A recent post by Jake Claver suggesting XRP's compliance with ISO 20022 has sparked vigorous debate among experts and the crypto community.
Jake Claver's Claim on XRP's ISO 20022 Compliance
Jake Claver asserted that XRP prioritized adherence to the ISO 20022 standard, which he believes has created advantages for the network handling over $434 billion in transactions daily. He explained the concept of ISO as a universal financial messaging system enabling interoperability between global institutions.
Expert Opinions on XRP's Status
Experts and community members reacted swiftly to Claver's statement. Nik Bougalis, a former engineering director at Ripple, stated that ISO 20022 is a messaging standard and XRP itself does not comply. He likened the concept to comparing Bitcoin to compliance. Matt Hamilton, a former Ripple developer advocate, stated that nothing in the XRP Ledger codebase relates to ISO 20022, branding the compliance discussion as a farce.
RippleNet's Position and XRP's Role Regarding ISO 20022
RippleNet, Ripple's corporate payment system, is capable of supporting ISO 20022; however, XRP is not among digital assets fulfilling this criterion. XRP functions as a bridge currency for cross-border transactions within RippleNet, benefiting indirectly from the system's compliance.
The ongoing debate about XRP's compliance with ISO 20022 continues to incite disputes and split community opinions, yet experts confidently assert that XRP does not form part of this standard.
