BIS works with Ripple for a cross-border payment task force

BIS, in a summary of the PIE task force meeting held on 11 May and released on 9 August, outlines the task force's objective to enhance cross-border payments and align with the G20's quantitative targets for such transactions. The initiative falls under the purview of the BIS Committee on Payments and Market Infrastructure. 

The PIE task force, according to cointelegraph.com, aims to bolster cross-border payments by facilitating improved access to payment systems, extending operational hours of these systems, and establishing connections between diverse payment infrastructures. This entails linking application programming interfaces and various messaging aspects. 

Ripple, collaborating alongside entities such as Mastercard and SWIFT, aspires to contribute to the BIS mission of refining the interoperability of cross-border payments through its involvement in the task force. BIS underscores the necessity for global coordination and collaboration among stakeholders from both the public and private sectors to facilitate enhancements in payment systems. 

Concurrently, concerning the ongoing legal dispute involving the United States Securities and Exchange Commission (SEC) and Ripple Labs, a recent development reveals that the SEC is seeking an interlocutory appeal. Cointelegraph clarified that, on 9 August, the SEC dispatched a letter to the presiding judge of the case, expressing the view that the court's decision warrants reconsideration by an appellate court. The SEC asserts the necessity for a review, advocating for a fresh assessment even while the case remains unresolved.

Other developments from Ripple

In July 2023, Ripple has entered a collaboration with the Republic of Palau to introduce the Palau Stablecoin (PSC), a cryptocurrency pegged to the US Dollar. This stablecoin will be launched on the XRP Ledger (XRPL), a blockchain known for its carbon-neutral operations and a long track record of securely processing numerous transactions. 

This ledger ensures both the confidentiality and safety required for the efficient settlement and liquidity of tokenized assets. The implementation of the pilot program will be carried out in several stages. In its initial phase, approximately 200 government employees and local businesses in Palau will take part.

In the same month, Ripple revealed its plans to obtain regulatory approval in the United Kingdom following a partial victory against the US SEC. 

Ripple has applied to become registered as a crypto asset company with the United Kingdom’s Financial Conduct Authority (FCA). It is also trying to obtain a payments licence in Ireland as part of its regional investment campaign. The move comes in the context of the US SEC cracking down on crypto and blockchain companies, including Binance and Coinbase.