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Ripple CBDC Head Makes the Case for Blockchain-Based Money
June 21, 2023
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Innovations that transform the world historically rest on revolutionary, but above all viable, use cases.

Utility is instrumental to adoption, and as money movement becomes increasingly digitized, central bank digital currencies (CBDCs) are one payment instrument that nations around the world are growing increasingly interested in investigating.

“There’s clearly an ecosystem building up around CBDCs,” James Wallis, VP of Central Bank Engagements at Ripple, told PYMNTS.

“Truly digital money that is blockchain-based opens up a whole load of new possibilities that are just not possible with traditional money,” he said.

But could CBDCs one day be as instrumental to payments as their proponents believe?

“These applications have to be of use,” explained Wallis. “They have to provide value to people or companies, and usability is a key theme.”

Boosting the case for usability is the fact that today’s digital economy, ironically, primarily rests upon a payment architecture created decades ago that was designed to support the settlement and transaction needs of fiat currency or physical money.

Those legacy systems are in need of a revamp in order to support new expectations around instant clearing and settlement, security, and ease of use.

21st Century Financial Infrastructure

Wallis says CBDCs are a “pretty important” topic for Ripple, and he sees them as being a “platform for innovation.”

Driving the pace of innovation, and key to its adoption, Wallis said, will be a seamless user experience combined with the real-world utility of actually using CBDCs to pay for retail goods, bills, utilities, etc.

“Without exception, every project we’re involved in has cross-border payments as one of the top topics that they want to improve — whether that’s remittances or trade flows,” he said.

Another area being investigated by more than 90 nations around the world is the viability of technical interoperability.

“When you think about the emerging world of DeFi [decentralized finance] and the innovation that’s going on around digital payments of all different sorts, the technology has to work. Users need to be able to take an asset from one chain to another,” Wallis noted.

Crucial to making this idea of interoperability a reality, he added, is “collaboration with the private sector.”

“We’re looking at the co-existence of a CBDC with other forms of digital payments, including stablecoins and crypto, as well as with lending protocols and the ability to leverage some of the DeFi aspects of [digital money],” Wallis said.

He emphasized that commercial banks “will be pivotal” to the CBDC landscape, not the least of which is due to interbank settlements using wholesale CBDCs.

Separately, Wallis believes that the digital wallets end-users will hold for using CBDCs will “come from financial services providers … a lot of them are realizing that and starting to lean in and become a part of the conversation.”

“Over 90% of countries have something going on in the CBDC space, and while there are different motivations one of the core ones is payment efficiencies. And for that to be a reality the CBDC needs to be able to interoperate with what exists today — people have to be able to go and buy coffee, make a payment for a good or a service,” Wallis said.

That’s why Ripple held its first CBDC Innovate™ Challenge in 2022 aimed at enterprise and individual developers, and designed to investigate the real-world use cases of CBDCs across a variety of payment occasions, from the big to the small, the global to the local. This year, applicants are invited to submit a CBDC application of their choosing.

The 2023 challenge has just begun and is now open for entries at https://ripplecbdc.devpost.com/.

“It’s not just about the central bank, or the commercial bank, it’s about any application that might be of use in the future,” Wallis said. “We’re looking to encourage developers to create applications that could be turned into commercial applications for central banks and commercial banks to enable business efficiencies.”

What Makes CBDCs Successful

While user experience is “critical,” Wallis explained that when thinking about what makes a CBDC successful or not, it comes down to three elements.

“One is obviously the policy side and the rules and guardrails established by the central bank and governments. Secondly is the technology, which has to do what it says [it will do] and provide the platform. The third is usability — the CBDC’s applications have to be of use to people, companies, and countries,” Wallis said.

He added that when working with Montenegro to launch that nation’s own CBDC or stablecoin, Ripple was able to lean on a new full stack solution called the Ripple CBDC Platform that is designed to provide central banks and commercial banks with “everything they need to manage and issue CBDCs.”

Ripple has a “vision called the Internet of Value,” where money movement becomes as easy and intuitive as sending an email or retrieving data from the internet.

An exciting part of realizing that vision, Wallis says, is a new CBDC project Ripple is working on in Hong Kong sponsored by the Hong Kong Monetary Authority.

“The use case [for the project] is around tokenized real estate, and it also has a DeFi lending protocol. All the different elements of Web3 are coming together, you have digital currency with the CBDC and you have the ability to tokenize property and take out loans against that through a DeFi protocol,” Wallis said.

