Ripple, $XRP can advance financial system in Africa, UNDP report says UnitedNations w/ WKahneman
Authors of the thesis analyzed one use-case for XRP, i.e., using the token in payment corridors for low-cost and nearly instant remittances. Per the text, XRP can bridge two local fiat currencies in a cost-efficient manner.
Through Ripple's Line of Credit service, a conversion between the two currencies can be organized at a locked-in exchange rate. Then, the parties can repay the credit on a convenient schedule.At the same time, since XRP is an altcoin not pegged to fiat currencies, the problem of volatility is inevitable when using it in cross-border remittances. As such, XRP should be hedged by additional financial instruments.
Also, some recommendations for nation-states in the UNDP paper include supporting local cryptocurrency products, building clear regulatory frameworks and increasing trust in digital assets as payment instruments and as a way of investing. As covered by U.Today previously, Ripple Inc. strengthens its presence in Africa. In December 2022, its partner started providing remittances from 19 African states to Europe.
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