Why Banks Aren’t Utilising XRapid

[PRIBO247]

The popular crypto enthusiast with nearly eight thousand
followers, Steven Diep has taken to Twitter bringing up a topic as
to why banking businesses aren’t utilising Ripple Labs project,
xRapid. The tweet explained that banking institutions weren’t
using xRapid because of the ‘regulatory uncertainty’ when it
comes to digital assets and that only payment service providers
were actually using the blockchain based solution for cross-
border transactions.
You can see the tweet by Diep below:

Due to regulation uncertainty, NO banking institutions are using
xRapid as of now, ONLY payment service providers.
Marjan Delatinne, Ripple
NOV18 #XRP pic.twitter.com/QeLxLQQaKJ
— Steven Diep (@DiepSanh) December 18, 2018

As reported by Ethereum World News , the global head of banking
at Ripple, Marjan Delatinne stars in the video and says, “xRapid is
live now…just to make it clear…no banking institution is using that
because as you probably heard about it, the regulatory framework
around the usage of digital assets is not very clear for banks. But
payment service providers and some other financial institutions
are least governed by these obligations.”

In addition to this, Delatinne also mentions that all banks from
across the globe have got to comply with specific regulations and
laws which are set by jurisdictions in which they operate in. it’s
worth noting that banks also abide by the direction provided by the
Central Banks of the same regulations.

“Until Global Central banks – and their corresponding
governments – issue proper regulatory direction with regards to
digital assets, xRapid will probably only be used by payment
service providers. These type of firms are private entities that only
offer remittance services.”

Nevertheless, there is also a possibility of global central banks
creating their own internal fiat backed digital currencies to ease
cross-border transactions.

https://cryptodaily.co.uk/2018/12/