International Group of Finance Leaders Says Ripple’s XRP Remittance Network Leapfrogs Traditional Banking System

[swift_post]

International Group of Finance Leaders Says Ripple’s XRP Remittance Network Leapfrogs Traditional Banking System

 

The Daily Hodl has an interesting report of a report... DIGITAL CURRENCIES AND STABLECOINS Risks, Opportunities, and Challenges Ahead by the Group of 30. Not sure who they are but they seem to have a few finance and economics experts amongst them. Ripple gets a mention.

"COORDINATING THE INTRODUCTION OF GLOBAL OFFICIAL-SECTOR STABLECOINS Carney (2019) has raised the question of whether a globally coordinated “systemic hegemonic currency” could dampen the spillover shocks associated with the dominance of the US dollar as a reserve currency. A systemic hegemonic currency could, for example, be a stablecoin backed by a basket of deposits at different central banks. It is possible that such a stablecoin could be valuable for cross-border payments, serving a function similar to that offered in the private sector by Ripple, a real-time gross settlement system, currency exchange, and remittance network whose digital currency, XRP, leapfrogs slow and expensive correspondent banking."

https://group30.org/images/uploads/publications/G30_Digital_Currencies.pdf

[mandelbaum]

Jacob Frenkel stepped down as chairman of JP Morgan last year to lead the G30 board.

https://group30.org/members/bio_current/frenkel

Interesting that this comes out a year after the the Swiss central bank conference in May 2019 where Brad garlinghouse presented Ripples vision to alle the Central bankers.

Edited August 3, 2020 by mandelbaum