Asheesh Birla, the SVP of Product and Corp Development at Ripple, has given positive comments about the recent statement released by the Consumer Financial Protection Bureau (CFBP) of the United States. 

The agency released a report in which they explain they consider Ripple’s products – including the XRP cryptocurrency – as a great way for financial organizations, individuals and firms to know the exact amount of funds recipients of remittances will receive before they are sent. 

On Twitter, Asheesh Birla stated that they are glad we all agree the current banking system is outdated. He went on saying that users and consumers from all over the world need and deserve transparency. This is why it is certainly important for the CFPB to recognize Ripple and the capabilities offered by its network. 

The XRP virtual currency can be used in order to reduce the costs and transaction times of traditional systems – including bank transfers or currency exchange. The XRP digital asset is great for providing liquidity to illiquid currency corridors that do not have enough liquidity. 

In the future, it may be possible to see more companies starting to use XRP and Ripple services in order to process cross border transfers and reduce costs. At the moment, there are over 300 companies connected to the RippleNet and enjoying Ripple’s solutions.