IMF Quietly Recognized XRP for Cross-Border Payments in 2018
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As IMF works on a global CBDC platform, the institution recognized Ripple and XRP’s potential in cross-border payments.
While the International Monetary Fund (IMF) has been vocal in its cautious and skeptical crypto stance, a document from five years ago reveals how the institution had recognized Ripple Labs and XRP in a favorable light.
The IMF’s recognition came during a 2018 September presentation on “The Regulation of Virtual Currencies,” where they classified XRP as a coin Ripple utilizes for digital payments. The IMF also highlighted the capabilities of XRP in facilitating cross-border transactions, a challenge the IMF is striving to address for central banks worldwide.
Similarly, a presentation from November 2018 showed Ripple’s selection to be part of an esteemed High-Level Advisory Group on Fintech, with Ripple’s Executive Chairman, Chris Larsen, serving as a distinguished member of the group.
The IMF has often expressed concerns about the risks associated with digital assets, including money laundering and illicit activities. However, in a more recent report, the IMF also recognizes the legitimate applications of crypto, such as XRP, in remittances and cross-border payments.
Nonetheless, it emphasizes balancing crypto assets’ potential benefits and risks while developing appropriate regulatory frameworks.
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