The Swiss Central Bank is reportedly exploring the possibility of using Ripple’s XRP for settlement purposes. Such a move would represent a significant milestone for the cryptocurrency, as it would receive an official endorsement from a central bank. However, there has been no official announcement either from the Swiss Central Bank or from Ripple. Despite the lack of public announcements, there are a number of reasons to believe that the SNB is seriously considering using XRP for settlement. What is the Rumor Related to? During the Sibos 2023 conference in Toronto, the Swiss Central Bank made a noteworthy announcement regarding the adoption of live transaction payments through Central Bank Digital Currency (CBDC). Simultaneously, Ripple is actively engaged in the development of CBDCs to facilitate the seamless operation of the global currency exchange and remittance network. There is growing speculation that the Swiss Central Bank might be considering Ripple’s XRP for the settlement system within the pilot program. Why the Swiss Central Bank Could Consider Ripple? The SNB has a track record of pioneering innovations in the financial sector, including early exploration of blockchain technology. The SNB is closely associated with the Ripple ecosystem as a member of the Global Ripple Network, which unites banks and financial institutions aiming to enhance cross-border payments using Ripple’s technology. Additionally, the SNB is facing mounting pressure to update its payment systems, which are currently characterized by slow processing and high costs. By adopting Ripple’s XRP, the SNB can significantly enhance the speed and efficiency of its payment systems. How will Ripple Benefit the Swiss Central Bank? XRP transactions are known for their affordability, offering Swiss businesses and consumers the potential to reduce expenses related to cross-border payments. Leveraging XRP’s swiftness in transactions can lead to a more efficient Swiss financial system, allowing businesses and consumers to settle payments at a much faster pace. Conclusion: Is the Swiss Central Bank Using XRP As a Settlement Token? A member of the XRP community made a recent assertion that the Swiss Central Bank has adopted the R3 Corda Settler code, which interfaces with XRP Oracle in conjunction with SWIFT. This claim was based on the user’s discovery of a screenshot in the code that they believe hints at the token’s utilization in the financial operations of the Swiss Central Bank’s CBDC. Speculation began to circulate when Ripple’s CEO, Brad Garlinghouse, chose not to either confirm or deny these claims. Nevertheless, as of now, there has been no official confirmation or statement from either party regarding this matter.
Is the Swiss Central Bank Using XRP As a Settlement Token?
