Ripple’s Head of Policy urges UK to adopt CBDCs in line with global trend.
In an interview with the Digital Pound Foundation, Ripple Head of Policy Susan Friedman shared her positive outlook on London’s potential as a crypto hub, highlighting its dedication to developing ecosystems for crypto assets and Central Bank Digital Currencies (CBDCs).
Ripple Advocates For Encouraging CBDC Ecosystem Development
Friedman noted that Ripple’s goal is to advocate for global policy frameworks that encourage ecosystem development for crypto assets, including CBDCs.
She expressed excitement for what is happening in the UK, as London and the government have taken a proactive approach to fintech and CBDCs. She cited the work of the Bank of England with the digital pound and the government’s consideration of all viewpoints when implementing a CBDC.
According to Friedman, digital currencies and CBDCs are a natural evolution of how individuals and countries exchange value, given that current currencies were created in a less globalized world.
She also believes CBDCs can offer the same protection as fiat and that most countries looking to implement CBDCs are exploring CBDs to solve specific domestic challenges. Ultimately, she believes all countries must develop a strategy to implement CBDCs to efficiently interact with the global market.
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Ripple’s head of policy also sees CBDCs and cryptocurrencies as encouraging financial inclusion, increasing access to financial services for under and unbanked populations, and increasing the speed and efficiency of payments. She believes that digital currencies can also help reduce energy use and environmental resources by reducing the printing of paper money and minting coins.
However, Friedman acknowledged that central banks globally are struggling to encourage this technology while maintaining financial stability and control of their monetary systems. She believes that there can be interoperability between these currencies in a way that maintains financial stability for all countries.
In conclusion, Friedman’s positive outlook on London’s potential as a crypto hub reflects Ripple’s dedication to advocating for global policy frameworks that encourage ecosystem development for crypto assets and CBDCs.
Her insights into the comparable security and protections of CBDCs and their potential to encourage financial inclusion and reduce energy use highlight the benefits of this technology.
As countries worldwide explore the implementation of CBDCs, interoperability and maintaining financial stability will be critical factors to consider.
XRP Enters Crucial Phase
Market analyst Egrag Crypto has shared his insights on the next 100 days for XRP, highlighting key levels of support and resistance for investors to watch. As the market enters the third quarter of 2023, he believes this will be a make-it-or-break-it phase for XRP, with the potential for significant price movements.
According to Egrag Crypto, XRP’s support levels are currently at $0.4570, $0.4250, and $0.4200, with major support at $0.3850. On the other hand, the resistance levels for XRP are currently locked at $0.48 and $0.50, with major resistance at $0.54 and $0.58.
These levels may provide investors with an indication of where XRP’s price may move in the coming months.
However, Egrag Crypto also notes that the ongoing legal proceedings between Ripple and the U.S. Securities and Exchange Commission (SEC) regarding XRP’s status as a security could significantly impact the cryptocurrency’s price. The decision by Judge Torres could sling-shot the price of XRP in either direction, depending on the verdict and subsequent actions.
Despite this uncertainty, Egrag Crypto advises investors to stay level-headed and maintain a long-term perspective. Short-term volatility can be unpredictable, and emotions can run high. He recommends continuing with a dollar-cost averaging (DCA) strategy, as he believes in the potential of XRP and utility in the evolving digital economy.
At the time of writing, XRP is trading at $0.4657, following the overall trend of the market, experiencing a 0.4% decline in the past 24 hours
Featured image from Unsplash, chart from TradingView.com