- Ripple’s XRP David Schwartz Says the World Isn’t Going to See One Globally Accepted Fiat Currency
- XRP Can Serve as a Backbone for Global Settlement
Ripple News Today – Ripple has never hidden its agenda from the rest of the financial community. Their goal is to revolutionize the cross-border financial industry by replacing the existing system with a faster, cheaper, and more efficient system. They already have the technology. The only thing left is to achieve global adoption. The CTO of Ripple, David Schwartz, recently talked about how Ripple has promising technology and the USD is losing its hold in the global financial market.
Ripple News Today – The USD Will Not Become the Dominant Currency in the World
It’s been the belief of many in the financial sector that single fiat currency will eventually grow to become the world’s only currency. For example, the USD will become an acceptable currency that is used for day to day transactions in every part of the world. According to Schwartz, this isn’t going to happen anytime soon. He said that the USD’s role as a global settlement currency is shrinking. However, even if the USD can’t serve as a single globally accepted currency, XRP can’t play that role. So, there is neither going to be a single currency or a single stablecoin, at least not anytime soon. In his words;
“I don’t think there’s going to be one world fiat any time soon, so even with stablecoins there will be a lot of them. I think lots of digital and fiat assets will compete to play that role and there is room for more than one. I see the dollar’s role as the world’s settlement currency slowly shrinking and international commerce increasing”
David Schwartz gave his statement during the G20 Financial Stability Board meeting last week. The roadmap for cross-border payments addressed several issues including the advantages of stablecoins as well as the risks. The members of the G20 are working hand in hand with the World Bank and International Monetary Fund. The goal is to create a regulatory framework for Central Bank Digital Currencies.
He said that the XRP token will serve as a bridge and a backbone for global settlements. He concluded;
“The XRP Ledger can’t handle all the world’s payments, and I’m not proposing a “one network” solution. That’s unrealistic. People want different things and have different problems. But XRP can be the hub or backbone that provides the fast international settlement piece.”
XRP might not rule the cryptocurrency industry but it will play an important role in the future of global remittance. This will promote adoption and eventually boost the price of the token. The price of XRP requires a serious bullish boost.