Amelie (@_Crypto_Barbie), a well-known figure in the crypto community, revealed on X that XRP is now being used for everyday purchases in South Korea.
Accompanied by a video, her post demonstrated a seamless transaction where someone used XRP on their phone to make a purchase. The speed and ease of this payment emphasized the advantages digital assets like XRP hold over traditional systems.
🚨 BREAKING:
IN KOREA YOU CAN ALREADY BUY THINGS WITH #XRP 🇰🇷 pic.twitter.com/qqR1UkA0Ow
— 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) September 10, 2024
Amelie’s post comes at a time of heightened interest in XRP’s use cases, particularly after significant events involving the token. Most notably, users in Palau recently completed the first Central Bank Digital Currency (CBDC) transaction on the XRP Ledger (XRPL).
The use of XRPL for a CBDC marks a major step forward in digital asset adoption, and this momentum could further strengthen XRP’s role in global finance.
Additionally, there are reports that the BRICS bloc (Brazil, Russia, India, China, and South Africa) is considering a crypto-based alternative to the SWIFT payment system.
While no official announcement has been made, XRP is one of the potential candidates for this role, given its established presence in the international payment space and its ability to facilitate cross-border transactions efficiently.
The potential integration of XRP into such a system would have significant implications. SWIFT, the current global financial messaging system, has been the backbone of international banking for decades. However, it has faced criticism for being slow and costly.
A crypto-based alternative, such as XRP, would offer faster settlement times, lower fees, and a more efficient means of transferring money across borders. Should BRICS or another major economic group choose to adopt XRP for such purposes, it could solidify the token’s position as a key player in the future of global finance.
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An XRP-powered Future
XRP Ledger is designed to handle fast transactions at minimal costs, making it a suitable option for retail payments and large-scale international transfers. The recent example in South Korea demonstrates its growing use for smaller, everyday transactions, while larger institutions and governments also explore its potential for more complex financial operations.
Amelie revealed that the transaction in the video was powered by Surfy, a new crypto payment layer aiming to bridge cryptocurrencies and real-world utility. In addition to this major development, SWIFT has tested XRP with thousands of banks. If Ripple’s plans succeed, using XRP for daily transactions could become the norm.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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