Each Bank for International Settlement (BIS) known as the Central Bank for Central Banks has clearly indicated their interest in cryptocurrency.
Currently, they are interested in knowing more about the cryptos and there are indications that Ripple XRP may be the most suitable asset that will trigger the interest of BIS.
BIS Interest in Connection to Cryptocurrency
In an interview with Dallas Fed, this week, the General Manager of BIS, Agustín Carstens, stated that cryptocurrency is an interesting development on the blockchain technology, though they are not a good store of value.
He further stated that they should play the role of crypto-asset and settlement of financial service transactions.
BIS is an international institution owned by central banks in charge of international monetary and financial cooperation and bank to other central banks. Its operations involve having meetings, running programs, hosting international groups that promote global financial stability.
It provides services to other Central Banks and international financial organizations. They have been known to be against digital asset for a long time but now have a different view.
Why BIS May Consider Ripple XRP
Ripple CEO, Brad Garlinghouse, is in the advisory board of the Swiss National Bank Conference where the BIS was in attendance. The biggest challenge of the banks is settlement issues. And BIS is interested in enhancing the interbank settlement, if they would require to use a digital asset, the most suitable is XRP.
Ripple’s main focus has been to bring better experience in cross-border payment processing. Integrating XRP with their decentralized financial tools will increase its utility volume. These financial tools are used in bank settlement.
There are indications that the banker to the central bank is warming up for the cryptocurrency. According to BIS General Manager, the blockchain can be so powerful if it is used right. Ripple CEO is also preparing to take good advantage of this emerging opportunity.