IMF Documents And XC Platform Raise Concerns For XRP

The IMF has often recognized crypto assets, especially Ripple (XRP), as instruments facilitating cross-border payments and remittances. Reuters reported that the International Monetary Fund IMF plans to launch a platform to facilitate CBDC creations and transactions. 

These mentions have always excited the XRP community. But recently, a prominent XRP influencer opined that the new XC platform and IMF cross-border documents are not pro-XRP.  

IMF Documents and Upcoming Platform Don’t Directly Favor XRP

WrathofKahneman took to Twitter to quell the anticipation that the IMF favors XRP directly. 

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The influencer wrote;

Man, the IMF docs are neither pro-XRP nor the XC platform. There are 3 docs worth reading to decide for yourself.

Recall that in 2018, the International Monetary Fund organized a presentation captioned The Regulation of Virtual Currencies. The body classified XRP as a coin for digital payments highlighting that it can facilitate cross-border payment, which has been a challenge for central banks. 

Also, earlier in February, the IMF published a paper recognizing the importance of crypto assets such as XRP for cross-border payments and remittances. 

Then on June 19, the IMF published another paper stating it plans to push through the launch of an XC platform where many wholesale central bank digital currency projects will interoperate. 

According to the IMF report, this is an evolution of wholesale CBDC, which is both a settlement asset and infrastructure—a platform, really. But according to WOK, the XRP community exaggerated the whole plan implying support for Ripple.

In his tweet, WOK added the documents about the first XC platform proposal, the recent IMF report, and even director Tobias Adrian’s comments. 

He stated clearly that these documents didn’t only mention Ripple but also pointed at its rivals, Bitcoin Lightning Network and Stellar Blockchain, implying that the network wasn’t unique as touted. 

Regarding the XC platform, WOK said, “I think the IMF is trying to envision a single global cross-border clearinghouse. It’s cool but hard to imagine major economies sharing exposure so nakedly. They mention blockchain/crypto need not be used at all.”

International Monetary Fund is Aware of Ripple and Stellar But Didn’t Indicate Adoption, WOK

WOK’s tweet sparked discussion around the topic and Twitter user Salvacrypto asked him if the IMF’s mention of Stellar or Ripple could increase the probability of adopting the assets for future cross-border payments models or decrease it. The user even told him to give an honest answer.

In response, WOK said, “If pushed, I would say slightly increase because it indicates to me they are aware of the XRPL and Ripple. But that doesn’t mean planning for them.”

Following WOK’s answer, Salvacrypto responded that the XRP community members are excited that such recognition by IMF “stacks the chips in their favor.”

XRP is currently changing hands at $0.499 at the time of this writing, up 1.34% in the last 24 hours, according to data from Coinmarketcap.

Featured image from Pixabay and chart from Tradingview.com