Arab Monetary Fund Pitches Decentralised Network RippleNet as CBDC Alternative

The Arab Monetary Fund (AMF) is not game for introducing a central bank digital currency (CBDC) to its economic system. The financial body has proposed the decentralised RippleNet network as an alternative to CBDC. The network's native XRP cryptocurrency has been called unique in nature, citing the premise of its creation — 'primarily for payments'. XRP crypto coin was released in 2012 and has a current market cap of over $39 billion (roughly Rs. 2,98,146 crore), as per CoinMarketCap. CBDCs have a considerable risk of rendering fiat currencies powerless, a report by AMF's Arab Regional Fintech Working Group has claimed. “There are many risks associated with the international positions on local CBDCs ranging from the risk of ‘digital dollariastion,' international spillovers, and the impact on the international role of currencies. If a CBDC is used outside of its jurisdiction successfully, this could lead to a local currency losing its function as a medium of exchange, unit of account, storage of value, and eventually raises financial stability risks,” the report noted.

The Arab Monetary Fund (AMF) is not game for introducing a central bank digital currency (CBDC) to its economic system. The financial body has proposed the decentralised RippleNet network as an alternative to CBDC. The network's native XRP cryptocurrency has been called unique in nature, citing the premise of its creation — 'primarily for payments'. XRP crypto coin was released in 2012 and has a current market cap of over $39 billion (roughly Rs. 2,98,146 crore), as per CoinMarketCap. CBDCs have a considerable risk of rendering fiat currencies powerless, a report by AMF's Arab Regional Fintech Working Group has claimed. “There are many risks associated with the international positions on local CBDCs ranging from the risk of ‘digital dollariastion,' international spillovers, and the impact on the international role of currencies. If a CBDC is used outside of its jurisdiction successfully, this could lead to a local currency losing its function as a medium of exchange, unit of account, storage of value, and eventually raises financial stability risks,” the report noted.The Arab Monetary Fund (AMF) is not game for introducing a central bank digital currency (CBDC) to its economic system. The financial body has proposed the decentralised RippleNet network as an alternative to CBDC. The network's native XRP cryptocurrency has been called unique in nature, citing the premise of its creation — 'primarily for payments'. XRP crypto coin was released in 2012 and has a current market cap of over $39 billion (roughly Rs. 2,98,146 crore), as per CoinMarketCap. CBDCs have a considerable risk of rendering fiat currencies powerless, a report by AMF's Arab Regional Fintech Working Group has claimed. “There are many risks associated with the international positions on local CBDCs ranging from the risk of ‘digital dollariastion,' international spillovers, and the impact on the international role of currencies. If a CBDC is used outside of its jurisdiction successfully, this could lead to a local currency losing its function as a medium of exchange, unit of account, storage of value, and eventually raises financial stability risks,” the report noted.The Arab Monetary Fund (AMF) is not game for introducing a central bank digital currency (CBDC) to its economic system. The financial body has proposed the decentralised RippleNet network as an alternative to CBDC. The network's native XRP cryptocurrency has been called unique in nature, citing the premise of its creation — 'primarily for payments'. XRP crypto coin was released in 2012 and has a current market cap of over $39 billion (roughly Rs. 2,98,146 crore), as per CoinMarketCap. CBDCs have a considerable risk of rendering fiat currencies powerless, a report by AMF's Arab Regional Fintech Working Group has claimed. “There are many risks associated with the international positions on local CBDCs ranging from the risk of ‘digital dollariastion,' international spillovers, and the impact on the international role of currencies. If a CBDC is used outside of its jurisdiction successfully, this could lead to a local currency losing its function as a medium of exchange, unit of account, storage of value, and eventually raises financial stability risks,” the report noted.The Arab Monetary Fund (AMF) is not game for introducing a central bank digital currency (CBDC) to its economic system. The financial body has proposed the decentralised RippleNet network as an alternative to CBDC. The network's native XRP cryptocurrency has been called unique in nature, citing the premise of its creation — 'primarily for payments'. XRP crypto coin was released in 2012 and has a current market cap of over $39 billion (roughly Rs. 2,98,146 crore), as per CoinMarketCap. CBDCs have a considerable risk of rendering fiat currencies powerless, a report by AMF's Arab Regional Fintech Working Group has claimed. “There are many risks associated with the international positions on local CBDCs ranging from the risk of ‘digital dollariastion,' international spillovers, and the impact on the international role of currencies. If a CBDC is used outside of its jurisdiction successfully, this could lead to a local currency losing its function as a medium of exchange, unit of account, storage of value, and eventually raises financial stability risks,” the report noted.The Arab Monetary Fund (AMF) is not game for introducing a central bank digital currency (CBDC) to its economic system. The financial body has proposed the decentralised RippleNet network as an alternative to CBDC. The network's native XRP cryptocurrency has been called unique in nature, citing