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The XRP token of Ripple is prepared to be utilized to facilitate rapid and economic cross-border transfers within Brazil. This would take place following the release of the On-Demand Liquidity (ODL) of RippleNet in collaboration with Travelex (a forex firm). On 18th August, Ripple (a network for digital payments) declared to have a partnership with Travelex and use the ODL to offer payments across the borders between the enterprises with the utilization of the XRP token of Ripple.
Ripple and Travelex Partner up to Facilitate Enterprises with Crypto Payments
In addition to this, the platform mentioned that Travelex Bank counts as the initial bank approved on the behalf of the central bank of Brazil to work specifically in foreign exchange. The rest of the firms based in the United States like Banco Topazio, Frente Corretora, Remessa Online, and Banco Rendimento have in advance utilized the service of RippleNet. However, the Brazilian Central Bank’s approval indicates the initial time when the ODL has been utilized by a bank of Latin American origin, as pointed out by Ripple.
At first, the cross-border payments will be offered by Travelex in Mexico and Brazil, with a strategy of opening additional payment avenues across the region along with the extra use cases to cope with the requirements of the enterprises. The news is witnessed after the approval of the earliest Bitcoin law by the government of Brazil in April this year. The respective legislation has been formulated to establish a regulatory agenda regarding the regulation of cryptocurrencies.
Brazil Considers introducing a CBDC But Concerns Have Been Raised
Apart from that, Brazil is going through a procedure of releasing a central bank digital currency (CBDC). Nonetheless, there has been some controversy in the respective decision as Fabio Araujo (a prominent Economist) considers that the bank runs of the country will be halted by the CBDC and several other restrictions will also be imposed in this way on the access of citizens to money.
Brad Garlinghouse, the CEO of Ripple, praised the adoption of a crypto-favoring regulatory agenda by the Brazilian government as well as the mounting organizational interest in digital assets. He categorized them as the factors making the country an appropriate choice in the case of the ODL. The CEO moved on to say that with an amount of up to $780B in the per-annum payments moving into the country, the ODL’s utilization by Travelex will turn cross-border payments into considerably proficient.
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