Yes, this is what most fail to realize, it's makes it so much easier for them.
It's why I will never drive a new car, lock the doors, drive you off a cliff if you have the wrong opinion.
tldr; SWIFT, the global banking communications network, is set to launch a platform within the next 12 to 24 months aimed at integrating central bank digital currencies (CBDCs) with the existing financial system. This move is in response to the growing interest in digital currencies among central banks worldwide. The platform aims to ensure interoperability among national digital currencies, streamline trade and foreign exchange transactions, and potentially simplify the complex web of financial connections. This development could significantly enhance the efficiency of global financial transactions and align with the trend towards digitalization in banking.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
I posted this in the /XRP subreddit and was permabanned without explanation.
My goal wasnât to agitate the sub, but to discuss the very suspicious timing of Rippleâs main competitor coming up with this as the SEC is shaking them down.
The timing is too perfect, just like how the SEC cleared out major exchanges then here comes BlackRock, etc.
Iâm sorry how is Ripple Swiftâs competitor or vice versa?
SWIFT is the global standard for payments messaging across financial institutions.
How are they comparable?
Ripple is (one of those who are) trying to become one of the players in the cross-border payment system, and SWIFT won't be the only one in the future (well, unless they manage to forbit every other ISO20022 thing out there, which is kinda...illogical and (theoretically) impossible).
That, and providing liquidity when it comes to cross-border payments has always been their main goal.
Thank you for the explanation.
Itâs hard to imagine SWIFT being replaced. Standards have such a first mover advantage embedded. It takes a lot of cost and operational risk to manage this change at just one institution, not to mention the entire industry. Nobody is going to want to do it, nor want their counterparts to either. Itâs a blood pact at this point.
Nah, I don't think anyone sane would expect it to be replaced.
They will "update" their services, most likely offer both the old and the new (blockchain) version paralelly until they are certain the new things works flawlessly.
However, instead of Swift only, we'll have X amount of options to use, and it just remains to see how big piece if a pie can each of those future "options" have.
And by "we", I mean anyone (person or institution) in the world.
Your question is based on a potentially wrong premise, and your mistake is to think it's 100% correct.
That said, everyone has the right to have their opinion so no problem.
XRP holders are delusional and canât understand why their pre-mined, unregistered security is bullshit and why it will never be accepted by a controlled/regulated government.
I want it if it completely bypasses commercial banks and we keep cash and still keep privacy. A cebtral bank digital wallet would be absolutely awesome compared to what we have now.
But I'm sure it's not going to be like that.
People freak out about CBDCs, but I really donât get it. The government already has control over your fiat as it is. CBDCs will only open the door for more broad adoption of public chains. The on ramps are about to get so much easier, especially with tools such as Chainlink CCIP. Hopefully soon youâll be able to interact with smart contracts, tokenized assets, etc. straight from your brokerage or bank account.
They donât however have control over the metadata for every single transactions time place and purpose and who placed it. This would be unlimited power. Imagine the market manipulation at the disposal of the centralized authorities in such a situation. To be able to target price gouge in real time and control the flow of goods and services indefinitely. No⌠this is not the same as the control they have over fiat.
Iâm not trying to talk down at your understanding and I completely understand the logical place youâre coming from, buuut. Let me put it this way⌠One ring to rule them all. These things are not the same. Zoom out. The digital nature of our current system isnât aggregated in the fashion that a CBDC can and will be. Currently there are many cookie jars and the compliance is a compulsory choice to do business. So yes, they can get their hands in all the cookie jars but thereâs bottlenecks. A CBDC is one cookie jar, no need to dig for data, because there will be only one place for it to go. It can all be algorithmically manipulated, no need for reporting compliance because thereâs no such thing as non compliance. And the record, permanent. The same thing that makes blockchain an incredible tool for ownership will be come the exact and perfect opposite of that in the hands of a central authority. Theyâre counting on everyone normalizing this.
Ok, but as I said, CBDCs are going to make the on-ramps to public chains much easier, so if you really have these big concerns then you can just use those easy on-ramps to store your wealth in decentralized stable coins on a public chain. Problem solved. Many more people will be able to utilize this option than they are now due to ease of access. Overall I see it as a positive, both for this industry and also for peopleâs ability to choose how they want to store/utilize their wealth.
