Jump to content

Nexus from the BIS: a blueprint for instant cross-border payments = XRP MOON


HAL1000
 Share

Recommended Posts

Link to comment
Share on other sites

37 minutes ago, WarChest said:

It may be just me, but the ambiguity of their wording..

mastercard, Ripple or R3 etc

as opposed to 

mastercard, Ripple and R3

 

Logically there's or - at least one of the set - or exclusive or - exactly one of the set. The English word or can refer to both.

Link to comment
Share on other sites

https://www.reuters.com/business/act-fast-or-miss-digital-payments-boat-bis-tells-central-banks-2021-09-10/

Act fast or miss the digital payments boat, BIS tells central banks.

LONDON, Sept 10 (Reuters) - Major central banks should press ahead now with digital currency projects to avoid falling behind comparable private sector payment initiatives that are already taking root, a Bank for International Settlements official said on Friday.

Corporate moves into digital payments, including Facebook with its diem stablecoin, have accelerated since the pandemic, as have contactless card transactions, and central banks are falling behind Big Tech at a time when questions are even being asked about the future of cash in some countries.

"The time has passed for central banks to get going," said Benoit Coeure, a former European Central Bank official who now heads the BIS Innovation Hub.

"We should roll up our sleeves and accelerate our work on the nitty-gritty of CBDC (digital currency) design. CBDCs will take years to be rolled out, while stablecoins and cryptoassets are already here. This makes it even more urgent to start," Coeure told a conference.

Unlike a stablecoin - whose price is pegged to a largely unregulated cryptocurrency, fiat money or assets like exchange-traded commodities - a CBDC is a digital version of existing notes and coins.

Central banks in Europe, Britain, the United States have been considering establishing CBDCs, though only the People's Bank of China has taken concrete steps by launching trials.

Coeure said the European Union was uniquely placed to face the future in that field by building on its fast, open payment system and on strong guarantees provided by its data protection rules.

In July, a European Central Bank report gave the go ahead for the design and possible launch of a digital version of the euro, a project that Coeure said could take five years.

"A CBDC's goal is ultimately to preserve the best elements of our current systems while still allowing a safe space for tomorrow’s innovation," he said.

"To do so, central banks have to act while the current system is still in place – and to act now."

Reporting by Huw Jones; editing by John Stonestreet

Link to comment
Share on other sites

On 9/10/2021 at 3:19 PM, WarChest said:

It may be just me, but the ambiguity of their wording..

mastercard, Ripple or R3 etc

as opposed to 

mastercard, Ripple and R3

 

Reads to me to say that ISO 20022 will allow private payments systems and SWIFT to become much more integrated and interoperable, which matches my understanding of the general intent of these initiatives. But I don't think that any of the private platforms have a lock on taking over national payments systems. David Schwartz was pretty emphatic on a recent pod cast that he doesn't see anyway in which CBDCs will go other than private, permissioned chains. Companies like Ripple are still hoping to bridge between currencies, but I think that these moves are changing the type of bridge that will be needed. 

Edited by Treehouse
Link to comment
Share on other sites

Fedwire® Funds Service ISO® 20022 Implementation Center

In October 2017, the Federal Reserve Banks announced a timeline for their phased implementation of the ISO 20022 standard for payment messages for the Fedwire Funds Service, originally scheduled to begin with Phase 1 on November 23, 2020 and end in late 2023 (Press Release October 2017). ISO 20022 is an international standard for electronic data transmission, including payment messages, involving financial institutions.

However, on September 23, 2019, the Federal Reserve Banks announced a pause to the ISO 20022 phased implementation and that Phase 1 would not begin on November 23, 2020 (Press Release September 2019). The pause follows a request by the Payments Market Practice Group, a payments best practices expert group, to reconsider a phased implementation in favor of a same-day one.

The Federal Reserve Banks continue to reassess the phased ISO 20022 migration strategy in favor of a single-day implementation of fully enhanced ISO 20022 messages. Given the coronavirus (COVID-19), it is unlikely that we will announce a final decision on the ISO 20022 migration strategy before the end of this year, but can provide an update on the Phase 1 release. As communicated in May 2020, we will not implement the Phase 1 release in 2020 or 2021 and do not have any other message format changes for the Fedwire Funds Service planned through 2021.

------

This is not new news, but it is inline with this thread and my way of trying to put the jigsaw together, so it seems to me, the Big Bang event as described in other literature exampled in this thread from the EU, is inline with the Feds - same-day implementation statement.

Edited by HAL1000
Link to comment
Share on other sites

 

https://ripple.com/files/case_study_reisebank.pdf

https://www.bankofengland.co.uk/payment-and-settlement/rtgs-renewal-programme/consultation-on-a-new-messaging-standard-for-uk-payments-iso20022

image.thumb.png.dd41323c788d434be47420b93902d133.png

Phase 3:

The Bank will introduce the new RTGS2 core ledger and settlement engine in September 2023.

Edited by HAL1000
Link to comment
Share on other sites

https://www.cryptopolitan.com/ripple-xrp-will-redefine-online-payments/

Goldman Sachs expert Andrew Lokenauth believes that the Ripple XRP is likely to take precedent as the public coin as soon as the Ripple foundation is able to resolve its issues with the security exchange commission (SEC). Lokenauth has been dealing with cryptocurrency in his years, holding different positions at Goldman Sachs, AIG bank, and other important financial institutions. The expert expressed his opinion about Ripple’s XRP coin rather openly.

“Ripple will redefine online payments, and I believe that Ripple XRP will likely IPO and go public once its SEC lawsuit is resolved.”

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.