The Bank for International Settlements (BIS) and Cross-Border Payments
The Bank for International Settlements (BIS) has launched a task force focused on improving cross-border payments and achieving the goals set by the G20. Ripple, a blockchain-based digital payment network, is one of the participants in this task force. Here are the key points:
1. BIS creates the cross-border payments interoperability and extension (PIE) task force.
2. Ripple, with its cryptocurrency XRP, is actively involved in this task force.
3. The task force aims to enhance cross-border payments and achieve G20 targets.
4. The Financial Stability Board (FSB) presents priority actions for reaching G20 targets.
5. Ripple’s involvement comes amidst a legal dispute with the US SEC, leaving their future uncertain.
This collaboration between BIS, Ripple, Mastercard, and SWIFT shows the importance of global cooperation in improving cross-border payment systems. However, Ripple’s legal issues with the SEC cast doubt on their future prospects. Overall, the task force’s efforts aim to bring about faster, cheaper, and more secure cross-border transactions.
By
By
By
By
By