Ben “BitBoy” Armstrong argues that ISO 20022, the worldwide commonplace for payments-related monetary data, was developed with XRP in thoughts.
The crypto YouTuber made the assertion just lately throughout an change with Sam Dodson, the host of “To The Lifeboats” podcast.
ISO 20022 Developed for XRP?
The dialogue began with Armstrong admitting that there’s nothing like ISO 20022 cash, indicating that classifying cryptocurrencies as ISO 20022-compliant is totally false. He revealed that he initially believed this idea however later found it was incorrect.
Nonetheless, he emphasised that XRP is the one cryptocurrency that ought to be categorized as an ISO 20022 coin. Armstrong’s commentary triggered a response from Sam, who argued that there’s nothing like “ISO 20022 Coin.”
He urged that the ISO 20022 idea just isn’t a crypto classification system however a messaging commonplace for monetary transactions. In keeping with Sam, cryptocurrencies like XRP can determine whether or not to adjust to the ISO 20022 commonplace. Nonetheless, Sam indicated that compliance doesn’t confer the asset with the title of ISO 20022 Coin.
Apparently, Armstrong accepted this rationalization however maintained that the system was “constructed with XRP in thoughts.” This place argues that the builders of ISO 20022 constructed the worldwide messaging system to align with XRP’s know-how.
Ripple CTO Confirms XRP Has No Relationship with ISO 20022
The ISO 20022 commonplace goals to bolster digital messaging between monetary establishments. It modernizes how establishments can ship payment-related messages. This initiative was launched within the early 2000s and has recorded large success within the conventional monetary sector.
Although ISO 20022 was developed for conventional monetary establishments, crypto-related entities, together with Ripple, have built-in with the system. Notably, Ripple grew to become a member of the ISO 20022 commonplace in 2020.
By means of its membership, the corporate permits RippleNet shoppers to attach with a community of world monetary establishments via a unified API for counterparty transactions. This connection permits RippleNet to make the most of the identical messaging commonplace that different outstanding monetary establishments have adopted.
Though Ripple is an ISO 20022 member, XRP just isn’t obligated to adjust to the messaging commonplace. Notably, Ripple CTO David Schwartz confirmed that XRP has no relationship with ISO 20022.
