Ripple’s XRP is affiliated with a number of banks, giving it a pole position to save banks from going on extinction after the much awaited cryptocurrency adoption, when digital currencies will be most preferable.
The growth of cryptocurrency has turned to a big challenge for fiat banks, its nature and growth has convinced a part of the world, preferring decentralised currency that cannot be controlled by third party (Government) to centralised that is absolutely governed by the “powers that be”.
Sometimes in April, a member of the Romanian National Bank Administration Council, Daniel Daianu acclaimed that cryptocurrency will be unable to overshadow national currency, but rather be adopted by banks.
Read his statement below:
“Cryptocurrencies won’t replace the currency issued by central banks, but these banks will be able to issue digital currencies”
Daianu proceeded by saying that cryptocurrencies can be best described as financial assets and will never succeed money issued by the central banks.
“When the banking system was saved, it wasn’t crypto banks that were saved… In my opinion, these are financial assets, not cryptocurrencies, and they won’t be able to fulfill the basic roles of currency,” Daianu added.
The above statements are Daniel Daianu’s opinion about cryptocurrency. This might not reflect the reality of what digital asset is all about. However, the growth of this currency is really causing panic as it continues to challenge the existence of national banking system.
Ripple’s XRP Integration with Banks Means a Lot
Ripple’s XRP has been in collaboration with different high profile banks. This one reason has made cryptocurrency and blockchain enthusiasts to see XRP as the future currency of national banks, especially in the area of remittance.
The very digital asset working mutually well in banking line is Ripple’s XRP. Brad Garlinghouse had earlier made it known that the present state of XRP will drastically improve once there is proper regulation that will prove that the cryptocurrency is a utility.
A diehard Ripple’s XRP fan, David Gokhshtein posited that XRP is a bankers Crypto, stressing that banks will not fade away but will rather bow to adopt blockchain technology and cryptocurrency.
And y’all really think banks are going to disappear?
They have no choice.
— David Gokhshtein (@davidgokhshtein) May 18, 2019
Many banks integrated with Ripple have been enjoying reliable and fast transaction services, with a few of them incorporating XRP for liquidity.
Ripple’s XRP is in a pole position to save national banks from fading away in the world where people enjoy the fast, cheap and reliable services offered by cryptocurrency.
In 2018, Bank of England issued an opinion poll on twitter, asking its followers how they would prefer to receive money as a gift for Christmas.
The list of choices includes; Cash, Bank transfer, Voucher and Digital currency. Cryptocurrency received 75% of the vote, while Bank transfer got just 5% support.
If you receive money as a gift at Christmas, what’s your favourite way to get it?
— Bank of England (@bankofengland) December 17, 2018
Although it was just a sample, but it speaks much about the future of digital currencies, its ability to eclipse national banks offerings in the future.
Brad Garlinghouse, Ripple’s CEO has assured that the price of XRP in the crypto market will start seeing improvements due to the rate significant banks are plunging in to use xRapid, a RippleNet solution using XRP for remittance.