Is XRP Utilized By The Swiss Central Bank Via R3? Expert Weighs In

Following Switzerland’s announcement at the Sibos 2023 conference in Toronto about live transactions with a CBDC (Central Bank Digital Currency) taking place by the end of the year, the XRP community is currently shrouded in a web of claims, counter-claims, and expert explanations.

A community member, known by the handle @Rohitku24694375, delivered a striking assertion via X (formerly Twitter), claiming that the Swiss Central Bank is leveraging XRP as a settlement token through the R3 network.

The user purportedly discovered a screenshot of the code which he believes reveals the usage of the token in the Swiss CBDC’s financial machinations, stating unequivocally: “Swiss Central Bank uses R3 Corda DLT for CBDC + R3 Corda settlement code with XRP.”

Expert Debunks The XRP Rumor

While this speculation generated significant buzz, with others such as Chad Steingraber sharing the rumor: “R3 Corda Settler code which shows the hooks into an XRP Oracle alongside SWIFT,” the facts behind the rumor point to misinformation.

Moonchaser, a well-respected figure within the community, countered the aforementioned claims, stating emphatically:

Dear Community. Let’s clear up this R3 Corder Settler using XRP false and misinformed narrative once and for all. R3 is NOT using XRP or the XRPL for that matter. R3’s Corda uses the XDC Network and XDC is their primary settlement token.

Moonchaser went on to elucidate the historical context, reminding the community of the 2018 announcement regarding R3’s Corda and Ripple partnership. This, however, was merely a proof of concept that didn’t see realization, leading to litigation between R3 and Ripple. The conclusion of this lawsuit was confidential, resulting in both entities refraining from referencing one another.

She further underscored the involvement of SBI Group, a significant stakeholder in both R3 and Ripple. Back in 2016, Ripple Labs and SBI Holdings formed the joint venture SBI Ripple Asia, which aims to establish the “Internet of Value” in Japan and other Asian regions. In January 2019, SBI ushered in SBI R3 Japan, a collaborative entity with R3, aiming to foster Corda licenses and related initiatives in Japan.

Defining R3’s Corda, Moonchaser commented that R3’s Corda is a permissioned Distributed Ledger Technology platform that enables the building of applications that foster and deliver digital trust between parties in regulated markets. However, she emphasized that R3’s Corda utilizes its own proprietary XDC token as their primary settlement token.

Lastly, in a decisive stance, she affirmed:

I have spoken to those in the know and can definitively say that at this moment in time, R3’s Corda does not use XRP nor the XRPL for that matter. Besides the unavailability of any public information, there is also NO ACTIVITY.

Reiterating similar sentiments, community influencer Wrathof Kahneman noted: “I believe the Corda Settler product that used XRP as a settlement example has even been deprecated as they develop a new Corda SDK.”

At press time, XRP was trading at $0.48931 and has fallen -1.5% in the last 24 hours. After falling below the 200-day EMA (blue line) on Sunday, the price has dropped more than 6%.