Bitcoin Cash [BTC] proponent advocates building economies with cryptocurrencies as actual currencies

Roger Ver, the CEO of more commonly known as the Bitcoin Jesus and a massive supporter of Bitcoin and Bitcoin cash spoke about Bitcoin Cash hard fork and the mainstream cryptocurrency adoption that is in play in the recent times.
Ver agreed that the slump in Bitcoin’s prices and the entire cryptocurrency ecosystem was due to the hard fork that happened on Bitcoin Cash which split into two entities, one, the Bitcoin ABC implementation backed by Roger Ver and Jihan Wu, and the SV implementation backed by Craig S. Wright and Calvin Ayre.
Bitcoin Jesus said that people need to stop speculating and build an economy where cryptocurrencies are “actually” currencies. He continued saying that this was the actual goal of Satoshi Nakamoto in his white paper “A peer to peer cash electronic cash system” right from the start. He stated that even though he wasn’t a big fan of taxes he acknowledged the adoption of Bitcoin as a payment method for paying taxes. He added:
“That’s the goal with the Bitcoin cash both the ABC camp and SV camp and I wish every cryptocurrency good luck if they’re trying to bring more economic freedoms the world by making them useful as currencies for the world. So I wish everybody good luck.”
Referring to the hard fork, and how it cost the whole ecosystem millions, if not billions Ver directed toward the Bitcoin Whitepaper and how Nakamoto opined that hard forks would be good a way to proceed if there were conflicting ideas.
Furthermore, Roger Ver said:
“I think we need to build the tools to make it easy for people to use cryptocurrencies as money, to buy and sell things and pay their bills and pay their rent and like even pay their taxes. We just heard about the state of Ohio accepting Bitcoin cash and Bitcoin through bit pay for taxes. And that’s a pretty big step towards mainstream adoption.”
Ver even substantiated his Bitcoin adoption statement and mentioned a few restaurants in Japan that accepted both Bitcoin and Bitcoin Cash.
A Twitter user A.Mashreghi commented:
“Yeah, I would’ve said the same with those heavy s***coin bags. The truth is, Roger intentionally has caused the biggest damage to investor in crypto by causing chaos , confusion & division. In the process his first causality was his own b-cash. Well know he knows, Karma is BCH.”
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Source: AMB Crypto

First Bank of Toyama joins the race of launching stablecoin in Japan

While the demand for stablecoin is increasing a lot of companies in the West especially in America are releasing Stablecoins. We haven’t heard much of releases from companies in the East especially from Japan and South Korea which are way ahead than others as far as cryptos are concerned. Well, there could be an end to this trend as First Bank of Toyama in Japan has launched a pilot project to test its own stablecoin.
The First Bank Coin (FBC) to be pegged to Japanese Yen
According to the latest announcement coming from Japan, The First Bank of Toyama has launched a pilot project to test its own stablecoin, the First Bank Coin (FBC), which it plans to commercialize the token in October 2019. It is also been heard that the stablecoin will be pegged to the Japanese national currency, the Yen at a 1:1 ratio. If successful this would be one of the rare stablecoins which is not pegged to a USD.
According to the report the new stablecoin will initially be used within the bank, and its employees will have the opportunity to use it at the bank’s headquarters as an acceptable means of payment. The bank employees will also use the stablecoin for remittance purposes via a smartphone app.
The FBC coin is not the first stablecoin to be launched in Japan. In April, Mitsubishi UFJ Financial Bank, one of Japan’s largest bank, piloted a stablecoin (MUFG) that allowed its employs to purchase goods at an unmanned in-house convenience store.
In this pilot, which is now at an advanced stage, the bank’s employees only need to scan a product they needed to buy using an MUFG coin mobile app, and the payment was made automatically.
In early October, GMO Internet Group, one of the largest internet companies and operator of one of the 16 licensed cryptocurrency exchanges in Japan also unveiled plans to launch a stable virtual currency pegged to the Yen in 2019. The internet giant also claimed that the project was progressing well as they got support from a number of banks in the country.
What would be interesting here is to see is how does this stablecoin fits into the Japanese cryptocurrency regulations as last week, the Financial Services Authority (FSA), Japan’s top financial regulator ruled that stablecoins are not regarded as cryptocurrencies. The FSA further said that the companies are not required to register with any organization when they issue stablecoins.
To quote the exact words of the regulator  
“In principle, stable coins pegged by legal currencies do not fall into the category of ‘virtual currencies’ due to the Payment Services Act.”
With Japanese companies now getting into the frenzy of stablecoins, in no time we may see a plethora of stablecoins in the market. The task here would be picking the right one which is regulated and audited.
Do you think we will see more stable coins in the coming months? Do let us know your views on the same
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Source: CoinGape

