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<ul> 
 <li>The State Bank of Pakistan highlights XRP’s role in digital finance in its annual stability report.</li> 
 <li>SBP acknowledges the risks associated with crypto while also recognizing its potential for enhancing financial inclusion.</li> 
 <li>Ripple is in talks with 30 countries for XRP-based cross-border solutions, potentially impacting over 15% of global CBDC platforms.</li> 
</ul> 
<p>In its latest annual financial stability report, the State Bank of Pakistan (SBP) acknowledged XRP’s instrumental role in global payment settlements, shedding light on its potential to reshape the international financial landscape.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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   <p lang="en" dir="ltr">The State Bank of Pakistan, in their 2022 financial stability report, takes a dim view of crypto, noting <a href="https://twitter.com/hashtag/XRP?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#XRP</a> as encouraging work despite its small size compared to global payment volume.<a href="https://t.co/t3SQu9CRkZ" rel="noopener noreferrer nofollow">https://t.co/t3SQu9CRkZ</a> <a href="https://t.co/1tgTWEpSF0" rel="noopener noreferrer nofollow">pic.twitter.com/1tgTWEpSF0</a></p>— WrathofKahneman 
   <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1fa9d.png" alt="🪝" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@WKahneman) <a href="https://twitter.com/WKahneman/status/1694119464227438673?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 22, 2023</a> 
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<p>While addressing the broader context of cryptocurrency adoption, SBP embraced a balanced perspective. The report noted the advantages and dangers of cryptocurrencies within the global financial framework. The financial institution emphasized the significance of understanding the possibility of cryptocurrencies being exploited for unlawful purposes such as money laundering and supporting terrorism, citing historical cases like the Silk Road.</p> 
<p>Additionally, SBP acknowledged the potential for cryptocurrencies, including XRP, to enhance financial inclusion and streamline cross-border transactions. However, the bank emphasized that realizing these benefits hinges on consumers’ financial and digital literacy. Furthermore, SBP drew attention to the pioneering efforts of Ripple, the blockchain technology firm behind XRP, which is actively engaging with 30 countries to explore blockchain-based solutions for cross-border payments.</p> 
<p>These discussions could have a considerable impact, potentially influencing over 15% of global Central Bank Digital Currency (CBDC) platforms. While recognizing the transformative potential of cryptocurrencies like XRP, SBP reiterated that they do not hold legal tender status and lack government endorsement. The bank also underscored its non-authorization for individuals or groups to operate crypto trading platforms in the country.</p> 
<p>Ultimately, SBP’s acknowledgment of XRP’s role in global payments underscores the growing importance of digital assets in reshaping the financial landscape within Pakistan and beyond.</p> 
<h4 class="wp-block-heading" id="h-read-also">Read also:</h4> 
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 <li><a href="https://cryptonewsland.com/could-bitcoin-shape-the-2024-elections/" rel="noopener noreferrer nofollow">The Potential Influence of Bitcoin in the 2024 Elections</a></li> 
 <li><a href="https://cryptonewsland.com/robinhood-to-sack-300-employees-despite-job-listing/" rel="noopener noreferrer nofollow">Robinhood To Sack 300 Employees Despite Job Listing</a></li> 
 <li><a href="https://cryptonewsland.com/why-xrp-acting-as-a-bridge-currency/" rel="noopener noreferrer nofollow">Why XRP Acting as a Bridge Currency Could Trigger Massive Price Growth</a></li> 
 <li><a href="https://cryptonewsland.com/bitcoin-digital-gold-us-banking-crisis/" rel="noopener noreferrer nofollow">AllianceBernstein Predicts Bitcoin’s Rise as Digital Gold</a></li> 
</ul> 
<p>The post <a rel="noopener noreferrer nofollow" href="https://cryptonewsland.com/pakistans-central-bank-recognizes-xrps-pivotal-role-in-global-payments/">Pakistan’s Central Bank Recognizes XRP’s Pivotal Role in Global Payments</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptonewsland.com">Crypto News Land</a>.</p>

Pakistan’s Central Bank Recognizes XRP’s Pivotal Role in Global Payments

Crypto News Land

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