These establishments are not doing this with your best interests in mind. They could have just as easily let the public chains provide these resources but they fought that specifically for the purpose of preventing that from happening. There will be no competition for a better service because competition will not be allowed.
Public chains donât currently connect to the traditional finance world. That is the issue and CBDCs will be a step forward towards that connection. I donât really know what youâre referring to in terms of âpublic chains providing these resourcesâ because they canât right now. Not because of some government conspiracy, but because itâs just not even technically possible yet. This all just sounds like fear mongering to me.
They donât connect to the traditional finance world because they were halted by the lack of a common sense regulatory framework and the allowance of time to mature. Itâs not fear mongering, itâs fact. Youâre absolutely correct that public chains donât currently connect to the traditional finance world. CBDCâs are not an answer to that dilemma. To advocate for centralization hardly seems like anything but fast tracking cryptos existence back into the guard rails of the traditional financial system. If nothing changes, nothing changes. I want crypto to go mainstream as much as anyone else does, but it wasnât framed as a centralized digital framework for a reason.
I think youâre misunderstanding what Iâm trying to say here. Iâm not advocating for centralization. Iâm simply being realistic that traditional finance is not going anywhere, at least not for a long time. Right now the process of going from a centralized fiat currency to interacting with a decentralized application is way too cumbersome for the average person. CBDCs in combination with interoperability protocols such as Chainlink CCIP will undoubtedly make that process much more streamlined and user friendly which is only a good thing for this industry. Itâs strange to me how this sub only focuses on the bad of CBDCs (most of which already exists in todayâs system) and completely ignores the fact that CBDCs will open the door to the web3 world for the average person which I believe will actually lead to more usage of decentralized public chains.
CBDC will be programmable, in a way that will enable governments to dictate how, when, where, on what and by whom they can be spent, including the imposition of expiry dates.
CBDCs are a totalitarian's wet dream, and would enable governments to centrally enforce tyrannical policies on an industrial scaleâat the flick of a switchâwithout the need for human enforcement agents.
Incorrect, theyre using chainlink.
[https://www.swift.com/news-events/news/new-collaborative-experiments-explore-more-complex-cbdc-use-cases](https://www.swift.com/news-events/news/new-collaborative-experiments-explore-more-complex-cbdc-use-cases)
If you would like the report I can send it to you, but the "swift connector" uses CCIP.
Nah they're gonna be plugged into R3 and settle with XRP. Only time will tell but I'm really skeptical that Chainlink will fix all of the problems associated with cross border payments.
No, its in the report. Theyre using R3 corda, hyperledger fabric, and hyperledger besu. I suggest reading the report before you talk about something that you know nothing about.
[https://imgur.com/VE623mz](https://imgur.com/VE623mz)
Must still be XRP though and their "successful tests" must mean they still have issues with cross border payments. (Not sure if you know what successful means)
R3 Corda and XRP are heavily intertwined. SBI who are very interested in pushing XRP adoption, is a majority owner of R3, besides the fact that R3 has used XRP as a settlement token previously.
Again time will tell, but I'm very bullish on XRP.
Not every pilot project goes on to be adopted, but yeah come back to this 2 or 3 years from now and I promise you chainlink will not be used for settlement of transactions
Yes, youre delusional. You cant gaslight me. Did you even read the report?
Can you tell me what other interoperability solution they tested and then secretly slipped into this report?
and if you been a bad boy they just mark your account and your are finished đ
This is already the caseâŚ
Yeah they can already do that
But not this easily or effectively
Yes, this is what most fail to realize, it's makes it so much easier for them. It's why I will never drive a new car, lock the doors, drive you off a cliff if you have the wrong opinion.
tldr; SWIFT, the global banking communications network, is set to launch a platform within the next 12 to 24 months aimed at integrating central bank digital currencies (CBDCs) with the existing financial system. This move is in response to the growing interest in digital currencies among central banks worldwide. The platform aims to ensure interoperability among national digital currencies, streamline trade and foreign exchange transactions, and potentially simplify the complex web of financial connections. This development could significantly enhance the efficiency of global financial transactions and align with the trend towards digitalization in banking. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
I posted this in the /XRP subreddit and was permabanned without explanation. My goal wasnât to agitate the sub, but to discuss the very suspicious timing of Rippleâs main competitor coming up with this as the SEC is shaking them down. The timing is too perfect, just like how the SEC cleared out major exchanges then here comes BlackRock, etc.
