- Popular XRP community member Edo Farina said France may use XRP for its digital euro.
- Farina cited a paper by the Bank of France where XRP was hailed as a virtual currency that could bridge currency pairs.
- Community members disclaim the authenticity of the statements since the E.U. is already working on a digital euro.
Edo Farina, a prominent figure in the XRP community, had community members in excitement after he tweeted that the France “wants to commit to XRP for its digital euro”. If this is the case, it would accord with a growing institutional and governmental interest in XRP around the world.
According to the tweet, France’s interest in digital tokens dates back to 2021. Farina said the country at that time tested a central bank digital currency (CBDC) on TARGET2-Securities (T2S), the European Central Bank Settlement platform. With world economies looking into digital tokens, Farina suggests XRP might cut it for France.
Furthermore, he referenced a paper supposedly published by the Bank of France titled “Implementation of real-time settlement for banks using decentralized ledger technology policy and legal implementations.” Per the tweet, the Bank described XRP as a “virtual currency” that could bridge various currency pairs, simplify transactions, and refine global payment processes.
The tweet by Farina has drawn criticism and doubts from certain corners. Notably, XRP community members dispute the authenticity of the statements as Farina didn’t cite any source or link.
Likewise, some also argued that the Bank of France cannot adopt a digital euro by itself since the E.U. is already working on one. In addition, they stated that the E.U. plans to use XLM as a platform, thus ruling out the chances of XRPL hosting the digital euro.
Nonetheless, XRP, associated with Ripple Labs, has recently seen an uptick in adoption, mainly from institutional entities. Popular crypto exchange BitPay on October 17 announced that users can now make payments on the gaming commerce platform Xsolla using XRP.
Meanwhile, XRP’s price has trended mostly in the negative zone, with the token recently recording a steep decline. Data from CoinMarketCap show that XRP has lost 1.88% in the past 24 hours and is changing hands at $0.4809 apiece.
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