Arab Monetary Fund Lists Ripple as an Alternative to CBDC

RippleNet has been designated as a direct alternative to SWIFT by an advisory panel from the Arab Monetary Fund.

The Arab Regional Fintech Working Group has published a “Practical Guide” for Arab central banks interested in learning more about the complexities of the rapidly growing digital asset sector.

The working group recommended that Arab central banks use technologies like SWIFT GPI and, more importantly, RippleNet to strengthen their “message protocols.”

This comes only two days after it was revealed that The Clearing House, a well-known XRP partner, is working with Wells Fargo to develop a SWIFT-alternative payment system.

Ripple’s XRP is a one-of-a-kind cryptocurrency

In contrast to other crypto assets, which were described as “speculative” sources of value, the report notably recognized XRP as a distinct cryptocurrency insofar as it was one of the first “built mainly for payments.”

The advising document, which includes a direct link to Ripple’s “Future of CBDC” research, plainly sees Ripple as having a significant role to play in future blockchain-based global financial infrastructure.

In their evaluation of recent worldwide advancements in digital currency, the advisory panel explicitly noted the ECB’s “digital Euro” effort.

“The trials’ findings suggest that none of the investigated issues have substantial technological constraints, and the design criteria may be accomplished,” they found. Ripple was recently recognized as a member of the Digital Euro Association.

Current industry leaders, like SWIFT, are increasingly being addressed exclusively in the context of underdog alternatives like Ripple.

This, together with recent promising developments in the disputed SEC court case, is all more proof that Ripple’s future appears to be becoming increasingly safe.

CBDCs are central bank-regulated blockchain-based financial assets. They’re a competitor to cryptocurrencies like Bitcoin and Ether, which use blockchain technology but aren’t controlled by a central body.

India is one among the countries working on its own CBDC, dubbed the ‘Digital Rupee’ at the moment. This digital asset will be issued, regulated, and monitored by the Reserve Bank of India (RBI).

The ‘Digital Ruble,’ Russia’s CDBC, has begun testing.

Last week, Ghana’s central bank released information on its ‘eCedi’ digital currency to attract more individuals to its financial system.

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