Ripple, a global payment solutions company, recently made an announcement regarding the approval of its XRP token under the Dubai Financial Services Authority’s (DFSA) virtual assets regime. This approval signifies that virtual asset firms within the Dubai International Financial Centre (DIFC) area, a prominent economic zone and financial hub in the United Arab Emirates, can now utilize XRP. Brad Garlinghouse, the CEO of Ripple, expressed his enthusiasm, stating how refreshing it is to see the DFSA encouraging the adoption and use of digital assets such as XRP. Furthermore, Garlinghouse emphasized Ripple’s commitment to establishing a strong presence in Dubai and its willingness to collaborate closely with regulators to unlock the full potential of cryptocurrencies.
XRP Joins the Approved Cryptocurrencies
In addition to XRP, the DFSA had previously approved Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) back in November 2022. Alongside XRP, the approval for Ripple’s CBDC Platform included Toncoin (TON). Ripple had previously outlined its plans to expand in Dubai, which is now materializing with the selection of the DIFC as its Middle East and North Africa (MENA) headquarters. Notably, approximately 20% of Ripple’s customer base is already situated in the MENA region.
Ripple Chosen as Technology Partner by National Bank of Georgia
Simultaneously, Ripple disclosed that the National Bank of Georgia has selected the company as its official technology partner for the digital lari pilot project. This partnership with Ripple was chosen from a pool of nine other candidates. The project will now transition into a pilot phase, involving live testing and experimentation. Rather than utilizing the XRP token, the project will implement a tokenized version of the Georgian lari (GEL). Nevertheless, Ripple’s CBDC Platform, powered by the XRP Ledger (XRPL), will be utilized for central bank digital currencies. The pilot program aims to explore potential applications of the digital lari in the public sector, business, and general retail usage. Ripple announced that similar pilot programs have been established with governments in five other regions, including Bhutan, Palau, Colombia, Montenegro, and Hong Kong. Moreover, the company is currently engaged in discussions with over 20 other countries regarding potential partnerships and collaborations.
Ripple’s recent announcement regarding XRP’s approval by the DFSA is a significant milestone for both the company and the cryptocurrency industry as a whole. This approval allows virtual asset firms within the DIFC area to leverage the benefits of XRP in their operations. Additionally, Ripple’s selection as the National Bank of Georgia’s technology partner further solidifies the company’s position as a leader in the adoption and implementation of blockchain technology for central bank digital currencies. As Ripple continues to expand in Dubai and establish partnerships with various countries globally, the potential for cryptocurrencies, particularly XRP, to reshape the financial landscape becomes increasingly evident. The developments in Dubai serve as a testament to the growing acceptance and integration of digital assets in the traditional financial sector.