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There is no encryption in the RCS standard, so of course no encryption.

The current state of affairs re encryption is an accident of history that I would bet doesn’t last much longer once Apple gets formally involved.

“Apple says it won't be supporting any proprietary extensions that seek to add encryption on top of RCS and hopes, instead, to work with the GSM Association to add encryption to the standard.”

https://www.techradar.com/phones/iphone/breaking-apple-will-...

I think so, but something makes me think they're not going to do it in a way that gives RCS users full parity with iMessage users.

Not encryption, apparently. And the blue iMessage bubbles indicate encryption, so RCS bubbles will be green.