XRP And Ripple Officially Mentioned In US Bill Proposal

XRP and Ripple were mentioned in the newly proposed bill on remittance insurance references as the latest developments in payment channels. The growth of cross-border remittances has alerted the US Government to the new opportunities for tracking and securing funds as we are reading further in the Ripple news.

Ripple’s XRP was mentioned in the context of cross-border payment systems in the new proposed bill text. The pending action is a document on remittance transfers under the Electronic Fund Transfer Act (Regulation E), which will be discussed until January of 2021. This mentioning of Ripple’s digital asset was at once recognized as potentially positive for XRP on social media.

The document suggests to secure funds that are sent through the growing selection of payments channels, and it covers the activity if fintech institutions and payment processors. The technical opportunities of new types of networks are giving the opportunity for a more in-depth and precise approach to insure against losses. The payment network of Ripple was mentioned as one of the vectors of growth in the remittance sector.

“The continued growth and expanding partnerships of virtual currency companies, such as Ripple, which offer both a payments messaging platform to support cross-border money transfers as well as a proprietary virtual currency, XRP, which can be used to effect settlement of those transfers.”

Ripple has mentioned also in the context that he is a system which can exactly predict the funds to be received:

  “The Bureau also believes that expanded adoption of SWIFT’s gpi product or Ripple’s suite of products could similarly allow banks and credit unions to know the exact final amount that recipients of remittance transfers will receive before they send the transfer.”

The document doesn’t mention some of the other payment platforms or blockchains concretely and XRP and Ripple have been singled out as a cryptocurrency that is related to a one of a kind remittance system. However, the proposed bill on protecting remittances doesn’t include insurance of transfers on other blockchain networks, it does only for fiat settlements. The XRP cryptocurrency is one of the speculative bets in the crypto sphere. XRP stagnated to a lower range of $0.21, which much of the community sees as an entry point of speculative characteristics to bet on future growth.