Reserve

2024

Prosper

<p>The post <a href="https://coinpedia.org/news/ripple-enthusiast-reveals-ambitious-plan-to-replace-the-federal-reserve/">Ripple Enthusiast Reveals Ambitious Plan to Replace the Federal Reserve</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Ripple, a prominent <a href="https://coinpedia.org/beginners-guide/what-is-blockchain/" target="_blank" rel="noreferrer noopener">blockchain technology</a> firm, is actively exploring the possibility of replacing the Federal Reserve. This would involve overcoming regulatory challenges and making significant changes in financial operations. Meanwhile, Ashley Prosper, a Ripple enthusiast, has outlined a plan for Ripple to achieve this goal.</p> 
<h2 class="wp-block-heading" id="h-ripple-to-replace-the-federal-reserve-role">Ripple To Replace the Federal Reserve Role</h2> 
<p>Ashley Prosper suggests that for Ripple to replace the Federal Reserve, it needs to <a href="https://coinpedia.org/crypto-live-news/ripple-partners-with-10-governments-on-cbdc-plans/">connect with banks</a>, build strong financial systems, and ensure high cybersecurity. Ripple must also gain the trust of global financial institutions and prove it can keep the economy stable, like regular central banks.</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/XRP?src=hash&amp;ref_src=twsrc%5Etfw">#XRP</a> <a href="https://twitter.com/hashtag/XRPCommunity?src=hash&amp;ref_src=twsrc%5Etfw">#XRPCommunity</a> <a href="https://twitter.com/hashtag/Ripple?src=hash&amp;ref_src=twsrc%5Etfw">#Ripple</a><br>Steps Ripple would need to take in order to replace the Federal Reserve…. <br>1. Legislative Support: Enormous legislative changes would be required. Congress would need to pass laws to dismantle the Fed and establish a new entity.<br>(Like Fit21, etc)<br>2.…</p>— Ashley PROSPER (@AshleyPROSPER1) <a href="https://twitter.com/AshleyPROSPER1/status/1805697497437806848?ref_src=twsrc%5Etfw">June 25, 2024</a>
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<p>To begin, Congress would need to change laws to swap out the current central banking system for Ripple. Ripple would also need approval from government groups like the Treasury and SEC to work legally and gain trust in the financial world.</p> 
<p>A big part of <a href="https://coinpedia.org/news/xrp-army-finds-ripples-intent-to-retain-most-xrp-for-development-efforts/" target="_blank" rel="noreferrer noopener nofollow">Ripple’s job as a potential</a> central bank would be controlling money policy. This means deciding on interest rates, inflation, and how much money is available things the Federal Reserve does now. Lastly, Ripple needs to easily link with banks to handle money moves, payments, and make sure there’s enough money in banks.</p> 
<h2 class="wp-block-heading" id="h-challenges-and-opportunities">Challenges and Opportunities</h2> 
<p>For Ripple to replace the Federal Reserve, it must earn the trust of the public and financial stakeholders. It needs clear rules for decision-making, strong plans for handling crises, and good relationships with other central banks worldwide. Ripple also needs to manage things like making money and being the last option to lend money during a crisis.&nbsp;</p> 
<p>While Ripple’s role as a replacement for the Federal Reserve remains speculative, thinking about it shows how much-changing money systems could help or hurt the world’s economy.</p> 
<p>Read Also: <a href="https://coinpedia.org/news/2-billion-would-be-tough-for-ripple-attorney-sheds-light-on-upcoming-ripple-judgment/" target="_blank" rel="noreferrer noopener">‘$2 Billion Would be Tough For Ripple’: Attorney Sheds Light On Upcoming Ripple Judgment</a></p>

Ripple Enthusiast Reveals Ambitious Plan to Replace the Federal Reserve

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