The XRP community is abuzz with speculation and excitement over the potential use of XRP as a settlement token by the Swiss central bank. The rumors began circulating after Switzerland announced at the Sibos 2023 conference in Toronto that live transactions with a Central Bank Digital Currency (CBDC) would take place by the end of the year.
A screenshot shared by an XRP proponent on social media claimed that the Swiss Central Bank is leveraging XRP as a settlement token through the R3 network. The user pointed out that R3, the company behind the Corda blockchain, is connected to Ripple and utilizes XRP for instant settlements.
However, it has been revealed that this claim is nothing more than a rumor. It is important to note that Ripple does have a working relationship with R3, as they announced the utilization of XRP and XRPL as the first settlement mechanism for R3’s Corda. However, this partnership ended with a lawsuit and a confidential settlement, making it unlikely that the two companies are currently working together.
Despite the lack of partnership between Ripple and R3, Ripple has established numerous partnerships with banks and major financial institutions over the years. Some notable collaborations include Santander, SBI Remit, and Euro Exim Bank. Additionally, Ripple is working with several central banks, including those in Palau, Montenegro, Hong Kong, Colombia, and Bhutan, to develop their CBDCs.
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While the potential use of XRP by the Swiss central bank may not be a reality at this time, it is important to recognize Ripple’s significant contributions to the cryptocurrency industry. The XRP Ledger has proven to be a reliable and efficient distributed ledger technology, and Ripple’s partnerships have helped promote the adoption of cryptocurrencies in various sectors.
It is crucial to conduct thorough research and rely on factual information when evaluating the potential use of cryptocurrencies in various financial systems. Crypto News Flash does not endorse any content or materials mentioned in this article and encourages readers to make informed decisions based on their own research.