Hong Kong Plans to Regulate Crypto with New Sandbox

Reports suggest that Hong Kong’s securities watchdog has come up with new plans to regulate cryptocurrency funds and exchanges.
While it is known for being crypto-friendly, Hong Kong is still not satisfied with the amount of protection that its crypto users currently enjoy.
As a result of this, the Securities and Futures Commission (SFC) announced plans to regulate the space via its “sandbox”, reports the Financial Times. This means that they will adapt existing regulations to newly-uncovered risks in regards to the crypto world. This is important due to the fact that current rules state that crypto trading is not regulated unless they include assets that are considered futures contracts or securities.
According to the Ashley Alder, CEO of the SFC, the new measures will regulate the distribution and management of digital assets, so that the investors and their funds are protected.
Crypto Market is Evolving, and Regulations Need to Follow
The new dedication to regulating cryptocurrencies and businesses related to them came after the price surge of late 2017. At that point, the entire world took notice of crypto, and the rush to regulate the space has been on-going ever since.
Some countries, such as Japan and South Korea, have been more crypto-friendly than others in this regard, and they had more success as a result. While they have yet to perfect their regulations and continue to keep them relevant as the crypto space evolves, new moves such as this one have been quite often throughout 2018.
Now, Hong Kong is doing the same by examining different options, one of which is the inclusion of exchanges in the existing regulatory sandbox. The SFC also mentioned that the proposed rules will only allow professional investors to make investments into digital asset portfolios.
However, there is still one issue, which is the possibility of using exchanges for money laundering. This is why adhering to current anti-money laundering standards is important, especially since cryptocurrencies are already suspected of being used for this, and similar illegal activities.
Taiwan and South Korea Make Plans to Regulate ICOs
In addition, countries such as Taiwan and South Korea are looking to regulate initial coin offerings (ICOs), and become ICO-friendly once again. The recent reports from Taiwan claim that this country’s FSC is preparing a set of national standards that will once again enable ICOs. As a result, investing in tokens is expected to become as easy and as liquid as investing in regular stocks.
Similar reports came from South Korea, claiming that the country’s National Policy Committee’s chairman, Min Byung-Doo, encouraged the government to legalize ICO completely. According to him, regulation is necessary, since using them is the only way to legitimize the crypto market and allow investors to develop trust in the market again.
Min also explained the importance of embracing new technology, but also acknowledging new trends. ICOs cannot be dismissed, and instead, companies need to be allowed to conduct them, as they are a new trend in the global market.
According to him, the government has the responsibility to embrace new technologies, especially since they are proving to be much more successful when it comes to fundraising than other methods.
Featured image from Shutterstock.
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Source: New

