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No Competition Between CBDC and XRP – Price Drops 11%

SAN FRANCISCO, California – XRP doesn’t compete with national cryptocurrencies, as per Ripple’s senior executive, Emi Yoshikawa. It’s not a competitor against stablecoins and CBDC or Central Bank Digital. On a different source, scammers of XRP stole 1.543 million XRP via fake YouTube videos, as per Xrplorer.

Ripple’s international operations’ senior director, Emi Yoshikawa, demanded that XRP was not challenging with stablecoins and CBDC or Central Bank Digital Currencies.

Yoshikawa had an interview with FXcoin, a Japanese digital asset exchange. In that interview, the senior executive stated that this cryptocurrency is balancing to the general improvement, and it’s in the development of stablecoin and CBDC. The executive said that XRP is the “bridge asset” in global payment.

As per Yoshikawa, there are numerous crypto-asset-types. However, the executive believes that the XRP’s role is the bridge in global payment. It’s not a competitor against CBDC and stablecoins. On the different parts, it’s a balance. The company thinks that several CBDC and stablecoins will establish an interaction by fixing the liquidity issue, and it’s by liking independent digital assets.

Yoshikawa stated that the top payment product of Ripple, which is the ODL or On-Demand Liquidity. The ODL of Ripple, previously called xRapid, will practice cross-border settlements immediately, and it lessens operational charges. Also, the senior executive highlighted that Ripple’s ODL is to remove pre-backing in cross-border arrangements.

Both CBDC and stablecoins stated some of the main goals of the ODL of Ripple. Some of the current CBD initiatives, such as the virtual yuan of China, warns a thread to SWIFT’s dominance when it comes to an operation speed. Several international funding institutions also perceived the probability of CBDC to lessen the cost of backing operations.

The remarks of Yoshikawa came presently after Tether (USDT) overtook the third-biggest digital asset by market capitalization in May 2020.

On a different side, it’s a piece of bad news for the XRP Army as scammers were able to get 1.543 million XRP through fake videos from YouTube. This announcement was as per Xrplorer, a ledger tracker.

Ripple stated that fraudsters got 60% of the whole XRP from Coinbase users. Plus, 25% came from the private digital wallets of these XRP users.

Binance was the most-utilized digital asset service provider for laundering took crypto-assets, and it’s the provider accountable for washing 508,000 XRP, coming from 839,000 XRP. As per Xrplorer. NiceChange, a cryptocurrency exchange, is the second most-used provider, having 273,000 XRP transferred.

The fraud videos impersonate companies and tech figures, and these claim that digital asset users can transfer a little amount of crypto-asset to a virtual address. In return, they will gain more.

Thomas Silkjaer, the CEO of Xrplorer, stated that Coinbase, along with other digital asset companies, has chances to be hands-on and notify their users when it comes to transferring assets. It should warn them, especially when they’re moving to a probable scam address. Also, the company is trying to track the accounts before the transfer of XRP.

In April, Ripple filed a case over YouTube for pondering inaction, which makes it easier for fraudsters to steal digital assets.

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Jamie West

Jamie is an XRP veteran & keeps his finger on the pulse when it comes to all things crypto.

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