SWIFT in the Arab countries proposed to be replaced by RippleNet system

Blockchain has entered the list of recommendations for Arab central banks

19.03.2022 - 08:15

247

2 min

What’s new? RippleNet (XPR) is seen as an alternative to SWIFT in Arab countries. The Arab Regional Fintech Group (ARFG) has published a “Practical Guide on CBDC” for central banks, in which RippleNet is on the list of recommended payment systems. The ARFG recommended that the Arab financial institutions improve “messaging protocols” using such systems.

Arab Regional Fintech Group’s document

How has this affected Ripple? According to the Liquidity Index Bot, the Bitstamp XPR/EUR liquidity index has increased by 29% since the ARFG guide was published. The developers have not yet commented on the situation.

Source: Twitter.com

In late 2020, the US Securities and Exchange Commission (SEC) accused Ripple of selling $1,3 billion worth of unregistered securities under the guise of XRP tokens. As of March 2022, the trial is still ongoing.

What is RippleNet? It is a network of banks and institutional payment systems that use solutions developed by Ripple’s parent company to efficiently send and receive transactions around the world. We covered Ripple in detail in our article.

Author: