Thailand in Partnership Talks With Ripple Over XRP Adoption

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Thailand in Partnership Talks With Ripple Over XRP Adoption
  • Armando Pantoja has highlighted Ripple’s growing expansion.
  • Thailand is in talks with Ripple about adopting the XRP.
  • Ripple welcomed Thailand’s invitation, showing a willingness to support its CBDC development.

A famous crypto personality, Armando Pantoja, has highlighted Ripple’s growing expansion, citing the potential XRP adoption by Thailand, as noted in a recent letter by Ripple. According to Pantoja, it looks like BRICS nations are all about XRP.

Pantoja shares a copy of Ripple’s letter to Thai authorities, noting that the Asian country is the latest nation in talks with Ripple about adopting the XRP. The crypto investor also highlighted that Thailand recently applied to join BRICS, connecting its potential link with XRP with the BRICS angle.

Meanwhile, the shared letter highlighted Ripple’s acknowledgment of the opportunity to comment on a Bank of Thailand Discussion Paper. Titled “The Way Forward For Retail Central Bank Digital Currency in Thailand,” Ripple noted that the Paper represents an in-depth research and analysis of the CBDC subject in Thailand.

Ripple commended the Bank of Thailand for its leadership role in the CBDC space, noting how the Bank has shown the importance of public-private partnerships. In line with that, Ripple welcomed the opportunity to assist the Bank of Thailand in designing and developing a retail CBDC.

To show capacity, Ripple highlighted some of its achievements, noting that it had approximately 300 customers and software products that allow financial institutions to send money globally. The FinTech firm further highlighted that its software enables real-time transactions at a fraction of the cost of traditional services available to market participants. 

Ripple stated it does not aim to replace fiat currencies but to enable a faster, less expensive, and more transparent method for cross-border payments. The firm noted that it achieves its goals by using blockchain technology, allowing financial institutions to process payments instantly, reliably, cost-effectively, and with end-to-end visibility anywhere in the world.

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