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The U.S Bill Proposal Referred To Ripple And XRP

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A proposed bill on payment insurances refers to Ripple and XRP as the newest developments in payment channels. The incline in cross-border remittances has raised US awareness of regulators to the opportunities for tracking and securing funds.

The future potential of payment platform

Ripple and XRP were mentioned as cross-border payment systems in the proposed bill text. A document on Remittance Transfers Under the Electronic Fund Transfer Act (Regulation E) is still in discussion until January 2021.

On page 38 of Remittance Rules stated that the continued growth of “fintech” nonbank remittance transfer providers and their further expansion into partnerships and other relationships with banks and credit unions, which allow such entities to tap into the closed network payment systems that nonbank remittance transfer providers have developed. With the continued growth and expanding partnerships of virtual currency companies, such as Ripple, which offer both a payment messaging platform to support cross-border money transfers as well as a proprietary virtual currency, XRP, which can be used to the adequate settlement of those transfers.

https://azcoinnews.com/the-u-s-bill-proposal-referred-to-ripple-and-xrp.html

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39 minutes ago, bitcoinisking said:

Ripple and XRP were mentioned as cross-border payment systems in the proposed bill text. A document on Remittance Transfers Under the Electronic Fund Transfer Act (Regulation E) is still in discussion until January 2021.

So taken that this act would be ratified (I don't know the correct terminology), what would it or wouldn't it mean for XRP? Is this what's keeping Ripple and XRP from being used more broadly or ... What's this act actually about?

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