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XRPgoat

The Fed on Cryptocurrencies and Digital Assets for Settlement

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Guest

Heck ya! Pieces of the puzzle coming together. 

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I like it when you see the FED using the same talking points as the Ripple executives, i.e. "pain points".  It would have been a dead give away if they were to say the quickest way to send money from London to New York would be to fly it there in a brief case. ? How the challenges and solutions are explained It almost sounds like Brad G or Chris Larsen were writing this article.  It definitely sounds like they are describing XRP for settlement, without actually saying it by name.  It's also encouraging that they mention settlement for securities transactions. 

 

"Many of the use cases focus on the areas of post-trade clearing and settlement of securities transactions, cross-border payments solutions, and trade finance. The common thread running through these use cases is the presence of operational "pain points" that generate inefficiencies and delays for users."

 

"The private sector has been exploring a variety of ways of deploying the underlying technologies of digital assets that are native to a particular wholesale platform, to help to facilitate finality of settlement."

That's XRP they're describing! 

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Guest

To me this reeks of, " We're already working on implementing XRP, but needed to throw out some paperwork on it so we don't shock the heck out of people."

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Posted (edited)

The one more recent speech is simi interesting Trust Everyone--But Brand Your Cattle: Finding the Right Balance in Cross-Border Resolution

Quote

Before the financial crisis, much of our collective orientation was on maximizing the efficient flow of capital across the globe. This should remain a paramount goal. Yet in the wake of the financial crisis, global regulators have understandably also focused on minimizing the cost of the failure of a global financial institution by mitigating the impediments to cross-border resolution. The single-point-of-entry (SPOE) and bail-in concepts hold particular promise for most large global firms.

Quote

I grew up among the ranches of the American West, where we lived by the motto taught to me as a young child: trust everyone, but brand your cattle. This is a theme that will run throughout my remarks today.

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Also this one Federal Reserve Board welcomes release of global strategy for reducing wholesale payments fraud

Quote

The strategy, published today in a report by the Bank for International Settlement's Committee on Payments and Market Infrastructures (CPMI), sets forth an approach to reducing the risk of wholesale payments fraud related to endpoint security with the broader objective of supporting financial stability.

From Ripple... https://ripple.com/insights/bis-describes-peak-correspondent-banking/

Edited by KarmaCoverage

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