RippleNet Listed as Direct Alternative to SWIFT by Arab Monetary Fund Advisory Group

The Arab Monetary Fund Advisory Group has listed RippleNet as a direct alternative to SWIFT. The Arab Regional FinTech Working Group recently released a "Practical Guide" for Arab central banks seeking to understand the nuances of the growing digital asset market.

The working group advised Arab central banks to improve their "messaging protocols" using systems such as SWIFT GPI and, most importantly, RippleNet. This comes just two days after it was revealed that The Clearing House, a prominent Ripple partner, is partnering with Wells Fargo to create an alternative payment system to SWIFT.

The document also mentions Ripple XRP as a unique cryptocurrency as it was one of the first designed primarily for payments, unlike most crypto assets that were labeled as "speculative" store of value. Including a direct link to Ripple’s “ Future of CBDC” report, the advisory paper clearly sees that Ripple has a major role to play in the future blockchain-based global financial infrastructure.

Image: Medium