Ripple CTO David Schwartz emphasized that the dollar dominance in global finance is slowly ending and fixedcoins can now have a say in this area.
David Schwartz, who is the CTO of Ripple, one of the leading companies in the crypto money world, hinted that the hegemony of the US dollar could end with his statements on his social media account. Schwartz said the role of the dollar as the leading currency in the international arena is shrinking. But, according to Schwartz, a single currency may not replace the US dollar, at least not soon.
Countries Are Releasing Fixedcoins, There Will Not Be A Single Leader
CTO Schwartz believes that although countries are rapidly making their way to launch their own digital currencies, one of them will not be able to become a global leader. In his statements, Schwartz mentioned that CBDCs will compete to become a global leader due to the increasingly widespread constantcoin rush. He argued that there is no need to be a single leader anyway, multiple digital currencies can play an important role.
The G20 Financial Stability Board published a roadmap for fixedcoins last week. In its report, the Board listed the advantages and disadvantages of fixedcoins. The G20 countries are working closely with the International Monetary Fund (IMF), the World Bank and other major financial players to develop a regulatory framework for digital central bank currencies.
While this example of harmonious work shows that a potential global wave of fixedcoin is spreading, many countries’ work on their own digital currency supports Schwartz’s thinking. As countries roll out their own fixedcoin, it may also become harder for someone to get ahead obviously internationally, at least for the near future.
“XRP Cannot Be The One Network”
David Schwartz underlined that the role of the dollar is getting smaller and smaller and that it should be a bridge for the new international trade order led by fixedcoins. Schwartz also mentioned the need for a neutral and non-intervention platform to act as a bridge for CBDC units and other fixedcoin types.
The ecosystem of many cryptocurrencies such as XRP or Stellar comes to mind for the platform that can act as a bridge. In his speech, Ripple CTO explained that he does not expect all payments to be monopolized by XRP.
“XRP Ledger cannot handle all payments in the world and I do not support only one network solution; it is not a realistic goal for me. People want different things and everyone has different problems. However, XRP can act as a center or backbone that provides fast solutions in the international arena. “