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.
Binance Removes US Resident Ban: Launching In “A Month Or Two”
“3. Prohibition of use By accessing and using the Services, you represent and warrant that you are not on any trade or economic sanctions lists, such as the UN Security Council Sanctions list, designated as a “Specially Designated National” by OFAC (Office of Foreign Assets Control of the U.S. Treasury Department) or placed on the U.S. Commerce Department’s “Denied Persons List”. Binance maintains the right to select its markets and jurisdictions to operate and may restrict or deny the Services in certain countries at its discretion.”When comparing the wording to the one uploaded in June, it is clear that Binance removes US resident ban. The previous text read that "Binance is unable to provide services to any U.S. person," - which is why the difference is obvious.
China’s Digital Fiat Currency Is Not A Real Cryptocurrency
“Since last year, the staff at the Digital Currency Research Lab have been working 996 to develop the system. We can say the CBDC is now ready to launch at one’s call," was his speech, later shared by many best cryptocurrency news sites.The CBDC with this aims to replace MO, meaning cash in circulation through a two-tier system. The central bank will issue the digital yuan only to commercial banks, who will further issue it to the public. Meanwhile the PBoC and its Digital Currency Research Lab are the ones standing behind China's digital fiat currency - along with more than 50 patent applications which are all either invented or co-invented by Yao Qian. One patent application reads:
“The emergence of digital currency is an inevitable trend. So far, privately issued digital currency bears the features of anonymity and volatility. Central banks must take their impacts on the payments, monetary systems and financial stability seriously. As such, it’s inevitable for central banks to push for digitized fiat currencies to optimize their circulation.”However, physical cash is still arguably the only form of fiat money inside China that can remain anonymous. We can see that China's digital fiat currency is not close to cryptocurrency - and the only third-party methods which are compared to bank wire can be offered by companies like Alibaba or WeChat - both requiring real-name verification authenticated by users' IDs as well as additional banking information.
“Existing M0 (banknotes and coins) are subject to counterfeit and money laundering risks. … The [CBDC] system should follow the existing rules about anti-money laundering and anti-terrorism financing imposed on cash, and should report to the PBoC on large amounts and suspicious transactions,” Mu emphasized in a speech.
Market With Mixed Signals As Ether And Bitcoin Record Minor Gains
XRP Will Defy The Altcoin Apocalypse: Ripple Chart Analysis
"Although many of the technicals like RSI, and position relative to moving averages looks like XRP is severely oversold and could bounce, traders should be cautious because the token has been falling out of favor with many crypto market participants, and there are many competing projects with similar characteristics and arguably a much better value proposition that have come to market."
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