HSBC Confirms That XRP Represents Central Bank Currencies

August 17, 2022 6:50 pm

HSBC just revealed in a new report where it confirms that that XRP actually represents central bank currencies.

This is a much different position than what regulatory agencies like the SEC have where they claim that XRP is a security.

HSBC is not the only major financial institution to make such a bold statement as other major banks also seem to have the same sentiment.

So far, Goldman Sachs, Wells Fargo, and now HSBC all classify XRP as a currency.

Within the report that HSBC has revealed, it is clear that the banks will continue to treat XRP as a currency no matter what government regulations say.

After all, the banks will often disregard what the government has to say if it is not in their best interest.

So far, it seems that all the major financial institutions like HSBC will go ahead and use distributed ledger technology.

The report goes on to analyze the trends that the capital markets are headed towards and confirms that DLT is definitely the direction that we are headed.

It explains the area that DLT really benefits is the payment space and specifically states Ripple’s XRP as an example in the report.

Ripple’s ability to provide real-time cross border statements is also shared.

But most importantly, the report says that Ripple’s XRP ledger uses “tokens that represent central bank currencies” which solidifies HSBC’s position on what XRP is considered.

With HSBC being onboard, XRP investors now have reasonable cause to also believe that there are many other financial institutions around the world that are also taking this position, but are just not revealing it publicly yet.

Join the conversation!

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.