Malaysia Central Bank Paper Sparks Debate by Naming XRP and BTC as Monetary Alternatives
Main Idea
A working paper from the Central Bank of Malaysia identifies XRP and Bitcoin (BTC) as potential replacements for bank deposits in the future, though it downplays their prospects due to lack of stability and centralized intermediaries.
Key Points
1. The Central Bank of Malaysia (CBM) working paper suggests XRP and Bitcoin could replace bank deposits if widely adopted as payment methods outside the banking system.
2. The paper highlights the lack of a 'stable nominal anchor' and centralized intermediaries as key limitations for XRP and Bitcoin.
3. Decentralized crypto platforms require large liquid balances to facilitate payments across different cryptocurrencies, according to the paper.
4. The mention of XRP alongside Bitcoin in the paper sparked social media debates, with some users praising XRP's recognition by central banks.
5. A social media user speculated that the paper's conclusions may reflect external influences like the IMF or World Bank rather than an in-depth analysis of the cryptocurrencies' technical strengths.
Description
A recent working paper from the Central Bank of Malaysia has identified XRP and bitcoin as potential alternatives to traditional monetary and payment systems. Digital Assets Could Replace Bank Deposits A recent working paper from the Central Bank of Malaysia (CBM) has identified XRP alongside bitcoin ( BTC) as potential “alternatives to the current monetary
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