• Ripple has partnered with the Bank for International Settlements (BIS) to join its cross-border payments interoperability and extension task force.
• The purpose of the taskforce is to improve cross-border payments by enhancing access to payment systems, extending payment system operating hours, and creating connections between different payment systems.
• On Wednesday, the SEC announced intentions to file an “interlocutory appeal” of the ruling declaring that Ripple Labs‘ XRP token should not be considered a security when sold to the public on digital asset exchanges.
Ripple Partners With BIS Task Force
Ripple has partnered with the Bank for International Settlements (BIS) to join its cross-border payments interoperability and extension (PIE) task force. In a Wednesday tweet, the BIS shared a summary of its recent PIE task force meeting, which claimed that the members of the task force will work to “enhance cross-border payments and meet the quantitative targets for cross-border payments endorsed by the G20.”
Task Force’s Purpose
The PIE taskforce is part of the BIS Committee on Payments and Market Infrastructures, which consists of 33 entities and is led by Ulrich Bindseil , Director of General Market Infrastructure & Payments at the European Central Bank. The purpose of the taskforce is to improve cross-border payments by enhancing access to payment systems, extending payment system operating hours, and creating connections between different payment systems.
Global Coordination Required
„Engagement and partnership between the public and private sector is a key element of the G20 cross-border payments programme,“ said BIS in their statement. „Improvements to payment systems and arrangements underlying cross-border payments require global coordination, cooperation and commitment from a wide range of public authorities and private sector stakeholders.“ Ripple will collaborate with BIS alongside other organizations like Mastercard and SWIFT in achieving its goal of improving global interoperability in terms of cross border payments.
SEC Appeals Ruling
On Wednesday, The Securities Exchange Commission (SEC) announced intentions to file an “interlocutory appeal” against a ruling made earlier this year stating that Ripple Labs‘ XRP token should not be considered as a security when sold on digital asset exchanges across jurisdictions globally. According to court filings made available by SEC, they are looking into legal issues where there could be substantial grounds for differences in opinion regarding how XRP should be classified when it comes down trading within markets across countries worldwide.
Conclusion
Overall it appears as though both regulators as well as private stakeholders are taking steps towards developing more seamless international payment solutions through collaboration with one another; however whether or not these efforts will pay off remains yet unseen as still further legal battles have been initiated surrounding classifications related crypto assets such as XRP tokens amongst others.