He emphasized that innovative applications like this one are what he means when he describes CBDCs as “a platform for innovation.”

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Musk Turns On Starlink to Save Iranians from Regime’s Internet Crackdown

Elon Musk, the world’s richest man and a visionary behind SpaceX, has flipped the switch on Starlink, delivering internet to Iranians amid a brutal regime crackdown.

This move comes on the heels of Israeli strikes targeting Iran’s nuclear facilities, as the Islamic Republic cuts off online access.

The former Department of Government Efficiency chief activated Starlink satellite internet service for Iranians on Saturday following the Islamic Republic's decision to impose nationwide internet restrictions.

As the Jerusalem Post reports, that the Islamic Republic’s Communications Ministry announced the move, stating, "In view of the special conditions of the country, temporary restrictions have been imposed on the country’s internet."

This action followed a series of Israeli attacks on Iranian targets.

Starlink, a SpaceX-developed satellite constellation, provides high-speed internet to regions with limited connectivity, such as remote areas or conflict zones.

Elizabeth MacDonald, a Fox News contributor, highlighted its impact, noting, "Elon Musk turning on Starlink for Iran in 2022 was a game changer. Starlink connects directly to SpaceX satellites, bypassing Iran’s ground infrastructure. That means even during government-imposed shutdowns or censorship, users can still get online, and reportedly more than 100,000 inside Iran are doing that."

During the 2022 "Woman, Life, Freedom" protests, Starlink enabled Iranians to communicate and share footage globally despite network blackouts," she added.

MacDonald also mentioned ongoing tests of "direct-to-cell" capabilities, which could allow smartphone connections without a dish, potentially expanding access and supporting free expression and protest coordination.

Musk confirmed the activation, noting on Saturday, "The beams are on."

This follows the regime’s internet shutdowns, which were triggered by Israeli military actions.

Adding to the tension, Israeli Prime Minister Benjamin Netanyahu addressed the Iranian people on Friday, urging resistance against the regime.

"Israel's fight is not against the Iranian people. Our fight is against the murderous Islamic regime that oppresses and impoverishes you,” he said.

Meanwhile, Reza Pahlavi, the exiled son of Iran’s last monarch, called on military and security forces to abandon the regime, accusing Supreme Leader Ayatollah Ali Khamenei in a Persian-language social media post of forcing Iranians into an unwanted war.

Starlink has been a beacon in other crises. Beyond Iran, Musk has leveraged Starlink to assist people during natural disasters and conflicts.

In the wake of hurricanes and earthquakes, Starlink has provided critical internet access to affected communities, enabling emergency communications and coordination.

Similarly, during the Ukraine-Russia conflict, Musk activated Starlink to support Ukrainian forces and civilians, ensuring they could maintain contact and access vital information under dire circumstances.

The genius entrepreneur, is throwing a lifeline to the oppressed in Iran, and the libs can’t stand it.

Conservative talk show host Mark Levin praised Musk’s action, reposting a message stating that Starlink would "reconnect the Iranian people with the internet and put the final nail in the coffin of the Iranian regime."

"God bless you, Elon. The Starlink beams are on in Iran!" Levin wrote.

Musk, who recently stepped down from leading the DOGE in the Trump administration, has apologized to President Trump for past criticisms, including his stance on the One Big Beautiful Bill.

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GENIUS Act lets State banks conduct some business nationwide. Regulators object

The Senate passed the GENIUS Act for stablecoins last week, but significant work remains before it becomes law. The House has a different bill, the STABLE Act, with notable differences that must be reconciled. State banking regulators have raised strong objections to a provision in the GENIUS Act that would allow state banks to operate nationwide without authorization from host states or a federal regulator.

The controversial clause permits a state bank with a regulated stablecoin subsidiary to provide money transmitter and custodial services in any other state. While host states can impose consumer protection laws, they cannot require the usual authorization and oversight typically needed for out-of-state banking operations.

The Conference of State Bank Supervisors welcomed some changes in the GENIUS Act but remains adamantly opposed to this particular provision. In a statement, CSBS said:

“Critical changes must be made during House consideration of the legislation to prevent unintended consequences and further mitigate financial stability risks. CSBS remains concerned with the dramatic and unsupported expansion of the authority of uninsured banks to conduct money transmission or custody activities nationwide without the approval or oversight of host state supervisors (Sec. 16(d)).”

