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Ripple and Brazilian Central Bank hold a secret meeting

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Ripple and Brazilian Central Bank hold a secret meeting

Ripple, associated with the XRP cryptocurrency, held a secret meeting with Brazil’s central bank on May 30 to discuss “institutional issues”.According to the financial institution’s website, it is stated that a video conference was held with President Roberto Campos Neto, Ripple CEO Brad Garlinghouse and three other representatives of the crypto company.Although “corporate issues” are mentioned on the website as the general purpose of the meeting, there are very few details about the speech as the talks are closed to the media.

Ripple’s Brazilian Plans

Ripple’s passionate plans, especially for Latin America and Brazil, came out in June last year when the company opened a Sao Paulo office to expand across the continent.Remittance markets are Ripple’s primary interest as it aims to facilitate cross-border payments with XRP cryptocurrency. Brazil’s remittance flows worth $ 2.5 billion, making this local market volume a desirable target for the cryptocurrency company.In December 2019, Ripple’s Brazilian officer, Luiz Antonio Sacco, was also present at the last meeting with Central Bank President Neto and announced the company’s intention to develop partnerships with banks and other institutions in Brazil throughout 2020.To date, Ripple has formed alliances with at least three major local players, Santander, Bradesco and Banco Rendimento, through the blockchain-based financial services network RippleNet.

Efforts to Adopt

Recently, the role of Ripple and XRP in cross-border transfers has been accepted by the U.S. Consumer Financial Protection Bureau, but the agency remains skeptical about the widespread adoption of XRP in the near future.In April, the partner and investor of the crypto company, the Japanese financial giant SBI Holdings, announced its plans to integrate Ripple into ATMs in Japan .

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