Swiss Banking Takes a Leap with R3 and XRP in Focus: Here’s the Full Insight
The XRP community was recently stirred by a tweet suggesting that the Swiss Central Bank might use XRP as a settlement token via the R3 network for its Central Bank Digital Currency (CBDC) operations.
- Swiss Central Bank eyes live transactions with CBDC, sparking XRP talks.
- Tweet suggesting XRP’s role via R3 in CBDC operations stirs speculation.
- Moonchaser debunks claims, emphasizing R3’s use of XDC as its settlement token.
- Historical context and partnerships between R3, Ripple, and SBI Group explored.
XRP On Fire
A tweet lit a speculative fire in the XRP community, hinting at the potential involvement of XRP as a settlement token in the Swiss Central Bank’s (SCB) upcoming CBDC live transactions via the R3 network. The user, @Rohitku24694375, shared a claim that alluded to the “Swiss Central Bank using R3 Corda DLT for CBDC,” along with a seemingly supportive R3 Corda settlement code snippet with XRP.
The ensuing debate unveiled a chasm between community expectations and the on-ground reality, despite the code screenshot and Chad Steingraber’s assertion on “R3 Corda Settler code showing the hooks into an XRP Oracle alongside SWIFT.” Renowned crypto commentator, Moonchaser, presented a counternarrative. She noted that R3’s Corda utilizes the XDC Network and its native XDC token, not XRP, for settlement. A historical lens showed the 2018 announcement of a partnership between R3’s Corda and Ripple as a proof of concept that dissolved into legal conflict, rather than a materialized deal.
Moonchaser also explored the intricacies of R3 and Ripple’s shared partnerships, spotlighting SBI Group’s role. In 2016, a joint venture titled SBI Ripple Asia emerged from Ripple Labs and SBI Holdings, aimed at pioneering the “Internet of Value” across Asia. Subsequently, 2019 witnessed the advent of SBI R3 Japan, launched in conjunction with R3 to advocate for Corda licenses and related projects in Japan.
— ETHNews (@ETHNews_com) October 11, 2023
In the dynamically evolving world of digital assets and CBDCs, distinguishing between substantiated information and speculation becomes imperative. The discourse surrounding XRP’s involvement in Swiss CBDC operations through R3 underscores the necessity for such discernment. While the prospect of integrating XRP in a CBDC framework is compelling, the emphasis should perhaps pivot towards verified partnerships and technological deployments.
Moonchaser’s intervention aids in contextualizing the partnerships and technical specifics, thereby diluting the speculation. Nevertheless, it underscores the vibrancy and reactive nature of the crypto community and exemplifies how, within this space, the narrative is equally propelled by both news and rumors. Future developments in R3, Ripple, and CBDC implementations worldwide will certainly be worth monitoring with a discerning eye.