We know that the IMF announced the 650 billion dollar SDR allocation to help fight the covid and boost the economy. Now the IMF is talking about their currency. Take a look at this reply to the IMF. IMF voting power and IMF currency XDR. So, XDR is what the IMF is calling to its SDR currency. You can see here that why is this related to XRP (each member's number of basic votes equals 5.502% of the total votes), plus one additional vote for each special drawing right (SDR) of 100,000 of a member country's quota. The special drawing right is the unit of account of the IMF and represents a claim to currency. It is based on a basket of key international currencies. The basic votes generate a slight bias in favour of small countries, but the additional votes determined by SDR outweigh this bias. Changes in the voting shares require approval by a super-majority of 85% of the voting power.
Here they are talking about a currency, but we don’t know which currency they are talking about. However, it is evident from their most recent document what they are referring to.
The document shared in the tweet, entitles, Crypto assets as National Currency? A Step Too Far. New digital forms of money have the potential to provide cheaper and faster payments, enhance financial inclusion, improve resilience and competition among payment providers, and facilitate cross-border transfers.
But doing so is not straightforward. It requires significant investment as well as difficult policy choices, such as clarifying the role of the public and private sectors in providing and regulating digital forms of money.
Some countries may be tempted by a shortcut: adopting crypto assets as national currencies. Many are indeed secure, easy to access, and cheap to transact. We believe, however, that in most cases risks and costs outweigh potential benefits.
Crypto assets are privately issued tokens based on cryptographic techniques and denominated in their own unit of account. Their value can be extremely volatile. Bitcoin, for instance, reached a peak of $65,000 in April and crashed to less than half that value two months later. And yet, Bitcoin lives on.
So, when you heard cross border payments and regulations, only one currency comes to mind. The XRP. We know that there is no better currency other than XRP for cross border payments. Ripple is also currently under regulation, and they are waiting for it to be over. Because after the regulation. XP will be the only 100% regulated crypto currency and this will be a victory card for XRP. Once IMF will adopt this currency, XRP will be the one leading the financial system of this world. It has the potential to be the one global currency.
#XRP #Ripple
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