<p>Ripple is not used by financial institutions. Some banks have signed up for a pilot of the blockchain technology offered by the same company, but they are not using nor have any incentive to use the crypto currency. </p>

<p>Blockchain technology could improve the speed and transparency of international bank transfers.</p>

CC BY-SA 4.0
2018-05-23T01:10:40.533Z
Thank you @jaamor, though what I meant to write is they use the ripple blockchain, and what they use as currency is obviously not fiat. sorry but I've edited my question BTW is a bank not a financial instttn?
Glint
CC BY-SA 4.0
2018-05-23T20:12:28.227Z
Banks are FIs. From my understanding blockchain use is mostly in proof of concept stage rather than mainstream adoption right now.
jaamor
CC BY-SA 4.0
2018-05-19T14:16:20.610Z
2018-05-19T14:16:20.610Z
jaamor
<p>I've heard that blockchain technology has been used extensively by financial institutions when making international transactions to eachother, with speed and transparency and cryptographic security being financial incentives. How could the same practice be used profitably by countries/states, nations, or individuals, not just banks?</p>

<p>For instance, could the UK avoid tariffs on trade with EU countries after Brexit by trading with a "tangle" technology pegged to gold?</p>

<international-trade><international-economics><cryptocurrency>
Why do large financial institutions make international transactions in digital currency?
Glint
# Why do large financial institutions make international transactions in digital currency?

(Asked by: username_0 on 2018-05-18)

I've heard that blockchain technology has been used extensively by financial institutions when making international transactions to eachother, with speed and transparency and cryptographic security being financial incentives. How could the same practice be used profitably by countries/states, nations, or individuals, not just banks?

For instance, could the UK avoid tariffs on trade with EU countries after Brexit by trading with a "tangle" technology pegged to gold?

**Tags:** international-trade, international-economics, cryptocurrency


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## 1 answers

### Answer by username_1 on 2018-05-19. Score: 0

Ripple is not used by financial institutions. Some banks have signed up for a pilot of the blockchain technology offered by the same company, but they are not using nor have any incentive to use the crypto currency.

Blockchain technology could improve the speed and transparency of international bank transfers.

> **Comments:**
> **username_0**: Thank you @username_1, though what I meant to write is they use the ripple blockchain, and what they use as currency is obviously not fiat. sorry but I've edited my question BTW is a bank not a financial instttn?  
> **username_1**: Banks are FIs. From my understanding blockchain use is mostly in proof of concept stage rather than mainstream adoption right now.  

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