- Analysts have speculated that the answer to Ripple’s boss question about the IMF position on XRP could be a game changer for the entire ecosystem. “grand plan” The behind-the-scenes view
- An IMF legal representative said the IMF’s legal framework requires that at least a single country adopt a cryptocurrency as its currency prior to the institution making a decision.
Brad Garlinghouse, CEO of Ripple, has elated fans when he asked Ross Leckow (Deputy General Counsel at the Legal Department of the International Monetary Fund, IMF), if they had an interest in owning XRP.
Post X shared The discussion was led by analyst Xaif at the Singapore Fintech Festival. Leckow stated in his preface that he didn’t want to delve into the IMF position. Xaif believes that Leckow’s conservative response and approach to the question implies the IMF has been making a major move in the background. Garlinghouse responded by jokingly stating that Leckow was speechless when he asked the question.
The IMF legal representative clarified that, in order to avoid confusion, it is necessary for a nation to recognize digital assets as their official currency prior holding crypto assets.
While no major economies have officially adopted digital assets, several countries are taking the first step in integrating blockchain-related technologies into their financial system. In addition, the US took a bold step by creating a Bitcoin Reserve, which increases the likelihood of Bitcoin being accepted as an official currency in the future.
It has never been unclear what the IMF believes about crypto integration. They claim that their volatility could have a negative impact on the efficiency of monetary and fiscal policy transmission as well as measures to manage capital flows.
Kristalina Georgeeva, IMF representative speaking at a conference in 2023 with South Korea’s central bank and government, stressed that cryptos should be avoided.
By implementing rules that avoid crypto’s risks and leveraging its technology, we aim to improve the efficiency, accessibility and interoperability of financial systems.
Garlinghouse makes a case for XRP
Garlinghouse spoke extensively about XRP at an event that included the IMF, the Swiss National Bank and other participants. As detailed Garlinghouse, in our most recent news item, explained that developers were influenced by the creation of XRP because they recognized Bitcoin’s limitations. He said that Bitcoin is a slow, expensive and has issues with scaling.
Garlinghouse also discussed how the traditional banking systems has not been able to provide for all countries or payment systems. In order to address these issues, he highlighted the fact that XRP allows for a democratized access to liquidity while also improving financial inclusion. As featured In our coverage of the recent Ripple CEO, we expect him to reveal more about upcoming developments and ongoing work on the XRPL Apex 2020 ecosystem.
After the discussions with Leckow and the hype around his reactions, XRP traders made a small move in the market. This pushed the price of XRP up by 1.8% In just 24 hours. As of press time, this asset traded at $2.1 and had a $124 billion market capitalization.
Our recent analysis, XRP may stage a short-term bullish reversal, reaching $6 once the market regains its momentum.
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Source: www.crypto-news-flash.com
