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Can Ripple (XRP) fix the issues central banks of AU and NZ face?

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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.

Both countries look hesitant in adopting Ripple, but given what the company has to offer, they might have to barge into the demands of the 21st century by adopting RippleNet.

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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.

Image courtesy of Pxhere.com

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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