The long-awaited blockchain platform developed by the Alibaba affiliate between the government of Pakistan and Alipay is in the latest crypto news. This Saturday, a Pakistani financial institution has rolled out the cross-border remittance service based on blockchain technology.
Telenor Microfinance Bank and the Malaysian firm Valyou have been among the first partners that will offer the services, operating between Malaysia and Pakistan. The service will likely boost the efficiency and speed of remittances from the former to the latter.
The founder of Alibaba, Jack Ma, expressed his confidence during the launch, saying:
“This comes from a promise I made a long time ago when Alipay was just launched. I have friends who are Filipino and they asked me when they could use Alipay to send money home because it was too expensive through banks, which charge too much.”
On top of that, Pakistan’s first blockchain-based remittance service will cut down the intermediary costs, making it cheaper to send money. According to a recent statement, the users will also be able to track the remittances at ‘every step the way’.
At the moment, it is estimated that Pakistanis that live and work in Malaysia send around $1 billion each year, which is about 5% of the estimated $20 billion in remittances sent by the combined Pakistani diaspora and spread across the globe.
This is also not the first time that Alipay is involved in a blockchain-related remittance solution in Asia. Last year, the Hong Kong based AlipayHK announced a money transfer service between Hong Kong and the Philippines which aims to penetrate into the world’s third-largest remittance market (which is the Philippines).
Russia Is Not Planning To Buy $10 Billion In Bitcoin
“This statement has no common sense. The Russian Federation — like any other country in the world — is simply not ready to combine its traditional financial system with cryptocurrencies.”Sidorenko reacted to the fake news reports from Telegraph where it was noted that Russia wants to invest $10 billion in bitcoin in order to mitigate the economic impact that is brought up from the US sanctions. The rumors emerged on Twitter where a particular user wrote that Kremlin has no choice but to invest in bitcoin and that it is the only way to avoid the harsh sanctions by President Trump. Ginko posted on Twitter and his post went viral after Telegraph wrote a story about it and lots of other websites just added their own touch to it. Ginko is known to the public for making such shocking tweets and comments after once saying that sham investment adviser Bernie Madoff is the real Satoshi Nakamoto. However, Sidorenko said that Ginko’s comments are absurd:
“Even if Russia wants to place its cryptocurrency assets now, it simply cannot do this. We do not have any mechanisms that would allow us to introduce a system: where these assets would be stored, which authorities would be responsible for it, which would be responsible for abuses and stuff.”However, according to Tota Kaliaskarova, the director of macroeconomic policy with the Eurasian Economic Union says that crypto could have a huge impact on the Eurasian economy.
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