Ripple joins BIS task force for cross-border payments

Ripple Joins BIS Task Force for Cross-Border Payments Interoperability

Ripple has been chosen by the Bank for International Settlements (BIS) to be part of its new cross-border payments interoperability and extension (PIE) task force. This highlights the growing recognition of blockchain’s potential in reshaping global payments.

Main Breakdowns:

Ripple selected by BIS for cross-border payments task force
BIS is the central bank for central banks worldwide
PIE task force aims to strengthen cross-border payments
Mandate includes enhancing payment system access and connections
Global coordination and public-private partnerships emphasized

The BIS, headquartered in Switzerland, serves as a forum for central banks to collaborate on monetary and financial issues. The PIE task force, part of the BIS Committee on Payments and Market Infrastructure, aims to improve cross-border payments by extending payment system operating hours and establishing connections between systems.

Ripple, along with other major players like Mastercard and SWIFT, will play a crucial role in achieving the BIS’s vision of seamless cross-border payments. The task force emphasizes the need for global coordination and collaboration between public and private sectors to drive innovation and ensure the smooth functioning of international payment systems.

In other news, the legal battle between the SEC and Ripple Labs continues, with the SEC expressing its intention to seek an interlocutory appeal. The regulatory body believes that the current ruling should undergo review by an appellate court, highlighting the ongoing developments in the case.

Hot Take:

The inclusion of Ripple in the BIS’s task force demonstrates the growing acceptance of blockchain technology in the global payments landscape. By collaborating with other major players in the industry, Ripple has the opportunity to contribute to the development of seamless cross-border payment systems. However, the ongoing legal battle with the SEC adds a layer of uncertainty to Ripple’s future prospects.