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Unsourced video of Gabor Gurbacs: IMF green lights 8 nations to launch a national cryptocurrency?

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5 minutes ago, Xrplover said:

WOW. When XRP is named a cryptocurrency of a country, it can be added to the IMF SDR. Things are coming together. 

I watched the video twice but did not here him mentioning XRP

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In researching this, I stumbled across an old article that I hadn't seen posted, kind of interesting with some links...

https://medium.com/chainrift-research/ripple-is-seeping-into-the-core-of-the-global-financial-system-e3ced06bbef0

Ripple is seeping into the core of the global financial system

Inbar Preiss Nov 29, 2018

"By compiling a timeline of significant events (and these are just the public ones) we get an idea of how deeply Ripple is penetrating finance. This also gives as an idea of what we can expect to see in the distant and not-so-distant future."

"Here we will look at Ripple’s collaboration with central banks, the IMF and the Federal Reserve."

- The IMF’s sparked interest in blockchain and digital currencies has intensified ever since. Over these two years, the IMF have published a number of reports on the issue:

Central Banking and Fintech — A Brave New World? https://www.imf.org/en/News/Articles/2017/09/28/sp092917-central-banking-and-fintech-a-brave-new-world — considering virtual currencies,new models of financial intermediation, and artificial intelligence. [September 2017]

Going Cashless  https://www.imf.org/external/pubs/ft/fandd/2018/06/central-banks-and-digital-currencies/point.htm — The governor of the world’s oldest central bank discusses his country’s shift toward digital money. [June 2018]

The Long and Short of The Digital Revolution https://www.imf.org/external/pubs/ft/fandd/2018/06/impact-of-digital-technology-on-economic-growth/muhleisen.htm  — Smart policies can alleviate the short-term pain of technological disruption and pave the way for long-term gain. [June 2018]

Casting Light on Central Bank Digital Currencies  https://www.imf.org/en/Publications/Staff-Discussion-Notes/Issues/2018/11/13/Casting-Light-on-Central-Bank-Digital-Currencies-46233 — Digitalization is reshaping economic activity… Central banks have been pondering whether and how to adapt. One possibility is central bank digital currency— a widely accessible digital form of fiat money that could be legal tender. [November 2018]

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5 hours ago, Xrplover said:

WOW. When XRP is named a cryptocurrency of a country, it can be added to the IMF SDR. Things are coming together. 

Don't think that's what this article is saying though, it sounds like 8 countries might launch their own CBDC's. XRP can be used as a bridge, just like with fiat currencies. I doubt a G20 country will adopt XRP as a national currency when Ripple holds over 50% of it or Chris larsen and Job hold more than 1/10 of it in their own pockets.

Edited by Archbob

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30 minutes ago, GiddyUp said:

In researching this, I stumbled across an old article that I hadn't seen posted, kind of interesting with some links...

https://medium.com/chainrift-research/ripple-is-seeping-into-the-core-of-the-global-financial-system-e3ced06bbef0

Ripple is seeping into the core of the global financial system

Inbar Preiss Nov 29, 2018

"By compiling a timeline of significant events (and these are just the public ones) we get an idea of how deeply Ripple is penetrating finance. This also gives as an idea of what we can expect to see in the distant and not-so-distant future."

"Here we will look at Ripple’s collaboration with central banks, the IMF and the Federal Reserve."

- The IMF’s sparked interest in blockchain and digital currencies has intensified ever since. Over these two years, the IMF have published a number of reports on the issue:

Central Banking and Fintech — A Brave New World? https://www.imf.org/en/News/Articles/2017/09/28/sp092917-central-banking-and-fintech-a-brave-new-world — considering virtual currencies,new models of financial intermediation, and artificial intelligence. [September 2017]

Going Cashless  https://www.imf.org/external/pubs/ft/fandd/2018/06/central-banks-and-digital-currencies/point.htm — The governor of the world’s oldest central bank discusses his country’s shift toward digital money. [June 2018]

The Long and Short of The Digital Revolution https://www.imf.org/external/pubs/ft/fandd/2018/06/impact-of-digital-technology-on-economic-growth/muhleisen.htm  — Smart policies can alleviate the short-term pain of technological disruption and pave the way for long-term gain. [June 2018]

