BOOM!!! BOMBSHELL IN XRP-SEC CASE!!! XRP NUCLEAR EXPLOSION OF THE LEGACY FINANCIAL SYSTEM!!!

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David Malpass the world bank’s managing director, is telling you that low settlement costs and fast settlement speeds are vital to the banking system and in order for western banks stay competitive, settlement times need to be more efficient. The legacy system is slow and inefficient and the use case for xrp and other digital assets is to increase settlement times. CHINA is in the lead due to the digital yuan, the reason the US has an advantage in economic strength is due to the globes dependence on the legacy banking system. When a new system that has efficient settlement speeds emerges this is competition that takes away from The US. If you are able to send money fast and quickly with Chinas banks why would you use banks that rely on legacy? Now if the globe starts using the faster cheaper methods that Chinese banks offer that will cut into the dependence on western banks as well as dependence on the dollar. The US has a very different government structure compared to China and it’s a lengthy process to roll out laws to accommodate a fed coin. The US partners with the private sector vs a top-down approach like China. Ripple is a US tech company that can allow the the banking system to stay competitive with the rest of the world. Regulations will take forever but once the regs are in place banks can catch up quickly using ripple tech. Malpass says China has been quote forward looking with bitcoin banishment. So he expects the proof of work ban to continue it’s trend.

Bank of America is a ripplenet partner and head of the global steering committee group. Moynihan is saying that they have to see how the regulatory process emerges. When there is regulations bank of America is ready to act when we get the green light.

The IMF’s role is to give guidance to developing countries on standards and tech and to connect the developing nations to the global economy. This is why we have seen an alignment between ripple and the IMF they share a common goal.
The FSB, OECD, G20 have been preparing with regulations for a long time. They prepare in advance and have frameworks in the event of. This is contingency planning. So what is the emergency that ushers in these regulations? Its SLOW settlement times like what malpass was talking about. If it takes 5-10 days to send money and the money is for food imports it is vital that the economy works as a well oiled machine and these slow settlement times are interfering. Countries specifically developing countries are more prone to supply shocks and the goods need to be paid for. Another emergency that could happen is currencies depreciate rapidly and cryptozation happens where people are fleeing fiat for crypto or of course a cyber emergency. We have seen the writing on the wall for all of these scenarios.
The G20 has been preparing for regulations for a long time. Everyone is prepared. They have think takes to determine where things are and potential risks and rewards. Now this preparation is used as contingency planning. So what is the emergency that ushers in this contingency plan? Its not being able to transact, its scarcity of food, energy. Everything we are witnessing today. Countries around the globe need to have their economies moving and they will require goods and those goods need to be paid for. 10 day settlement times are obstacles. An exodus from currency into crypto is another reason contingency plans need to be intact, or a cyber attack.

There’s a big issue with cross border payments. And if that was the only issue they would go for a centralized system that the BIS has designed. Tokenized systems allow innovations to be built on top of and in the gaps of expanding the networks to new use cases and converging with other technologies like the internet of things and smart automation.

#btc #xrp #ripple