Ripple Gains Praise From US Consumer Financial Protection Bureau For Remittance Service

Ripple and XRP’s remittance potential in cross-border transfers has been recognized by the US Consumer Financial Protection Bureau (CFPB).

According to a CFPB paper from May 11, the bureau responsible for providing the financial sector’s US consumers has been researching the remittance market’s new trends. Furthermore, it has been focusing on the continued expansion and growth of partnerships developed by digital asset companies such as Ripple.

XRP for Settling Cross-Border Transfers

In the same paper, the CFPB mentioned that XRP could be used for cross-border transfers. Also, Ripple’s products can give credit unions and banks exact information on how much remittance transfers’ recipients are going to receive before they’re even being sent anything.

The platform for global payments innovation (GPI) from SWIFT was mentioned in the paper too. This platform’s purpose is to speed up remittance by using the infrastructure banks from all over the world prefer to use.

SWIFT said it was considering using blockchain rails for its GPI solution ever since 2019, yet no update on this matter has been provided yet.

Ripple Pushes for XRP Adoption

In spite of showing support for Ripple, the CFPB doesn’t seem too enthusiastic about crypto company’s push for widespread adoption of the XRP. It concluded that any new solutions would most likely not eliminate the reliance on their correspondent banking network, as this what the market players’ feedback and the agency’s estimations have revealed.

Despite this, Ripple doesn’t give up, aiming at the financial mainstream. Only last month, it had Japan-based financial giant SBI Holdings, which it’s its investor and partner, announcing that Ripple-powered settlements are going to be integrated with ATMs all over Japan. According to market researcher Fundstrat, XRP was the weakest performing crypto asset since the beginning of 2020 until May.

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Author: Oana Ularu

South Carolina’s Senate Passes Resolution to Promote Blockchain Tech Adoption

  • Blockchain’s potential has been formally recognized by the Senate of South Carolina after passing a resolution on this subject.
  • This initiative is expected to set the pace for South Carolina in leading the implementation of emerging tech with a focus on distributed ledgers.

The solutions around blockchain tech are gradually being considered by stakeholders such as legislators looking to create a sustainable ecosystem for digital assets. It is, therefore, no surprise that South Carolina has passed a bill named ‘A Senate Resolution To Acknowledge The Importance Of Emerging Blockchain Technology And To Call Upon The Residents Of South Carolina To Join In Encouraging The Promotion Of Blockchain Technology In Our State’.

This resolution was passed on March 10 coinciding with S.C’s 2020 Blockchain Conference that took place at Hotel Indigo. Notable players in the industry who graced this event include IBM Watson Health CTO, Theodore Tanner, and VeriTX founder, retired U.S. Air Force Col. James Regenor.

What Next for Blockchain Application in South Carolina?

Basically, the bill pushes for swift adoption of blockchain tech given the opportunities that it presents. South Carolina will now advocate for more of its professionals to seek informative knowledge in a bid to advance the state’s blockchain agenda. The bill highlighted S.C’s goal as;

“to become the capital for the real-world application of the emerging technology of blockchain.”

Looking at the broader perspective, the move by South Carolina’s senate is a defining moment for this state in blockchain adoption. Now that innovators have the legislator’s blessings, S.C is well placed to capitalize on investments within this sector as they await consolidation from financial watchdogs like the SEC and IRS.

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Author: Edwin Munyui