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Latest Ripple research covers trust, smart economics and everything in between

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The cryptocurrency market has been rife with several developments from different cryptocurrency organization and Ripple, the parent company of the world’s third-largest cryptocurrency XRP has not been left far behind. The organization known for its keen focus on the remittance market has made waves in the industry with the release of its latest ‘Payments in Blockchain’ report that spoke about the various factors for blockchain technology to take flight rapidly.

Ripple based the entire report on the Flywheel effect, a phenomenon that adhered to the principle that the impact of technology is what propels it towards mainstream adoption. The company further elucidated on two critical elements for solidifying blockchain technology as a mainstay: trust and attractive economics. The company’s release stated:

“The mainstream adoption of blockchain is further dependent on building trust among both end customers and global payments service providers. It takes time to develop and maintain confidence across these critical paths, like those in payments.”

Ripple CEO Keeps Hitting the Deck Hard

Brad Garlinghouse, the Chief Executive Officer [CEO] of Ripple, has stated multiple times over the course of the past couple of years that security is of paramount importance to the company. That value was also represented in Ripple’s latest report, which talked about how trust is built upon a foundation of security with three main pillars. These pillars were reliability, transparency, and positive customer experience.

The Payments report added:

“For survey respondents, security ranks first in terms of blockchain’s operational benefits, slightly ahead of transparency. Security includes fraud mitigation, hacking prevention and robust compliance. In particular, early adopters and digital-first payment service providers value security more than others, including late adopters and providers with less than 25% of their business being digital.”

Another critical factor for the success of blockchain technology was obviously its revenue generation capabilities. Although blockchain technology is relatively new, Ripple has been very clear cut in stating that as long as the economics is not feasible, the industry will continue to be impaired.

Thankfully the company reported that 41 percent of all respondents saw blockchain as a gateway for providing greater market access with the added bonus of expanding to uncharted geographical locations.

The respondents in the research did not hold back in suggesting that regulatory decisions contributed to clouding the appeal of blockchain technology. To be precise, 35 percent of the sample space stated that regulations were too uncertain, while 32 percent believed that stringent rules imposed by organizations such as the CFTC and SEC were prohibitive.

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Hong Kong gets serious about crypto; country lists out new rules for crypto exchanges

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Many countries around the globe have changed their stance on cryptocurrencies in recent times, and most of it has been thanks to streamlined and better crypto regulations. The latest country to join the bandwagon is Hong Kong, with reports coming in that the native financial regulator publishing rules on November 6 that would allow cryptocurrency exchanges to receive an operating license.

This new decision was made to bring about improvements in the standards and regulations in the fintech space with the end goal of preventing fraudulent activities. Ashley Alder, chief executive of Hong Kong’s Securities and Futures Commission, stated:

“After an in-depth examination of their unique technical and operational features, we concluded that some could be regulated by us.”

The latest update in the Hong Kong cryptocurrency space has met with divided sentiments, with some claiming that it is a landmark decision while some cryptocurrency exchanges have said that they prefer to operate under our own banners.

The new rules state that a cryptocurrency exchange that needs to be regulated and licensed must align with only professional investors. To ensure that the clients do not receive any legal ramifications later, the exchanges are also required to have inbuilt insurance policies with the added feature of using a mechanism that will track external markets.

Another caveat in the new regulation list is that exchanged need not necessarily have the SFC license if they are not dealing with any products that are defined as ‘securities.’ This opens doors for Bitcoin trade as the world’s largest cryptocurrency is not considered a security.

Currently, there are no regulations that will force exchanges to come under the SFC, and the new law is being considered to do the same.  Despite that, the SFC official’s comments were also hailed by Hugh Madden. The chief executive of BC Group who opined:

“Ashley Alder’s announcement of a regulatory framework for digital asset trading platforms is a seminal moment for financial services in Asia and points to increased acceptance of digital assets as new type of financial instruments.”

The position paper released by the SFC was titled the ‘Regulation of virtual asset trading platforms” and had rules and regulations that followed state guidelines as well as global guidelines. The body also wanted to assure organizations that come under the SFC’s wing did not mean that they were ceding control of the assets to the regulatory authorities. Clause number 6 stated:

“The SFC would also like to make clear that, even if the SFC licenses and supervises a virtual asset trading platform, the virtual assets traded on the platform are not subject to the authorisation or prospectus registration provisions that apply to traditional offerings of “securities” or “collective investment schemes”. There are no other mandatory disclosure requirements applicable to an offer of non-security virtual assets in Hong Kong.”

