IMF Documents and Upcoming CBDC Platform Doesn’t Relate To XRP, WOK

In a recent development, the XRP community became excited following the moves by the IMF to launch an XC platform for CBDCs. 

Reuters reported the development on June 19, noting the past mentions the IMF made about crypto assets such as Ripple XRP in relation to cross-border payments and remittances.

The report excited the community, but a prominent XRP influencer checked the IMF docs and revealed that the CBDC platform and IMF cross-border documents didn’t imply support or adoption for XRP.  

IMF Documents and Upcoming CBDC Platform Doesn’t Directly Favor XRP

WrathofKahneman made the post on Twitter today June 22. He aimed to diffuse the speculation that the IMF is pro-XRP. 

In the Twitter post, WOK attached three documents regarding the XC platform proposal, a recent report by IMF, and its director Tobias Adrian’s comments.  

In WOK’s words, “Man, the IMF docs are honestly not pro-XRP, nor is the XC platform. There are 3 docs worth reading to decide for yourself.”

According to the influencer, he went through the documents but didn’t find where it mentioned Ripple as the only crypto for cross-border payments and remittances. 

Instead, the documents showed that the IMF also stated that Bitcoin Lightning Network and Stellar Blockchain also facilitate the drive. 

When asked about the XC platform, WOK said, “I think the IMF is trying to envision a single global cross-border clearinghouse. It’s cool but hard to imagine major economies sharing exposure so nakedly. They mention blockchain/crypto need not be used at all.”

WOK Agreed That the IMF Knows About Ripple’s Goals

Down the thread, a Twitter user Salvacrypto  asked the influencer to share his views about IMF mentioning Ripple and others. 

In response, WOK said, “If pushed, I would say slightly increase because it indicates to me they are aware of the XRPL and Ripple. But that doesn’t mean planning for them.”

In response to WOK’s answer, Salvacrypto said, “I agree with you; however, the notes in itself don’t express any absolutes in terms of fully adopting it. I think what many in the XRP Community are excited about is this being yet again a STRONG indicator that stacks the chips in their favor. ONE of SEVERAL.”

IMF Mentions Ripple in Relation to Cross-border Payments

In 2018, an International Monetary Fund presentation, “The Regulation of Virtual Currencies.” classified XRP as a crypto created for digital payments. The paper highlighted XRPL’s capability to mitigate a challenge facing central banks, affordable cross-border payment. 

Another IMF paper in February 2023 recognized the roles that digital assets like Ripple XRP play in seamlessly and cost-effectively offering cross-border payments and remittances seamlessly and cost-effectively. 

As such, when the IMF published a paper on June 19 about plans to launch the XC platform for wholesale central bank digital currency projects to interoperate, the excitement spiked. 

But the IMF report stated that the platform “is an evolution of wholesale CBDC, which is both a settlement asset and infrastructure—a platform, really,” 

In the tweet, WOK pointed out that the XRP community blew the report out of proportion.