While the International Monetary Fund (IMF) continues to work on developing a unique platform for digital central bank currencies (CDBCs), the XRP army recently uncovered an IMF report from March 2023, where Ripple was considered a potential problem solver, a testimony of the long existing connection between IMF and Ripple Labs.
Links Between Ripple Lab And IMF
Links between Ripple and IMF started being noticed after a November 2018 presentation by Sagar Sarbhai, where Ripple got selected for the High-Level Advisory Group on Fintech. Executive Chairman of Ripple, Chris Larsen, got designated as a team member then.
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In addition, some videos in which Ripple was allowed to give speeches at IMF conferences in the past year emerged, signifying the existing bond between the two parties.
BREAKING NEWS!
International Monetary Fund (IMF) is developing a digital currency platform to enable transactions between countries.
Do you remember when Brad Garlinghouse joked with Ross Leckow about XRP? It's all planned..#XRP THE STANDARD!
Source: https://t.co/UYYXvnxgpD pic.twitter.com/k0WBHQdCrO
— JackTheRippler ©️ (@RippleXrpie) June 19, 2023
💥RIPPLE’S ANTOINETTE O’GORMA PRESENTING TO THE IMF ON CYBERSECURITY/ XRP LEDGER + “RIPPLE IS THE ONLY COMPANY THAT MONITORS AND REPORTS SUSPICIOUS ACTIVITY ON THE BLOCKCHAIN”🤯🤯🤯🤯🤯🤯🤯🤯🤯🤯🤯🤯🤯🤯🤯🤯🤯🤯💥 pic.twitter.com/eDNegASKlh
— ISO 20022…. LET'S DO IT (@Rohitku24694375) June 19, 2023
Ryan Zagone from Ripple Speaking with the IMF pic.twitter.com/pPxnRGTpS5
— The ISO GOAT (@XrpKing09531420) June 19, 2023
Kristalina Georgieva Gives Insight On IMF Plans For CBDC Platform
While stressing the possibility of developing a CBDC platform to enable transactions between countries, Kristalina Georgieva, IMF Managing Director, said, “CBDCs should not be fragmented national propositions. To have more efficient and fairer transactions we need systems that connect countries. […] For this reason at the IMF, we are working on the concept of a global CBDC platform.”
In addition, Georgieva urged the world’s central banks to come up with a unified regulatory framework for digital currencies, all in a bid to foster global interoperability.
Also, she asserted that cryptocurrencies stand a higher chance of taking center stage in the absence of a common CBDC, citing the increasing rate of CBDCs adoption globally. The IMF managing director noted that 114 central banks are experimenting and studying CBDCs, while about ten have already completed the process.
A Brief Overview Of The March 2023 Report By The IMF
In a recent development, the XRP army discovered a March 2023 report by the IMF titled “Trust Bridges and Money Flows: A Digital Marketplace to Improve Cross-Border Payments.” The newly uncovered report contained a template for a global marketplace, which would improve the cross-border exchange of tokenized money.
Per the IMF report, more cost-effective foreign exchange trading and interoperability are the two most important advantages of setting up a marketplace for tokenized money.
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Interoperability entails funds transfer to a receiver, either locally or globally. On the other hand, the foreign exchange part deals purely with currency swapping. The report noted three models for a marketplace.
These cited models read thus, “A private settlement asset and marketplace, such as Ripple’s XRP; an open source marketplace such as the Stellar Foundation’s or, more recently, DeFi networks; and a marketplace and settlement asset based on unbacked crypto assets, such as Strike, which leverages Bitcoin and the Lightning Network.”
According to the authors, public solutions like Ripple would be a good choice since they could be well-operated by private entities. With open solutions, full compatibility with financial integrity standards is ensured, in addition to transparent and trustworthy control, and operational stability is guaranteed too. Finally, it would solve the coordination problem related to the centralization of participation and provision of liquidity.
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