Casting Light on Central Bank Digital Currencies  https://www.imf.org/en/Publications/Staff-Discussion-Notes/Issues/2018/11/13/Casting-Light-on-Central-Bank-Digital-Currencies-46233 — Digitalization is reshaping economic activity… Central banks have been pondering whether and how to adapt. One possibility is central bank digital currency— a widely accessible digital form of fiat money that could be legal tender. [November 2018]

Interesting. I read the last page you have listed "Casting Light on Central Bank Digital Currencies". I get the feeling the Central Banks do not understand digital assets. Here's what they said in that paper:

"22. Cryptocurrencies are different along many dimensions and struggle to fully satisfy the functions of money, in part because of erratic valuations. Examples include Bitcoin, Ethereum, and Ripple. These currencies are not the liability of any institution and are not backed by assets. Their value is usually volatile, because most have rigid issuance rules. Some new cryptocurrencies attempt to stabilize their value by controlling issuance according to a function of price deviations from a fiat currency or commodity (as in an exchange rate peg). Examples are Basecoin and Stablecoin.20 In all cases, transactions are settled in a decentralized fashion, using distributed ledger technology."

And then in the article "Going Cashless":

"And then there is the emergence of crypto assets. I do not consider these so-called currencies to be money, as they do not fulfill the three essential functions of money—to serve as a means of payment, a unit of account, and a store of value. This view is shared by most of my colleagues. Crypto assets’ main contribution is to show that financial infrastructure can be built in a new way with blockchain technology, smart contracts, and crypto solutions. Although the new technology is interesting and can probably create value added in the long run, it is important that central banks make it clear that cryptocurrencies are generally not currencies but rather assets and high-risk investments. The clearer we are in communicating this, the greater the chance that we can prevent unnecessary bubbles from arising in the future. We may also want to review the need for regulatory frameworks and supervision for this relatively new phenomenon."

Companies like Ripple have a lot of work to do on the side of educating these people. I get it now why they are after the lower hanging fruit first.

Edit: Although Christine Legard somewhat gets it, though she still needs to research xrp a little more: 

"1. Virtual currencies

Let us start with virtual currencies. To be clear, this is not about digital payments in existing currencies—through Paypal and other “e-money” providers such as Alipay in China, or M-Pesa in Kenya.

Virtual currencies are in a different category, because they provide their own unit of account and payment systems. These systems allow for peer-to-peer transactions without central clearinghouses,  without central banks.

For now, virtual currencies such as Bitcoin pose little or no challenge to the existing order of fiat currencies and central banks. Why? Because they are too volatile, too risky, too energy intensive, and because the underlying technologies are not yet scalable. Many are too opaque for regulators; and some have been hacked.

But many of these are technological challenges that could be addressed over time. Not so long ago, some experts argued that personal computers would never be adopted, and that tablets would only be used as expensive coffee trays. So I think it may not be wise to dismiss virtual currencies."

Edited by VanGogh

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There’s an unavoidable future where every nation has both paper and digital currency (stablecoins most likely). Since many of the countries he mentioned have been in touch with Ripple I wouldn’t be surprised if those assets were developed in part by Ripple and issued on the XRP ledger, helping to solidify XRP’s place as a native bridge asset. We would be in bold new territory. 

I also subscribe to the theory that XRP will be Malta’s national crypto so take my POV with a grain of salt.

My only concern is that one of the main selling points of XRP is that its value can be transferred instantly. As soon as fiat value can be transferred instantly (stablecoins), XRP’s main advantage will be that there is no underlying issuer and its value is inherent. Probably still enough to ensure it remains the bridge asset in payments, but it certainly becomes more of a ballgame.

Political leadership will no doubt try to take the bridge/reserve crown in order to build the value of their national currency. There’s a reason the USD is the reserve currency right now and it has everything to do with maintaining power. 

Basically what I’m saying is that the playing field may never be as level as we hope.

Edited by ADingoAteMyXRP

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WOW. When XRP is named a cryptocurrency of a country, it can be added to the IMF SDR. Things are coming together. 
Please reread. If you still don't get where you read wrong: rereread.

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