Ripple’s potential partnership with Thailand for XRP adoption may coming, say crypto expert Armando Pantoja.
Anyone can send a letter
Armando Pantoja, a well-known figure in the crypto world, drew serious attention to Ripple’s growing influence, when he mentioned Thailand as the latest country considering the adoption of XRP, as revealed in a letter from Ripple.
But the switch in the story is why a would-be BRICS nation showing interest in XRP, given Ripple, the issuer is a US-based company subject to US regulations.
This seems contrary to BRICS’ usual view against US control, agains the USD hegemony.
CBDC for the digital control
Pantoja shared a copy of Ripple’s letter to Thai authorities, showing that Thailand is in discussions with Ripple about adopting XRP.
Or at least, Ripple would like to be. He also noted that Thailand has recently applied to join BRICS, which could explain its interest in alternative currencies.
The letter from Ripple acknowledges the chance to comment on the Bank of Thailand’s Discussion Paper titled “The Way Forward For Retail Central Bank Digital Currency in Thailand”.
Ripple praised the Bank of Thailand for its leadership in the CBDC space and offered help in design and develop a retail CBDC.
Cheaper&faster, but have to approve first
Ripple highlighted its achievements, stating it already has around 300 customers and offers software that enables global money transfers for financial institutions, as the company’s technology allows real-time transactions at a much lower cost compared to traditional methods.
Ripple emphasized that it doesn’t seek to replace fiat currencies but wants to make cross-border payments faster, cheaper, and more transparent.
Ripple uses blockchain technology to help financial institutions process payments instantly, reliably, and cost-effectively, provided the payments comply with the network’s rules.
But it’s still important to note that Ripple is a centralized company, meaning its services are centralized and can be censored.
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