Ripple has just announced that they are planning on opening new offices in the United Arab Emirates more specifically in Dubai right before 2018 ends. This is a great way to start today’s crypto news.
Ripple’s global infrastructure innovation head Dilip Rao spoke openly at the Global Islamic Economic Summit that took place in Dubai where he indicated that the company’s main interest will be the cross-border payments. Rao pointed out that Ripple is extremely popular in the Middle East since they already partnered with multiple financial institutions in the region.
“We now have three banks in Saudi Arabia, two in Kuwait, one in Bahrain, one in Oman, a couple in the UAE [United Arab Emirates]… and it really is out fastest growing marketplace.’’
The Middle Eastern countries are great for the crypto industry since many foreigners come and create the massive worker population, making the region an extremely lucrative market for payment companies.
For example, one of the banks in Saudi Arabia, more precisely the National Commercial Bank has already partnered with Ripple and this will allow the bank to enter the blockchain network fintech firm RippleNet so it will be connected to other financial institutions in North America and Asia.
Ripple is very popular in the United Arab Emirates because it complies with the Sharia Law as the head of infrastructure innovation said:
“Being able to know what are the underlying assets to a transaction…being able to identify the participants to a transaction…being able to be clear about the contractual roles and responsibilities and being able to reduce risks are all aligned with Sharia Principles.”
Chinese Companies Won’t Follow Facebook’s Crypto Adventure
“The technology [of Facebook] is already mature enough so it’s not difficult [to implement]. Now it just depends on whether it can obtain regulatory approval.’’Tencent did not comment any further on the issue but stated that the CEO made a remark back in 2018 that the company’s stance on cryptocurrency is:
“The greatness of blockchain technology depends on how it’s used. Issuing initial coin offerings or digital currencies still bear too much risks … Tencent will not issue a coin and does not consider to be involved in that.”Some of the other Chinese companies including the Ant Financial and the CEO Eric Jing noted that the company has already declared back in 2018 that they would stay away from digital currencies and will mainly focus on blockchain technology. While Ant Financial that operates AliPay is successfully expanding overseas, it is using a conventional strategy of partnering with multiple regional payment providers rather than issuing its own cryptocurrency. The reason why the payment Chinse companies are not considering crypto as useful, mainly focus on the regulatory issues since the country’s central bank banned crypto offerings back in 2017. The vice president of the Chinese Software Developer Network Yan Meng who is focusing on token economic research says that Facebook’s user base across the world leaves no other option than to borrow ideas from blockchain and crypto in order to get as far as possible from the traditional way for launching a global payments network. He said:
“Facebook just can’t do a global payments network via traditional methods, which require applying for a license and preparing foreign exchange reserves with local banking, one market after another.’’As noted in some of the best cryptocurrency news sites, the People’s Bank of China reported that the country reached a $41.51 trillion in mobile payments in 2018 alone and AliPay accounted for more than 90% alongside WeChat Pay.
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Federal Reserve Not Worried About Facebook’s Crypto
“I think we’re a long way from that…Digital currencies are in their infancy. So essentially, [I’m] not too concerned about central banks no longer being able to carry out monetary policy because of digital currencies or cryptocurrencies.”Regulating the crypto project is not on the Federal Reserve agenda because the agency does not have the needed authority to do so. Powell noted that the FED doesn’t have the plenary authority over cryptocurrencies as such. He also stated that cryptocurrencies play an important role in our world today and this is why consumer protection is needed. It is also important to prevent money laundering but Powell noted that the international forums have a bigger impact in the payments systems around the world and play an important role in the payment system of the United States. Powel continued:
“There are potential benefits here; there are also potential risks, particularly of a currency that could potentially have large application. We will wind up having quite high expectations from a sort of a safety and soundness regulatory standpoint if they do decide to go forward with something.”The Federal Reserve chairman acknowledged the fact that the FED does meet with the private sector quite often and the companies form the sector to discuss future fintech plans including blockchain technology and cryptocurrency. The Fed also is not the first agency that met with Facebook and discussed the controversial crypto project. Powell concluded:
“Facebook, I believe, has made quite broad rounds around the world with regulators, supervisors, and lots of people to discuss their plans and that certainly includes us. That’s something we’re looking at. We meet with a broad range of private sector firms all the time on financial technology and there’s just a tremendous amount of innovation going on out there.”As noted in the coming altcoin news, the Federal Reserve reported earlier this week that the interest rates would remain unchanged despite the recent developments on the market.
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