Ripple Dropped from BIS Cross-Border Payments Task Force After XRPL Paper
Ripple is no longer part of a Bank for International Settlements (BIS) task force that it joined in 2023. The confirmation comes after a BIS paper on XRP Ledger (XRPL) sparked questions among crypto industry observers.
The BIS paper, published in September, described a prototype data-verification system built on XRPL and tested on the network's DevNet. It highlighted XRPL's low fees, fast finality, available developer resources, and existing technical analysis of its consensus protocol as reasons for choosing it.
Ripple holds tens of billions of XRP, uses the token in payment services, and has commercial interests tied to XRPL adoption. The company confirmed that it is no longer involved in any partnerships or working groups with the BIS, including the Cross-border Payments Interoperability and Extension (PIE) task force.