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Fintech and Cross-Border Payments By Dong He, Deputy Director, Monetary and Capital Markets Department, IMF Ripple – Central Bank Summit Carnegie Hall, New York

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"Messaging and settlement either in central bank money or through correspondent banks would no longer be needed. In the capturing and distributing segments, instead, virtual currency exchanges and wallet providers would compete for customers, potentially taking significant business away from other players."

"In terms of stability, a DLT-based CBDC could also be more secure and resilient than current settlement systems which are exposed to single point of failure risk."

The first quote sounds like it could be any digital currency that trades on an exchange that can be used for settlement (though XRP is most cost effective), though the second looks like it's exactly what XRP is positioned for. 

 

 

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22 minutes ago, M-X said:

Messaging and settlement either in central bank money or through correspondent banks would no longer be needed. In the capturing and distributing segments, instead, virtual currency exchanges and wallet providers would compete for customers, potentially taking significant business away from other players."

In the context of; significant market restructuring will occur if the legacy system doesn’t pick up its socks and get competitive.

could be what this is about.....

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Guest

Ripple is an American Company

There is significant risk in this state of affairs. Had Larson moved the company outside the US jurisdiction, Ripple could argue that it is outside of the US.

So why do I raise this point. With the introduction of the Chinese Petro Yuan dollar there will be a diminished acceptance of the USD as a payment mechanism. Readers will know that the US has more than 900 military bases in foreign countries. The US will no longer be able to support the empire. There will be a move toward Asia - China and Russia - OBOR (One Belt One Road) economy. Ripple will be seen the empire's $ company. Not a good strategic position. Philippines has moved away from the US. South Korea could do same, especially if there is an event in North Korea.

Ripple may be successful in the next 2-3 years but beyond, it is not clear. 

Ripple is very late to the 2018 crypto market.

Time is tight,

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5 minutes ago, Max Entropy said:

Ripple is an American Company

There is significant risk in this state of affairs. Had Larson moved the company outside the US jurisdiction, Ripple could argue that it is outside of the US.

So why do I raise this point. With the introduction of the Chinese Petro Yuan dollar there will be a diminished acceptance of the USD as a payment mechanism. Readers will know that the US has more than 900 military bases in foreign countries. The US will no longer be able to support the empire. There will be a move toward Asia - China and Russia - OBOR (One Belt One Road) economy. Ripple will be seen the empire's $ company. Not a good strategic position. Philippines has moved away from the US. South Korea could do same, especially if there is an event in North Korea.

Ripple may be successful in the next 2-3 years but beyond, it is not clear. 

Ripple is very late to the 2018 crypto market.

Time is tight,

The ILP doesn’t care what currency you use and XRP is currency agnostic. The Yuan is already in the SDR basket so even if the power shifts to an Eastern currency they still need to deal with nostro/vostro and interoperability. Please explain what possible difference could jurisdiction make?

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49 minutes ago, Max Entropy said:

Had Larson moved the company     ....      Ripple could argue that it is outside of the US

And then you would be happy (maybe??) but what other effect would that have?  Apple, Amazon, Google, VISA....  it doesn't seem to be that big a limiting factor...

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Guest

Politics of money...

Swift currently uses a White List and a Black Lisk for both countries and banks. I expect that Ripple has a similar facility. This goes against the Bitcoin freedom model.

Ripple is not either Apple or Google... they have customers/users. They are established. Ripple has neither. They very late to the business despite starting in 2012. We expect their first business transaction be performed in 2018.

i expect most here, will not understand the issue of 'reserve currency' wherein the US could inflate/quantitatively ease (nice example of tyranny of language) (print freely) the USD money supply at will, because foreign countries had to buy energy/oil in USD. Hence, they had to eat the cost of inflated USD. So with a Petro Yuan, the ability to print becomes greatly diminished. In fact, USD payment mechanisms may be avoided because USD is so highly inflated.

To avoid this issue, Ripple will need to become a 'foundation' and not participate in the role out of the network, leaving this to regional partners like Alibaba, Amazon, etc which deeply entrenched in nation states.

--

These facts, I am just the messenger.

 

Edited by Guest

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Guest

I am waiting for the first pizza purchase with XRP.

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8 hours ago, Max Entropy said:

They very late to the business despite starting in 2012.

 

This seems incorrect. 

1) They (Ripple) have been around for 6 years or so. Thats a long time I’m crypto/blockchain universe as of now.

2) Ripple/XRP is significantly ahead of the other companies trying to comepete. This is known based on public information, while at the same time Ripple is becoming known for playing things very close to the chest. I think if we actually knew the entire list of what Ripple has going on behind closed doors we would be shocked (In a good way). With their clients now it’s all about keep things very quite till it’s completed. Example, the Gates Foundation has been working with Ripple for 2 years now, we only found out about at the Swell conference. 

I think they (Ripple) are on time (if not early) to the game and are way ahead of competition. 

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On 3-11-2017 at 8:22 PM, Amigo said:

Let's settle for a Margarita.. the Mexican one seems about 4 seconds away ?

By the way.... is there Ripple software available (with API) to have Customers make retail payments via XRP? Anyone?

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http://www.imf.org/en/News/Articles/2017/11/01/sp103017-fintech-and-cross-border-payments

I've just reread Dong He's speech at the Ripple - Central Bank Summit in Carnegie Hall, and I think the penultimate paragraph of his conclusion is both enlightening and encouraging:

"Amid a landscape of change, one thing is certain. As our Managing Director, Madame Lagarde, said in her recent Bank of England speech: “To make things smoother – at least a bit – we need dialogue. . . . Between policymakers, investors and financial-services firms – and between countries.”

Isn't the aforementioned precisely what the Ripple team has been working so hard in putting in place while others invest in "pie in the sky" crypto-currencies with no real world use case?

 

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