Does This New Setback Make XRP a Sell?
In late March, Ripple announced a splashy expansion into Brazil. The company that issues XRP (CRYPTO: XRP) has brought its custody services, established stablecoin partnerships, and even plans to apply for a central bank license. Six weeks later, on April 30, Brazil's central bank published a resolution banning fintechs and payment businesses from using stablecoins or other cryptocurrencies to settle overseas remittances through its regulated electronic foreign exchange (eFX) system. The ban takes effect Oct. 1.
On the surface, this looks like a gut punch for Ripple, and by extension, for XRP, too. It's worth understanding the context of what actually happened here before rushing to sell the coin, so let's take a closer look.
Image source: Getty Images.
Source Fool.com
