Bank for International Settlement

Central Bank for Central Banks Indicates Interest in Cryptocurrency

Each Bank for International Settlement (BIS) well-known as the Central Bank for Central Banks has indicated clear interest in cryptocurrency.

They are currently interested in knowing much about the cryptocurrencies, and there are clear indications that Ripple’s XRP may turn out to be the most suitable asset that will trigger the interest of Bank for International Settlement.

BIS Interest Indication in Relation to Cryptocurrency

In an interview with Dallas Fed happened this week, Agustín Carstens, the General Manager of BIS, stated –

“Cryptocurrency is an interesting development on the blockchain technology, however, they are not a good store of value.”

He further said –

“They should play the role of crypto-assets and settlement of financial service transactions.”

Bank for International Settlement is an international institution ruled by central banks in charge of international monetary and financial cooperation as well as bank to other central banks. The operations it is involved with include running programs, having meetings, hosting international groups and promote global financial stability.

It offers services to other Central Banks as well as international financial organisations. They have been recognised for being against the digital asset for a long time but have a different view now.

Why BIS Might Consider Ripple’s XRP?

Brad Garlinghouse, Ripple CEO, is in the advisory board of the Swiss National Bank Conference where the Bank for International Settlement was in attendance. The major challenge of the banks is the issues involved with the settlement. And, BIS is interested in improving the interbank settlement, in case they would need to use a virtual asset, the most suitable is XRP.

Ripple’s primary focus has always been to bring better experience in cross-border payments. Integrating Ripple’s XRP with their decentralised financial tools will enhance its utility volume. Such financial tools are used in bank settlement.

There are clear indications that the banker is warming up to the central bank for the cryptocurrency. As indicated to BIS General Manager, the blockchain can be very powerful if used correctly. Also, Ripple CEO is preparing to take good advantage of this emerging opportunity.