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Ripple and the Brazilian central bank are holding a closed meeting to discuss “institutional issues”.

June 3, 2020

Ripple, the company affiliated with Cryptocurrency XRP, On May 30, he had a closed-door meeting with the Brazilian central bank to discuss “institutional issues”.

According to the financial institution’s website, its president, Roberto Campos Neto, had a video conference with Brad Garlinghouse, CEO of Ripple, and three other representatives of the cryptocurrency company.

There are few details about the lecture since it was closed to the media.Although the website mentions “institutional issues” as the general purpose of the meeting.

Wave plans in Brazil

Ripple and the Brazilian central bank are holding a closed meeting to discuss “institutional issues”.Ripple and the Brazilian central bank are holding a closed meeting to discuss “institutional issues”.

Ripple’s ambitious plans, particularly for Latin America and Brazil, were published last June. When the company opened an office in Sao Paulo to expand across the continent.

Transfer markets are Ripple’s primary concern as they are designed to facilitate cross-border payments using the XRP cryptocurrency. The transfer streams from Brazil amount to USD 2.5 billion, making the local market a desirable destination for the cryptocurrency company.

In December 2019, Luiz Antonio Sacco, CEO of Ripple in Brazil, who was also present at the recent meeting with Neto, announced the company’s intention to strengthen partnerships with banks and other institutions in Brazil by 2020.

Until now, Ripple has alliances with at least three major local players: Santander, Bradesco and Banco Rendimentovia the blockchain-based financial services network RippleNet.

Push for adoption

Recently, The role of Ripple and XRP in transfers between countries has been recognized by the United States Department of Financial Consumer Protection. Although the agency is skeptical that XRP will find wide acceptance in the near future.

In April, the cryptocurrency company’s partner and investor, Japanese financial giant SBI Holdings, announced plans to integrate ripple-based ATM payments in Japan.