France is said to be considering using XRP as its digital currency

Although XRP has had slow acceptance in the United States, it has seen significant growth in nations like Japan and Singapore that are exploring ways to include cryptocurrencies into their economies. It has been speculated that France is the most recent nation to show interest in the token.

Recently, famous community member Edward Farina has been spreading rumors that the French Central Bank, Banque de France, is contemplating adopting XRP for its digital euro. There has been no official word from the country’s largest bank as of yet.

The French Central Bank piloted a blockchain-based Central Bank Digital Currency (CBDC) on the country’s debt market in 2020 and 2021. The bank provided CBDCs for participants to use in an experiment in which they exchanged stocks and government bonds.

In June 2021, the central bank tested a CBDC to encourage the settlement and transfer of listed securities in collaboration with the Swiss crypto-focused bank SEBA to investigate the viability of utilizing its CBDC for cross-border payments.

However, in 2016, the Central Bank published a document titled “Implementation of real-time settlement for banks using decentralized ledger technology: policy and legal implications” that discussed the potential of the coin. The study discussed the challenges of the conventional correspondent banking network in enabling international payment transfers and how XRP could alleviate these issues.

According to the bank, Ripple’s on-demand liquidity and the XRPL make it possible for a token like XRP to be utilized as an intermediate asset to bridge any currency pair utilizing a decentralized ledger technology.

The CEO of Ripple, Brad Garlinghouse, has said that if his business can address major financial issues like these, the token might become the next bitcoin.

Although technical analysis indications suggest the XRP price may continue to fall, various factors may cause the token’s price to rise. For one, it seems that Ripple’s activities have a significant impact on XRP’s development, and so far, despite legal challenges, the cryptocurrency corporation is unquestionably moving forward.

In addition, XRP has moved from being a proposed remedy to a worldwide financial issue to being fully integrated into the international monetary system. The token’s strong daily trading volume is mostly due to its widespread adoption by Asian banks for the purpose of processing cross-border payments.

As Ripple continues to deal the SEC multiple blows, the token’s value (particularly in the US) is likely to rise. Ripple’s president, Monica Lang, has said that the decision by Judge Analisa Torres provided the business the confidence it needed to grow outside the United States.

Also Read: ECB Advances To The Next Generation Of The Digital Euro