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  • Lilly Mackani

Reports Suggest XRP to Be Included in CBDC Bill by Congress

In a groundbreaking turn of events, reports have emerged suggesting that XRP, the cryptocurrency linked with Ripple, could find itself at the center of the upcoming Central Bank Digital Currency (CBDC) bill put forth by the United States Congress. These developments come amid a whirlwind of activity surrounding CBDCs and the dynamic world of blockchain technology.

Ripple's foray into the political arena was recently witnessed as the Ripple team descended upon Capitol Hill for a series of crucial discussions with US lawmakers. In a bid to bring clarity to cryptocurrency regulations, Ripple CEO Brad Garlinghouse shared a group photo of their visit, emphasizing the necessity of direct interaction with elected officials actively involved in crafting cryptocurrency-related legislation.

Nevertheless, the Ripple team's presence in Washington, D.C. is just one part of a more comprehensive narrative. The US Federal Reserve, represented by a senior official from the New York Federal Reserve, made a bombshell announcement at the Singapore FinTech Festival. Startling many in the audience, it was revealed that the New York Fed has clandestinely been developing a "wholesale" CBDC specifically designed to expedite cross-border bank transactions. This revelation has ignited discussions regarding the role cryptocurrencies like XRP could play in the future of global finance.

A pivotal moment on the horizon is the House Financial Services Committee's decision to embark on a legislative markup pertaining to the issuance of a central bank digital currency. These proceedings, which commenced on a Wednesday, signal the government's keen interest in shaping the digital currency landscape and fostering innovation within the realm of financial technology.

Ripple Labs, renowned for its cryptocurrency XRP, has also taken a bold step towards transforming the real estate industry through tokenization. Antony Welfare, a central bank digital currency (CBDC) adviser at Ripple, has been vocal about the surging global interest in CBDCs and stablecoins. He has underscored Ripple's unwavering commitment to exploring pragmatic applications for these digital currencies, with a specific emphasis on tokenizing real estate assets.

During a fintech conference in Romania, Welfare unveiled a use case that melds the digital Hong Kong dollar (e-HKD), tokenized real estate, and finance lending protocols. This innovative pilot program aims to empower users to tokenize real estate assets and employ them as collateral for loans, all while leveraging Ripple's CBDC platform.

In its quest to tokenize real estate assets, utilizing blockchain technology and digital currencies, Ripple is poised to address the existing challenges plaguing the real estate sector.

In a parallel development in the cryptocurrency landscape, the Rencom Network has emerged with its native token RNT, powered by blockchain technology. Beyond offering tokens, the Rencom Network is a realm of empowerment and substantial rewards, transcending traditional properties and extending to everyday items such as bicycles and construction equipment. With ownership taking on a dynamic twist, Rencom Network enables seamless asset utilization and delivers rewarding outcomes.

Notably, the Rencom Network is rapidly expanding its footprint across over 130+ countries, including the United States of America. Adding another layer of significance to its recent accomplishments, an insider source within the network has confirmed that their native token RNT, which experienced an astonishing surge of more than 3000% in the past week, has been granted a non-security status by their legal team.

As the cryptocurrency and CBDC landscape continues to evolve, the inclusion of XRP in the CBDC bill could mark a pivotal moment in the integration of digital currencies into mainstream financial systems. With Ripple's commitment to innovation and the Rencom Network's rapid expansion, the world of blockchain and digital currencies is poised for an exciting and transformative future.Reports Suggest XRP to Be Included in CBDC Bill by Congress



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