There are two updates with Thailand and one of them is standing out at the moment. The first update pertains to the interest of Thailand in joining BRICS. The second update pertains to integrating Ripple’s XRP for seamless transactions across borders while also exploring the utility of blockchain technology. Both updates notably come at the same time, potentially to signal that Thailand is willing to test innovation within the region and balance relations with superpowers.
It is interesting to acknowledge that reports surfacing online have hinted at the role of Ripple behind BRICS Pay, wherein all the five countries of the association will adopt a mechanism to execute transitions within them. The talks between Ripple and Thailand include the Bank of Thailand. It was first reported by Armando Pantoja, one of the members of the crypto community.
Pantoja highlighted a copy of a letter by Ripple to relevant authorities, suggesting that a wider geopolitical interest is on the horizon. The letter essentially thanks its members for their participation in reaching a decision and ascertains a commitment to assist in architecting retail CBDC, that is, Central Bank Digital Currency. Ripple believes that one way to take this collaboration forward is by adopting a public-private partnership.
The move acknowledges predictions by giants like Amazon and Facebook about Ripple growing into a billion-dollar business.
XRP is up by 0.32% in the last 24 hours, listed at $0.4765. It further reflects a drop of 5.36% in the last 7 days and a decline of 10.87% in the last 30 days. The 24-hour trading volume has jumped by 24.39% – probably signaling that an uptrend could happen following the announcement.
The assumption is backed by near-term predictions, which estimate XRP to touch $0.588775 in the next 5 days and $0.579592 in the next 30 days. The monthly growth will roughly translate to a surge of 20.87% from the current value amid volatility of 3.67%. The 14-day RSI comes to 38.27 with prevailing sentiments of a bear run.
As for BRICS Pay, the platform for payment among Brazil, Russia, India, China, and South Africa could go live to cover the unbanked population in respective regions and facilitate seamless cross-border transactions. There is no official confirmation about Ripple’s participation from either side; however, Ripple is believed to be playing a backbone in the mechanism of BRICS Pay.
It will leverage the blockchain technology and native token of the Ripple Ecosystem. Advantages include faster transactions at lower costs and enhanced transparency. Michael Arrington from Arrington Capital even provided details of a transaction for $50 million. Michael shared that the transaction was executed in two seconds, and the cost involved was a maximum of 30 cents in fees.
Thailand’s integration with Ripple and an entry into BRICS may not be related to each other; however, they do hint at what Thailand is willing to do to advance in the segments of finance and technology.