UBS, Deutsche Bank, Santander and BNY Mellon announced their “utility settlement coin,” a new digital asset they hope will become the industry standard for blockchain settlements. They expect banks will initially use the coin for post-trade settlement and clearing by early 2018, after they secure bl
A bank coin is unilateral not universal. That’s by XRP will survive, it can transact among all banks. In essence, what SWIFT has thrived upon but is now outdated because of poor infrastructure and timing. #xrpthestandard
More and more banks will create their own token as time passes by. There will be many bank tokens in the future. The thing is that to be able to be used worldwide, they need a universal bridge asset, otherwise they can't use it apart from their own bank(s), as Brad said. Guess which digital asset will bridge them all.
I think there are many people that haven't read this. It's a good reminder for those that worry (without any reason) about banks creating their own tokens/digital assets. There is nothing to worry about, XRP will be there.
Really? I’m not sure it’s completely out of the question.
This is from yesterday
Unless this is XRP and it’s not mentioned
The central bank of Saudi Arabia just partnered with Ripple..... https://ripple.com/insights/ripple-and-saudi-arabian-monetary-authority-offer-pilot-program-for-saudi-banks/
This is a coin to move money locally in the region between banks and governments that already trust eachother. XRP will still be moving money in and out of the walled garden to the rest of the world. No one else in the rest of the world is going to want to use a UAE coin just like they don't want to use a Santander coin, or a Citi coin, or some other bank backed coin.
The governments and banks of the world do not trust each other. Only a universal coin, not controlled by any one group, such as XRP will do.
I agree with you, just chiming in to say its basically intranet vs internet. A local private blockchain network between different branches of banks all on the same currency makes sense. This isn't want XRP/xRapid is targetting, and they can mutually coexist and benefit from each other.
You need to compare how much money is moving between UAE and Saudi before spooking over this pilot :o)
You can easily see where money is moving to and from for both UAE and Saudi. And as per the data you can see only 8m USD moving from UAE to Saudi whereas 94m USD moved into Saudi and 10b USD moved out of Saudi to India.
You can easily see the point I am trying to make here ;o)
The U-W-CBDC used in these pilots will still need to be bridged with USD/INR for example.
India/Egypt/Philipines/Pakistan/Bangladesh/Sri Lanka/Indonesia are all transacting in billions with Saudi. Out of these countries which countries have Ripple set themselves a foothold? :o)