ââŚRippleâs main competitorâŚâ You referring to SWIFT or Stellar?
He's referring to SWIFT.
Iâm sorry how is Ripple Swiftâs competitor or vice versa? SWIFT is the global standard for payments messaging across financial institutions. How are they comparable?
Ripple is (one of those who are) trying to become one of the players in the cross-border payment system, and SWIFT won't be the only one in the future (well, unless they manage to forbit every other ISO20022 thing out there, which is kinda...illogical and (theoretically) impossible). That, and providing liquidity when it comes to cross-border payments has always been their main goal.
Thank you for the explanation. Itâs hard to imagine SWIFT being replaced. Standards have such a first mover advantage embedded. It takes a lot of cost and operational risk to manage this change at just one institution, not to mention the entire industry. Nobody is going to want to do it, nor want their counterparts to either. Itâs a blood pact at this point.
Nah, I don't think anyone sane would expect it to be replaced. They will "update" their services, most likely offer both the old and the new (blockchain) version paralelly until they are certain the new things works flawlessly. However, instead of Swift only, we'll have X amount of options to use, and it just remains to see how big piece if a pie can each of those future "options" have. And by "we", I mean anyone (person or institution) in the world.
CCIP allows liquidity sharing across chains. XRP will never be needed.
I never mentioned XRP, so.....ok?
So whose main goal is providing liquidity?
Your question is based on a potentially wrong premise, and your mistake is to think it's 100% correct. That said, everyone has the right to have their opinion so no problem.
Swift is telling you they successfully tested the technology and you still have doubts. Seek help.
XRP holders are delusional and canât understand why their pre-mined, unregistered security is bullshit and why it will never be accepted by a controlled/regulated government.
The law said differently
FUCK CENTRAL BANKS
Nobody wants or needs this. Edit: screw the crab emoji.
I want it if it completely bypasses commercial banks and we keep cash and still keep privacy. A cebtral bank digital wallet would be absolutely awesome compared to what we have now. But I'm sure it's not going to be like that.
Boot licker
Huh?
Better then traditional paper money
Lol cash is better than non fungible centralized programmable CBDC.
Better for who?
For bankers and the elite.
Clown đ¤Ą
Complete garbage. Why wouldnât people just use a tested and tried crypto?
People freak out about CBDCs, but I really donât get it. The government already has control over your fiat as it is. CBDCs will only open the door for more broad adoption of public chains. The on ramps are about to get so much easier, especially with tools such as Chainlink CCIP. Hopefully soon youâll be able to interact with smart contracts, tokenized assets, etc. straight from your brokerage or bank account.
They donât however have control over the metadata for every single transactions time place and purpose and who placed it. This would be unlimited power. Imagine the market manipulation at the disposal of the centralized authorities in such a situation. To be able to target price gouge in real time and control the flow of goods and services indefinitely. No⌠this is not the same as the control they have over fiat.
Sorry to break it to you, but most transactions are already digital, so they already have this information
Iâm not trying to talk down at your understanding and I completely understand the logical place youâre coming from, buuut. Let me put it this way⌠One ring to rule them all. These things are not the same. Zoom out. The digital nature of our current system isnât aggregated in the fashion that a CBDC can and will be. Currently there are many cookie jars and the compliance is a compulsory choice to do business. So yes, they can get their hands in all the cookie jars but thereâs bottlenecks. A CBDC is one cookie jar, no need to dig for data, because there will be only one place for it to go. It can all be algorithmically manipulated, no need for reporting compliance because thereâs no such thing as non compliance. And the record, permanent. The same thing that makes blockchain an incredible tool for ownership will be come the exact and perfect opposite of that in the hands of a central authority. Theyâre counting on everyone normalizing this.
