Ben “BitBoy” Armstrong argues that ISO 20022, the global standard for payments-related financial information, was developed with XRP in mind.
The crypto YouTuber made the assertion recently during an exchange with Sam Dodson, the host of “To The Lifeboats” podcast.
ISO 20022 Developed for XRP?
The discussion started with Armstrong admitting that there is nothing like ISO 20022 coins, indicating that classifying cryptocurrencies as ISO 20022-compliant is entirely false. He revealed that he initially believed this concept but later discovered it was incorrect.
Nonetheless, he emphasized that XRP is the only cryptocurrency that should be classified as an ISO 20022 coin. Armstrong’s commentary triggered a reaction from Sam, who argued that there is nothing like “ISO 20022 Coin.”
He suggested that the ISO 20022 concept is not a crypto classification system but a messaging standard for financial transactions. According to Sam, cryptocurrencies like XRP can decide whether to comply with the ISO 20022 standard. However, Sam indicated that compliance does not confer the asset with the title of ISO 20022 Coin.
Interestingly, Armstrong accepted this explanation but maintained that the system was “built with XRP in mind.” This position argues that the developers of ISO 20022 built the global messaging system to align with XRP’s technology.
Ripple CTO Confirms XRP Has No Relationship with ISO 20022
The ISO 20022 standard aims to bolster electronic messaging between financial institutions. It modernizes how institutions can send payment-related messages. This initiative was introduced in the early 2000s and has recorded massive success in the traditional financial sector.
Even though ISO 20022 was developed for traditional financial institutions, crypto-related entities, including Ripple, have integrated with the system. Notably, Ripple became a member of the ISO 20022 standard in 2020.
Through its membership, the company allows RippleNet clients to connect with a network of global financial institutions through a unified API for counterparty transactions. This connection enables RippleNet to utilize the same messaging standard that other prominent financial institutions have adopted.
Although Ripple is an ISO 20022 member, XRP is not obligated to comply with the messaging standard. Notably, Ripple CTO David Schwartz confirmed that XRP has no relationship with ISO 20022.
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