Jun 27, 2018 05:33 UTC
Jun 27, 2018 at 05:33 UTC
Central Banks of New Zealand and Australia to Adopt XRP?
The central banks of Australia and New Zealand have recently made some exciting announcements about Blockchain and cryptocurrencies. While they are completely sure of cryptocurrencies, they do not consider Bitcoin to be efficient. Hence they do not consider it ideal for their operations. They also don’t have any plans of rolling out their own cryptos. Hence they are left with the possibility of adopting Ripple (XRP) for the two respective central banks.
There are numerous hints indicating this. They have already pointed out Bitcoin’s payments inefficiencies as the reason why they can’t adopt it and for a central bank, that leaves them with very few other cryptos that have the capacity to give operational efficiency better than Ripple (XRP). Ripple is moreover designed to be a bankers coin. It is fast, has low transaction fees, and is very stable. These features make it the appropriate crypto fit for bank-to-bank transactions such as those carried out by central banks.
Ripple is currently working with more than 150 banks all around the world. This makes it easier for a central bank to adopt it and introduce it to local banks since central banks tend to go for a crypto which is widely accepted by banks all across the world. It is common knowledge that central banks engage with other banks across the world for macro-stability purposes. As such, they would have to go for a crypto that is widely accepted in the industry, and none beats Ripple (XRP) on this front.
The only other competitor of Ripple (XRP) on this front is Stellar XLM. Like Ripple (XRP), Stellar too is tailor-made for the banking industry and has numbers of partnerships with several central banks. It has impressive speed and has some of the lowest transaction costs for the banking industry. The only reason why Ripple (XRP) has an edge over XLM is because of its wider network. With more than 150 banks under its fold, Ripple is untouchable.
If these central banks adopt Ripple, then its intrinsic value will push up by a huge margin. Other central banks might follow suit given that the central bank of a country like Australia is an influential one, and its decisions have an impact across the world. So stock up, while you have time.