Jump to content

At least 15 central banks are serious about getting into digital currency


Guest
 Share

Recommended Posts

I read this and couldn’t help but wonder if this could be XRP’s biggest threat. If countries ultimately go digital, what would prevent them from sending a digital USD coin to a bank in China and settling in digital yuan? Maybe I’m missing a huge point here, but it seems that major countries could just send and settle between themselves using central bank backed tokens. I’m sure they’d need speed and only major currencies would have enough liquidity on exchanges, but seems like you wouldn’t need a bridge asset. 

Link to comment
Share on other sites

32 minutes ago, Xrpforme said:

I read this and couldn’t help but wonder if this could be XRP’s biggest threat. If countries ultimately go digital, what would prevent them from sending a digital USD coin to a bank in China and settling in digital yuan? Maybe I’m missing a huge point here, but it seems that major countries could just send and settle between themselves using central bank backed tokens. I’m sure they’d need speed and only major currencies would have enough liquidity on exchanges, but seems like you wouldn’t need a bridge asset. 

ILP + bridge asset is a solution ;)

Link to comment
Share on other sites

3 minutes ago, Xrpforme said:

I read this and couldn’t help but wonder if this could be XRP’s biggest threat. If countries ultimately go digital, what would prevent them from sending a digital USD coin to a bank in China and settling in digital yuan? Maybe I’m missing a huge point here, but it seems that major countries could just send and settle between themselves using central bank backed tokens. I’m sure they’d need speed and only major currencies would have enough liquidity on exchanges, but seems like you wouldn’t need a bridge asset. 

14 central banks issuing tokens means 14 tokens that need to be exchanged to each other, which is 91 markets. If all 267 central banks would issue their own digital currency, that's 35,511 markets (currency paths). XRP will be the native asset of Ripple's banking infrastructure, sold to these same central banks, and will concentrate liquidity with a factor 133 to just 267 markets. These will become the most competitive ones, and XRP will become the most traded asset.

At least, that is the plan.

Link to comment
Share on other sites

The good thing is that the central banks will likely need legislative approval to "print" (issue) digital currency, so add a few years for CBDC issuing..this buys XRP more time to establish itself as a viable, superior alternative to Swift among banks and other FIs.  We got a really nice head start.

Edited by enrique11
Link to comment
Share on other sites

36 minutes ago, enrique11 said:

The good thing is that the central banks will likely need legislative approval to "print" (issue) digital currency, so add a few years for CBDC issuing..this buys XRP more time to establish itself as a viable, superior alternative to Swift among banks and other FIs.  We got a really nice head start.

While I agree that this will take time, I do not see CBDC as a competitor for XRP.

XRP along with ILP will bridge these Central Bank ledgers together and allow for inter-connectivity and settlement. I believe XRP will compliment these new CBDC's and bridge them together. Look at Venezuela, they have already launched their Petro digital currency.

Link to comment
Share on other sites

7 minutes ago, Paulo said:

While I agree that this will take time, I do not see CBDC as a competitor for XRP.

XRP along with ILP will bridge these Central Bank ledgers together and allow for inter-connectivity and settlement. I believe XRP will compliment these new CBDC's and bridge them together. Look at Venezuela, they have already launched their Petro digital currency.

Central Banks will most likely experiment with CBDCs for cross-border payments, although, IMO they are much better suited for domestic inter-agency payments at the federal level. This buys Ripple, its products, and XRP network more time to get itself established and potentially get a larger market share - that's how I see it.

Edited by enrique11
Link to comment
Share on other sites

13 minutes ago, Paulo said:

While I agree that this will take time, I do not see CBDC as a competitor for XRP.

XRP along with ILP will bridge these Central Bank ledgers together and allow for inter-connectivity and settlement. I believe XRP will compliment these new CBDC's and bridge them together. Look at Venezuela, they have already launched their Petro digital currency.

Yeah, but Venezuela likely didn't go through a formal process like we would have here in the states.  That government's corrupt. It would take much longer in countries in which there is a system with a gamut of conflicting interests among representatives trying to come to consensus on CBDCs and the extent of their use, and all other such details, and give legislative approval to that.

Edited by enrique11
Link to comment
Share on other sites

55 minutes ago, enrique11 said:

Yeah, but Venezuela likely didn't go through a formal process like we would have here in the states.  That government's corrupt. It would take much longer in countries in which there is a system with a gamut of conflicting interests among representatives trying to come to consensus on CBDCs and the extent of their use, and all other such details, and give legislative approval to that.

This is true! Will be interesting to see it all play out. I do think it will happen a lot sooner than most people think. 

Congrats on Bronze by the way! 

Link to comment
Share on other sites

Just now, Paulo said:

This is true! Will be interesting to see it all play out. I do think it will happen a lot sooner than most people think. 

Congrats on Bronze by the way! 

Oh sh*t!  You're right...I'm a bronze member, and I don't even know what that means (1000 likes seems obvious)..lol...looks cool though. ;)

Yeah, I think as XRP investors, we'll be very, very happy in the coming years.  So much news is coming in now about XRP/Ripple,and it seems to be finally getting the attention it deserves.

Link to comment
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
 Share



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.