Did You Know: IMF Silently Recognized XRP In 2018

Anvesh Reddy
June 20, 2023 Updated September 6, 2024
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Crypto Market News: While the International Monetary Fund (IMF) now began helping governments across the world develop Central Bank Digital Currencies (CBDCs), XRP token had long been in the eyes of the international financial institution. The International Monetary Fund had on Monday revealed it was developing a global platform to facilitate CBDC interoperability. On the other side, Ripple Labs had already been helping many companies and central banks explore the CBDC use case. This comes despite the setback to XRP token holders, even as the wait for the Summary Judgement drags on.

Also Read: Binance Announces Bitcoin Wallet Migration, Triggers On-Chain Transfers

Earlier, CoinGape reported that Ripple Labs Inc stitched a partnership with Colombia’s central bank Banco de la República to explore blockchain technology use cases. However, it is the United States market that is strategically important for Ripple, to be able to expand to full scale. Yet, it is unclear as to whether the US Federal Reserve’s FedNow service would in future integrate crypto payments and thus XRP.

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When IMF Recognized XRP As Virtual Currency

In a 2018 presentation on ‘The Regulation of Virtual Currencies,’ the IMF recognized XRP in the virtual currencies category, describing it as “a coin issued by Ripple as the digital asset for payments.” Interestingly, the IMF also mentioned the virtual currency’s capabilities in the cross-currency border payments space, which is exactly what the IMF is trying to solve for the central banks. XRP was described in the presentation as:

“(XRP) is the token used to carry out cross-border, cross-currency payments through the Ripple network.”

The IMF also categorized virtual currencies as assets “not issued by a government,” while CBDCs are central bank issued. Ripple’s strength in cross border payments could be put to use in the IMF project, irrespective of the XRP token.

Also Read: Expert: How XRP Can Grow Even If Ripple Loses SEC Lawsuit

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at [email protected] or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.