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Ripple’s CEO Says 6% Of SWIFT Transactions Involve Human Intervention

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Ripple’s CEO Brad Garlinghouse spoke during a session at the Swiss National Bank Conference where he stated that around six percent of the SWIFT transactions are in need of human intervention. Amid the reports that Ripple misrepresented the actual amounts of XRP in their escrow accounts, in today’s altcoin news we focus on something else.

Despite the reports, the US-based blockchain company is the fastest growing network in the world. Garlinghouse further explained that the SWIFT transactions add ‘’time and cost’’ and pointed out that the cost implies on the fees associated with the transactions but also on the ‘’pre-funding’’ or the capital required for commercial banks that are added on the drawbacks on the financial system.

Ripple’s CEO pointed out that the current cross-border payment systems are tangled with problems such as high costs and slow processing time. He added that these pre-funding costs are a burden to the people who are the least able to afford them. Garlinghouse added:

“.. instead you can use a digital asset to have global liquidity on demand now we build upon a tech stack of an open-source technology called XRP”

Brad praised the digital coin of Ripple and stated that XRP is much cheaper and faster on a ‘’per transaction basis’’ than Bitcoin ever was by a ‘’thousand times.’’ According to him, global payments today are not into the age of the Internet. He also pointed out in the latest cryptocurrency news that the blockchain technology has the ability to change all of the existing payments settlements dynamics by removing the ‘’central counterparty’’ and due to its unique ability to ‘’transact without the need for trust.’’

While he was explaining the subject of interoperability, Garlinghouse said that it was an important factor and noted:

 “We’re trying to solve a problem, selling technologies to banks and financial institutions to solve a cross-border payments problem.”

Ripple’s CEO outlined that the company is not focused on the Central Bank Digital Currency issuance and said that interoperability is much more important. Garlinghouse argued that in a world full of central bank digital currencies, interoperability is much needed to solve the cross-border transactions dealings issue. He had earlier dismissed the JPMCoin by the financial giant JPMorgan saying that it suffers from lack of interoperability.

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Altcoin News

Binance Removes US Resident Ban: Launching In “A Month Or Two”

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The Binance CEO is all over the latest cryptocurrency news recently for cofirming that the American branch of the exchange will open within "a month or two." Now that Binance removes US resident ban, they are ready to announce new big things on the platform. In an interview with the outlet Cheddar on Thursday, the CEO of Binance Changpeng Zhao spoke about the planned US regulated exchange and noted that “there are a lot of things in flux, but I would say [we'll launch] in a month or two.” However, as many best cryptocurrency news sites reported in June, Binance has already communicated to their customers that US residents will be prohibited from using the platform starting September 12. This announcement sparked a lot of concerns as it would leave US traders unable to use the services by Binance. Now, however, Binance removes US resident ban and the Terms of Use (which were last revised on August 15) suggested that the exchange has softened its stance on the issue - all while removing any mention of prohibition of use for US residents. The document reads:
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.
Meanwhile, today's Bitcoin and altcoin news show that the situation on the market is the same as yesterday with only minor gains recored by Bitcoin. The altcoins have posted gains of 1% to 6%, accordingly, dropping the Bitcoin dominance to 68.7%.
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China’s Digital Fiat Currency Is Not A Real Cryptocurrency

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As the latest cryptocurrency news this month hinted, China may be about to launch a fiat digital currency with which the country will probably compete with Bitcoin. However, the expert analysts found that China's digital fiat is not actually a real cryptocurrency and will only resemble one on the surface. Aside from this, the coin won't use a blockchain, too. Even though it is inspired to some degree by Bitcoin and the like, the effort will be explicitly framed as a strategy in order to beat them back. The altcoin news show that China's digital fiat currency came with a project that was thrust into the spotlight last weekend, when a senior official from the People's Bank of China (PBoC) said at a closed-door conference that the country and its central bank digital currency (CBDC) is ready to launch.
“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.
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Market With Mixed Signals As Ether And Bitcoin Record Minor Gains

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At press time, we can see that Bitcoin is trading at $10,430 which represents an increase of more than 4% on the day. The altcoin news, on the other hand, show that the price of Ether (ETH) has also recovered and is staying away from the red zone. This marks a market with mixed signals as both Bitcoin and altcoins are struggling to gain solid momentum. In fact, BTC needs to climb by about 15% in order to retake the $12,000 barrier which was surpassed by it multiple times earlier this month. The latest cryptocurrency news show that anticipated BTC futures platform Bakkt announced that it has been approved for launch - namely by the Commodity Futures Trading Commission (CFTC) and New York State Department of Financial Services (NYSE) - and it will apparently roll out on September 23. In a market with mixed signals like the one we are seeing, the number two cryptocurrency which is Ether (ETH) has turned around to trade slightly in the green today. As we can see in the coming altcoin news, ETH is trading over $185 and showing a minor increase on the day. The decline for Ethereum has still been shocking as the cryptocurrency slid down from $218 to $185 and fell by approximately 15% to hit the current price. Ripple's XRP token is also in the market with mixed signals. It is trading at $0.262 and trending down by more than 0.24% on the day. Just like the rest of the coins, XRP has been slumping over the course of the past week. Unlike BTC and ETH, XRP has not managed to get back into the green as of press time. Alongside BTC and ETH, there are other top 20 cryptos in the green today which include the names of EOS, Tether (USDT), Bitcoin SV (BSV), Binance Coin (BNB), Monero (XMR), Dash (DASH), Tezos (XTZ) and Stellar (XLM). The total market capitalization right now is over $270 billion in a market with mixed signals. Bitcoin's uplift could sustain, analysts say. But in a volatile position like this, a bearish trend is also apparent - which could be beneficial for altcoins, especially when it comes to lowering Bitcoin's dominance which is now at 69.2%.
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XRP Will Defy The Altcoin Apocalypse: Ripple Chart Analysis

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XRP will defy the odds of the altcoin apocalypse since the price of the altcoin reached its 2019 high near the $0.50 as we can read from the charts in today altcoin news. XRP is now trading at $0.26 and at least one analyst believes that the altcoin is primed for a major recovery. According to the chief market analyst at ThinkMarkets Naeem Aslam, the cryptocurrency is way oversold and there is some tremendous value at its current level. According to the weekly charts, Aslam noted that the XRP price is below the 200-week moving average while its Relative Strength index as falling below 37. These indicators demonstrate that there have been some bear activities which are running out of steam now. The bullish call comes at a time when there is some growing talk of the altcoin apocalypse as it was demonstrated by Bitcoin’s rapidly-climbing market share. Back in March, the Bitcoin dominance was hovering about 50 percent and in the five month sicne then, it has ballooned to at about 69 percent which was the highest level in more than two-and-a-half years. The level of Bitcoin Dominance has reached the expanse of some other cryptocurrencies and in March, Ripple’s market share was about 10 percent but is now standing at about 4 percent. This is a huge decline from the dominance level over 15 percent in January. The charts show that XRP will defy the odds of the altcoin apocalypse and the charts are screaming ‘’BUY’’ for Ripple as some analyst urge. Cole Walton who is the head Trader at Kanos Capital Management and the co-founder of Plouton Mining noted that the increasingly competitive crypto landscape as a reason to be careful to tread when considering a XRP investment. As we can read in the latest cryptocurrency news:
"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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