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Reports claim Bitmain secretly approached SEC as watchdog continues to weigh the pros and cons of crypto

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Bitcoin and the Securities and Exchange Commission [SEC] have gone toe-to-toe on several occasions, and that has mainly been due to the regulations surrounding the world’s largest cryptocurrency. China, which has become an integral part of the Bitcoin ecosystem, saw its Bitcoin community getting riled up recently when Tencent News’ “First Line” report claimed that Bitmain had secretly submitted a listing application to the SEC with Deutsche Bank being the sponsor.

Many in the cryptocurrency space has claimed that this is Jihan Wu’s ploy to make an impact again after Bitmain’s slight dip after the Bitcoin Cash fork. Just recently, Jenke, the Chairman of Bitmain, had stepped down as the legal representative of the company with Jihan Wu taking over that spot. With Jank leaving his position, the Jank Group had also vacated the executive director spot.

The SEC, for the most part, has made positive decisions keeping crypto in mind, but Congressman Tom Emmer had different ideas when he recently announced a bill to protect digital assets from the SEC. Emmer had stated:

“Companies that have followed our current rules of the road, even if convoluted, deserve the certainty that they can offer their digital asset to the public and help contribute to a truly decentralized network,” he said during the testimony.”

The Congressman claims that he wants to table a bill that would preserve integral token sales with the caveat that those projects will have to clear set legislation first.

He made his agenda clear and informed the public that Congress was doing everything in its power to create a better financial system. He allayed fears from the public that stated all members of the Congress did not have knowledge about the new field and during the latest Mark Zuckerberg testimony said:

“I can safely say that this is at least the second time you’ve testified before Congress where members look like they have invested absolutely no time learning about new technologies in order to responsibly question tech companies.”

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Ripple official bets that the Middle East will cause next cross border transaction boom

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Ripple has always considered the remittance market as one of the most critical sectors of the financial world, and that fact was confirmed by Navin Gupta, the Managing Director of Ripple.

Speaking at a conference in the GCC [Gulf Cooperation Council], Gupta claimed that Ripple is trying to do what other companies are not: providing customers with access to all information about their funds and transfer. The Ripple official also spoke about dissimilarities between Facebook’s Libra and XRP’s parent company.

Navin Gupta stated:

“It all comes down to use cases. We at Ripple believe that use cases are important and at the moment that is what the customers want too. The use case is important for hundreds of institutions and eventually it will be the customers who choose their platform depending on the functionalities.”

Ripple has partnered with various institutional banks such as Ria Bank, MoneyGram, and NBK, a step to integrate the company’s decentralized technology with mainstream financial bodies. The Ripple MD was also of the opinion that banks dominated the majority of the cross border transactions market and that Ripple was just trying to change the ‘plumbing.’ Gupta elucidated:

“Ripple is just trying to change the old outdated plumbing in the financial space. We want to replace the post internet era plumbing with a new and improved system that will be highly beneficial to users.”

He was also confident that the GCC was the perfect spot for a remittance boom as it as the largest combined market for it. He claimed that the regulations were similar to that in the United States and that the opportunity was there to be tapped. Gupta specifically mentioned companies like Finablr, a Ripple partner, as an example of a cross border transactions stalwart. He concluded:

“I wouldn’t be surprised, in the next five years, 2 or 3 global brands like Finablr (using Ripple) originate out of GCC (Gulf Cooperation Council) in the remittance space.”

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Ripple wants to create a regulated space for the finance world, claims company official

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Ripple has been at the forefront of partnerships and tie-ups over the past year and that as put on display when the organization revealed that they had over 200 partners in their cap at the start of this year. That number has only increased over time, and the company has taken steps and measures to ensure that they comply with all regulations in the space, primarily when they concern the global financial ecosystem.

At a recent forum, Michelle Bond, the Global Head of Government Relations at Ripple, spoke about the measures taken by the organization to ensure that all processes are legitimate as well as the nitty-gritty in the AML requirements.

Bond stated:

“We have been operating since 2012 and have spread our functionalities all across the globe. WE have actively engaged with over 50 governments while complying with their individual AML rules and other requirements. A lot of people have this perception that blockchain is unregulated but Ripple wants to assure everyone that the technology goes through the strictest scrutiny.”

