Ripple Exits BIS Cross-Border Payments Task Force
- Ripple is no longer part of the BIS Cross-border Payments Interoperability and Extension (PIE) task force, which it joined in 2023.
- The BIS clarified that its research paper on the XRP Ledger is not an endorsement of Ripple or its technologies.
- Ripple holds a significant stake in XRP, with approximately 32% of the supply in escrow, valued at $48 billion.
- The XRPL was used as a “proof of concept” for a data-verification system due to its low fees and fast finality.
- Despite technical issues, XRPL was selected over more decentralized networks like Ethereum or Bitcoin.
The removal of Ripple from the BIS task force comes amidst ongoing questions about the selection criteria for XRPL in research projects and its technical reliability. Ripple’s substantial holdings in XRP underscore its vested interest in the network’s success.
With Ripple’s exit from the BIS task force, scrutiny remains on how XRPL’s capabilities compare to other blockchains despite its commercial ties to Ripple and past technical challenges (Source)
