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Ripple (XRP) Unfazed By RBI’s Ban To Partner With This Leading Bank In India

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The country of India has experienced an explosive increment in banking in the country as well as the popularity of cryptocurrencies with the general population. 80% of the adults in the country now have a bank account. Also to add is that Indians remitted $69 Billion into the country in 2017. It is with these figures that it is no surprise that the Kotak Mahindra Bank has joined the RippleNet network.

Kotak Mahindra Bank is a leading bank in India with over 1,300 branches. This makes the bank ideal in additionally using xCurrent as announced by the team at Ripple on the 27th of June. All members of RippleNet are connected using xCurrent which is a standard on the network. xCurrent enables a bank to message and settle their transactions faster, securely and in a transparent manner. xCurrent is a familiar product for many cryptocurrency enthusiasts for the Santander Bank, is using the same Ripple product for cross-border remittance payments.

The news of Kotak Mahindra bank joining the RippleNet network and using xCurrent comes at a pivotal point in the country of India. This is due to the fact that the RBI (Reserve Bank of India) issued a ban on crypto activities, starts on July 5th. This ban stops commercial banks and other registered financial institutions, from dealing with cryptocurrency exchanges and other activities including individual deposits of fiat to exchanges.

However, the ban has been appealed by crypto traders, the mentioned exchanges as well as other stakeholders. The hearing of the case has been scheduled for the 3rd of July which is a few days away and 2 days before the ban takes effect.

The Ripple company and team has shown optimism that the ban will be reversed for the RBI had openly admitted that the decision to issue the order, was rushed without them doing proper research. Also, all banks in India adhere to the Basel Norms of banking which state that each bank should have a backup remittance system that uses a different technology than the one they primarily use. This means that Ripple technology qualifies as that backup system for banks in the country.

The ruling on the 3rd of July will be a monumental one not only for India but for the entire world as such cases will set precedence for the regulatory decisions in other countries across the globe.

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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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Understanding the Uses of Different Types Of Cryptocurrencies

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Cryptocurrencies – a term which has become incredibly prominent in the mainstream media during recent years due to the proliferation of Bitcoin millionaires. As a result, the new form of currency has earned an almost infamous status. However, as with any major step forward, there is still much confusion regarding the use of cryptocurrencies, what different types of innovative electronic cash exist and what they might mean for the future.

We’re putting all of this to rest as we explain what each of the leading cryptocurrencies can do.

Bitcoin

The most popular form of cryptocurrency, Bitcoin was first thought up in 2008 by the elusive and still unknown creator, Satoshi Nakamoto, who published the whitepaper online.

It took almost a decade for the cryptocurrency to reach its peak, but in December 2017 a single Bitcoin roughly exchanged for the price of $17,000, meaning anyone who held a substantial amount of the electronic cash became significantly wealthy.

In its early years, the cryptocurrency was strictly used as an alternative for cash transactions, and predominantly for trading goods and services. However as it has increased in popularity, its range of uses has also widened, now deployed for a variety of purposes including acting as collateral for investments at merchant banks, a direct debit for subscriptions services and most notably for sports betting.

Ripple

Bitcoin’s closest source of competition, Ripple was founded…

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New DoJ Ruling May Cripple Gambling dApps

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A new decision made by the US Justice Department has expanded restrictions regarding online gambling in the US affecting gambling dApps. While the Federal Wire Act of 1961 prohibited online gambling regarding sports since 2011, the new decision expanded on this, and it now includes all forms of internet gambling. Unfortunately for many, this now also includes cryptocurrencies.

The new decision came due to considerable difficulties when it comes to guaranteeing that only interstate betting will take place and that payments will not be routed via different states.

The new announcement was explained in a 23-page-long opinion issued by the Department of Justice’s legal team, which pointed out that the 2011 decision misinterpreted the law. According to that decision, transferring funds was to be considered a violation, but data transfers were not included. By exploiting this oversight, it was possible for gamblers to turn to internet gambling. Unsurprisingly, many have realized this early on, including startups, as well as large, established firms. This, of course, also included cryptocurrency companies as well.

The new decision changes what is allowed online

The decision to include all forms of internet gambling is a massive hit in the…

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7 Steps to Recovery from a Crypto Trading Loss

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Whether you are a newcomer to the crypto market who mistakenly invested a large amount into the wrong coin, or a professional that made a well-researched decision and something still went wrong, the result it the same — you lost your money to the crypto market. This is a big problem, but also a problem that every crypto trader faces at some point.

The reason may be anything, from simple bad luck to the lack of research. Add to that the fact that the crypto market continues to be extremely volatile, and it is clear that not all of your trades are going to end up successfully.

Whatever the reason is, the fact remains that you experienced a loss and that this is a problem which can affect more than your funds. It can also affect your mind and feelings. Since every successful trade that you have the potential to make in the future depends on you, you have to recover first, and only then should you worry about the funds.

The road to recovery is different for everyone, and it will take a different amount of time and effort. However, there are a few general steps that you can take to recover from a crypto trading loss.

Step 1: Stop and calm down

You have just suffered a major loss. It may have been your mistake, or…

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