Ripple explains how cryptocurrencies will be essential in a post-pandemic world as they can play an important role in recovering from the pandemic effects so let’s read more in the following Ripple news.
Countries such as China are taking steps in this regard as the nation unveiled blockchain technology and digital currencies as a huge part of the economic goals for the decade with Japan and South Korea as well as Singapore following their own interest in the field. This push in terms of data verifiability is that the global economy needs right now as Ripple explains how crypto will help the post-pandemic world.
— Ripple (@Ripple) July 24, 2020
Ripple’s senior vice president of product Asheesh Birla said that real-time payments are now more important than ever saying that governments have to devise a tech-first strategy towards economic markets. Birla explained that the demand for digital payments is increasing and as people look for access increasingly to instant and reliable means of payment and transferring money. The currently available payment methods “don’t quite facilitate these needed attributes” and this is mainly because of the complicated legal arrangements and risks which create inefficiencies according to Birla.
Much of the demand for instant payments can be attributed to the data available in the world of today as Birla pointed out the instantaneousness of commercial zones, retail centers and other experiences which highlight the demand and for more efficient ways of settling payments:
“The demand and fervor to shift to real-time payments among consumers are real. You don’t need to look any further than the fact that payments via mobile wallets now outpace credit card transactions in countries like Thailand, Vietnam, and Indonesia.”
Birla calls for even more blockchain and digital asset technology to be leveraged as a “crucial component for speeding up the settlement process” mainly because of the blockchain technology allows businesses and financial institutions to transact and to attempt payments directly eliminating the need of SWIFT. Speaking on RippleNet he said that the network is a “faster and technolgoy-forward infrastructure layer for global payments” by removing the complexities of today’s settlement process and cost-effective cross border payment settlements in a few seconds.
Ripple found widespread use in markets such as West Africa as the company’s partnership with Waya Money in Ghana allows millions to transfer between African borders which takes a few weeks otherwise. In the meantime, Birla believes that the world’s shift to a new reality due to the Coronavirus has created the “killer app” moment for digital currencies and blockchain technology.
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