Siam Commercial Bank goes back on its word; says it has ‘no plan on using XRP’

One of Thailand’s oldest banks, Siam Commercial Bank, made news after it previously hinted at the use of XRP token, via a tweet from their official Twitter handle. However, the tweet was deleted a few hours later, with the bank later issuing another statement which said that SCB will not be using XRP, as of now.

The tweet read,

“We are so sorry for the previous information of the previous post. As of now we have no plan on using XRP.”

There was a lot of confusion regarding the same, after users had questioned the bank if they were using XRP for cross-border payments. The bank had always replied vaguely, saying that they would inform users, if and when, they planned to use XRP. The vague-worded statement was followed up by a tweet, confirming the use of XRP.

Siam Commercial Bank is known to have ties with Ripple, since they’ve also conducted a pilot test on the use-case of XRP in cross-border payments. Apart from the bank, Ripple has already made massive progress when it comes to cross-border payments and partnerships with banks and financial institutions around the world.

Ripple has partnered with over 300 institutions, some of which include Japan’s SBI Holdings, which has shown massive interest in cryptocurrencies and blockchain technology to improve the payments system in Japan.

The price of XRP rose by approximately 9% over a few hours, after Siam Commercial Bank’s initial announcement. The rise in the price could also be attributed to the combined efforts of SCB’s announcement and the rumor surrounding Ripple and Money Gram.

The confusion regarding the use of XRP for cross-border payments mainly arises due to the lack of regulatory clarity around the same. This has caused a lot of institutions to shy away from using cryptocurrencies for cross-border payments.

A Twitter user, @fudcrusher, commented,

“This. I think somebody in their social media team is in trouble for spilling the beans early, and that this is a retraction.”

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