Ripple has reported its departure from a Bank for International Settlements (BIS) cross-border payments task force, an organization it joined in 2023. This development follows closely on the heels of a recent BIS paper concerning the XRP Ledger (XRPL), a publication that has prompted questions within the cryptocurrency industry.
Ripple reported to Bitcoin.com News that it is no longer a member of the BIS task force. The exact reasons for Ripple’s departure remain unclear, as do the specific implications of the recent BIS paper on XRP Ledger. The BIS has not provided an explanation for the paper or its potential impact, and the parties involved have not elaborated on the questions raised within the crypto community.
Ripple’s prior involvement with the BIS task force began in 2023. The Bank for International Settlements is an international financial institution that acts as a bank for central banks, often playing a role in discussions and research related to global financial stability and cross-border payments.
The timing of Ripple’s departure, occurring shortly after the publication of research by the BIS that specifically addressed the XRP Ledger, has drawn attention. While a direct causal link has not been established, the sequence of events has coincided with speculation and raised questions about the relationship between Ripple and the BIS, as well as the potential implications for XRPL and Ripple’s broader strategic engagement with traditional financial bodies. The nature of these questions and their specific focus remain unarticulated by industry observers.
Key uncertainties persist regarding the motivations behind Ripple’s exit from the task force and the precise nature of the discussions or concerns prompted by the BIS’s research on XRP Ledger. Further clarification from Ripple, the BIS, or industry participants may shed light on these developments.
Broader Context
Source materials place the factual news in this context: Ripple reported to Bitcoin.com News that it is no longer on a Bank for International Settlements (BIS) cross-border payments task force that it joined in 2023.