The Ripple official claimed that the company is directly related to licenses from the NYDFS and other regulatory bodies. Bond added that since Ripple is not customer facing, they are directly answerable to the authorities. According to her:

“We operate within all regulatory frameworks and understand that there are a host of AML requirements that we need to comply to before customers can utilize the full benefits of a payments system on the blockchain. When a customer or institution uses RippleNet or the ODL, those customers conducts a due diligence to the company.”

In a time where fraudsters and malpractices in the digital assets space abound, Ripple has gone ahead to inform all users that the ecosystem will be watched over properly. The Global Head of Government Relations went on to say that Ripple makes all customers sign licensing agreements so that they maintain best practices in the space.

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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I love India but Hate its Crypto Ban Policy, Former Coinbase CTO

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India’s stance on cryptocurrency is still vague – the country counts the highest news bulletins in terms of crypto regulations. Why? Due to an ongoing case on crypto v/s RBI. Although India proposes the controversial ten yeas jail bill, there seems nothing officially declared in the form of law/rules yet.

While the country has restricted the banking doors for crypto enthusiasts and traders to trade cryptocurrencies, the community quickly jumped to peer-to-peer trading platforms. As such, Indians are now majorly relying on country-based P2P exchanges such as WazirX, Bitbns, CoinDCX, and many others to buy, sell and trade cryptocurrencies.

Also, it’s worth noting that there’s no other strong judgment on crypto v/s RBI case from the Supreme Court of the country yet. Besides all such roadblocks, India’s enthusiasts and leaders are continually striving to attain the favorable crypto regulations in India via a campaign dubbed ‘IndiaWantsCrypto.’

India’s crypto ban is highly unfortunate – Former Coinbase CTO

Despite Indian crypto champions, the former CTO of Coinbase Balaji Srinivasan is the latest figure in the crypto industry to shed lights on India’s current situations. By quoting an opinion article that defines India has banned Crypto, Balaji Srinivasan says, India’s crypto ban is highly unfortunate.

By acknowledging the struggle of crypto companies of India, Balaji says; “the only solution for India crypto entrepreneurs appears to be emigration.”

Clarifying his opinion of whether Exit or Voice, Balaji explained exist also strengthens Voice. Moreover, in his series of Tweets, he highlights that Singapore is probably that one location where India crypto entrepreneurs can migrate.

The fact that Indian entrepreneurs are willing to migrate and vote with their feet/wallet against India’s crypto ban will catalyze change over the long run. Many will probably set up in Singapore which is nearby.

Nevertheless, he also compared the banning of crypto with banning of the Internet. He says, if India would’ve banned internet in the 90s, it would lose out many people that are currently capturing the rise of crypto.

We have an EQUAL CHANCE in Crypto today – WazirX founder

Balaji isn’t the first high profile influencer in crypto industry who criticizes India’s possible move of banning cryptocurrency, American billionaire and Venture capitalist Tim Draper slammed Indian’s Modi government for bitcoin stance. While Balaji believes India’s crypto ban is highly unfortunate, Tim Draper said the crypto ban would set India back by 40 years.

Furthermore, Balaji states that current crypto economy is the global quality of opportunity, which suits the unique strengths of Indians. However, he also adds that many Indians are good at software, but the govt’s tough stance on crypto is just a barricade for them.

Balaji’s views appeared to be an encouraging move for Indian crypto enthusiasts. While many Indians admire his opinion towards crypto legality in India, the founder, and CEO of India’s crypto exchange WazirX, Nischal Shetty took to Twitter and pointed out the cons of the crypto ban for whole India. He tweeted;

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Ripple’s Marcus Treacher Bashes Facebook’s Libra Project

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Earlier this week, a senior member of Ripple executive committee, Marcus Treacher said that Facebook’s Libra project is just like a ‘walled garden,’ meaning it’s just a closed system.

Facebook’s crypto project Libra has picked up a massive hype not only in the crypto world but also outside the crypto sphere. The social media giant is positioned as a top brand in the world, and due to its popularity, Libra has automatically gained limelight too.

However, in an interview to CNBC, Ripple’s senior vice president for customers success, Marcus Treacher told that Libra is nothing more than a walled garden. This reflects the critical opinion of the Ripple’s executive on Facebook’s upcoming crypto.

Even though Libra has already been so much hyped, it has also faced a lot of criticism from different financial regulations and governments. The reason is that governments are not sure about the potential consequences of Libra; its legality and utility are still a question mark.

