- Representatives of Ripple had a virtual meeting with the President of the Central Bank of Brazil.
- The meeting was closed to the press and hence the agenda of the meeting is behind the clouds.
Brad – Robert Virtual Meet
The President of the Central Bank of Brazil, Robert Campos Neto’s Agenda of Authorities was accessed for the day 30 May 2020. And the meeting which raised eyebrows was that with the Ripple Team. According to the agenda, the President had a video conference meeting with the Ripple Team where the press had no access.
The Ripple team who participated in the meeting include,
Brad Garlinghouse (CEO), Ben Lawsky (Member of Board of Directors), Eric van Miltenburg (Senior VP, Global Operations) and Luiz Antonio Sacco (VP of Global Operations and General Director for Latin America).
The other participants of the meeting on behalf of Central Bank include Joao Manoel Pinho de Mello (Director of Financial System Organization and Resolution) and Otavio Riberio Damaso (Director of Regulation)
Ripple’s Subsequent Plans
Brazil has a huge immigrant population which in turn indicates that there are huge cross-border payments. Adding to the substance, Luiz Antonio Sacco in an interview had said that Brazil is a very important target market’s as it constitutes nearly 30% of the total volume transactions made via RippleNet.
Ripple early this year started its expansion in many countries and announced its partnerships with banks in brazil. Ripple’s payment solutions with on-demand liquidity were the main part of the development. It is believed that Ripple will launch a payment system for banks in November 2020.
Ripple v/s Swift – Which is better?
According to a report, global transaction volumes in Brazil have increased by 10% last year. However, the major part of the transactions is handled by Swift, Ripple’s competitor. Hence Ripple aims at cheaper transfer of money comparatively.
The Series C funding round of Ripple which fetched $200 million gave a big boost to the company. It cost of the cross border payments is believed to be very low, nearly 10% less than that of Swift. Therefore Ripple is on the verge to be an alternative payment system for Swift.
Wrapping it Up!!
The President of the Central bank of Brazil is a Blockchain enthusiast and visionary. Hence to make the payments easier for the people, some important discussions and decisions might have taken place behind closed doors.
Hence we need to wait and watch for any developments or announcements, either done from bank or Ripple.