3 Good News For Crypto Investor / Ripple [XRP] gets listed on BitBay – Another milestone crossed /
Bitcoin Price Jumps $1K After Carney Tells G20 Crypto Does Not ‘Pose Risk’:-
Bank of England governor and head of the Financial Stability Board (FSB) Mark Carney told G20 members that cryptoassets “do not pose risks” to the world’s economy in a letter dated March 13, Reuters reported Sunday, March 18.
The letter was addressed to G20 Finance Ministers and Central Bank Governors, who will gather for the summit in Argentina starting Tuesday March 20. In it Carney dispels the idea that Bitcoin and other cryptocurrencies are having an adverse effect on financial security.
“Responding to the concerns of members, the FSB has undertaken a review of the financial stability risks posed by the rapid growth of crypto-assets,” the letter reads.
“The FSB’s initial assessment is that crypto-assets do not pose risks to global financial stability at this time. This is in part because they are small relative to the financial system.”
This week’s G20 summit has been a red letter day in the cryptocurrency industry for several months. As early as December 2017, international regulators and politicians signalled they would use the event to bring the topic of crypto regulation to the international stage, pushing for a coordinated future roadmap.
Carney has already appeared to move markets, with BTC/USD jumping by around $1,000 as the letter circulated Monday, March 19. Bitcoin is currently trading at an average of $8,300, up 7.25 percent in the 24 hours to press time.
Carney himself had also previously voiced the need for regulating rather than banning cryptocurrencies, despite claiming in February that Bitcoin had “failed” as a currency.
Compared to legacy debt, however, such new assets are no cause for concern, he now writes:
“Even at their recent peak, [cryptoassets’] combined global market value was less than 1% of global GDP. In comparison, just prior to the global financial crisis, the notional value of credit default swaps was 100% of global GDP.”
Going forward, he adds, the FSB “will identify metrics for enhanced monitoring of the financial stability risks” should usage of those assets continue to grow, “updating the G20 as appropriate.”
2.
Ripple Powered Mobile App to Provide On-Demand Domestic Payments in Japan:-
The Japan Bank Consortium will release a groundbreaking smartphone application called “MoneyTap”— powered by Ripple’s blockchain technology — to allow customers of the bank consortium to settle transactions instantly, 24 hours a day, seven days a week.
“MoneyTap” is the first mobile app of its kind to be developed and used by multiple, different banks in the country.
Three members of the Japan bank consortium: SBI Net Sumishin Bank, Suruga Bank and Resona Bank will be the first to go live on the mobile app in autumn of 2018. This will be followed by a staggered roll out to the rest of consortium.
The Japan bank consortium, led by SBI Ripple Asia, is comprised of 61 banks covering more than 80% of all banking assets in Japan. MoneyTap will have the potential to provide on-demand payments to the vast majority of the country through this consortium.
Flexibility with domestic payments is limited in Japan: transactions must occur on weekdays and between 8:30 am and 3:30 pm or risk delays.
While there are discussions to change the window on the current banking rail system to make it accessible 24 hours a day and seven days a week, the cost of implementing it would be high.
Blockchain powered domestic payments will speed transactions and lower costs
“MoneyTap” allows the bank consortium customers to make instant domestic payments and only requires a bank account, phone number, or QR code.
What’s more, MoneyTap helps shed the costs associated with existing banking and ATM fees that are currently applied to domestic money transfers in Japan, making those payments not just faster, but cost less overall.
“We are proud to leverage Ripple’s blockchain technology through our new mobile app, MoneyTap, to improve the payments infrastructure in Japan,” said Takashi Okita, CEO of SBI Ripple Asia.
“Together with the trust, reliability and reach of the bank consortium, we can remove friction from payments and create a faster, safer, and more efficient domestic payments experience for our customers.”
Ripple wants to revolutionize domestic and cross-border payments
3.
RIPPLE Ripple [XRP] gets listed on BitBay – Another milestone crossed : -
One of the most significant Polish cryptocurrency exchange platforms as recently announced its added support to Ripple [XRP]. Ripple has been embraced by more than 100 global banks and financial institutions as a quick and efficient mode of payment,
BitBay recently announced its addition of XRP/BTC to its list. Another coin which is found way below in the market, Infinity Economics Token [XIN] was also added on BitBay along with Ripple.
