Ripple, the revolutionary blockchain-based payment solutions provider, has achieved a significant milestone by becoming an official member of the “cross-border payments interoperability and extension taskforce” within the prestigious Bank for International Settlements (BIS).
Ripple’s inclusion in the cross-border payments taskforce, an integral part of the BIS Committee on Payments and Market Infrastructures, holds significant implications.
This remarkable feat not only underscores Ripple’s expertise in transforming the financial landscape but also signals a pivotal moment in the evolution of cross-border payment systems.
The BIS Committee on Payments and Market Infrastructures has announced the membership of its cross-border payments interoperability and extension taskforce. For further details, look here https://t.co/yDQmdOmp9m pic.twitter.com/8G9UpOaDtL
— Bank for International Settlements (@BIS_org) August 9, 2023
Understanding The Role Of BIS
The Bank for International Settlements, often referred to as the “central bank of central banks,” serves as a global hub for cooperation and innovative thinking within the financial realm.
Headquartered in Switzerland, BIS facilitates collaboration among international monetary authorities, striving to maintain the stability and efficiency of the worldwide financial system.
With its commitment to fostering cross-border financial transactions and synergy, BIS remains at the forefront of driving initiatives that elevate the standards of global finance.
Ripple’s Collaborative Endeavors For Global Payment Advancement
This committee, led by Ulrich Bindseil from the European Central Bank and composed of 33 entities, recognizes the pivotal role of collaboration between the public and private sectors in achieving seamless cross-border payments.
BIS emphasizes the importance of harmonizing efforts between public authorities and private stakeholders to refine payment systems that underpin cross-border transactions.
XRP price as of Thursday. Source: Coingecko
However, against the backdrop of Ripple’s achievement, recent market fluctuations have brought along challenges. Presently listed at $0.629 on CoinGecko, XRP has experienced a 2.1% price decrease in the last 24 hours and a 5.2% drop over the past week.
XRP is currently trading at $0.62. Chart: TradingView.com
Amidst these price variations, regulatory complexities persist. The US Securities and Exchange Commission has submitted a letter outlining its intent to pursue an interlocutory appeal concerning the classification of XRP transactions and distributions as securities under the Howey Test.
This development follows a prior ruling by Judge Analisa Torres that certain XRP transactions do not qualify as securities.
Ripple: A Legal & Strategic Dance
Stuart Alderoty, Ripple’s lead counsel, responded to the SEC’s intent, offering a nuanced perspective. He highlighted that the SEC is seeking permission for an “interlocutory” appeal, rather than possessing an inherent right to appeal.
In response, Ripple is poised to present its counter-response within the upcoming week. This legal dialogue between Ripple and the SEC exemplifies the ongoing interaction and negotiation between the cryptocurrency industry and regulatory authorities, underscoring the fluid and evolving nature of the sector.
In a digital age characterized by transformative technologies and the pursuit of financial inclusivity, Ripple’s inclusion into BIS’s task force solidifies the company’s dedication to revolutionizing cross-border payments.
Featured image from Occupy