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Big news in the cryptocurrency world! Ripple cross-border payment access to mainland China and Hong Kong bank IDs, but...
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FX168 Financial News Agency (Asia Pacific) reported that Ripple has expanded its bank ID to mainland China and Hong Kong in the updated document. This update has attracted great attention from the cryptocurrency community, and the market is focusing on cross-border payments of XRP tokens issued by Ripple. However, some users clarified that this update did not authorize XRP tokens to conduct these transactions, but was limited to "US dollar" fiat currency transactions.
According to CoinMarketCap and TimesTabloid, the well-known cryptocurrency opinion leader Good Morning Crypto emphasized the importance of this change on Twitter to make the public more aware of the update. According to the tweet, before this update, Ripple's bank ID list was limited to banks in the Philippines.
The latest update to Ripple's corporate documents now lists the bank IDs of numerous financial institutions in mainland China and Hong Kong. These IDs are required when adding beneficiaries when initiating a batch payment file, especially when the beneficiary's bank is located in mainland China or Hong Kong.
Read more: China Intensifies Crypto Crackdown, Classifies Transactions as Money Laundering Tools
The list allows users to select the appropriate bank ID corresponding to the payee's bank, thereby facilitating smooth cross-border payments.
The addition of banks from China and Hong Kong marks a major expansion of the Ripple public blockchain network, potentially opening up new avenues for financial transactions between these regions and the rest of the world, according to reports.
The update expands the scope of the Ripple payment network, enabling institutions to transact with more banks across Asia. The inclusion of banks in mainland China and Hong Kong in the Ripple documents indicates that these markets are increasingly accepting of Ripple's payment infrastructure.
However, it is important to clarify the nature of the transactions involved. The list of banks provided in the update specifically concerns those that can receive payments in US dollars. This distinction is crucial because it indicates that the transactions enabled by these bank IDs have nothing to do with XRP, but involve the transfer of US dollars.
The update has sparked discussion in the cryptocurrency community, especially about the types of transactions supported. A user on Twitter (now renamed X) pointed out that the update did not authorize XRP for these transactions.
The user emphasized that the banks listed in the update only accept transfers involving US dollars, not XRP. This point is crucial to accurately understand the scope and limitations of the update.
The distinction between XRP and USD transactions is important, especially in the context of Ripple’s ongoing efforts to promote its digital asset XRP as a bridge currency for cross-border payments.
While Ripple’s payment network supports a wide range of currencies and assets, including USD, EUR, and others, this particular update specifically concerns USD transactions with the listed banks.
Read more: XRP Surges as Ripple Reveals Major Partnership in the UAE
As Ripple continues to expand its network and documentation, further updates and clarifications may emerge, especially regarding the use of digital assets such as XRP. For now, this update represents a significant step forward in Ripple’s mission to simplify cross-border payments and enhance global financial connectivity.
XRP did not receive much of a boost following the news, instead continuing to fall towards $0.5619, having accumulated a loss of more than 6% in 7 days.
Source: CoinMarketCap
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