Why You Should Never CASH-OUT Your XRP

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To process foreign transactions, banks employ the Society for Worldwide Interbank Financial Telecommunications (SWIFT) system. While this is successful, it comes at a higher cost and with a higher operational overhead than what is possible with modern technologies. Ripple intends to create an efficient system for the direct transfer of money that settles in real-time, while being cheaper, more secure, and more transparent than alternative transfer systems used by traditional financial institutions, through a variety of solutions.
Let’s just get to this article that is going to surprise you. We have always been talking about Ripple to replace the traditional system of SWIFT. Ripple is much faster and cheaper than the traditional system and due to this reason, many banks and financial institutions are in the favour of Ripple to replace swift. Recently, an article was published after a parliamentary committee hearing about the financial protection bill, 2019. It says that need an Indian alternative to the SWIFT payment system. The panel has recommended that an alternative indigenous financial system be developed on the lines of similar systems elsewhere such as Ripple (USA), INSTEX (EU), etc.
Ripple is said to be the replacement of SWIFT. The Indian parliamentary committee is refereeing the San Francisco based payment currency to be the replacement of the traditional system. “The Committee observes that data protection in the financial sector is a matter of genuine concern worldwide, particularly when through the SWIFT network, privacy has been compromised widely. Indian citizens are engaged in huge cross-border payments using the same network,”
Ashvin Parekh, managing partner, Ashvin Parekh Advisory Services said, “The recommendations are valid. India is moving from cash to digital settlement mode. Government should start by creating a framework for setting up infrastructure for such an entity. It will make the implementation faster,”
We know that Ripple is going to replace the current stumbling financial system because Ripple is innovative and it has the ability to do so. It is faster and sustainable compared to any other system. And now its become an alternative for governments to replace SWIFT.

#XRP #Ripple
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