The National Conference of State Legislatures expressed similar concerns in early June, stating:

“We urge you to oppose Section 16(d) and support state authority to regulate financial services in a manner that reflects local conditions, priorities and risk tolerances. Preserving the dual banking system and respecting state autonomy is essential to the safety, soundness and diversity of our nation’s financial sector.”

Evolution of nationwide authorization

Section 16 addresses several issues beyond stablecoins, including preventing a recurrence of the SEC’s SAB 121, which forced crypto assets held in custody onto balance sheets. However, the nationwide authorization subsection was added after the legislation cleared the Senate Banking Committee, with two significant modifications since then.

Originally, the provision applied only to special bank charters like Wyoming’s Special Purpose Depository Institutions or Connecticut’s Innovation Banks. Examples include crypto-focused Custodia Bank and crypto exchange Kraken in Wyoming, plus traditional finance player Fnality US in Connecticut. Recently the scope was expanded to cover most state chartered banks with stablecoin subsidiaries, possibly due to concerns about competitive advantages.

Simultaneously, the clause was substantially tightened. The initial version allowed state chartered banks to provide money transmission and custody services nationwide for any type of asset, which would include cryptocurrencies. Now these activities can only be conducted by the stablecoin subsidiary, and while Section 16(d) doesn’t explicitly limit services to stablecoins, the GENIUS Act currently restricts issuers to stablecoin related activities.

However, the House STABLE Act takes a more permissive approach, allowing regulators to decide which non-stablecoin activities are permitted. If the House version prevails in reconciliation, it could result in a significant expansion of allowed nationwide banking activities beyond stablecoins.

Is it that bad?

As originally drafted, the clause seemed overly permissive.

The amended clause makes sense for stablecoin issuers. They want to have a single regulator and be able to provide the stablecoin services throughout the United States. But it also leans into the perception outside of crypto that this is just another form of regulatory arbitrage.

The controversy over Section 16(d) reflects concerns about creating a regulatory gap that allows banks to operate interstate without the oversight typically required from either federal or state authorities. As the two Congressional chambers work toward reconciliation, lawmakers must decide whether stablecoin legislation should include provisions that effectively reduce traditional banking oversight requirements.

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If you find value in my content, consider showing your support via:

💳 PayPal: 
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Dubai regulator VARA classifies RWA issuance as licensed activity
Virtual Asset Regulatory Authority (VARA) leads global regulatory framework - makes RWA issuance licensed activity in Dubai.

Real-world assets (RWAs) issuance is now licensed activity in Dubai.

~ Actual law.
~ Not a legal gray zone.
~ Not a whitepaper fantasy.

RWA issuance and listing on secondary markets is defined under binding crypto regulation.

It’s execution by Dubai.

Irina Heaver explained:

“RWA issuance is no longer theoretical. It’s now a regulatory reality.”

VARA defined:

- RWAs are classified as Asset-Referenced Virtual Assets (ARVAs)

- Secondary market trading is permitted under VARA license

- Issuers need capital, audits, and legal disclosures

- Regulated broker-dealers and exchanges can now onboard and trade them

This closes the gap that killed STOs in 2018.

No more tokenization without venues.
No more assets without liquidity.

UAE is doing what Switzerland, Singapore, and Europe still haven’t:

Creating enforceable frameworks for RWA tokenization that actually work.

Matthew White, CEO of VARA, said it perfectly:

“Tokenization will redefine global finance in 2025.”

He’s not exaggerating.

$500B+ market predicted next year.

And the UAE just gave it legal rails.

~Real estate.
~Private credit.
~Shariah-compliant products.

Everything is in play.

This is how you turn hype into infrastructure.

What Dubai is doing now is 3 years ahead of everyone else.

Founders, investors, ecosystem builders:

You want to build real-world assets onchain.

Don’t waste another year waiting for clarity.

Come to Dubai.

It’s already here.

 

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If you find value in my content, consider showing your support via:

💳 PayPal: 
1) Simply scan the QR code below 📲
2) or visit https://www.paypal.me/thedinarian

🔗 Crypto – Support via Coinbase Wallet to: [email protected]

Or Buy me a coffee: https://buymeacoffee.com/thedinarian

Your generosity keeps this mission alive, for all! Namasté 🙏 Crypto Michael ⚡  The Dinarian

 

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