Blockchain

XRP Rumored as France’s Pick for Digital Currency

Published

1 year ago

October 18, 2023

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As per rumored reports, France is venturing into new financial territory, with Ripple (XRP) at the forefront of its digital euro approach. The country’s central bank, Banque de France, is setting the pace, considering XRP’s technology integral to its cryptocurrency endeavors. The bank began in 2021, marked by successful Central Bank Digital Currency (CBDC) testing within a secure environment associated with TARGET2-Securities, a European Central Bank platform. This development was a stepping stone, sparking interest in the potential of XRP technology for national infrastructure.

Edo Farina, known in the XRP community, recently broke the news on X, amplifying the buzz around this innovative step. The central bank’s interest has been around for a while, as an earlier paper sheds light on their stance. The document, focusing on real-time settlement via decentralized ledger technology, mentions XRP as a pivotal “virtual currency.” This role is crucial for bridging various currency pairs, simplifying global transactions, and streamlining the payment process.

XRP Bridges Currencies for Efficient Transactions

The paper goes beyond mere acknowledgment, exploring XRP’s practical aspects in the financial sector. It envisions banks as liquidity providers, using XRP for currency exchange. Here, XRP emerges as a bridge, connecting different currencies within a payment-versus-payment system. This method seeks to ensure transaction efficiency, real-time settlement, and transparency.

Such a system redefines foreign exchange transactions, optimizing payment settlements. It proposes a shift from traditional networks to a transparent ledger technology-based coordination. The benefit is to enhance financial dealings between banks, devoid of the usual complexities.

XRP’s New Milestone in Gaming Commerce

The XRP token, Ripple’s brainchild, isn’t just gaining attention in banking. It’s making headlines, with potential integration into Xsolla’s operations, a global gaming commerce leader. Accepting XRP as payment opens new doors, highlighting its relevance in gaming.

Moreover, Ripple’s technology caught the eye of the National Bank of Georgia, evident from its recent shortlisting for a CBDC project. These advancements underscore the expanding influence of XRP beyond traditional financial boundaries.