12-8-2025 – A recent working paper from the Central Bank of Malaysia (CBM) has identified XRP and Bitcoin (BTC) as potential substitutes for bank deposits and currency in circulation, sparking debate. The document, exploring modern money and central bank digital currency (CBDC) frameworks, suggests these digital assets could gain traction as payment methods outside traditional banking if widely adopted.
However, the paper tempers this outlook, highlighting the lack of a stable value anchor and fragmentation risks as barriers to their integration into the current system. It also notes that decentralized crypto platforms require significant liquidity for cross-currency payments, lacking the flexibility of centralized balance sheets. Despite this cautious stance, the inclusion of XRP alongside BTC has reignited online discussions, with supporters praising its recognition while critics question the analysis’s independence.
Social media reactions vary, with X user Casey Delaney viewing XRP’s mention as a milestone, while others, including one citing a study dismissing BTC and Ethereum’s payment potential, faced backlash. A user also suggested the CBM’s conclusions may reflect influence from the IMF or World Bank rather than independent research.
