After the announcement that the National Bank of Abu Dhabi (NBAD) announced to use Ripple’s platform for payments, and after latest China decision to ban all cryptocurreny activity, it is interesting that businesses this bank operate with like banking, corporate, wholesale etc, are spread in China too!
And NBAD is expanding abroad having set up a regional financial base in India in 2015 and expanding into Kuala Lumpur, Hong Kong, China and South Korea.
Ripple previously announced partnerships with Kringsri (Bank of Ayodhya PCL) – one of the largest banks in Thailand, Santander and MoneyGram.
Last year, representatives from the PBoC visited Coinbase and Ripple as a research delegation. The purpose was to discuss the significant issue of cryptocurrency. Local news outlet Sohu reported that the visit to various San Francisco fintech startups was part of a mission to understand US approaches to blockchain regulation.
Through this mutual communication, the delegation members reached a number of effective and valuable conclusions [on fintech regulatory approaches].
Ripple’s official Twitter account also mentioned the delegation’s visit.
— Ripple (@Ripple) August 28, 2017
RUMORS OF CHINESE ACCEPTANCE
However, since then Ripple and the PBoC have been silent. But yesterday, a redditor named Panosmek posted a link to an article on the website Coinsforest. The article talks about the People’s Bank of China announcing a fintech project using Ripple technology:
The bank revealed that it will incorporate Ripple technology into international settlement in the future.
Although only rumors, for now, such plans would not be completely far-fetched, since other Asian banking giantsare also adopting Ripple’s technology into their processes. Do you believe the PBoC will adopt Ripple’s solutions? Leave your opinion in the comments!