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Saudi/UAE Digital Currency Goes Live in Q1

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5 hours ago, hallwaymonitor said:

Maybe Saudi-Arabia and UAE does have good relations and they trust each other and hence they could end up using their CBDC for a long time without XRP. However, as the below tweet suggests there is a certain point where countries no longer trusts each other and the counter party free settlement token would be needed. Enter XRP?

Exactly. 

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9 hours ago, zinomx1x said:

I personally think they are after the technology ripple offers but they are going to use their own currency which is more likely to be a stable coin.

I am not sure why ripple doesn't make her products be used only with xrp , same way as stellar lumens

Ripple provides more than one option and the customer can choose whats the most efficient option for them or use. From what I understand when XRP liquidity is at a certain level, usage of XRP will become more interesting for those customer who can't benefit from Xrapid at this moment because it will be a more expensive option. This will lead eventually to a flow of customers towards Xrapid.

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24 minutes ago, Ripplezzzz said:

Ripple provides more than one option and the customer can choose whats the most efficient option for them or use. From what I understand when XRP liquidity is at a certain level, usage of XRP will become more interesting for those customer who can't benefit from Xrapid at this moment because it will be a more expensive option. This will lead eventually to a flow of customers towards Xrapid.

Yes, and that's why Ripple's strategy is so brilliant. Depending on the clients wishes, depending on their legal system, trust in DLT, risk appetite holding or just using crypto, etc., Ripple offers different options. But all options will be designed to be interoperable in the end, one option leveraging the other, multihopping and pathfinding their ways to each other. Ripple's work at SAMA will certainly be no exception (!). There are quite some fake articles out there but this seems not one of them and can impose quite some significance, especially on the longer term. Markets may not respond directly because of the bearish cautions, but my guess is these developments are supercharging both Ripple's AND XRP's position, waiting for a significant release. Ripple is doing really really well at the moment. 

Edited by Amigo

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I don't see why this would be a good news when they use a crypto-currency backed by the Saudi central bank as a bridge asset.

Quote

The project involves launching a crypto-currency backed by the Saudi central bank that will enable cross-border payments.


I don't see a crypto-currency backed by a central bank being replaced by xrp afterward. Countries, central banks and so on don't want to lose their sovereignty even if less efficient, even if not a universal digital asset, even if they don't agree with each other, even if it's cumbersome, ripple provide them what they want.

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51 minutes ago, titi112 said:

I don't see why this would be a good news when they use a crypto-currency backed by the Saudi central bank as a bridge asset

I can imagine the long term and underlying strategies are hard to oversee, but l guess we can asume Ripple will not help or implement systems that will not contribute to their interests and strategy as well. They will not be there just to sell some manpower. Every hub or corridor that will be working on Ripplenet standards will mutually leverage the whole Ripplenet exponentially. That winwin makes adopting those standards so attractive. 

Edited by Amigo

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13 hours ago, titi112 said:

I don't see why this would be a good news when they use a crypto-currency backed by the Saudi central bank as a bridge asset.


I don't see a crypto-currency backed by a central bank being replaced by xrp afterward. Countries, central banks and so on don't want to lose their sovereignty even if less efficient, even if not a universal digital asset, even if they don't agree with each other, even if it's cumbersome, ripple provide them what they want.

XRP is not intended to replace fiat. Its purpose is to bridge. It doesn't matter if KSA and UAE use a shared CBDC for bilateral settlements. They also have to make and receive payments across many other borders. 

Edited by OzAlphaWolf

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On 10/27/2018 at 7:33 AM, Kakoyla said:

This is incredible news, being totally undervalued by the community, wait until this spreads. 

Yes. I was thinking the same. We have news a central bank is scheduled to launch cross border payment (powered by Ripple). And everyone's concerned whether xrp will be used or how it will affect price of xrp. A Saudi central bank will be using Ripple powered solution. Guess what? Exposure, real money. Other central banks will be watching this carefully. If deemed successful, other institutions, including banks will get on the bandwagon. This process is call "Adoption".

This might work out. I think the Saudi central bank like to be innovative and first for once. 

Edited by benstr
innovative=fancy

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It’s good to see a walled garden being built on Ripple tech. Obviously, venturing outside of those walls will require an intermediary asset.

What is interesting is Ripple tech extended inwards from those walls. Infrastructure on a National level - IOU as a domestic digital currency. Mid-marathon preparations - but still crawling.

Im visualising this as a spiders web being built from the outside - inwards. Let’s hope the outward anchors are plentiful!

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see this as a good thing....case in point...no matter what country makes thier own crypto currency the validator process either DLT, POW, POS...whatever will be state controlled. ie the process for validating TXs. so increased digital fiat will still need public ledgers be it btc,tron,xrp etc.. ..US is not gonna hold digital currency only validated by chinease validators ( insert btc jokes here) so I think any increased acceptance in a fiat based central bank is great...not to mention inflation....and central banks use of the printing press to hold or create more monry,based on past history...think inflation...so will XRP be adopted...who knows...but it's well placed to facilitate the need, or you have essentially created digitalized duplicate of the current process. example if I trade in PI peso in Indonesia I get about 50 percent of the original values USD to peso to rupiah if done in Indonesia ( from a usd face value) etc. i had issues with this in multiple countries....so something most change ie level the playing field...enter XRP..reads like cheap sry 4 hours sleep headed to FEMA occupied America.

Edited by Vvittin

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On 10/27/2018 at 4:17 AM, OzAlphaWolf said:

xRapid is not needed for this.

This is a shared CBDC, think something like the Euro. SAMA and the UAE CB will settle directly with each other in a shared currency designed for that purpose. Given that Ripple are explicitly involved it will either be transacted across xCurrent or an in-house ILP based system. AFAIK, this phase doesn't involve XRP.

Looks like you were right about this, @OzAlphaWolf. Shared CBDC indeed. Is there a limit how many member countries can implement successfully jointly developed shared CBDC backed by the member country FIATs? 5 memebr countries? 100? I mean could IMF just decide to create new shared CBDC for all countries in the world backed by FIAT? I'm afraid they are going to try something like this before they even consider to use XRP.

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I think the introduction of CBDCs (XRP-based or otherwise) is a great thing, as it will likely lead the IMF to support/endorse XRP as the global bridging asset of choice.

I may have it wrong, but wasn't this the exact scenario conservatively suggested by IMF Deputy General Counsel Leckow onstage with Brad Garlinghouse at the Singapore Fintech Festival?

#XRPthebridge

Edited by JoelMcD
Formatting

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