The Arab Regional Fintech Working Group sees RippleNet as a great alternative to SWIFT to better understand the ever-growing cryptocurrency space. Its also looking for a better payment alternative to Central Bank Digital Currencies (CBDCs).
Presently, RippleNet is a great substitute for SWIFT as it offers an easier means of payment for hundreds of financial institutions across the world. RippleNet is currently associated with American Express and Bank of America. The Working Group has turned to Ripple because XPR is one of the earliest digital assets developed principally for payments. Moreover, Ripple rose up as a winner from the US SEC lawsuit. This has leveraged RippleNet in an important position regarding the future of blockchain-based financial institutions.
The Arab Regional Fintech Working Group’s interest in Ripple has deepened after The Clearing House partnered with Wells Fargo on SWIFT alternatives. The Working Group has also shown interest in the digital Euro project. It has been noted that Ripple is on the list of the supporting partners of the Digital Euro Association (DEA). The DEA sees Ripple as a gold supporting member as the company is proficient in the knowledge of CBDC.
Jonas Gross, DEA chairman, says the partnership is necessary for CBDC use globally. He highlighted that with Ripple, they can extend the technological expertise of the DEA community. Gross believes that the technological design of a CBDC will play a key role for policymakers in the near future, as the past couple of years have primarily focused on research.
