💥😮Ripple Launches CBDC Platform For Banks, Governments🏦

AmoreJaz

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Quote from: Jating on May 20, 2023, 04:18:30 PM

Quote from: JustEmilyR on May 19, 2023, 11:41:47 AM

What do you think about this new Ripple initiative? Is it against financial freedom then?

Ripple has been a bankers coin and centralized project, this has been the contention way back, as far as can remember 2018, wherein they work and cooperated with many banks so don't be surprised by this news.

Financial freedom? for them it's business. There was a time wherein they are in the top of the list. There were even discussions about a so called "Rippening", wherein there will be a flip and Ripple or XRP becoming the top 1 dislodging BTC. But investors are too smart for that, and so they suddenly lose or investors are not interested on them anymore. But they still try to work it out and continue with their initiatives till this year.

definitely, it is all about business. maybe, they are trying their chance again to collaborate with the governments. the SEC issues halted their developments. don't know also about the their SEC issue about unregistered security offering. is this closed or resolved already?
i like xrp for transfer purposes as they have cheaper fees and can be found in most trading platforms. but when it comes to storing long-term, one should think before stashing this alt.

Jating

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Quote from: JustEmilyR on May 19, 2023, 11:41:47 AM

What do you think about this new Ripple initiative? Is it against financial freedom then?

Ripple has been a bankers coin and centralized project, this has been the contention way back, as far as can remember 2018, wherein they work and cooperated with many banks so don't be surprised by this news.

Financial freedom? for them it's business. There was a time wherein they are in the top of the list. There were even discussions about a so called "Rippening", wherein there will be a flip and Ripple or XRP becoming the top 1 dislodging BTC. But investors are too smart for that, and so they suddenly lose or investors are not interested on them anymore. But they still try to work it out and continue with their initiatives till this year.

BitSwapNow

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I get both sides of the story but given the SEC complaint and whole XRP as a security case i think once thats finally over and crypto industry gets more regulated as a whole XRP will be a top winner once again. It really is fixing old problems of banking such as SWIFT and Wire transfers that cost an arm and a leg and take days to complete. Implementing Ripple could be huge. Hopefully one day it will have its day!

Jackl87

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Quote from: JustEmilyR on May 19, 2023, 11:41:47 AM

Ripple, the digital payment network behind XRP, has launched a new platform that allows central banks, governments, and financial institutions to issue their own central bank digital currencies (CBDC). The platform, called Ripple CBDC Platform, leverages blockchain technology to manage and customize the life cycle of fiat-based CBDCs and stablecoins. Despite concerns about CBDCs posing risks to financial privacy and economic freedom, Ripple believes its platform will enable instant settlement of domestic and cross-border payments, reduce risk, and improve the user experience. Ripple CEO Brad Garlinghouse also revealed plans to focus hiring efforts outside the US to expand the company's international footprint.

What do you think about this new Ripple initiative? Is it against financial freedom then?

Well this is another proof that Ripple is a crypto project that is totally centralized and that is trying to aid and help the big bank institutes and the government. I think that is also the main reason why a lot of people withing the crypto scene are disliking Ripple very much. Bitcoin was created to give people the power over their wealth back and so that people can pay someone directly without having any bank or other middlemen involved. That is the reason why crypto is so big now i think.
Ripple on the other hand is centralized and wants to do everything to be liked by the authorities and the big banks.

Hispo

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Quote from: jacafbiz on May 19, 2023, 01:26:43 PM

I think Ripple is doing all it can do for itself to survive for long term by dancing to centralised entities but this was the initial issue people had with Ripple is that all it stands for was against what Bitcoin is, it is now enabling governments to launch their own CBDC after seeing how nations like China weaponised it.

I agree, all this is about Ripple being aware of the legal problem they are in and the strategies they consider to continue in business as long as possible and face the possible litigations by the regulators of the United States.

If the successfully develop a CBDC platform, USA and other governments would push aside the lawsuit of XRP allegedly being an unregistered security, so they can also put their hands on this new product, which goes perfectly with their plans of mass control of people's wallets.

On the other hand, I expect this to be a harsh strike on XRP's competition: Stellar Lumens. I have not heard anything revelant from them in a while...

hugeblack

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What country would rely on a private company to settle its payments? I can understand that this service works as a bridge within the bank or between banks, but for countries it is a different and slightly difficult matter. Some countries with small economies may depend on Ripple, but without authorizing a global standard for countries and linking CBDC between them, all that this central currency makes is promises to investors.
I am amazed how they are still holding up against the recent lawsuits.

Accardo

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I see it as a way ripple wants to tap from the CBDC trend, they've been making some steps, after gaining fair few victories over the US SEC, buying new assets to support the XRP ecosystem. The ecosystem has suffered decline for a long time and they're working hard to revive it and gain stronger hands in the cryptocurrency market. Considering the fact that banks and governments would always welcome a CBDC idea, they'll take it from there and be a better medium for banks and governments to work with an experienced company in the digital currency niche. Ripple has the chance to grow, but it'll take them some time to boost their growth and they've spent so much money with the court case with the US SEC. I've followed ripple for long and looking out to see what would be the outcome of this decision.

zasad@

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Quote from: JustEmilyR on May 19, 2023, 11:41:47 AM

What do you think about this new Ripple initiative? Is it against financial freedom then?

Source: https://crypto-economy.com/ripple-launches-cbdc-platform-for-banks-governments/

What difference does it make what color the slave's collar will be?
CBDC or its analogues will be tested and launched this year in many countries, then social rating systems will be tested.
The Ripple system is centralized and it is not like a blockchain, but for central banks this is not necessary.

