Ripple, a revolutionary provider of blockchain-based payment solutions, has achieved a significant milestone by becoming an official member of the “Cross-Border Payments and Interoperability Task Force” within the prestigious Bank for International Settlements (BIS).
Include Ripple In the Cross Border Payments Task Force, an integral part of the Payments and Market Infrastructure Committee at the Bank for International Settlements, has significant implications.
This remarkable feat not only highlights Ripple’s expertise in changing the financial landscape, but also marks a pivotal moment in the evolution of cross-border payment systems.
The Payments and Market Infrastructure Committee of the Bank for International Settlements (BIS) has announced the membership of the Cross Border Payments Task Force. For more details, see here https://t.co/yDQmdOmp9m pic.twitter.com/8G9UpOaDtL
– Bank for International Settlements (BIS_org) August 9, 2023
Understand the role of BIS
The Bank for International Settlements, often referred to as the “central bank for central banks,” serves as a global center for cooperation and innovative thinking in the financial field.
Based in Switzerland, BIS facilitates collaboration Among the international monetary authorities, and strive to maintain the stability and efficiency of the global financial system.
With its commitment to promoting cross-border financial transactions and synergies, the Bank for International Settlements remains at the forefront of driving initiatives that raise the standards of global finance.
Ripple’s collaborative endeavors for the advancement of global payments
Led by Ulrich Bendsil of the European Central Bank and made up of 33 entities, this committee recognizes the pivotal role of public-private cooperation in achieving seamless cross-border payments.
The Bank for International Settlements stresses the importance of coordinating efforts between public authorities and private stakeholders to improve payment systems that support cross-border transactions.
XRP price as of Thursday. Source: Coingecko
However, against the backdrop of Ripple’s achievement, the recent market volatility has brought challenges. It is currently listed at $0.629 on CoinGecko, XRP It has seen a price decrease of 2.1% in the past 24 hours, and a decrease of 5.2% over the past week.
XRP is currently trading at $0.62. Chart: TradingView.com
Amid these price differences, organizational complexities remain. The US Securities and Exchange Commission has filed a letter stating its intent to pursue a preliminary appeal regarding the classification of XRP transactions and distributions as securities under the Howey test.
This development follows an earlier ruling by Judge Annalisa Torres that certain XRP transactions do not qualify as securities.
Ripple: a legal and strategic dance
Stuart Aldrotti, Principal Advisor, Ripple. It responded to the SEC’s intent, and provide an accurate perspective. He highlighted that the SEC is seeking permission to appeal “preliminary,” rather than having an inherent right of appeal.
In response, Ripple is preparing to present its counter-attack over the next week. This legal dialogue between Ripple and the SEC exemplifies the ongoing interaction and negotiation between the cryptocurrency industry and regulatory authorities, underlining the evolving and changing nature of the sector.
In a digital age marked by transformative technologies and the quest for financial inclusion, the inclusion of Ripple on the BIS Task Force reinforces the company’s dedication to revolutionizing cross-border payments.
Featured image from Occupation
