CryptoPolyTech.com
Crypto, Politics, Tech, Gaming & World News.

XRP Mentioned in UN Paper on Crypto in Africa: Details | CPT PPP Coverage

 | cutline • press clip • news of the day |

Cryptopolytech (CPT) Public Press Pass (PPP)
News of the Day COVERAGE

200000048 – World Newser
•| #World |•| #Online |•| #Media |•| #Outlet |

View more Headlines & Breaking News here, as covered by cryptopolytech.com


XRP Mentioned in UN Paper on Crypto in Africa: Details appeared on u.today by U.Today.

Vladislav Sopov

Here’s how XRP cryptocurrency and Ripple’s payment solutions can be helpful in ‘banking for the unbanked’

Contents

Community-managed account of XRP enthusiast @WKahneman shared the highlights of the latest report on cryptocurrency’s prospects in Africa, made by the United Nations Development Programme team.

XRP can fuel new-gen payments services in Africa, UN report says

The United Nations Development Programme (UNDP), a UN organization focused on supporting countries and communities in combating poverty, shared its Cryptocurrency in Africa: Alternative Opportunities for Advancing the Sustainable Development Goals? paper. XRP token and Ripple Inc. remittances solutions are mentioned as useful instruments.

Authors of the thesis analyzed one use-case for XRP, i.e., using the token in payment corridors for low-cost and nearly instant remittances. Per the text, XRP can bridge two local fiat currencies in a cost-efficient manner.

Through Ripple’s Line of Credit (LoC) service, a conversion between the two currencies can be organized at a locked-in exchange rate. Then, the parties can repay the credit on a convenient schedule.

At the same time, since XRP is an altcoin not pegged to fiat currencies, the problem of volatility is inevitable when using it in cross-border remittances. As such, XRP should be hedged by additional financial instruments.

Investments, trust and regulation needed for crypto adoption in sub-Saharan Africa

The authors of the thesis proposed to experiment with industry-scale cryptocurrency derivatives services to let the payment processors protect their capital against volatility spikes.

Also, some recommendations for nation-states in the UNDP paper include supporting local cryptocurrency products, building clear regulatory frameworks and increasing trust in digital assets as payment instruments and as a way of investing.

As covered by U.Today previously, Ripple Inc. strengthens its presence in Africa. In December 2022, its partner started providing remittances from 19 African states to Europe.

Nala, a Tanzanian fintech company, provides the technical basis for this development.



FEATURED ‘News of the Day’, as reported by public domain newswires.

Find more, like the above, right here on Cryptopolytech.com by following our extensive quiclick links appearing on images or [NEWSer CHEWSer].
View ALL Headlines & Breaking News here.

Source Information (if available)

This article originally appeared on u.today by U.Today – sharing via newswires in the public domain, repeatedly. News articles have become eerily similar to manufacturer descriptions.

We will happily entertain any content removal requests, simply reach out to us. In the interim, please perform due diligence and place any content you deem “privileged” behind a subscription and/or paywall.

CPT (CryptoPolyTech) PPP (Public Press Pass) Coverage features stories and headlines you may not otherwise see due to the manipulation of mass media.

We compile ‘news of the day’ content in an unbiased manner and contextually classify it to promote the growth of knowledge by sharing it just like XRP Mentioned in UN Paper on Crypto in Africa: Details

First to share? If share image does not populate, please close the share box & re-open or reload page to load the image, Thanks!

You might also like