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HomeCrypto NewsMarketRipple Joins IMF to Discuss CBDCs for Cross-Border Payments 

Ripple Joins IMF to Discuss CBDCs for Cross-Border Payments 


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Panelists at the recently concluded DMI symposium, including the Ripple president, emphasized the importance of an innovative global payment system.

This week, a panel discussion on the next steps for cross-border payments occurred between May 10 and May 11 as part of the Digital Monetary Institute (DMI) symposium in London.

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The panel featured representatives from the International Monetary Fund (IMF), RTGS Global Limited, the Bank of Mauritius, and the Ripple blockchain, coming together to emphasize the importance of creating an efficient and innovative global payment system.

James Wallis, the Vice President of RippleX, highlighted the growing interest of central banks in cross-border payments and the potential of blockchain technology to create a more efficient way of exchanging value.

In Wallis’s words, “Every single Central Bank we talk to talks to us about cross-border payments,” indicating a growing acceptance of blockchain technology as a solution to streamline cross-border transactions.

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Furthermore, Wallis underlined that the ultimate goal of adopting blockchain technology and central bank digital currencies (CBDCs) is to create a more efficient way of exchanging value.


Similarly, Victoria Cumings, the Chief Legal & Regulatory Officer of RTGS Global Limited, highlighted that cross-border payments are the most exciting and innovative use case for CBDCs. She believes that CBDCs could help address the challenges of cross-border payments, such as high transaction fees, lengthy settlement times, and lack of transparency.


Notably, blockchain technology facilitates faster and cheaper transactions while maintaining high-level security. Additionally, adopting CBDCs can reduce the reliance on intermediaries and promote financial inclusion, making it easier for individuals and businesses to participate in the global economy.

Ultimately, the panelists agreed that cross-border payments are critical to the global financial system, and there’s a need for innovation and collaboration to improve them.

Ripple Ranked as Leader for CBDC

Early this month, TheCryptoBasic reported that Ripple was ranked as the leader for CBDCs. Ripple’s CBDC advisor Anthony Welfare shared data indicating that Ripple was ranked number one out of 15 vendors due to its success with RippleNet, technological capabilities within the CBDC space, and existing deployments and growth in the emerging space. 

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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