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XRP *IT'S HAPPENING* CBDC CURRENCIES GET FULL BIS SUPPORT: XRP Will Bridge Them All - YouTube
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cbdc currencies get full bis support and
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xrp will bridge them all
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this world is moving toward
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digitalization the financial crisis
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money issues regarding money laundering
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tax evasion and identity theft have made
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the world leaders think of going toward
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a more
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digitalized system cbdc's are the cure
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to these crises and now the bank of
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international settlements has fully
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backed the idea of cbdc's and xrp will
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be the main ingredient in this
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hey guys welcome back to crypto
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millionaires a channel where we give
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daily updates about xrp
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as we have announced a monthly giveaway
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of 1 000 xrp coins so hit the like and
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subscribe button if you haven't already
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to participate in the giveaway
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and don't forget to click the bell icon
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and share your views with us in the
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comments section below
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watch to the end of the video for more
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chances to win the huge amount of your
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favorite coin
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in today's video you will know about the
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support of bis to central bank digital
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currencies
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you will know that why we need to move
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toward digitalization and how cbdc is
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going to play its part in digitalization
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and how xrp will benefit from this you
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will also know about the plans of xrp in
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regards to cbdc's
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so let's start our video according to
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bis
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digital innovation has brought
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far-reaching changes in all sectors of
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the economy
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alongside a broader trend toward greater
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digitalization a wave of innovations and
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customer payments has placed money and
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payment services
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at the vanguard of this development an
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essential byproduct of the digital
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economy is the huge volume of personal
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data that are collected and processed
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as an input into business activity this
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raises issues of data governance
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customer protection and anti-competitive
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practices arising from data silos
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the need of ongoing digital and
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providing a digital identity is a
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privacy concern
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a digital identity scheme which could
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combine information from a variant of
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sources
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to circumvent the need for paper-based
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documentation will thus play an
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important role
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in such an account based design by
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drawing on information from national
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registries and from other public and
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private sources
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such as educational certificates tax and
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benefit records
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property registries etc a digital id
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serves to establish individual
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identities online
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it opens up access to a range of digital
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services
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for example when opening a transaction
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account for an online shopping
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and protects against fraud and identity
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theft through digitalization
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money laundering identity theft fraud
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anti-terrorist financing
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tax evasion and many other factors that
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lead to unlawful activities can be
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prevented
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as per world bank estimation about 1.1
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billion people
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lack formal identification digital
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identity and access systems can unlock
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a range of basic and empowering services
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for individuals
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including financial inclusion health
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care and education
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equally they hold a significant promise
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for helping refugees and displaced
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populations to access immediate and
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longer term services
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here central bank digital currencies or
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cbdc's can contribute to an open
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safe and competitive monetary system
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that supports innovation and serves the
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public interest
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to solve this problem of privacy
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concerns the bank for international
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settlements has partnered with the
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central bank of china hong kong
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thailand and the uae to conduct new
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tests of cross-border central bank
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digital currencies
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the bis innovation hub in hong kong run
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jointly with the hong kong monetary
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authority worked with the people's bank
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of china's digital currency institute as
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well as the bank of thailand and the
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central bank of the uae
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and tested the cross-border cbdc
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payments cryptocurrencies in their
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archetypal form
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operate via cryptographic arrangements
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which inherently circumvent
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identification requirements one core
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differentiator between central bank
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digital currencies and pre-existing
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digital currencies such as bitcoin
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is that cbdc might conceivably be
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implemented to operate in tandem with a
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digital identity system
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cbdcs are a form of digital money
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denominated in the national unit of
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account which is a direct liability of
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the central bank
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cbdcs can be designed for use either
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among financial intermediaries only or
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by the wider economy
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on june 23 the central bank to central
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banks bis
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the bank of international settlements
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has given its full backing to the
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development of central bank digital
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currencies or cbdc's
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saying they are needed to modernize
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finance and ensure big tech
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does not take control of money bis has
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set out some recommendations on how a
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cbdc
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such as a digital dollar euro yen or
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yawn should look
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as per the report as part of its
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upcoming annual report it's estimated
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that at least 56 central banks and
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monetary authorities representing around
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a fifth of the world's population are
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now looking at digital currencies as
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commerce shifts online
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benoit or head of innovation hub at the
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bis referred to the move toward central
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bank digital currencies and its support
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said that the train has left the station
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it is not that we are getting carried
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away
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we are just looking around the push
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comes as physical cash use
