Ripple And XRP, Mentioned As Examples Of Innovation And Evolution In Proposed Rule On US Remittances
Ripple and XRP fans will be proud to learn the following piece of news.
It’s been revealed that the US Consumer Financial Protection Bureau cited Ripple, XRP, and the growth of crypto in general in a new proposal on remittances.
The agency considers several changes to the Electonic Fund Transfer Act (EFTA) in a response to the evolving state of the cross-border payments tech.
The changes would adjust the number of remittances from 100 to 500 that businesses can send without having to define themselves as a remittance transfer provider, as reported by the online publication the Daily Hodl.
Fintech companies boost the ways to move money across borders
It’s been revealed that the agency also addresses the evolution of cross-border payments as a primary reason for the proposed changes and points out the fact that substantial changes that are brought to the industry are underway as fintech companies are creating faster, newer and also more efficient ways to move money across borders.
It seems that this report also lists the tech from the leading financial messaging network SWIFT, San Francisco startup Ripple, cryptos and XRP as examples of the massive evolution in this industry.
The report that we mentioned above reveals that the Bureau has continued to monitor the remittance transfer market. Various examples of developments and progress are listed:
“The continued growth and expanding functionality of the Society for Worldwide Interbank Financial Telecommunication (SWIFT)’s ‘global payment innovation’ (gpi) tracking product,” says the report about such an example.
Ripple and XRP are mentioned in the report
The official notes also mention “the continued growth and expanding partnerships of virtual currency companies, such as Ripple, which offer both a payments messaging platform to support cross-border money transfers as well as a proprietary virtual currency, XRP, which can be used to effect the settlement of those transfers.”
We recommend that you check out the complete report in order to learn more details.
Ripple and XRP are indeed two of the entities that had a successful 2019, with Ripple seeing new partnerships and boosting the XRP ecosystem, and the digital asset being able to enjoy enhanced adoption.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.