Ripple Joins IMF to Discuss CBDCs for Cross-Border Payments

Panelists at the recently concluded DMI symposium, including the Ripple president, emphasized the importance of an innovative global payment system.

This week, a panel discussion on the next steps for cross-border payments occurred between May 10 and May 11 as part of the Digital Monetary Institute (DMI) symposium in London.

Panel 4 of the #DMI symposium has begun with a discussion on the next steps for cross-border payments by @IMFNews, RTGS Global Limited, @BoM_Mauritius and @Ripple. Click the link below to join live. https://t.co/Op7zcF2uzW pic.twitter.com/syeXy15Nff

— OMFIF (@OMFIF) May 10, 2023

 

The panel featured representatives from the International Monetary Fund (IMF), RTGS Global Limited, the Bank of Mauritius, and the Ripple blockchain, coming together to emphasize the importance of creating an efficient and innovative global payment system.

James Wallis, the Vice President of RippleX, highlighted the growing interest of central banks in cross-border payments and the potential of blockchain technology to create a more efficient way of exchanging value.

In Wallis’s words, “Every single Central Bank we talk to talks to us about cross-border payments,” indicating a growing acceptance of blockchain technology as a solution to streamline cross-border transactions.

“Every single Central Bank we talk to, talks to us about #crossborderpayments” says Ripple’s James Wallis speaking @OMFIFDMI conference on #cbdcs & #payments. pic.twitter.com/sQQ0f5KDvT

— Mary C. Hall (@SystemsandTech) May 11, 2023

 

Furthermore, Wallis underlined that the ultimate goal of adopting blockchain technology and central bank digital currencies (CBDCs) is to create a more efficient way of exchanging value.

“Ultimate goal here is that we have a very efficient way of exchanging value” – James Wallis, @Ripple

— OMFIF (@OMFIF) May 10, 2023

 

Similarly, Victoria Cumings, the Chief Legal & Regulatory Officer of RTGS Global Limited, highlighted that cross-border payments are the most exciting and innovative use case for CBDCs. She believes that CBDCs could help address the challenges of cross-border payments, such as high transaction fees, lengthy settlement times, and lack of transparency.

“Cross border is the potential, exciting and innovative use case here [for CBDC]” – Victoria Cummings,

— OMFIF (@OMFIF) May 10, 2023

 

Notably, blockchain technology facilitates faster and cheaper transactions while maintaining high-level security. Additionally, adopting CBDCs can reduce the reliance on intermediaries and promote financial inclusion, making it easier for individuals and businesses to participate in the global economy.

Ultimately, the panelists agreed that cross-border payments are critical to the global financial system, and there’s a need for innovation and collaboration to improve them.

Ripple Ranked as Leader for CBDC

Early this month, TheCryptoBasic reported that Ripple was ranked as the leader for CBDCs. Ripple’s CBDC advisor Anthony Welfare shared data indicating that Ripple was ranked number one out of 15 vendors due to its success with RippleNet, technological capabilities within the CBDC space, and existing deployments and growth in the emerging space.