Central Bank of Singapore did not see advantages in payment solutions Ripple

Ripple’s payment blockchain system and its XRP token have no potential advantages for use at the state level. This was announced by the chief fintech specialist at the Monetary Authority of Singapore (MAS), Sopnando Mohanti, Cointelegraph writes.

At the same time, he noted the effectiveness of Ripple solutions in making cross-border payments.

“We don’t see anything special about Ripple’s banking digital currency, but we definitely hope that we can eliminate the greater inefficiency when it comes to cross-border payments, ” said Snniendou Mohanti.

It is worth noting that in 2017, Ripple opened an office in Singapore and conducted negotiations with MAS on the possibility of using its technologies. In addition to the xCurrent solution, the company offers a xRapid solution, which uses its XRP token, to make cross-border payments.

Earlier, in May, the Monetary Authority of Singapore and the Bank of Canada announced the successful testing of cross-border payments using blockchain technology and digital assets. In the course of the joint project, the national DLT networks of the two states were merged – Project Ubin and Project Jasper.

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