It seems that the XRP army of fans might get their era after all. The future could be more than bright according to the latest reports.
Benoit Coeure spoke at the Davos World Economic Forum commented on the use cases for stablecoins and cryptos as well.
He was just appointed Chief of the Bank of International Settlements.
Cross-border payments are a top priority in finance
The man listed cross-border payment solutions as a ‘top urgent priority’ in the current financial world.
He believes that central bank digital currencies CBDCs still have a long way until they are able to materialize.
He also said that, at the moment, cross-border payments are too slow and too costly.
Bitcoinist cited him saying that “…its about having a technology that cuts across borders. Everyone agrees [cross-border payments] now are too slow and too costly.”
He reportedly continued and said that “The top priority for the community is not CBDCs… the top urgent priority is to improve cross-border payments. In particular, for low-income and developing economies.”
Ripple and XRP enthusiasts react
The Ripple community jumped for joy and reacted online.
BOOOOOOOOOOOOOOOOOOOM!!!!
BIS’s Coeure on Innovation and Digital Currencies
January 22nd, 2020 DAVOS"It's about having a technology that cuts the cross borders that can help cut the costs and improves the speed of cross border payments."
EVERYONE WILL USE #XRP!#Crypto pic.twitter.com/tHd64L3j03
— JackTheRippler ©️ (@RippleXrpie) January 22, 2020
Someone commented: “Notice how she asks about Stablecoins – and he says “The top priority…is not about CBDCs…” This means (to him) Stablecoins = CBDCs (which makes sense.) He states that the higher priority is the cross border payments issue….sounds like #XRP and #ODL are coming first.”
Another Twitter user said: “#xrp will bridge all those stable coins. Let’s get the show on the road!!!”
Ripple has been trying to eliminate SWIFT’s flaws for quite a while now.
The traditional payments system has been used by banks and institutions for a really long time, but it became outdated.
Ripple brings innovation for cross border payments via its products. Clients can enjoy instant, cheap, and safe payments across borders via XRP-powered ODL – On-Demand Liquidity, the formerly known xRapid.
