Expert Analysis: IMF Document and XC Platform Raise Concerns for XRP

The IMF has often recognized crypto assets, especially Ripple (XRP), as tools to facilitate cross-border payments and remittances. Reuters reported that the International Monetary Fund (IMF) Plan of Launching a platform to facilitate CBDC creation and transactions.

These mentions have always excited the XRP community. But recently, a prominent XRP influencer opined that the new XC platform and the IMF cross-border document are not XRP pro.

IMF document and upcoming platform do not directly support XRP

rathoffkahnmann moved to twitter To quell the speculation that the IMF directly favors XRP.

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The influential person wrote;

Man, the IMF document is neither XRP pro nor the XC platform. There are 3 documents worth reading to decide for yourself.

Recall that in 2018, the International Monetary Fund organized a presentation called Regulation of Virtual Currencies. The body classified XRP as a coin for digital payments, stating that it could facilitate cross-border payments, which has been a challenge for central banks.

Furthermore, in early February, the IMF published a paper recognizing the importance of crypto assets such as XRP for cross-border payments and remittances.

Then on June 19, I.M.F. published another paper Stating that it plans to pursue the launch of an XC platform where several wholesale central bank digital currency projects will interconnect.

According to the IMF report, It is an evolution of the Wholesale CBDC, which is both a settlement asset and an infrastructure – a platform in fact. But according to WOK, the XRP community has blown the whole scheme out of gear, indicating support for Ripple.

In its tweet, WOK added documents regarding the first XC platform proposal, a recent IMF report, and even comments from director Tobias Adrian.

He clearly stated that these documents not only mention Ripple but also point to its rivals, the Bitcoin Lightning Network and the Stellar blockchain, which means that the network is not as unique as was stated.

Regarding the XC platform, WOK Said,I think the IMF is trying to envision a single global cross border clearing house. That’s nice, but it’s hard to imagine risk-sharing being done so nakedly by major economies. He mentions that there is no need to use blockchain/crypto at all.”

IMF aware of Ripple and Stellar but not indicating adoption, WOK

WOK’s tweet sparks discussion on this topic Twitter user Salvacrypto He was asked whether the mention of Stellar or Ripple by the IMF could increase or decrease the likelihood of the asset being adopted for cross-border payment models in the future. The user also asked him to answer honestly.

In response, WOK said, “IF pushed, I would say a slight increase because it indicates to me that they are aware of XRPL and Ripple. But that doesn’t mean planning for them.”

Following WOK’s reply, Salvacrypto responded that XRP community members are excited that such recognition by the IMF “puts the chips in their favor.”

At the time of writing, XRP is currently trading at $0.499, up 1.34% over the past 24-hours, according to data from Coinmarketcap.

Featured Image from Pixabay and Chart from Tradingview.com