In a YouTube video, NCashOfficial discussed how Ripple (XRP) could be more important for global finance than many people think. Even though XRP’s price has not been impressive lately, the YouTuber’s XRP narrative suggests there may be something to watch out for in the crypto.
Based on the BRICS (Brazil, Russia, India, China, and South Africa) countries’ interest in creating a financial system that does not rely on the United States dollar, they may see the need to use digital solutions like XRP that offer speed, decentralization, and security. However, this may be challenging for political reasons.
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Vladimir Putin, Russia’s President, has shown interest in using cryptos to reduce the influence of the United States dollar. Having cryptocurrencies that are shared by multiple nations could challenge the current petrodollar system and change the financial system.
The YouTuber also mentions Ripple’s details of regulation, as they follow strict KYC regulations and anti-money laundering policies (AML). The CEO, Brad Garlinghouse, has also mentioned that Ripple only works with non-sanctioned entities. This compliance has led to speculation that the government might be using Ripple against BRICS’ intent to undermine the power of the US dollar.
Ripple Talks with Big Institutions
Ripple has been speaking with big banks and government offices. They have discussed the future of Central Bank Digital Currencies (CBDCs) and tokenization with the US Treasury Department.
Ripple has also talked with the IMF and World Bank about using XRP as a way to connect payments. These important discussions suggest that Ripple’s technology could be seen as a way to increase financial openness and reduce reliance on traditional central banking.
Even though XRP’s price hasn’t wowed investors recently, Ripple’s technology is still very important in the current global financial system. It’s important to understand the bigger financial picture and the strategic plans happening behind the scenes to see Ripple and XRP’s future impact on global finance.
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