The blockchain-based payment network Ripple faces another obstacle after the Japanese Resona Bank decided not to use the MoneyTap payments app based on Ripple’s blockchain technology. In the coming altcoin news, we find out more about the bank’s decision.
Resona is the fifth largest financial institution in Japan and decided to stop using the consumer-centric retail payment app MoneyTap for no real reason. The Bank didn’t provide an answer about the cancellation and now it’s likely that other institutions will follow.
The cancellation is supposed to take effect on May 13 according to the official announcement from two days ago on its official website:
“Resona Bank will cancel the cooperation with the money transfer application MoneyTap (which started on October 4, 2018) on May 13, 2019.”
As previously reported in our latest cryptocurrency news, about 60 Japanese banks are using the MoneyTap app. As of March, 13 banks have already invested in the project. After the step back from Resona Bank, the number decreased to 12. Resona was one of the first three banks to join the project.
MoneyTap was created by SBI Ripple Asia which is basically a banking alliance launched back in 2016 in November. The alliance aimed to leverage Ripple’s blockchain technology in order to boost domestic bank transfers in Japan. The blockchain-based app enables real-time domestic money transfers in just a day, all year around.
Ripple hasn’t given any comment on the decision of the bank. It is unclear what this decision means for the rest of the Japanese banks who are still using MoneyTap. In the meantime, Ripple‘s co-founder Chris Larsen announced that the company is donating $25 million in XRP to the San Francisco State University. This was one of the largest donations ever made to a US university. The funds are supposed to help promote the development of blockchain technology and to provide education for students of this technology.
This is also not the first time Ripple donates money to promote blockchain. The company previously donated about $50 million to 17 universities worldwide.
Gold-Backed Russian Crypto Could Crush The USD Standard
“As for mutual settlements, we will consider, of course, a proposal on a cryptocurrency that is tied to gold. But, in my opinion, it is more important to develop settlements in national currencies.”Nabuilna explained that CBR is still unsure whether to use cryptocurrencies and how they could be launch into Russia’s monetary system but the idea of a zero-volatility digital asset is inviting:
“The CBR, in principle, is opposed to cryptocurrencies being launched into our monetary system. We do not see the possibility that cryptocurrencies fulfill the function of monetary surrogates. We have prepared an analytical report and will soon present it which will analyze what cryptocurrency is, what is happening in the world, what approaches different countries to have, and what regulation is envisaged. And, if the phenomenon of cryptocurrency in any perspective may cause risks to our macroeconomic stability, we need to understand that.”As noted in one of the best cryptocurrency sites, Russia is under significant economic sanction from the United States.
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“Every time we’ve seen a halving event in Bitcoin or Litecoin, the price has risen astronomically,” is what Mati Greenspan believes, who is a senior market analyst at the trading platform eToro. “So if that pattern continues, what we’ve seen so far is small potatoes in comparison,” he said. “This is quite normal for the crypto market.”Right now, cryptocurrencies are undergoing a major renaissance. While Litecoin is reported as the hottest cryptocurrency this year by many best cryptocurrency news sites, Bitcoin is also triggering a new rally and Facebook with its expected crypto project is additionally fueling up the space. All of the developments happening this year have managed to push the price of Bitcoin by 120% since the beginning of the year - and the price of Ether close to 100% this year. Litecoin remains the hottest cryptocurrency - going from $30 at the end of last year to $130 right now.
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