Expert Says IMF Docs and XC Platform Do Not Favor XRP

A prominent XRP community influencer asserts that the IMF cross-border payment documents and proposed XC platform are not particularly pro-XRP.

WrathofKahneman (“WOK”), a notable XRP community influencer, recently asserted that the payment documents and proposed XC platform from the International Monetary Fund (IMF) do not particularly favor XRP.

IMF Reports Trigger Bullish Sentiments for XRP

As mentioned in a recent report by The Crypto Basic, the IMF published an article in September 2018 regarding the regulation of digital assets. The article focuses on Bitcoin (BTC), Ether (ETH), and XRP, emphasizing XRP’s potential for secure cross-border payments.

This 2018 article from the IMF recently garnered attention from the XRP community following a similar report released three days ago which discussed the emergence of payment platforms and the IMF’s proposed XC platform for cross-border settlements.

The IMF’s growing interest in utilizing blockchain technology for cross-border payments, coupled with the mention of XRP, has sparked optimistic sentiments among XRP proponents. These individuals believe the IMF’s focus on XRP signifies a potential intention to incorporate it into transnational settlements.

A Different Opinion

While bullish sentiments prevail, WrathofKahneman holds the view that the community has exaggerated the significance of these documents. He suggests that they may not necessarily be favorable to XRP as initially perceived.

Man, the IMF docs are honestly not pro-XRP, nor is the XC platform. There are 3 docs worth reading to decide for yourself. I actually thought they would be presented as a threat at first. You may disagree, that’s fine; I’m trying to consolidate the links in one place. 1/3

— WrathofKahneman 🪝 (@WKahneman) June 22, 2023

Presenting three documents pertaining to the initial XC proposal, the recent report, and IMF Director Tobias Adrian’s comments, WOK mentioned that he had even believed that the emerging framework could threaten XRP.

The XRP community influencer pointed out that the documents and proposal raise various concerns, one related to a requirement imposed on central banks seeking to utilize the XC platform. The proposition mandates that such banks open their financial reserves to international private corporations. WOK finds this aspect particularly concerning.

For context, The XC platform is a proposed system from the IMF designed to enhance cross-border payments. It acts as a central hub where various participants, including commercial banks and payment providers, can securely trade digital representations of central bank reserves.

WOK emphasized that the IMF documents acknowledge not only Ripple but also highlight Stellar and the Bitcoin Lightning Network. This indicates that Ripple is not necessarily unique. Nevertheless, WOK acknowledges that the mention of Ripple is a positive development, as it signifies the IMF’s recognition of Ripple’s significant role as a major player in the industry.

“but it isn’t advocating for implementation,” he concluded. WOK further admitted that mentioning XRPL increases the likelihood of the IMF utilizing the network. However, he stressed that it does not necessarily imply they have concrete plans to leverage it.