France Rumored To Be Adopting XRP For Digital Euro, How Will Price React?
The post France Rumored To Be Adopting XRP For Digital Euro, How Will Price React? appeared on BitcoinEthereumNews.com. Despite its relatively low adoption in the US, XRP has continued to enjoy widespread adoption overseas in countries like Japan, Singapore, and others looking to incorporate cryptocurrencies into their economy. This time, France is rumored to be the latest country to have taken an interest in the token, per rumored reports. France Could Adopt XRP For CBDC Endeavors Rumors have been circulating recently that France’s Central Bank, Banque de France, is considering adopting XRP for its digital euro, according to Edward Farina, a prominent figure in the community. However, there is yet to be any official announcement from the country’s foremost bank. It is worth mentioning that the bank isn’t new to the blockchain and crypto space. Between 2020 and 2021, Banque de France ran a pilot test of a Central Bank Digital Currency (CBDC) on a blockchain within the country’s debt market. As part of the experiment, participants traded securities and government bonds using CBDCs, which the bank supplied. In June 2021, the central bank explored the feasibility of using its CBDC for cross-border payments when it collaborated with the Swiss crypto-focused bank SEBA to test a CBDC for stimulating the settlement and transfer of listed security. Meanwhile, the Central Bank highlighted the token’s potential in a research paper “Implementation of real-time settlement for banks using decentralised ledger technology: policy and legal implications” in 2016. The paper noted the difficulties experienced in facilitating cross-border payment transactions using the traditional correspondent banking network and how XRP could solve this problem. According to the bank, a token like XRP could be used as an intermediary asset to bridge any currency pair while using a decentralized ledger technology to facilitate these transactions – which is where Ripple’s on-demand liquidity and the XRPL come in. Such development represents what Ripple’s CEO Brad Garlinghouse…
The post France Rumored To Be Adopting XRP For Digital Euro, How Will Price React? appeared on BitcoinEthereumNews.com.
Despite its relatively low adoption in the US, XRP has continued to enjoy widespread adoption overseas in countries like Japan, Singapore, and others looking to incorporate cryptocurrencies into their economy. This time, France is rumored to be the latest country to have taken an interest in the token, per rumored reports. France Could Adopt XRP For CBDC Endeavors Rumors have been circulating recently that France’s Central Bank, Banque de France, is considering adopting XRP for its digital euro, according to Edward Farina, a prominent figure in the community. However, there is yet to be any official announcement from the country’s foremost bank. It is worth mentioning that the bank isn’t new to the blockchain and crypto space. Between 2020 and 2021, Banque de France ran a pilot test of a Central Bank Digital Currency (CBDC) on a blockchain within the country’s debt market. As part of the experiment, participants traded securities and government bonds using CBDCs, which the bank supplied. In June 2021, the central bank explored the feasibility of using its CBDC for cross-border payments when it collaborated with the Swiss crypto-focused bank SEBA to test a CBDC for stimulating the settlement and transfer of listed security. Meanwhile, the Central Bank highlighted the token’s potential in a research paper “Implementation of real-time settlement for banks using decentralised ledger technology: policy and legal implications” in 2016. The paper noted the difficulties experienced in facilitating cross-border payment transactions using the traditional correspondent banking network and how XRP could solve this problem. According to the bank, a token like XRP could be used as an intermediary asset to bridge any currency pair while using a decentralized ledger technology to facilitate these transactions – which is where Ripple’s on-demand liquidity and the XRPL come in. Such development represents what Ripple’s CEO Brad Garlinghouse…
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