According to Ripple’s executive, Libra has to rely on its astrological sign, and it may predict what’s coming in the future for the Facebook crypto project. The social media giant presented the idea of Libra token that will be directed by the Swiss-based organization known as Libra Association. The Swiss-based firm is already in collaboration with top payment firms, including Visa, PayPal, and also Uber.

Facebook’s Libra will be attached to the user deposits in fiat currencies, the same as the USD. These currencies will be held in a digital vault called the Libra Reserve.

The Ripple executive Treacher added that Libra is more like a closed system based on a traditional culture just like Apple and Facebook itself. The reason for this is the way it controls its network through software and applications. He also said that unlike Libra, Ripple is not a walled garden, and is a modern world technology that’s set to thrive the traditional payment system. Treacher added on Libra:

“Yes, it’s a network, but it has no parameter. It connects with all of the players that want to use the technology.”

Ripple has already made a massive impact among the crypto world and has spread its roots across top financial institutions and banks all over the globe. The Fintech firm provides the solution to the real-time problems of payment systems.

Interestingly, Treacher also had a favorable opinion about Facebook for entering into the blockchain world. A Silicon Valley giant integration to the crypto world is a positive sign, despite that it has alarmed different governments as can be a severe threat to their currencies.

Facebook is not yet sure about the launch date of its cryptocurrency, Libra. The CEO of the social giant, Mark Zuckerberg, has mentioned that the launch of the Libra project is not yet confirmed any time soon, claiming that it may not take place in 2020. In another news, a meeting was held between global regulators and Facebook on September 16, as the company’s COO, Sheryl Sandberg is set to testify before the U.S. Congress to discuss on Libra.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Donald J. Trump Banning Cryptocurrencies, is it a Rumor or What?

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Back in March 2018, President Donald J. Trump signed an executive order which was presented to ban the Venezuelan cryptocurrency. As per the updates, that order is about to change into a law. This decision from the United States government has raised concerns for other digital assets in the market. Now to what extent this decision will have an impact on the rest of the crypto world?

Since their emergences in the world, cryptocurrencies have disrupted many governments. But, is Trump really looking to ban Bitcoin and other cryptos?

The 45th U.S. President has addressed on several occasions that he is not a fan of Bitcoin and cryptocurrencies. Regarding Facebook’s Libra project, Trump said that Facebook and those companies working on blockchain and cryptocurrencies should adopt the banking regulations to enter the banking world.

He added that if these companies want to become a bank, they should follow a banking charter. Basically, Trump doesn’t wish to cryptocurrencies to be decentralized, which is totally against the concept of digital currencies.

According to Jason Brett, founder of Value Technology Foundation, a research company working on blockchain, around 20 bills related to blockchain are under consideration by the U.S. Congress. However, among all those bills, just one is impending, which may concern the crypto users.

In the executive order, it was mentioned that the U.S. nationals and organizations would be banned from holding, trading, buying, and spending Venezuelan crypto, Petro. The Senate bill 1025 is set to be approved by the U.S. government, maybe on the coming Monday (tomorrow). After the approval of the bill by Senate, the executive order signed by the President will become a law.

If the bill gets approved, Petro will be the first crypto banned in the U.S. This news has already attracted U.S crypto users, and it is a severe concern for them, as the government can go on to ban more cryptocurrencies in the country. Brett added:

“The implications for this are huge because it could be bitcoin or some other cryptocurrency inserted into this language, we’re talking about a road map for how to ban a particular cryptocurrency.”

The area of concern is that there are already 20 such bills pending, and if those bills go through the same process, it may change the scenario of the crypto industry for the U.S. users. Since Trump signed that executive order, more cases are being heard related cryptocurrency issue.

Moreover, in the last week alone, Congress hosted crypto-related meeting thrice. As the crypto adoption in the U.S. keeps increasing, the government looks more concerned to handle all crypto-related issues.

For now, the users have to wait for the next move from the US government and what plans Trump has for cryptocurrencies. But for now, the bottom line is that Petro may get banned soon, whereas rest of the cryptos fall under banning radar.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Swiss Regulator FINMA Reveals Guidelines Applicable to Facebook’s Libra

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Following the skeptical comments, Switzerland’s Financial Market Supervisory Authority (FINMA) has finally issued new guidelines applicable to stablecoins. Beside, stablecoins in general, FINMA specifically highlights the directions for Facebook’s proposed cryptocurrency, Libra.

