US Treasury CONFIRMS Ripple & XRP Integration Into The New Financial System! #Finance

the US Treasury just announced exactly what’s coming and it might shock a lot of you out there especially if you do hold xrp and or just Crypto in general so

with that being said welcome to the channel everyone my name is Nick for those that are new to the channel hopefully by the end of this CashNews.co you do become a subscriber if we take a quick look at this announcement by Ripple back in April specifically April 4th pay attention to this date pay

attention to the month because all of this is connected we have Ripple is launching their Us doll stable coin taking on a$1 15 billion market dominated by tether and circle now you might be thinking about this and saying well Nick we already know about this why do we even need to know about this

anymore well it’s because this was announced back in April around the same exact time that we have this meeting here with Nelly leang under secretary for domestic none;">Finance and we have here Ripple seller the US Department of the Treasury Ripple and seller at a Roundtable discussion alongside Nelly leang under secretary for domestic text-decoration: none;">Finance US Department of the Treasury Washington DC April 23rd 2024 discussion on the technical and regulatory requirements for upgrading the Legacy capabilities of central bank money exploring the potential implications for consumers investors and

businesses they also delved into the long-term vision for the integration of cbdcs tokenization and stable coins into the broader US Financial ecosystem including potential benefits for economic growth and resilience and the this is the image of we have Lauren Biv the head of public policy and

govern government at Ripple Nelly leang under secretary for domestic Finance and then also Paul Wong director of product cbdc and institutional Assets at the

seller development foundation now here is a more in-depth view of all of the names here we have the cftc the omfif we have mcard uh teranet Ventures former uh you know CIA agents and things like that I mean this is a very substantial uh list of individuals that were at this meeting but it’s

very interesting that the discussions are around cbdcs stable coins and tokenization three things that Ripple throughout roughly the end of 2023 and even all of 2024 has been focused on but even before this meeting Ripple was heavily focused on tokenization and then also on April 4th we get the

announcement of their stable coin and then we have the US Department of Treasury meeting with all these big players talking about implementing and actually having these things integrated within the broader US Financial ecosystem but what’s even crazier is if we go over here

to the omfif we have unlocking alternative payment Platforms in the US this was announced just the day of right and we have while US policy makers are evaluating whether a central bank digital currency is in the National interest the private sector is uh steaming ahead with various forms of

tokenized cash and financial Market participants are working hard to tokenize a range of Assets Regulators must come to a Thor our understanding of the new rails on which value is being exchanged so that they can continue to provide effective oversight and minimize risk without

cing innovation against the backdrop the OM fif’s digital monetary Institute was honored to be joined by Nelly leang under secretary for domestic Finance at the US

Treasury for an in-person Round Table in Washington DC on alternative payment Platforms in the US during the round table participants focused on two main areas fast payment systems and tokenization the session discussed the technical and regulatory requirements for upgrading the

Legacy capabilities of central bank money and explored the potential implications for consumer inv vors and businesses the conversation also delved into a long-term vision for the integration of cbc’s tokenization and stable coins into the broader US Financial ecosystem including potential

benefits for economic growth and resilience hm very interesting considering the fact that if we go over here to this document and this goes back to April 16th and the 17th of this year navigating change in US money and payments again this was announced right around the same time time and by the way

yes this is from Nelly leang overview what’s new greater consumer demand for electronic Payments Technology advances in uh Computing and Cryptography opportunities from adopting new

technologies and updating regulations fast payment systems tokenization reducing risk of non-bank payment firms and ensure singleness of money could create substantial economic and financial benefits also many other countries are embracing new uh payments Technologies to further their economic and

