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

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Ripple XRP
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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.

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Top 3 Crypto Trends That Might Go Big in Q2 2019

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So far 2019 has brought a significant change to the crypto industry. Q1 of this year has seen the rise of the idea of IEOs, the crypto space has finally managed to shake off the bears, and numerous coins throughout the industry have seen their prices grow once again.

The latest rally happened only several weeks ago, and it allowed Bitcoin to surge up by $1,000. Most other coins followed in their own way, but the investors are now wondering what to expect out of Q2? The Q1 started off badly, but it ended up being extremely successful. The chances are that history might repeat itself in the second quarter, as there are some key trends that might point the way for the further development of the crypto market.

1. The rise of IEOs

Back in 2017 and early 2018, ICOs (Initial Coin Offerings) were everything that the crypto space was talking about. Their popularity allowed startups to raise billions upon billions of dollars. Soon enough, however, that ended in a pretty bad way. STOs (Security Token Offerings) emerged as an alternative that does not depend on trust, follows regulations, and it actually holds value. However, asset tokenization might still be in its early stages, and this is something that might come back at some point in the future.

In 2019, however, IEOs (Initial Exchange Offerings) started attracting the…

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The Crypto Space Once Again Divided Over Bitcoin SV

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Bitcoin SV
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The crypto community is a strong one, one that managed to bring digital currencies from nothing to an industry worth hundreds of billions of dollars. However, while its strength in this regard is undeniable, the crypto community can be just as fragile given the appropriate conditions. With that in mind, the conditions seem to have been set for a new divide, although the cause is once again the same — Dr. Craig Wright and his Bitcoin SV (BSV).

Craig Wright vs. the (crypto) world

Dr. Craig Wright, the chief scientist at nChain, and the creator of Bitcoin SV. has been a well-known and very controversial figure in the crypto industry. Wright was suspected of being Bitcoin’s creator several years ago, which is possible because no one knows who is behind the name ‘Satoshi Nakamoto.’

Wright was believed to be him, and one theory claimed that he and his friend were responsible for giving life to BTC. However, the theory quickly died out, but not before Wright seemingly liked the idea of assuming the mantle of Nakamoto. He himself started claiming to be Bitcoin’s mysterious creator ever since.

Of course, he managed to gather up some followers, but the majority of the crypto community — while confused — did not believe him. Luckily, there is no need for trust, and Wright should easily be able to prove that he…

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Are XRP and Ripple Going to Be Worth Anything by the End of 2019?

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One surprise recently was when XRP took over Ethereum’s long-held second place in the Market Cap leaderboards. It quickly went back to its traditional and respectable third place behind Ethereum, but it could be a sign of things to come.

XRP has a lot of clout in the market because of the platform it is based on, which is Ripple. A coin that is used for a very specific purpose and with a long term goal in mind is always going to fare better than others. Litecoin, Bitcoin Cash and others have come about because of disagreements in Bitcoin. Therefore they offer nothing except an alternative to Bitcoin as a pure cryptocurrency, while Ripple (and XRP along with it) has something tangible behind it.

Big Banks Back Ripple

Ripple was created in 2012 for a specific reason. It aimed to become a faster and more efficient method to transfer value between banks and countries. This value can be almost anything from currencies to other instruments. While initially, banks were cautious about investing in the company, recently they have been lining up. The crypto winter has helped with innovation int he industry and Ripple has benefitted immensely for it.

The various payment solutions based on Ripple such as xRapid and xCurrent are seeing a large uptake, and this is having an amazing effect on XRP as a whole.…

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