FINMA Acknowledges Facebook Libra Association’s Receipt

Since Facebook’s launch announcement of Libra, big governments and central banks haven’t left any opportunity to scrutinize all aspects revolves around Libra and its partaking in a global financial system. In fact, the recent report on upcoming Chinese cryptocurrency reveals that it bears similarities of Facebook’s Libra.

However, in terms of regulations, Libra’s official website recently shared its approach towards pursuing a payment system License under FINMA lead Supervision. Soon after Libra’s post, FINMA also officially published a detail report over stablecoins including Facebook’s Libra cryptocurrency

It’s worth noting that the Libra Association had submitted FINMA a request to clarify a few aspects underlying the regulatory status of the Libra Coin as well as the Libra Association. The report also mentions the Association’s intention of receiving a payment system license from FINMA to“empower billions of people.”

FINMA – Libra Needs a License

On the other hand, FINMA’s guidelines report reads various aspects regulating the stablecoins. The regulator classifies stablecoins under the same law applicable for blockchain-based tokens. However, it states that the rules may differ with the nature of stablecoins as few stablecoins are backed by various assets such as currencies, real estate, securities, and commodities. FINMA in its guidelines report notes that;

“The concrete design of ‘stable coins’ can vary greatly in legal, technical, functional and economic terms. Therefore, no fully generic classification is possible,” FINMA wrote, continuing: “Money laundering, securities trading, banking, fund management, and financial infrastructure regulation can all be of relevance.”

Nevertheless, FINMA’s report comes as a response to Libra’s request sent early morning on Sep 11. It elaborates that the existing feature that Libra bears would require a payment system license from FINMA, based on the Financial Market Infrastructure Act (FMIA). With the acknowledgment of Libra’s request, FINMA noted the basic principle is ‘same risks, same rules.’ For example, for bank-like risks, bank-like regulatory requirements would apply.

Perhaps the best part of the report comes in a conclusion wherein the regulator outlines the ‘necessary condition for being granted a license as a payment system”. Accordingly, it states that the Libra Associations will be solely responsible for the returns and risks of managing Libra except “as in the case of fund provider- by the ‘stablecoin’ holders”.

Furthermore, FINMA felt the need for an international coordinated approach for “managing the reserve, to combat money laundering and the governance around it.” Conclusively, FINMA notes that the Libra’s nature of issuing payment tokens will be subject to additional requirements. Such extra requirements will be, capital allocation (for credit, market and operational risks), risk concentration and liquidity as well as the management of the Libra reserve, the guidelines mentioned.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Coinbase Crypto Exchange Plans to Launch Initial Exchange Offerings (IEO)

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The latest report unveils that the United States crypto exchange Coinbase is eyeing to launch its own “Initial Exchange Offerings (IEO) and a platform for security token offerings (STO).

Coinbase Deciding to Launch IEO

Coinbase cryptocurrency exchange is pushing itself harder to adopt widespread awareness from the worldwide crypto industry. Although the official announcement is yet to be revealed, the Coinbase’s Chief of institutional sales, Kayvon Pirestani told media;

We think there’s a really interesting opportunity there for Coinbase,” said Pirestani, continuing: “In a nutshell, Coinbase is carefully exploring not only the IEO space but also STOs (security token offerings). But I can’t make any formal announcements right now.

IEO – Exchange-led rebirth of the ICO

Although Initial Coin Offering (ICO) was a fancy term in 2017, the ICO market is pretty much dead now. But in the year 2019, Initial Exchange Offering (IEO) is becoming a new trend in the crypto industry. In fact, there’s nothing wrong calling it as – the exchange-led rebirth of the ICO wherein Exchange sells token on behalf of the new projects needing to raise funds from the public.

One of the critical aspects that differ IEOs from ICOs is that the whole project will be carried out in high standard security frameworks, set out by several exchanges. Investors are likely to rest assured with their funds invested in IEOs hosted by crypto exchanges.

Coinbase’s IEO launch is no surprise as its competitors have already launched and flourished in the crypto market well enough. Prior to Coinbase, competing giants such as Binance, OKcoin, Bitfinex, and KuCoin are already in a top list of hosting multiple IEOs.

While Coinbase’s executive didn’t open to more information about their IEOs, he further said that the firm would reveal the detail information about its IEO plan in the “next few months.” He also adds that STOs are quite near at their launch but added that the company felt rare demand for the STO product right now– henceforth, it will wait a bit more.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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