Zlantann

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Quote from: JustEmilyR on May 19, 2023, 11:41:47 AM

Ripple, the digital payment network behind XRP, has launched a new platform that allows central banks, governments, and financial institutions to issue their own central bank digital currencies (CBDC). The platform, called Ripple CBDC Platform, leverages blockchain technology to manage and customize the life cycle of fiat-based CBDCs and stablecoins. Despite concerns about CBDCs posing risks to financial privacy and economic freedom, Ripple believes its platform will enable instant settlement of domestic and cross-border payments, reduce risk, and improve the user experience. Ripple CEO Brad Garlinghouse also revealed plans to focus hiring efforts outside the US to expand the company's international footprint.

What do you think about this new Ripple initiative? Is it against financial freedom then?

Source: https://crypto-economy.com/ripple-launches-cbdc-platform-for-banks-governments/

This is good news for those that are interested in using CBDCs and don't care about privacy. The central bank of my nation created its CBDCs to reduce the popularity of bitcoin but the latter is still waxing stronger. This service by Ripple CBDC Platform will help to organize and promote these CBDCs making them more accessible and coordinated. Most countries that could not manage their digital currency will gladly join the platform so that their CBDCs can be managed and enjoy the platform's wide coverage. But Bitcoin will always be the first among others because these CBDCs cannot be used as an investment because of inflation which leads to the loss of value of these currencies. The privacy issues will keep scaring people from platforms like Ripple CBDC.

o48o

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Anyone can launch their own platform and issue anything and hope governments and banks will adopt it. It doesn't mean it's going to be practical or god forbid adopted by anyone. And knowing Ripple this is not going well. It's a buzz word salad with headlines that might move the price, that's all. I don't see anyone adopting Ripple's solution ever. I wish i could bet on governments not adopting Ripple's CBDC platform for 2 years. (They are never going to adopt it but i am not waiting more time for a bet)

jacafbiz

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I think Ripple is doing all it can do for itself to survive for long term by dancing to centralised entities but this was the initial issue people had with Ripple is that all it stands for was against what Bitcoin is, it is now enabling governments to launch their own CBDC after seeing how nations like China weaponised it.

coolcoinz

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So, a centralized coin management team that regularly dumps XRP on their investors, to capitalize on the fact that someone believes in their ideas and adoption, is launching another centralized pseudo-crypto mechanism? Not amazed at all.
I'd like to remind you that Ripple's business model relies on promises, starting hype to get new people onboard and dumping some of the XRP that they're holding.
Before you fall into this, check out what XRP was trading for when they were pumping it it and selling empty promises to the public (the hype phase). I'll make it easy for you, it was over $2 in 2017. Then Ripple cashed in on the hype and made the price go to 0.3 USD in one year. Then it kept bouncing between 0.2 and 0.5 USD for 3 years, until the bull market of 2021 and guess what, it's back to 0.4 USD.

So, before you feel like it's time to sell some BTC and buy XRP, think about it for a moment. In late 2018, 2019, 2020 XRP was worth less than 0.5 USD, and so it was in 2022 and now in 2023. One could ask, if there is demand for the coin, why is the price still the same? The price of BTC is much higher than it was in 2018, 2019 and 2020.
It's because of the Ripple dumping. For instance, in q4 2022 Ripple sold $226m worth of coins and in q1 2023 $361m.

Wiwo

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If the transactions of those CBDCs are with zero fees then it may be considered food enough to risk your privacy on, but that is not the case in many instances because most of the central bank's digital currencies transactions are accompanied by high fees and these are something that could possibly be a set back doe CBDC adoption.

Ripple has been highly centralized right from the start and I am not surprised to see this development from Ripple, this could just be part of a long-time plan, so the onus is left with the user whether or not they are ready to lose their privacy.

bittraffic

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It must be cheaper to use the XRP. It must be one of the reason for its 10% spike today. Good for them.
They may have the solution but will the central banks of countries are going to be using it?

They wouldn't want to just put their information and rely to a 3rd part like Ripple their financial system. Whats stopping them from developing their own for they definitely can just wait for this experiment to fall apart.

avikz

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Quote from: JustEmilyR on May 19, 2023, 11:41:47 AM

What do you think about this new Ripple initiative? Is it against financial freedom then?

Ripple has always been a centralized platform. It's not the first time they are providing services to banks. If your check the clients section of their website, it's filled with the name of banks and financial intermediaries. Ripple lab is a business entity at the first place.

So when a business entity launches something like this, it has business equation behinds it. Many governments are showing interest in CBDC lately. They are just trying to capture that market by providing a ready made solution that will allow governments to launch CBDC.

Financial freedom was never there with Ripple. CBDC is no different.

JustEmilyR

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Ripple, the digital payment network behind XRP, has launched a new platform that allows central banks, governments, and financial institutions to issue their own central bank digital currencies (CBDC). The platform, called Ripple CBDC Platform, leverages blockchain technology to manage and customize the life cycle of fiat-based CBDCs and stablecoins. Despite concerns about CBDCs posing risks to financial privacy and economic freedom, Ripple believes its platform will enable instant settlement of domestic and cross-border payments, reduce risk, and improve the user experience. Ripple CEO Brad Garlinghouse also revealed plans to focus hiring efforts outside the US to expand the company's international footprint.

What do you think about this new Ripple initiative? Is it against financial freedom then?

Source: https://crypto-economy.com/ripple-launches-cbdc-platform-for-banks-governments/

Topic: 💥😮Ripple Launches CBDC Platform For Banks, Governments🏦 (Read 110 times)