the premise of its creation — 'primarily for payments'. XRP crypto coin was released in 2012 and has a current market cap of over $39 billion (roughly Rs. 2,98,146 crore), as per CoinMarketCap. CBDCs have a considerable risk of rendering fiat currencies powerless, a report by AMF's Arab Regional Fintech Working Group has claimed. “There are many risks associated with the international positions on local CBDCs ranging from the risk of ‘digital dollariastion,' international spillovers, and the impact on the international role of currencies. If a CBDC is used outside of its jurisdiction successfully, this could lead to a local currency losing its function as a medium of exchange, unit of account, storage of value, and eventually raises financial stability risks,” the report noted.The Arab Monetary Fund (AMF) is not game for introducing a central bank digital currency (CBDC) to its economic system. The financial body has proposed the decentralised RippleNet network as an alternative to CBDC. The network's native XRP cryptocurrency has been called unique in nature, citing the premise of its creation — 'primarily for payments'. XRP crypto coin was released in 2012 and has a current market cap of over $39 billion (roughly Rs. 2,98,146 crore), as per CoinMarketCap. CBDCs have a considerable risk of rendering fiat currencies powerless, a report by AMF's Arab Regional Fintech Working Group has claimed. “There are many risks associated with the international positions on local CBDCs ranging from the risk of ‘digital dollariastion,' international spillovers, and the impact on the international role of currencies. If a CBDC is used outside of its jurisdiction successfully, this could lead to a local currency losing its function as a medium of exchange, unit of account, storage of value, and eventually raises financial stability risks,” the report noted.The Arab Monetary Fund (AMF) is not game for introducing a central bank digital currency (CBDC) to its economic system. The financial body has proposed the decentralised RippleNet network as an alternative to CBDC. The network's native XRP cryptocurrency has been called unique in nature, citing the premise of its creation — 'primarily for payments'. XRP crypto coin was released in 2012 and has a current market cap of over $39 billion (roughly Rs. 2,98,146 crore), as per CoinMarketCap. CBDCs have a considerable risk of rendering fiat currencies powerless, a report by AMF's Arab Regional Fintech Working Group has claimed. “There are many risks associated with the international positions on local CBDCs ranging from the risk of ‘digital dollariastion,' international spillovers, and the impact on the international role of currencies. If a CBDC is used outside of its jurisdiction successfully, this could lead to a local currency losing its function as a medium of exchange, unit of account, storage of value, and eventually raises financial stability risks,” the report noted.The Arab Monetary Fund (AMF) is not game for introducing a central bank digital currency (CBDC) to its economic system. The financial body has proposed the decentralised RippleNet network as an alternative to CBDC. The network's native XRP cryptocurrency has been called unique in nature, citing the premise of its creation — 'primarily for payments'. XRP crypto coin was released in 2012 and has a current market cap of over $39 billion (roughly Rs. 2,98,146 crore), as per CoinMarketCap. CBDCs have a considerable risk of rendering fiat currencies powerless, a report by AMF's Arab Regional Fintech Working Group has claimed. “There are many risks associated with the international positions on local CBDCs ranging from the risk of ‘digital dollariastion,' international spillovers, and the impact on the international role of currencies. If a CBDC is used outside of its jurisdiction successfully, this could lead to a local currency losing its function as a medium of exchange, unit of account, storage of value, and eventually raises financial stability risks,” the report noted.The Arab Monetary Fund (AMF) is not game for introducing a central bank digital currency (CBDC) to its economic system. The financial body has proposed the decentralised RippleNet network as an alternative to CBDC. The network's native XRP cryptocurrency has been called unique in nature, citing the premise of its creation — 'primarily for payments'. XRP crypto coin was released in 2012 and has a current market cap of over $39 billion (roughly Rs. 2,98,146 crore), as per CoinMarketCap. CBDCs have a considerable risk of rendering fiat currencies powerless, a report by AMF's Arab Regional Fintech Working Group has claimed. “There are many risks associated with the international positions on local CBDCs ranging from the risk of ‘digital dollariastion,' international spillovers, and the impact on the international role of currencies. If a CBDC is used outside of its jurisdiction successfully, this could lead to a local currency losing its function as a medium of exchange, unit of account, storage of value, and eventually raises financial stability risks,” the report noted.The Arab Monetary Fund (AMF) is not game for introducing a central bank digital currency (CBDC) to its economic system. The financial body has proposed the decentralised RippleNet network as an alternative to CBDC. The network's native XRP cryptocurrency has been called unique in nature, citing the premise of its creation — 'primarily for payments'. XRP crypto coin was released in 2012 and has a current market cap of over $39 billion (roughly Rs. 2,98,146 crore), as per CoinMarketCap. CBDCs have a considerable risk of rendering fiat currencies powerless, a report by AMF's Arab Regional Fintech Working Group has claimed. “There are many risks associated wit