Jump to content
Sign in to follow this  
DreXRP

Saudi/UAE Digital Currency Goes Live in Q1

Recommended Posts

10 minutes ago, Yodaxrp said:

@legomaracas

Agreed about the above, but you need the exchanges to have xrp listed against the two fiat or against one fiat and cb coin.

I have no idea if they are listed on any exchanges...don’t even think the CB crypto is out yet? Think we’ll have to wait and see. 

Edited by legomaracas
Grammar

Share this post


Link to post
Share on other sites
3 minutes ago, kenrino said:

As far as I remember even for bridge currency it can be something else than xrp, Ripple don't want to force customers. So if Saudi/UAE want to use their own crypto as a bridge (even if less efficient) they can.

Yes...so then that would be the ILP if they don’t intend to use xrp. 

Does the UAE have it’s own CB crypto? If not...then they might have to use xrp. 

I also think it’s going to take some time for banks to get accustomed to the idea of not having nostro/vostro accounts. They’ve been doing it this way for decades....they will dip their toes in slowly and when they realize it’s working well then they will move to the next phase.

Crawl.walk.run. 

Share this post


Link to post
Share on other sites
Guest
37 minutes ago, Yodaxrp said:

Confused actually and not so sure XRP will be the bridge. We have two Fiat and a saudi CB crypto, where's exactly XRP's role?

Do you have any use for Saudi fiat and crypto? Neither do most other countries in the world.

Share this post


Link to post
Share on other sites
3 minutes ago, Yodaxrp said:

Guys, if your attitude toward a genuine question is this one...well thanks a lot and adios!!!

That’s a joke right? I Can’t tell sarcasm on these forums ?

I mean...it’s obvious many countries and companies transact with SA & UAE. They have some of the biggest oil reserves in the world. 

Edited by legomaracas

Share this post


Link to post
Share on other sites

So the answer is simple and it has been covered before. The creation of a digital asset by a central bank will still require and intermediary asset if they want to convert to another currency, fiat or digital. XRP will still be the middleman in this scenario. It will just be given a different starting asset (digital currency vs. fiat currency). It's all the same to xRapid.

Share this post


Link to post
Share on other sites

Here is a question has any bank made their own digital asset yet???? I don't think banks are concerned or want to be in the business of making and maintaining a coin.  Banks are going to do what they do "Fiat Money" and leave the digital assets to the tech industry.  What they are going to demand though is an asset that is managed nd backed by a reputable and trust worthy organization you know somebody to be held accountable if $hit goes south  Banks don't want that burden either.  So I ask you who in this digital asset game fits that bill???? I rest my case.  If you don't see the plan why Ripple holds 60% of XRP your missing the point, the Banks are going to want insurance that whatever digital asset they utilize for a bridge the majority is controlled by a resource right at their fingertips whether that be ripple or Banks themselves but it will definitely not be some random miner in a province of china who could easily pack up his $h%t  and go into hiding if things go south for any reason.

Edited by RikkiTikki

Share this post


Link to post
Share on other sites
Guest
13 minutes ago, legomaracas said:

That’s a joke right? I Can’t tell sarcasm on these forums ?

I mean...it’s obvious many countries and companies transact with SA & UAE. They have some of the biggest oil reserves in the world. 

@Yodaxrp But countries don't want to be exposed the risk of holding other countries' fiat. If the US buys oil, they have a choice to either pay in USD or SAR or what ever the Saudi crypto is. Regardless, someone has to assume the risk of holding a currency it can't use domestically. 

XRP is a bridge currency which allow one party to exchange their domestic currency into xrp and send it. The recipient then exchanges xrp into their domestic currency. 

This way both parties are only exposed to the risk of holding xrp for seconds. 

Edited by Guest

Share this post


Link to post
Share on other sites
2 minutes ago, LordVetinari said:

But countries don't want to be exposed the risk of holding other countries' fiat. If the US buys oil, they have a choice to either pay in USD or SAR or what ever the Saudi crypto is. Regardless, someone has to assume the risk of holding a currency it can't use domestically. 

XRP is a bridge currency which allow one party to exchange their domestic currency into xrp and send it. The recipient then exchanges xrp into their domestic currency. 

100% Agree with that

Share this post


Link to post
Share on other sites
Quote

Ripple and Saudi Arabian Monetary Authority (SAMA) Offer Pilot Program for Saudi Banks

https://ripple.com/insights/ripple-and-saudi-arabian-monetary-authority-offer-pilot-program-for-saudi-banks/

Quote

The Saudi Arabian Monetary Authority (SAMA) — the central bank for the Kingdom of Saudi Arabia (KSA) — has signed an agreement with Ripple to help banks in the KSA improve their payments infrastructure using xCurrent.

Hmmmmm

Share this post


Link to post
Share on other sites
12 minutes ago, PickleRick said:

Yes,they use xCurrent since 8 month and in Q1 2019 there will be a new product backed by a crypto currency powert by ripple. 

And we also know from David Schwartz,that xCurrent can settle with xrp...

 

Edited by DreXRP

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

×
×
  • Create New...