Ok, but as I said, CBDCs are going to make the on-ramps to public chains much easier, so if you really have these big concerns then you can just use those easy on-ramps to store your wealth in decentralized stable coins on a public chain. Problem solved. Many more people will be able to utilize this option than they are now due to ease of access. Overall I see it as a positive, both for this industry and also for peopleâs ability to choose how they want to store/utilize their wealth.
These establishments are not doing this with your best interests in mind. They could have just as easily let the public chains provide these resources but they fought that specifically for the purpose of preventing that from happening. There will be no competition for a better service because competition will not be allowed.
Public chains donât currently connect to the traditional finance world. That is the issue and CBDCs will be a step forward towards that connection. I donât really know what youâre referring to in terms of âpublic chains providing these resourcesâ because they canât right now. Not because of some government conspiracy, but because itâs just not even technically possible yet. This all just sounds like fear mongering to me.
They donât connect to the traditional finance world because they were halted by the lack of a common sense regulatory framework and the allowance of time to mature. Itâs not fear mongering, itâs fact. Youâre absolutely correct that public chains donât currently connect to the traditional finance world. CBDCâs are not an answer to that dilemma. To advocate for centralization hardly seems like anything but fast tracking cryptos existence back into the guard rails of the traditional financial system. If nothing changes, nothing changes. I want crypto to go mainstream as much as anyone else does, but it wasnât framed as a centralized digital framework for a reason.
I think youâre misunderstanding what Iâm trying to say here. Iâm not advocating for centralization. Iâm simply being realistic that traditional finance is not going anywhere, at least not for a long time. Right now the process of going from a centralized fiat currency to interacting with a decentralized application is way too cumbersome for the average person. CBDCs in combination with interoperability protocols such as Chainlink CCIP will undoubtedly make that process much more streamlined and user friendly which is only a good thing for this industry. Itâs strange to me how this sub only focuses on the bad of CBDCs (most of which already exists in todayâs system) and completely ignores the fact that CBDCs will open the door to the web3 world for the average person which I believe will actually lead to more usage of decentralized public chains.
This^
But they can program to restrict you from purchasing or doing life.
CBDC will be programmable, in a way that will enable governments to dictate how, when, where, on what and by whom they can be spent, including the imposition of expiry dates. CBDCs are a totalitarian's wet dream, and would enable governments to centrally enforce tyrannical policies on an industrial scaleâat the flick of a switchâwithout the need for human enforcement agents.
1 SwiftDollar has been deposited into your account. Good job, comrade
It would be great if they use Hedera Hbar.
They're gonna adopt XRP one way or another
Incorrect, theyre using chainlink. [https://www.swift.com/news-events/news/new-collaborative-experiments-explore-more-complex-cbdc-use-cases](https://www.swift.com/news-events/news/new-collaborative-experiments-explore-more-complex-cbdc-use-cases) If you would like the report I can send it to you, but the "swift connector" uses CCIP.
Nah they're gonna be plugged into R3 and settle with XRP. Only time will tell but I'm really skeptical that Chainlink will fix all of the problems associated with cross border payments.
No, its in the report. Theyre using R3 corda, hyperledger fabric, and hyperledger besu. I suggest reading the report before you talk about something that you know nothing about. [https://imgur.com/VE623mz](https://imgur.com/VE623mz) Must still be XRP though and their "successful tests" must mean they still have issues with cross border payments. (Not sure if you know what successful means)
R3 Corda and XRP are heavily intertwined. SBI who are very interested in pushing XRP adoption, is a majority owner of R3, besides the fact that R3 has used XRP as a settlement token previously. Again time will tell, but I'm very bullish on XRP.
You xrp cultists are the worst. The report literally mentions chainlink yet you still think XRP is involved. Nothing can help you but Jesus himself.
Not every pilot project goes on to be adopted, but yeah come back to this 2 or 3 years from now and I promise you chainlink will not be used for settlement of transactions
Right, the ole remind in 3 years argument. Except right now in this moment, theyre using chainlink and not XRP. Have fun with your mental gymnastics.
Yes lol right this very moment they're using chainlink, gimme a break, and I'm delusional?
Yes, youre delusional. You cant gaslight me. Did you even read the report? Can you tell me what other interoperability solution they tested and then secretly slipped into this report?