• Ripple has partnered with the Bank for International Settlements (BIS) to join its Cross-Border Payments Interoperability and Extension (PIE) task force.
• The purpose of the taskforce is to improve cross-border payments by enhancing access to payment systems, extending payment system operating hours, and creating connections between different payment systems.
• The SEC announced intentions to file an “interlocutory appeal” of the ruling declaring that Ripple Labs’ XRP token should not be considered a security when sold to the public on digital asset exchanges.
Ripple Partners with BIS for Cross-Border Payments Task Force
Ripple has partnered with the Bank for International Settlements (BIS) to join its Cross-Border Payments Interoperability and Extension (PIE) task force. The PIE taskforce is part of the BIS Committee on Payments and Market Infrastructures which consists of 33 entities and is led by Ulrich Bindseil, Director of General Market Infrastructure & Payments at the European Central Bank. The purpose of this task force is to improve cross-border payments by enhancing access to payment systems, extending payment system operating hours, and creating connections between different payment systems.
G20 Targets for Cross-Border Payment Improvement
The members of this task force will work together in order to enhance cross-border payments and meet quantitative targets for cross-border payments endorsed by the G20. The BIS noted that engagement and partnership between public sector stakeholders such as central banks along with private sector participants like Mastercard, SWIFT, as well as Ripple are key elements of this G20 programme aimed at improving cross border payments.
SEC Appeals Court Ruling that XRP Not Security
The Securities Exchange Commission (SEC) has announced intentions to file an “interlocutory appeal” against a court ruling which declared that Ripple’s XRP token should not be considered a security when sold on digital asset exchanges. In their filing they stated that an appeal would address legal issues where there are substantial ground for differences in opinion.
Private Sector Participants Contribute Vital Expertise
The private sector participants such as ripple have an important role in achieving improvements in global payment infrastructures due to their expertise in building new technologies related to blockchain networks, cryptocurrency wallets etc., while also providing added value services such as liquidity management solutions. This helps them bridge gaps between existing infrastructures while also helping them build new ones faster than before.
Conclusion
Ripple’s participation in this PIE Task Force project shows how important collaboration between both public sector stakeholders such as central banks along with private companies like Ripple are necessary in order to achieve global improvements in financial infrastructures especially related towards easier cross border payments processes . On top of this we can see from the SECs recent move appealing a court ruling that considers XRP not a security when purchased from digital asset exchanges that regulatory clarity needs more attention within crypto markets which could help even further accelerate these projects goals .
