• 29 May, 2024
News

Experts Dispel Rumors on Swiss Central Bank Using Ripple’s XRP

Amidst the recent buzz surrounding Switzerland’s announcement of live transactions with a Central Bank Digital Currency (CBDC) by the end of the year, the XRP community found itself in a web of claims and counter-claims. One assertion suggested that the Swiss Central Bank was utilizing XRP as a settlement token through the R3 network, but experts have weighed in to debunk this rumor.

A Twitter user, @Rohitku24694375, claimed to have discovered a screenshot of code that hinted at XRP’s role in the Swiss CBDC’s financial operations.

However, Moonchaser, a respected figure in the XRP community, refuted these claims, clarifying that R3’s Corda does not use XRP. Instead, R3’s Corda employs its proprietary XDC token as the primary settlement token.

Moonchaser provided historical context, reminding the community of the 2018 announcement of a partnership between R3 and Ripple, which ultimately didn’t materialize and resulted in litigation between the two companies. The lawsuit’s outcome remains confidential, leading both parties to avoid referencing each other.

Additionally, Moonchaser highlighted the role of SBI Group, a major stakeholder in both R3 and Ripple. SBI Holdings and Ripple Labs formed SBI Ripple Asia in 2016 to promote the “Internet of Value” in Asia. Subsequently, SBI R3 Japan was established in January 2019 as a collaborative entity to support Corda licenses and related initiatives in Japan.

R3’s Corda is a permissioned Distributed Ledger Technology platform designed for applications that enhance digital trust in regulated markets. Importantly, it relies on its proprietary XDC token for settlements.

The XRP community’s buzz and speculations were unfounded because experts have verified that the Swiss Central Bank is not using XRP through R3. Furthermore, any prior associations between R3 and Ripple have evolved, with R3 focusing on its proprietary XDC token.

As of the latest data, XRP is priced at $0.4855, reflecting a 2.70% decrease over the past 24 hours. With a market capitalization of $25,919,788,623, it holds 5th in the cryptocurrency rankings. The 24-hour trading volume is $789,978,542, representing an 11.86% decrease, while the volume-to-market cap ratio for the same period is 3.05%.

In conclusion, the recent claims of the Swiss Central Bank utilizing XRP as a settlement token via the R3 network have been debunked by experts within the XRP community. While initial excitement and speculation emerged around this rumor, it appears to be based on misinformation.

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