Bitcoin Price Jumps $1K After Carney Tells G20 Crypto Does Not ‘Pose Risk’:-
Bank of England governor and head of the Financial Stability Board (FSB) Mark Carney told G20 members that cryptoassets “do not pose risks” to the world’s economy in a letter dated March 13, Reuters reported Sunday, March 18.
The letter was addressed to G20 Finance Ministers and Central Bank Governors, who will gather for the summit in Argentina starting Tuesday March 20. In it Carney dispels the idea that Bitcoin and other cryptocurrencies are having an adverse effect on financial security.
“Responding to the concerns of members, the FSB has undertaken a review of the financial stability risks posed by the rapid growth of crypto-assets,” the letter reads.
“The FSB’s initial assessment is that crypto-assets do not pose risks to global financial stability at this time. This is in part because they are small relative to the financial system.”
This week’s G20 summit has been a red letter day in the cryptocurrency industry for several months. As early as December 2017, international regulators and politicians signalled they would use the event to bring the topic of crypto regulation to the international stage, pushing for a coordinated future roadmap.
Carney has already appeared to move markets, with BTC/USD jumping by around $1,000 as the letter circulated Monday, March 19. Bitcoin is currently trading at an average of $8,300, up 7.25 percent in the 24 hours to press time.
Carney himself had also previously voiced the need for regulating rather than banning cryptocurrencies, despite claiming in February that Bitcoin had “failed” as a currency.
Compared to legacy debt, however, such new assets are no cause for concern, he now writes:
“Even at their recent peak, [cryptoassets’] combined global market value was less than 1% of global GDP. In comparison, just prior to the global financial crisis, the notional value of credit default swaps was 100% of global GDP.”
Going forward, he adds, the FSB “will identify metrics for enhanced monitoring of the financial stability risks” should usage of those assets continue to grow, “updating the G20 as appropriate.”
2.
Ripple Powered Mobile App to Provide On-Demand Domestic Payments in Japan:-
The Japan Bank Consortium will release a groundbreaking smartphone application called “MoneyTap”— powered by Ripple’s blockchain technology — to allow customers of the bank consortium to settle transactions instantly, 24 hours a day, seven days a week.
“MoneyTap” is the first mobile app of its kind to be developed and used by multiple, different banks in the country.
Three members of the Japan bank consortium: SBI Net Sumishin Bank, Suruga Bank and Resona Bank will be the first to go live on the mobile app in autumn of 2018. This will be followed by a staggered roll out to the rest of consortium.
The Japan bank consortium, led by SBI Ripple Asia, is comprised of 61 banks covering more than 80% of all banking assets in Japan. MoneyTap will have the potential to provide on-demand payments to the vast majority of the country through this consortium.
Flexibility with domestic payments is limited in Japan: transactions must occur on weekdays and between 8:30 am and 3:30 pm or risk delays.
While there are discussions to change the window on the current banking rail system to make it accessible 24 hours a day and seven days a week, the cost of implementing it would be high.
Blockchain powered domestic payments will speed transactions and lower costs
“MoneyTap” allows the bank consortium customers to make instant domestic payments and only requires a bank account, phone number, or QR code.
What’s more, MoneyTap helps shed the costs associated with existing banking and ATM fees that are currently applied to domestic money transfers in Japan, making those payments not just faster, but cost less overall.
“We are proud to leverage Ripple’s blockchain technology through our new mobile app, MoneyTap, to improve the payments infrastructure in Japan,” said Takashi Okita, CEO of SBI Ripple Asia.
“Together with the trust, reliability and reach of the bank consortium, we can remove friction from payments and create a faster, safer, and more efficient domestic payments experience for our customers.”
Ripple wants to revolutionize domestic and cross-border payments
3.
RIPPLE Ripple [XRP] gets listed on BitBay – Another milestone crossed : -
One of the most significant Polish cryptocurrency exchange platforms as recently announced its added support to Ripple [XRP]. Ripple has been embraced by more than 100 global banks and financial institutions as a quick and efficient mode of payment,
BitBay recently announced its addition of XRP/BTC to its list. Another coin which is found way below in the market, Infinity Economics Token [XIN] was also added on BitBay along with Ripple.
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