Ripple has announced a major achievement in the XRP ecosystem as the cryptocurrency has been officially approved for use within Dubai’s financial ecosystem by the Dubai Financial Services Authority (DFSA).
XRP Gets Greenlight in DIFC
Ripple revealed in an X (formerly Twitter) post on Thursday that XRP, the native token of the Ripple network has been accepted for use in Dubai, enabling licensed organizations in the Dubai International Financial Centre (DIFC) to utilize the token as a virtual asset service.
“The Dubai Financial Services Authority (DFSA) approved XRP under its virtual assets regime – allowing licensed firms in the Dubai International Financial Centre (DIFC) to incorporate XRP into their virtual asset services,” Ripple said.
XRP’s integration into Dubai crypto markets through the DIFC will unlock many advantages for the cryptocurrency, including bolstering its reputation after it dropped due to its legal battle with the United States Securities and Exchange Commission (SEC). The cryptocurrency will also benefit from legal and regulatory clarity while potentially opening regional payments and use cases on virtual assets on the XRP Ledger (XRPL).
The Chief Executive of Ripple, Brad Garlinghouse celebrated the launch of XRP into Dubai’s financial ecosystem and praised Dubai for its strong commitment to innovation and regulation of virtual assets.
“Dubai continues to demonstrate global leadership when it comes to the regulation of virtual assets and nurturing innovation. It’s refreshing to see the DFSA encourage the adoption and use of digital assets such as XRP to position Dubai as a leading financial services hub intent on attracting foreign investment and accelerating economic growth,” the CEO stated
Garlinghouse added, “Ripple will continue to double down on its presence in Dubai and we look forward to continuing to work closely with regulators to realize crypto’s full potential.”
Ripple Partners With The NBG
The National Bank of Georgia (NBG) has officially given its stamp of approval and accepted a partnership with Ripple for its Digital Lari (GEL) pilot project.
“We announce a partnership with the National Bank of Georgia (NBG) on the Digital Lari (GEL) pilot project. The pilot will leverage Ripple’s award-winning CBDC Platform to evaluate practical use cases & benefits for the public sector & businesses,” the company said in an X post.
The crypto firm achieved this success after following a strict selection process and was singularly shortlisted by the NBG to support its national digital currency using its CBDC platform as a testing technology to plan and execute the pilot program.
Vice President of Central Bank Engagements at Ripple, James Wallis welcomed the new partnership, stating that the NBG would greatly benefit from the power of its CBDC platform.
“By harnessing the power of the Ripple CBDC Platform, this pilot will pave the way for transformative advancements in the utilization of blockchain technology within the public sector,” Wallis stated.