripple had previously announced that they intended to move their headquarters from San Francisco.

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