Ripple Execs Meet With Central Bank Of Brazil Officials in ‘Closed to the Press’ Meeting

Ripple Inc.’s, Brad Garlinghouse held a ‘closed to the press’ meeting with Brazil’s Central Bank officials on May 30th to discuss “institutional matters” in the South American country. Top officials from both Ripple and the Central Bank of Brazil held the meeting at 1700 hrs to 1800 hrs. What could be the motive behind the closed-door meeting?

Ripple Executives meet with the Central Bank of Brazil Officials

According to the Agenda of Authorities of Banco Central do Brasil website, the schedule of Roberto Campos Neto, the central bank’s president, showed he met online with Ripple executives on Saturday evening last week. While major details on the meeting remain unrevealed to the media, the agenda only hinted at “institutional matters”.

Three Ripple executives and board members accompanied CEO at Ripple Inc., Garlinghouse – Ben Lawsky, Member of the Board of Directors of Ripple, Eric van Miltemburg, Senior Vice President, Global Operations, Ripple, Luiz Antonio Sacco, Vice President of Global Operations and General Director for Latin America at Ripple.

Brazil’s central bank was led by Roberto joined by João Manoel Pinho de Mello, the Financial System Organization and Resolution Director, and Otavio Ribeiro Damaso, Regulation Director.

Both, Ripple and the Central bank of Brazil officials have remained silent on the conference discussions. Could the bank be looking at a possible central bank digital currency (CBDC) or settlement platform?

Brazil’s QR based instantaneous payment system

The most sensible explanation for the meeting may be to discuss the QR-based payment system that the central bank is developing. PIX, the non-crypto payment platform will offer P2P ad B2B payment solutions within the country aiming to reduce the transaction costs and speed of transactions.

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Author: Lujan Odera

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