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Ripple and XRP discussed by Bank of England’s Governor in an open discussion




Ripple and XRP discussed by Bank of England's Governor in an open discussion
Source: Unsplash

XRP is back to being the second largest cryptocurrency in the world after pushing Ethereum [ETH] back to the third spot. 2019 has been a really good year for Ripple and XRP as the latter exceeded more than 200 partnerships with financial institutions.

Moreover, in a recent AMA styled discussion named, “Have your say on the future of money”, Bank of England’s Governor, Mark Carney discussed with a few XRP fans about the bank’s plans regarding the future of cross-border payments.

Carney stated:

“Money is evolving and so is the way we pay and the financial services we want… Bank notes will remain a central form of payment for some time… “

On the discussion forum a user, Steve asked:

“How does the BofE view the increased utility of digital assets? (e.g. the use of XRP through RippleNet as a bridging asset for cross border payments and transfers) and is the BofE working towards the use of a digital asset to perform this or any other monetary tasks?”

Mark Carney replied that the bank had already teamed up with Ripple in 2017 to work towards new ideas in cybersecurity, digital assets, distributed ledger technology, machine learning and many other topics.

Furthermore, he explained:

“For that proof-of-concept study, we looked at whether two transactions in different currencies could be executed simultaneously in separate RTGS systems. he important test is that, if one of the synchronised transactions fails to go through, the other part should not go through. That shows the system is working properly and could in principle be used for cross-currency conversions.”

He said that this could be something that could change how cross-border payments work and ultimately change it in an unprecedented way by reducing fees and transaction times.

Earlier, in October 2018, in an interview with SibosTV, Victoria Cleland, Bank of England’s Executive Director for Banking, Payments and Financial Resilience spoke about their “Proof-of-Concept “, which was a research on the future of money, done by partnering with Ripple. She stated:

“We do want to make sure is that when there are sort of participants or systems who one sort of plug into RTGS that they can do so using DLT so the proof of concepts that we ran over the summer really trying to say if somebody wants to connect to us from a DLT system can that work and the really good news was that it can.”

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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time writer at AMBCrypto and a part-time novice trader.