As is known, the RippleNet platform, managed by Ripple, is used to send cryptocurrencies anywhere in the world and make cross-border transfers.
Therefore, the RippleNet system is seen as a direct alternative to the SWIFT banking system.
At this point, while some argue that Ripple can replace SWIFT, others argue that Ripple is not an alternative to SWIFT.
While the fight for dominance between Ripple and SWIFT continues, this rivalry has been reignited by a comment made by SWIFT CIO Tom Zschach about XRP.
Tom Zschach’s criticisms began with a discussion on LinkedIn, where a user praised Ripple’s resistance to regulation.
Zschach stated that the SEC case’s decision in favor of Ripple is not a sign of resilience or confidence, saying, “Surviving lawsuits is not resilience.”
The SWIFT CIO went further, arguing that institutions would not support public blockchains operated by private companies like Ripple, preferring neutral platforms like SWIFT.
The famous CIO also expressed his doubt that banks would be happy or hesitant to use XRP because it is not a regulated currency and is not included in bank balance sheets.
In response to Zschach’s comments, Osama E., Agile Lead at Sharkforce Consulting, argued that XRPL stands out as one of the most thoroughly tested blockchains in the industry. He emphasized Ripple’s long-standing focus on compliance and regulatory engagement.
He noted that XRP has evolved over nearly five years of intense legal scrutiny, making it unique among public blockchains.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/swift-chief-executive-targets-xrp-banks-wont-use-xrp/
