{"id":47646,"date":"2023-08-12T13:18:34","date_gmt":"2023-08-12T17:18:34","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/ripple-and-bis-partner-for-cross-border-payments-interoperability-task-force\/"},"modified":"2023-08-12T13:18:37","modified_gmt":"2023-08-12T17:18:37","slug":"ripple-and-bis-partner-for-cross-border-payments-interoperability-task-force","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=47646","title":{"rendered":"Ripple and BIS Partner for Cross-Border Payments Interoperability Task Force"},"content":{"rendered":"
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Ripple<\/strong>\u00a0has partnered with the\u00a0Bank for International Settlements (BIS)<\/strong>\u00a0to join its cross-border payments interoperability and extension (PIE) task force.<\/p>\n

In a Wednesday tweet, the BIS shared a summary of its recent PIE task force meeting, which claimed that the members of the task force will work to \u201cenhance cross-border payments and meet the quantitative targets for cross-border payments endorsed by the G20.\u201d\u00a0<\/p>\n

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The PIE taskforce is part of the BIS Committee on Payments and Market Infrastructures, which consists of 33 entities and is led by\u00a0Ulrich Bindseil<\/strong>, Director of General Market Infrastructure & Payments at the European Central Bank.<\/p>\n

The purpose of the taskforce is to improve cross-border payments by enhancing access to payment systems, extending payment system operating hours, and creating connections between different payment systems.\u00a0<\/p>\n

\u201cEngagement and partnership between the public and private sector is a key element of the G20 cross-border payments programme,” the BIS wrote.\u00a0<\/p>\n

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“Improvements to payment systems and arrangements underlying cross-border payments require global coordination, cooperation and the commitment of a wide range of public authorities and private sector stakeholders.”<\/p>\n<\/blockquote>\n

Ripple, alongside other organizations like\u00a0Mastercard\u00a0<\/strong>and\u00a0SWIFT<\/strong>, will collaborate with BIS to achieve its goal of improving the interoperability of cross-border payments.<\/p>\n

BIS also emphasized the importance of global coordination and cooperation between both public and private stakeholders in implementing these improvements to payment systems.\u00a0<\/p>\n

SEC Appeals to Court Ruling that XRP is Not Security When Sold to Public<\/h2>\n

On Wednesday, the SEC announced intentions to file an \u201cinterlocutory appeal\u201d of the ruling declaring that Ripple Labs’ XRP token should not be considered a security when sold to the public on digital asset exchanges.<\/p>\n

In a court filing, the regulator said\u00a0an appeal could address legal issues\u00a0on which there was \u201csubstantial ground for differences of opinion.\u201d<\/p>\n

\u201cSpecifically, the SEC seeks to certify the Court\u2019s holding that Defendants\u2019 \u2018Programmatic\u2019 offers and sales to XRP buyers over crypto asset trading platforms and Ripple\u2019s \u2018Other Distributions\u2019 in exchange for labor and services did not involve the offer or sale of securities under [the Howey test],\u201d the filing read.<\/p>\n

However, Ripple\u2019s chief legal officer, Stu Alderoty, believes the judge made the correct decision based on the law, he said on a recent episode of\u00a0TechCrunch\u2019s Chain Reaction podcast, adding:<\/p>\n

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\u201cWe think the judge got that right, and we think that was a faithful application of the law, and I think a court of appeals will not only affirm that but maybe even amplify that to even a greater extent.\u201d\u00a0<\/p>\n<\/blockquote>\n

Even before the SEC’s intentions to appeal to the decision, some had claimed that the summary judgment may not have a strong foundation and may not result in the desired change in the way the crypto industry is treated by the SEC.\u00a0<\/p>\n<\/p><\/div>\n