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This from Wam. thanks for @chinicci for bringing it to our attention. Similar news was published before but this is from a trusted source.

Establishing this currency could pave the way to a unified monetary policy and establishing a trading zone away from the dollar/euro

This can be achieved, but it will create alot of political issues with the US. I strongly believe they are moving to crypto to reduce fees, utilizing blockchain, specifically for direct trading between the two countries, I don't think the international trading pairs would be touched

"The virtual currency relies on the use of a distributed database between the central banks and the participating banks from both sides. It seeks to safeguard customer interests, set technology standards and assess cybersecurity risks. The project will also determine the impact of a central currency on monetary policies."

I agree, the international trading pairs won’t be touched initially and the implementation of blockchain is mainly done for the reduction of cross border transfer fees

But bear in mind that it will also bypass Swift which is the first step into de-pegging from the USD and the petrodollar

Now am wondering if companies like Ripple, would build customized solutions, to create a settlement layer, with a different currency.

I’m sure they would

something like xRapid, but without xrp. With a different currency

They’re already working with 2 banks here in Saudi and banks in the UAE and Kuwait

No mention of XRP though

But they’re providing DLT solutions

If they did that, that would be the end of xrp

ya stuff like xCurrent is currently being used

no puns intended

I’m sure XRP will have its place in whatever system Ripple builds

lets wait and see

Ripple labs provide fintech solutions to many entities and in the case of GCC they will only build the infrastructure for cross border trade

Ya all am saying is, if Ripple created similar solutions to xRapid (the only solution that utilizes XRP among Ripple solutions) using private currencies, like the one being created between UAE and Saudi arabia, it would scare away alot of investors.

Let’s wait and see how this plays out

Very interesting times

We are either the smartest or the most dumb

crypto investors

If every crypto investor took some time to educate the people around him/her , i wonder where we would be right now

Sheep will be sheep

So I’m waiting for the sweet moment when I’m proven right so I can rub it in their face, that would be better than a 1000x on my portfolio

Welcome and Goodbye!

السلام عليكم ممكن شرح مختصر ومبسط عن المشروع

شرح مصور و مفصل عن المشروع

مشكور يعطيكم العافية

الله يعافيك 😊

وأخيرا تم نشر المقال الخاص ب Elastos carrier بالعربية