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falls globally and authorities look to
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fend off the threat to their money
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printing powers from bitcoin and efforts
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from big tech
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such as the facebook-backed dm formerly
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libra
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keo warned without cbdc's digital money
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would become increasingly dominated by
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big tech firms as they would leverage
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enormous social media user bases
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he described it as a loss of control of
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sovereign money and said that it is a
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place where you don't want to be
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where governments don't want to be bis
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presented the two ideas that whether
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citizens need digital ids to use cbdc's
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or go down a token-based route
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that many cryptocurrencies use to keep
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transactions more anonymous and
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according to them
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the better way to go is the digital id
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system the reason bis gave for the
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digital id option
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is that it would prevent people using
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digital currencies from countries other
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than their own
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such as the safe haven dollar many banks
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have already started trialing their
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first cross-border central bank digital
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currency payments
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the bahamas became the first to launch a
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general purpose cbdc
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known as the sand dollar in october
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china has a number of ongoing trials and
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switzerland and the bank of france have
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announced europe's first cross-border
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experiment
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the experiment will focus on the bank to
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bank wholesale lending market rather
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than everyday public transactions but
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will be the first time a digital euro
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and swiss franc
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have been fully tested the european
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central bank is also exploring the
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introduction of a digital euro within
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the next five years
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it's running into opposition from
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germany though where the boons bank
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worries that a digital euro could pose
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risk to banks
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as per bis annual economic report the
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ultimate benefits of adopting a new
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payment technology
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will depend on the competitive structure
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of the underlying payment system
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and data governance arrangements the
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same technology that can encourage a
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vicious cycle of greater access
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lower costs and better services might
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equal induce a vicious cycle of data
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silos
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market power and anti-competitive
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practices
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cbdc's and open platforms are the most
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conducive to
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virtuous cycles cbdc's built on digital
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identification could improve
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cross-border payments and limit the risk
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of currency substitution
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multiple cbdc arrangements could cement
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the hurdles of sharing digital ids
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across
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borders but will require international
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cooperation
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according to the ripple white paper also
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dubbed as the future of cbdc's
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xrp is a neutral currency for cbdc's
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ripple announced earlier this month that
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the company is testing a private version
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of the xrp ledger to support central
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banks
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in the issuance of central bank digital
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currencies or cbdc's
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a recent report from cpa australia
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mentioned that the central bank of
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france is actively considering xrp
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ledger for the issuance of a central
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bank digital currency
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ripple has formed several partnerships
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in recent months and the company is
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actively working with many financial
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companies worldwide
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the white paper mentioned the need and
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then the quality of xrp being the
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bridging currency
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and said that to enable a truly
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efficient global market a bridge
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currency must be specifically optimized
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for payments and support the same speed
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scalability low cost and security that
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cbdc's will provide
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one example of a neutral bridge is the
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digital asset xrp
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which can be used as a bridge between
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two different currencies quickly and
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efficiently
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benoit or had previously said that the
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cross-border payment solution is a top
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urgent priority in the current financial
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world
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he called the current cbdc system as
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non-efficient and they are looking for
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more advanced
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cheap cost-effective and fast technology
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that cuts across borders
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the ripple community immediately reacted
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with positivity to this statement
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because it is ripple's greatest ambition
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to displace the world's legacy
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cross-border payment system
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most experts think fully functioning
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digital dollars or euros are still at
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least two years away
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but setting global rules around cbdc's
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is highly political
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and heating up ripple xrp will be used
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to bridge all cbdcs
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these are very ambitious plans that
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ripple has which will massively increase
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the utilization of xrp
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an increase in utility of xrp means an
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increase in price
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this is something that is going to
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benefit all xrp investors
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during the press conference kiara added
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that bitcoin has certainly failed the
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test of becoming a means of payment
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xrp is a stable fast cheap scalable
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and sustainable currency and it will be
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the global financial currency
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according to the coin market cap at the
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time of writing the xrp price today is
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68 cents usd
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with a 24-hour trading volume of 2.9
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billion dollars usd
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xrp is up 9.08 in the last 24 hours
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the current coin market cap ranking is
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number seven with a live market cap of
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31 billion
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usd it has a circulating supply of 46
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billion xrp
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coins and a max supply of 100 billion
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xrp coins
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so guys this is it for today's video i
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hope it could be a big help to you
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what do you think about xrp's future
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after that share your views with us in
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the comments down below
[571]
don't forget to click the bell icon and
[572]
participate in the giveaway
[574]
and thanks for watching
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