GE political objectives we have money and payment systems background current US system use of cash declining from 31% in 2017 to 18% in 2022 payment costs such as for Credit and debit cards are high crossb payments cost even higher non cash uh payments involve a Time gap between

initiation of payments and transfer of funds creates counterparty risk and Liquidity uh cost payments are expensive slow and error prone because money resides in different data silos suggest systems could be improved by fast payments make more efficient the mechanisms for

transferring value across silos tokenization move from data silos to a shared Ledger and here we have new technologies new systems fast payment systems funds available to a paye in near realtime 247 365 two US systems TCH RTP Federal Reserve fed now systems in more than 100 jurisdictions FSB 24 and

here we have the rise of transactions per capita in Brazil Thailand South Korea India suggest can grow rapidly and of course we have tokenization I don’t think that we really need to go over tokenization everyone is aware of the benefits but here we have the potential benefits from new

Plumbing hm interesting where did I hear that from oh yeah that’s right Chris Lon from Ripple literally said we are plumbers we are changing the way money moves through the rails or in this case the pipes gains from trade opportunities worthwhile transactions that do not take place because

payments are inefficient could lead to qualitatively different business models advances in financial Equity more rapid payments could help to reduce fees for insufficient funds or Overdrafts support Global Financial leadership role support the dollars International

role use of Economic and national security tools and more efficient crossb payments greater operational res I with alternative Technologies then of course here we have the potential benefits fast payment systems tokenization benefits as well we also have potential cost errors and fraud tokenization

incremental cost update regulations for non-banks as well and then the conclusion adoption and R&D of new payment Technologies is accelerating the US should prioritize modernization with new technologies and Regulatory Frameworks potential gains are significant and risk are rising global

Financial leadership participate in developing Global standards based on democratic values and privacy support the Dollar’s International role use of Economic and national security tools and more efficient crossb payments now outside of this this is very interesting because they’re

calling for the new Plumbing they’re talking about the changing of you know us money and payments we have the Ripple stable coin on its way a lot of these major changes are happening right now at this current moment in time while everything is really kind of aligning perfectly we also have

top US Treasury officials says leaders actively evaluating to doal dollar question again this is Nelly leang weighing in on cbdcs and the Dollar’s Global role and then we got this back in December of uh 2023 right around the same time simplifying crossb payments through cbdc

technology and yes Ripple was highlighted perfectly in this we have through Ripple payments for plus significant experience in providing Solutions across the world enabling frictionless crossb transactions reducing risk and cost through harmonized standards hm very interesting and this does break

down the inability between blockchains and currencies are still evolving but uh cbdc technology can allow for inability between despar currencies again we already know that Ripple is offering a cbdc uh technology or platform I should say around uh cbdc issuance payments things like that then we

have the uh DMI annual 2024 interoperable Solutions benefits and blocks and this is ensuring interoperability and financial technologies will enable personalized accessible and frictionless user experiences for all this is James Wallace the vice president of Central Bank engagements and Central

Bank digital currencies at Ripple and this breaks down those silos traditionally financial data resides in Walled Gardens AKA those silos with this information being siloed within indiv individual Banks and institutions this method of data isolation stifles competition limits customer choice and

hampers the development of truly user Centric Financial Solutions when we think about this right and we go back to this document here from the US Treasury where they’re literally talking about these silos right that’s why all these costs are so expensive around payments

and moving money it’s because of these data silos but also silos themselves moving money around like it’s kind of crazy it’s kind of crazy especially when you put all of this into perspective and then you go back to these meetings where yes Ripple is there you have the US

Treasury preparing for the integration of these types of currencies as well it’s wild to me but then also we have this from September 17th new Innovative technology such as blockchain allow for Market infrastructure changes ensuring transparency and resiliency for the

Treasury Markets Nelly leang our indicators suggests continued robust demand for Treasury Securities and the market Remains the deepest and

most liquid Market in the world this strength of the Treasury market is a privilege that allows the US government to Finance itself at a lower cost than it

would otherwise but it also caused comes with the responsibility to continue to ensure its resilience for the past few years Treasury and the financial Regulators Consulting with industry have made important changes to the market infrastructure I believe these changes have made the

Treasury market more transparent and more resilient even as some work remains and of course we should expect the market will continue to evolve with new technologies and Innovations and that Regulators will need to continue to address new risks while allowing for the benefits of

