Opinion: Banks oppose the use of XRP due to factors such as transaction privacy, cost and alternatives

On September 16th, James Sangalli issued a message in Medium, trying to explain why banks are now opposed to using XRP as the base currency and want to use other payment solutions developed by Ripple. He mentioned that privacy is a factor in many banks avoiding XRP. When using Ripple's xRapid to incorporate XRP into cross-border transactions, the transaction is not private, which means that other competitors' banks can track the bank's trading activity and volume. No bank wants this – especially if it is a big bank. In addition, using XRP is more costly for banks than with other alternatives. R3's Corda platform is an inexpensive alternative. In addition, with this option, banks can choose to keep the privacy of the transaction. Although banks seem to be friendly to blockchain technology and cryptocurrencies, they are still secretly stifling their development. In fact, as he pointed out, banks often close customer accounts that appear to be cryptographic.