Consumer Financial Protection Praises XRP For Cross-Border Settlement

Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • Recently, the Bureau of Consumer Financial Protection’s (Bureau) published an assessment report.
  • The Bureau saw that the remittance market had experienced significant change since the Rule became effective.
  • However, the famous crypto enthusiast Coining203 shared the assessment on Twitter pointing out XRP has made into the final rules.

Recently, the Bureau of Consumer Financial Protection’s (Bureau) published an assessment report in praised Ripple XRP as an accepted solution. The Bureau saw that the remittance market had experienced significant change since the RuleRule became effective.

XRP has made into the final rules

In particular, the report explained various developments about the growth and integration of innovative technologies, though, the providers of cross-border money transfer and other organizations that help such providers.

However, the famous crypto enthusiast Coining203 shared the assessment on Twitter pointing out XRP has made into the final rules.

The Bureau has kept an eye on the remittance transfer market and witness that many developments are on progress.

Moreover, these developments recommend that in future, there may be a means by which banks and credit unions can reduce their dependence on projections. But, there are certain restrictions to which how much the developments can solve the issue.

Besides this, a closed network payment system applied by these developments to cross-border cash moves that to be sent by banks and credit unions.

Bureau highlights on use of Ripple for settlement

Additionally, the Bureau assessment underlines the utilization of XRP for the settlement of cross-border transactions. This looks like the Bureau is praising Ripple for offering quality, simplicity, and transparency to the banking sector.

In the meantime, the Bureau considers that mass adoption of products like Ripple suite or SWIFT’s GPI can ultimately allow the banks to get an accurate final amount. That the beneficiaries of remittance transfers will gain before it reaches an assignment.

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