The Uruguayan Central Bank Registers Ripple Collaborate as a Money Transfer Company


A document from the Central Bank of Uruguay that mentions Ripple seven times is now making quite a stir in the XRP community.

The document dates back to March 7, 2022, although it was reportedly placed on the website of the Central Bank of Uruguay (BCU) less than a week ago, where it may still be accessible.

First, a member of the XRP community from Uruguay, Rafael Aguiar Menéndez, reported the news, which was then shared by Alpha Lions Academy’s CEO, Edo Farina.

The precise function of Ripple remains unknown. The document discloses that the Central Bank registered LATAM SOFTWARE S.A.S. as a “money transfer firm” and gave it permission to outsource services expressly to Ripple.

As a result of a study conducted by BCU’s Superintendence of Financial Services and signed by Patricia Fabiana Tudisco Basignani, the following is stated:

That LATAM SOFTWARE S.A.S. has given all of the information necessary by the applicable rules in order to register as a money transfer firm.

In addition, it has provided the information and documentation required by the regulations governing the outsourcing of services, such as the updated Operational Continuity Plan, and contracts signed with Mati Technologies, Inc. and Ripple Services.

According to the paper, the Mexican business Mati Technologies satisfies the standards for the technical platform supplier for the customer registration procedure.

The BCU grants LATAM SOFTWARE S.A.S permission to use the RippleNet platform according to an agreement with Ripple Services Inc. The objective is characterized as an information exchange between correspondents.

In addition, the document indicates that BCU approved LATAM SOFTWARE S.A.S. to outsource services to Ripple Services, Inc. in compliance with the Ripple Master Hosted Services Agreement signed on March 12, 2021.

The repercussions can only be speculated upon at this time. Wrathof Kahnemann, a prominent member of the XRP community, explained: “Upon additional investigation, it seems they aim to contract with Ripple exclusively for messaging/data, not ODL.”

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