Ripple Exec Says SEC Lawsuit Had No Impact on Talks With Worldwide Central Banks

Ripple VP James Wallis has revealed that the lawsuit did not impede Ripple’s engagement with top banks worldwide on CBDC adoption.

In a recent interview, James Wallis, Ripple’s Vice President of Central Bank Engagements and CBDCs, expressed his delight in Ripple’s victory in the ongoing battle with the US regulator.

He highlighted the significance of the court ruling, which deemed XRP as not a security. Wallis further stressed that the SEC lawsuit never hindered Ripple’s engagements with central banks globally.

SEC Case Had No Impact

The vice president noted that outside the United States, the SEC case had almost no impact on its ability to initiate conversations and projects with various central banks regarding CBDCs. 

He revealed that the company is actively working with five countries on CBDC projects and has a similar number of undisclosed collaborations, with over 20 other discussions underway.

Addressing concerns about the conflict with the SEC affecting its interactions with monetary authorities, Wallis stated that most countries, including the UK, Switzerland, and Japan, have already clarified that XRP is not a security. 

As a result, the SEC case has been considered a US-specific situation. Wallis said it has not adversely affected Ripple’s business in other markets.

“We’ve had no countries say we don’t want to talk to you because of it,” Wallis remarked.

Ripple CBDC Moves

Shifting gears, Wallis delved into the development surrounding Palau’s stablecoin (PSC) trial. He expressed excitement about the project, stating that Palau, situated in the Pacific Ocean and consisting of 340 islands, is trialing a stablecoin pegged to the US dollar. 

Recall that The Crypto Basic previously disclosed that live tracking of the stablecoin was now possible on the XRP Ledger.

The Ripple vice president praised the initiative as it projected to have far-reaching implications for the country’s financial landscape.

It is worth mentioning that Ripple’s technology and the XRP Ledger have garnered attention from central banks worldwide due to the potential to enhance cross-border payments and settlement systems. 

The company’s focus on supporting CBDC initiatives aligns with the growing interest among government and financial institutions to explore and develop digital versions of their national currencies.

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• Source: https://thecryptobasic.com/2023/07/29/ripple-exec-says-sec-lawsuit-had-no-impact-on-talks-with-worldwide-central-banks/?utm_source=rss&utm_medium=rss&utm_campaign=ripple-exec-says-sec-lawsuit-had-no-impact-on-talks-with-worldwide-central-banks