Ripple Labs President Discusses Global Appeal of XRP and CBDCs

According to CryptoPotato, Ripple Labs president was featured in a recent New York Times special series on global consumer behavior in 2024. The series discussed how traditional financial structures are too slow to support the current pace of global commercial growth, leading to the developing world turning to cryptocurrencies like BTC and XRP. The International Monetary Fund and the Financial Stability Board have cited the 'cryptoization' of developing economies, where people prefer cryptocurrencies to their local currencies due to macroeconomic instability and weak inflation controls. In addition to cryptocurrencies like BTC and XRP, developing countries are also turning to stablecoins, which provide merchants and consumers shelter from the volatility of some local currencies. Countries like Argentina, Zimbabwe, and Nigeria have seen an increase in the use of crypto or U.S. dollar-backed stablecoins for saving and making purchases. Ripple Labs is currently seeking clear standards and rules from U.S. courts and regulators as the Securities and Exchange Commission's XRP lawsuit enters its third year in litigation. Ripple Labs recently published a whitepaper on central bank digital currencies (CBDCs), which could allow central banks to create more public transparency and market efficiency for their sovereign currencies. The whitepaper estimates that there will be $5 trillion worth of CBDCs in various currencies circulating globally in the next decade. The U.S. Federal Reserve Bank is also considering a CBDC of its own, which would expand safe payment options and not reduce or replace them. The central bank is studying how a CBDC would provide safe liquidity, new products and services, and faster and cheaper cross-border payments.