The main mantle of financial systems is to simplify the exchange of goods and services considering the time taken. Financial systems contain different types of institutions and procedures for enabling such settlements, and in modern economies, you will find e-money, e-payments, and legal tenders as the three available payment procedures.
The legal tender is a payment medium that is accepted by all concerned parties as a physical currency that can be used to clear credits in the same units. Generally, the physical coins and notes that serve as a legal tender are issued by a central bank, that suppliers are obliged to accept for any outstanding obligation valued in the same coinage.
E-payments are becoming the preferred mode of payment by many as each day that comes with technology advancement. Unlike physical currency, these e-payments are virtual transfers from credit and deposit accounts enabled by financial organizations like credit card firms and commercial banks. The private account ledgers and electronic platforms can only be accessed and amended by their host financial organizations.
Lastly, the third payment medium, E-money, is a virtual currency in which monetary worth is stored on software or hardware, allowing individuals to pay for commodities or services from third-party traders. E-money is more or less like cryptocurrency.
Be that as it may, for many years now, Australia’s main financial institution, has been under pressure from different quarters to modernize their medieval national remittance platform to meet the needs of the current and future economy.
With full knowledge of this need, the Reserve Bank of Australia, Australia’s central bank, actualized the New Payment Platform or NPP last year that allows individuals and businesses to make real-time settlements countrywide 24/7. The NPP offers real-time retail settlements, 24-hour service availability, and industry-wide standardization; it, however, leaves behind the complete remittance information.
Possible Ripple (XRP) Integration by Central Bank of Australia and New Zealand
Although the New Payment Platform is addressing a majority of the issues that were raised by the RBA, the settlement network is limited to domestic transactions. This leaves a huge opening for blockchain technologies and innovations such as XRP.
Fortunately for Ripple (XRP), which deals with cross-border settlements, a majority of developers working on the NPP are well aware of Ripple. Just recently, through a report done by the Reserve Bank of Australia discussing blockchain technology, Ripple managed to get positive reviews from the chief Pacific financial institution, declaring Ripple as a good alternative to Bitcoin that the report regarded as unstable.
At the moment, financial institutions of Australia and New Zealand are showing interest in RippleNet with Westpac and the National Australian Bank confirming they’re joining the Ripple network. Other relevant financial institutions such as CBA and ANZ are also showing accountable interest in RippleNet by closely monitoring the blockchain technology and are rumored to be in discussion with Ripple.
Given that all the major banks in the New Payment Platform have done trials and have experienced Ripple’s security and reliability in transferring settlements through the Ripple platform, only furthers speculations of a possible adoption of xRapid and xCurrent services shortly.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
CoinFlip Scores Big with BRD Wallet Partnership
As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map. Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells. BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit. The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.
Cryptocurrencies are already making a huge difference around the world. Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…
Cryptocurrency Collateralized Debt Positions Are Growing in Popularity
While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle. Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance. One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess. That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS. These projects have managed to find a foothold in the market and have a better chance than most of staying there. While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.
What is a Cryptocurrency CDP?
In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount. There are several examples of this in our day to day lives. Auto title loans from large companies like TitleMax are extremely popular with consumers. Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has. The consumer can continue using their car as long as debt payments are made.
The same concept applies to cryptocurrency CDPs. Consumers are able to put up crypto tokens, such as…
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