Jul 2, 2020 17:31 UTC
Jul 2, 2020 at 17:31 UTC
XRP, the native crypto of the Ripple payment network, has received approval from the U.S. Consumer Financial Protection Bureau to be used in cross-border money transactions. This announcement has led to a rise in the price of XRP.
The Bureau cited that the continued growth and expanding partnerships of companies such as Ripple and their role in the remittance market were the reasons why they allowed the crypto to be used in international money transfers.
“The Bureau has continued to monitor…the continued growth and expanding partnerships of virtual currency companies, such as Ripple, which offer both a payment messaging platform to support cross-border money transfers as well as a virtual currency, XRP, which can be used to effect a settlement of those transfers.”
This approval is surprising, seeing as many coins and businesses from the crypto industry are currently heavily scrutinized by government authorities.
XRP Continues to Grow in Spite of Ripple Controversies
XRP is one of the most popular cryptos in the financial space, as so far, it has been implemented and used by many payment systems.
The issuing company of the token, Ripple Labs, is not as popular in the crypto community. This is because of several controversies surrounding the company, such as owning most of the XRP supply and being able to take out large amounts from escrow wallets and then burn them. This has led many investors to suspect and accuse Ripple of using its situation to manipulate the prices of XRP in their favor. There have been a number of lawsuits on the centralization of Ripple and its use of XRP.
But this hasn’t deterred people and projects from using XRP. The token’s underlying Ripple Protocol Consensus Algorithm (RPCA) has been this year’s most used transfer protocol.
Ripple has also brought mainstream attention to cryptocurrency projects, which has led to investments in those projects.
Ripple has changed the financial system by breaking its imposed boundaries and enabled more efficient and accessible cross-border transactions.
This achievement has also been recognized by the U.S. Consumer Financial Protection Bureau said:
“To the degree banks and credit unions increase their reliance on closed network payment systems for sending remittance transfers and other cross-border money transfers, the Bureau notes that this could result in greater standardization and ease by which sending institutions can know exact covered third-party fees and exchange rates.”
Ripple is also supported by some of the biggest names in the tech industry, such as Google, indicating that XRP’s technology may be integrated for different financial transactions aside from remittance.
Due to its fast transfer rates and negligible fees, the crypto casino and sportsbook 1xBit has integrated support for XRP payments on its platform. There are no transaction fees when depositing or withdrawing XRP from this fully anonymous sportsbook, and the payouts are made promptly. In addition to XRP, 20 other cryptocurrencies are supported.
1xBit offers high odds on all sports events, as well as 5000+ slots, 100+ game providers, and dozens of live dealers. You can use your XRP funds now on 1xBit to make fast bets and withdrawals.
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