Bank of England Published Article About This Altcoin!

The Bank of England (BoE) has published a new article on altcoin networks focused on cross-border payments. Focusing on a private blockchain, the report highlights the country’s interest in the industry.

BoE featured this altcoin project in a new article

Ripple (XRP), which is in close contact with the banking industry, has featured a new article exploring the use of the Interledger Protocol for synchronized payment settlement. Interledger is an open source protocol suite for sending payments between different ledgers. It aims to eliminate middlemen to build a payment network based on blockchain technology. Ripple stands out among its altcoin competitors in this area.

The title of the article is “Ripple: Exploring Synchronized Payment Placement Using the Interledger Protocol.” BoE believes that the Ripple protocol could significantly impact the cross-border payments industry by allowing synchronized payments from multiple ledgers. The protocol is highly effective in connecting different payment networks such as financial institutions and cryptos.

The integration enables transactions to occur faster and more efficiently than traditional payment methods. Earlier this year, the Bank of England and the Treasury launched a public consultation to understand how the CBDC, in this case, the digital pound, could be used in British society.

CBDC is rapidly moving across different areas of finance. A clear example is the case of the digital euro, which European Union regulators are investigating. The altcoin setter has a different approach to CBDC in the US.

Ripple continues to make progress

Despite regulatory uncertainty in the US, Ripple continued its expansion efforts in various regions. Recently, Ripple announced that its stablecoin project with the Republic of Palau has entered the Phase One pilot phase. As you follow on Kriptokoin.com, the country is particularly interested in Ripple, among other altcoin networks.

Under the Palau Stablecoin pilot program, selected government employees voluntarily use PSC among users in the country. This controlled stablecoin pilot uses the Ripple CBDC Platform, which offers an end-to-end solution specifically for central banks to issue their own digital currencies.

How about the XRP price?

On July 13, Ripple achieved a partial victory over the SEC. The positive result of the lawsuit, which has been going on for more than 2.5 years, has given some momentum to the altcoin market.

Only time will tell how these events will affect XRP in the long run. XRP currently continues its sideways movements in the $0.7 zone. Additionally, the number of token holders of XRP also observed growth during this period.

Meanwhile, despite the recent positive news surrounding Ripple, the groundwork is being laid for a new legal process. Despite developments, recent statements by members of Congress have the potential to cloud progress. In this article, we have covered what can happen if the SEC takes action to appeal.