Customers of Ripple are sticking with it despite the lawsuits it has faced. Since so many people are still using it, Ripple is clearly here to stay. Ripple is used by businesses because it facilitates quick and simple transactions. It used to take 2 to 3 days to transfer money worldwide, but today it just takes 5. It not only facilitates quick transaction times but also the development of more business opportunities. If they continue to prioritize transparency, the crypto industry will emerge from the crisis stronger.
One of the top public blockchains in the world, XRP ledger is designed for currency issuance and payment processing, which makes it a natural fit for CBDC. Since helping the central banks construct a private version of CBDC, Ripple has already contributed to the creation of a public blockchain that replaces CBDC. The interaction between the public and business sectors will promote CBDC adoption. While the use cases for CBDC will come from the business sector, the central bank will create the regulations and implement the platform.
Apart from Ripple, another business created to adhere to the rules is Stellar (XLM), which is not surprising given that both companies share Jed McCaleb as their common ancestor. Regulation of the cryptocurrency industry has long been a top priority, and the global nature of blockchain technology makes it more challenging to control than conventional financial markets. The international regulators need to work together. Many people are unaware of what XRP and Solana are since they did not believe they should be regulated prior to the several crises currently affecting the cryptocurrency industry.
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