Innovations as they arise now building upon this let’s go back in time a little bit let’s go back to January 1st where we had Nellie leang also addressing the final recommendation supports a faster cheaper and more transparent International payment system that Associates with a

crossborder system check it out as useful for the fed’s effort third the leadership from the Federal Reserve the White House and the Treasury Department will meet regularly to discuss the progress of the cbdc working group and to share updates on cbdc and other payment

Innovations the second recommendation of the report is to encourage use of instant Payment Systems retail instant Payment Systems trans for funds nearly instantly as opposed to the multi-day settlement period that occurs on some Legacy systems in the US examples include the Clearing Houses RTP

Network launched in 2017 and the FED now service which the FED plans to launch in 2023 Global Experience suggests that instant payments can make the payment system more competitive efficient and inclusive yet the PO potential benefits could be limited by certain frictions such as inertia slow

adjustments among consumers businesses and financial institutions to change their habits or procedures to incorporate new technologies in addition these instant payment systems are generally accessible only to depository institutions so to maximize the benefits from instant payments the report

suggests several efforts first the US government government should continue Outreach efforts around instant payments with a focus on the inclusion with inclusion of under served communities second the US government should promote development of technologies that would allow consumers to more

readily access instant payment systems and third in settings where appropriate the U US government agencies which send and receive millions of payments a day should consider and support the use of instant Payment Systems the third recommendation is to establish a federal framework for payments

regulation this recommendation recognizes that non-bank financial institutions are increasingly providing payment services they are contributing to competition Innovation and inclusion but non-banks that are not adequately regulated and supervised May po risks to the users and the financial system

today oversight of non-bank payment providers is generally at the state level and this varies significantly across States and may not address certain risks in a consistent and comprehensive manner accordingly the report recommends considering the establishment of a federal framework for non-bank

payment providers a federal framework work would provide a common floor for minimum Financial Service resource requirements and other standards that may currently exist at the state level it also would complement existing AML CFT obligations the anti-money laundering and countering of

href="https://cashnews.co/finance" style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance terrorism obligations and consumer protection requirements that apply to non-bank payment providers a federal framework could work in conjunction with the us cbdc or with instant Payment

Systems it could provide oversight of firms that a US CBD system May rely on to provide a range of financial services in addition it could provide a pathway for non-bank payment providers to participate directly in instant payment systems and finally the fourth recommendation is to prioritize

efforts to improve crossborder payments crossb payments those that go from one jurisdiction to another can take multiple days to clear and may have high fees indeed it is one of the main impetuses for the development of much of the new technologies and efficiencies for payments the report’s

final recommendation supports work to develop a faster cheaper and more transparent International payment system while considering the poti potential risks associated with greater integration of crossb systems it recognizes that the United States has a strong National interest in supporting Global

standards for crossb payment systems that reflect us values including privacy and human rights consistency with AML CFT obligations and US National Security so just to summarize we believe the digital Assets and instant payments can transform money and payment systems the report

makes four recommendations we hope to continue to work closely with other parts of the government on these very important issues and thank you Tim again for invited me now when we think about this right everything that she just outlined when it comes to crossb payments and crossb payment system

itself we could tie that all all back to Ripple we could tie it back to Ripple we could tie back to hia we could tie it back to Stellar like as we really think about what’s happening here this is the US Treasury literally telling you hey we believe that blockchain digital

Technologies digital currencies they could significantly revolutionize and make efficient the crossb financial system yet everyone’s still asleep at the wheel this is wild to me and think about the names that are at these meetings with the US Treasury because these are going

to be the names that are winning these are going to be the names that you know are actually going to be utilized integrated implement it within the financial system they were literally planning it at this meeting how they can integrate cbc’s tokenization and stable coins within the US

Financial ecosystem because at the end of the day they know that these technologies have the power to re revolutionize and support faster cheaper and more transparent payments internationally and even domestically so with that being said I hope that you guys enjoyed this CashNews.co If you guys did

definitely leave a like subscribe notifications on if because more free content you guys are more than welcome to follow me on Twitter and join the free Discord down description below and with that being said guys it’s been Nick thanks for watching peace out