Arab Monetary Fund listed RippleNet as an alternative to SWIFT

    19 Mar 2022

    An advisory group of the Arab Monetary Fund has listed RippleNet as a direct alternative to SWIFT in its guide for Arab central banks.

    The Arab Regional Fintech Working Group has recently released a “Practical Guide” for Arab central banks looking to understand the nuances of the burgeoning digital assets market.

    The working group advised Arab central banks to improve their “messaging protocols” using systems such as SWIFT GPI and, significantly, RippleNet. This comes just two days after the revelation that The Clearing House, a known Ripple partner, is collaborating with Wells Fargo to produce an alternative payment system to SWIFT.

    The paper also particularly mentioned Ripple XRP as a unique cryptocurrency as it was one of the first “designed primarily for payments,” in contrast to most crypto assets which were labeled as “speculative” stores of value. Including a direct link to Ripple’s “Future of CBDC” report, the advisory paper clearly sees Ripple as having a serious role to play in the future blockchain-based, global financial infrastructure.

    In reviewing recent global developments in digital currency, the advisory group specifically mentioned the Europe Central Bank’s “digital Euro” project and concluded that “the experiments’ findings reveal that none of the examined topics have significant technical restrictions, and the design requirements can be met.” Meanwhile, Ripple has recently become a member of the Digital Euro Association.

    Incumbent market players, such as SWIFT, are now increasingly being mentioned alongside underdog alternatives, such as Ripple. This, along with recent positive developments in the questionable SEC court case, is all ultimately further evidence that Ripple’s future is seeming increasingly secure.

    The returns on Ripple were promising in the past decade, but it largely missed out on significant crypto gains. However, it did succeed during the early parts of last year until April, when its value grew significantly higher than before, only to be replaced by other cryptocurrencies later in autumn, which had much better performances throughout that period.

    XRP has been making lower highs since 2017, and the price is bearish. Other cryptocurrencies continued to make record highs until November 2021, but XRP’s price had grown slowly.

    The main reason XRP is falling behind the rest of the crypto market has been a legal battle that started more than one year ago, when SEC opened their case against Ripple, claiming it’s an investment contract. Everyone following this lawsuit will determine how blockchain technology should develop in America for future generations.

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