Christine Lagarde, the International Monetary Fund (IMF) Chair has on several occasions allowed Ripple Inc. to give its standpoint on Crypto regulation on behalf of the Crypto industry.
Brad Garlinghouse, the Ripple CEO, has been taking advantage of these opportunities to push for Cryptos’ global adoption as Digital Tokens continue to make inroads into the financial space.
Additionally, Ripple has been taking advantage of the opportunities to advise and inform regulators on the best policies to endorse. This is set to give Cryptos a prudential treatment that nurtures the growth of the emerging payment solution as well as Blockchain technology.
IMF Says That Ripple Inc. Is preferred Because Its Infrastructure Is Compliant
The IMF Chair has been looking up to Ripple Inc. to get a market perspective of proposals for the Crypto market.
The institution has then been using the information and data provided to advise governments and financial players on digital literacy and emerging practices.
The leading payment platform whose native Token is XRP, is preferred by IMF as it has created and deployed its RippleNet ecosystem and a number of supporting platforms such as xVia, xRapid, and xCurrent that are compliant with the fundamental tenets of the global financial practices of tackling money laundering (AML), tax evasion, illegal businesses and other financial vices.
Ripple CEO’s Has Explained The Importance Of Digital Finance To Central Banks’ Chiefs
In its new role as the advocate of Cryptocurrencies in the mainstream economy, Ripple has been stressing the importance of Digital Tokens to leaders of financial institutions.
Notably, on May 2019 Swiss National Bank Conference, Ripple’s CEO Brad Garlinghouse held a discussion with leaders of central banks as well as a team of financial experts on the importance of Cryptos. Brad took the opportunity to sensitize the audience on the huge number of use cases that Digital Tokens can be applied.
Brad, the only attendee from the private sector, also dwelled on the central bank digital currency (CBDC) proposals that some experts are warning on their risks as others are welcoming them because of the opportunities they create.
Further, the Ripple chief also revealed that Blockchain is disrupting conventional technology as it offers alternatives that are more efficient, safer, faster, and trusted. For instance, xCurrent from Ripple is more advanced compared to SWIFT, central bank chiefs were told.
Some of the attendees of the Swiss National Bank Conference that Brad Garlinghouse prepped them on the importance of Cryptos include Elvira Nabiúllina- Governor of the Central Bank of Russia, Norman Chan- Chairman of Hong Kong Monetary Authority, Ahmed Abdulkarim- SAMA Governor, Tobias Adrian- IMF Director, Christine Lagarde, etc.
Ripple’s Growing Prominence
In addition to the Swiss National Bank Conference, Ripple has also taken part in the International Conference on Fintech convened in Austria. In the event, the 45-member Basel Committee on Banking Supervision (BCBS), that comprises of 28 governments, committed to setting the global standards for prudential Cryptocurrency regulation as it does the banking industry.
Another event where Ripple Inc. represented the Crypto community was the World Bank International Conference on Fintech that took place in Vienna’s FinSAC place. Ripple Europe’s head of regulatory relations, Dan Morgan, attended the conference.