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The Bank for International Settlements (BIS) has introduced a cross-border payments interoperability and extension (PIE) task force, with Ripple, the blockchain-based digital payment network, being one of its notable participants. XRP, a cryptocurrency used by Ripple in its On-Demand Liquidity (ODL) solution, was recently classified as not a security. The BIS, an international financial institution owned by member central banks, released a summary of the PIE task force ’s meeting on May 11, which outlines the task force ’s commitment to enhancing cross-border payments and achieving the quantitative goals established by the G20 in this area. The BIS Committee on Payments and Market Infrastructures has announced the membership of its cross-border payments interoperability and extension task force . For further details, look here https://t.co/yDQmdOmp9m pic.twitter.com/8G9UpOaDtL — Bank for International Settlements (@BIS_org) August 9, 2023 The Financ...

With advances in scaling and interoperability, cryptocurrencies are more ready than ever for widespread adoption. With crypto gas prices dropping to lows after numerous recent innovations in scaling and interoperability across different chains, we can more vividly imagine a possible shift toward widespread crypto payment s. Crypto payments at scale are currently prevented by regulation, lack of understanding and mass adoption, as well as digital assets being used primarily for investment purposes. For starters, Satoshi Nakamoto’s original concept was steeped in the idea of peer-to-peer digital cash — that’s exactly what appears in the title of his 2008 Bitcoin white paper. Despite the initial excitement and deep conviction surrounding this pioneering system since its inception, the core idea quietly slipped through the cracks as our focus shifted to cryptocurrency as an investment. The often-expressed nostalgia for the famous white paper became overshadowed by this unintentional dev...