Coincheck Resumes New Account Openings, Customers Deposits

Coincheck, the Tokyo-based cryptocurrency exchange victim of a $500 million worth theft, has resumed new account openings, customer deposits, and purchasing of some digital currencies.
The operator had suspended some services following the late January incident in order to protect customers’ assets and investigate the cause of hacking.
Coincheck Exchange Resumes Trading of BTC, ETC, LTC, BCH, New Accounts Exclusive for Japan Residents
The theft of $500 million worth of NEM in early 2018 caused alarm in Japan, forcing the hand of the country’s financial watchdog, the Financial Services Agency (FSA), to be more demanding of cryptocurrency exchanges operating in its jurisdiction.
Coincheck has improved its governance and internal control throughout the year in order to safely restart its activities, the company explained in the announcement.
“In particular, we resumed JPY withdrawal in February 2018 and remitting and selling of cryptocurrencies gradually during the period from March to June 2018. And now, here we announce that Coincheck has resumed “new account openings” and “customers’ depositing and purchasing some cryptocurrencies” services today.”
The cryptocurrencies made available for deposit are BTC, ETC, LTC, and BCH, which are also available for purchase. Bitcoin trading on Coincheck was never suspended and users were always able to sell any cryptocurrency on their portfolios.
New account openings are only available for customers residing in Japan. The registration process includes the submission of identification documents and a KYC check, before receiving a postcard-sized letter from Japan Post instructing the account activation.
Coincheck requests existing customers to generate a depositing address when reusing the depositing service. If a remittance is sent to the old deposit address, the operator will not reflect it on the user’s balance nor return it back.
The operator, which was acquired by Monex Group for $33.5 million, warns customers that trading services may be temporarily suspended if the platform experiences a significant increase in the volume of transactions or sudden price fluctuations.
Coincheck is yet to resume depositing and buying of ETH, XEM, LSK, XRP, and FCT, as well as leveraged transactions for new positions, its affiliate service, JPY depositing through convenience stores, JPY quick depositing (Pay-easy), Coincheck Payment, and Coincheck DENKI (electricity). The services are expected to resume once they are confirmed safe and ready to be offered, the operator added.
In May 2018, the cryptocurrency exchange announced it was ordered to delist Monero (XMR), Zcash (ZEC), Dash and Augur’s Reputation (REP) in accordance with Japan’s FSA’s new policy which aims at banning cryptocurrencies that offer significant anonymity.
Featured image from Shutterstock.
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Source: New

Sony Reveals Contactless Crypto Wallet, Prepping for Crypto Ecosystem?

A research and development division at Sony has unveiled a new contactless cryptocurrency hardware wallet for cold storage, which could indicate the consumer electronics giant may be eyeing a bigger move into the cryptocurrency space.
Sony Computer Science Lab Preparing Contactless Crypto Wallet
The research and development arm of Japan-based Sony Corporation, Sony Computer Science Laboratories, Inc. have issued a press release revealing their work on a contactless cryptocurrency wallet for storing cryptocurrencies like Bitcoin, Ethereum, Litecoin, and more.
The wallet uses the company’s contactless integrated circuit technology for an added convenience for investors. Traditional cryptocurrency hardware wallets like the Ledger Nano S and Trezor wallets are USB-based, but its wallet would allow the user to ditch the cord and sign transactions from any device with a near-field communication (NFC) chip.
The company has said that the wallet will be “small, portable and useful, unlike typical existing hardware wallets,” and will feature a “highly reliable tamper-proof module within the IC card” for increased security.
While Sony Computer Science Laboratories is the company’s research and development division, and many of the subsidiary’s projects don’t end up being released as a fully-fledged product for consumers to purchase, the press release suggests that the company will push towards “commercialization” to further the “widespread adoption of blockchain technology,” hinting that the company is planning a bigger move into the world of blockchain and cryptocurrency.
Is Sony Planning a Bigger Move Toward a Crypto Ecosystem?
The news of Sony’s cryptocurrency wallet isn’t the first example of Sony’s growing interest into blockchain and potentially, cryptocurrency.
Earlier this year, the company filed with the United States Patent & Trademark Office to be granted a patent to store users’s digital rights data on the blockchain, essentially developing a full-featured blockchain digital rights management (DRM) system. A DRM system validates a users rights to access certain media types, such as movies, music, video games, and more.
It’s the company’s portfolio of brands reaching into various types of media that could provide the perfect ecosystem for a cryptocurrency, potentially even a Sony-developed cryptocurrency. 
 The company could power payments, create a rewards system, and much more using a cryptocurrency throughout its Sony Music, Sony Pictures, and Sony PlayStation consumer-facing brands.
PlayStation users, in particular, are already familiar with using digital cash to make purchases over the PlayStation Network. It’s also platforms such as the PlayStation Network where users’ access to digital content – such as video games – that would be governed by the company’s blockchain-based DRM system.
Featured image from Shutterstock.
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Source: New

Bitcoin [BTC] and Ethereum [ETH] worth $500,000 donated by Binance towards flood relief in Japan

Recently, the devastating floods in South-Western Japan resulted in 8 million people being advised to evacuate and 225 people dead. Binance’s Blockchain Charity foundation took the initiative to donate 56.7 million JPY worth of cryptocurrencies [63.03 BTC & 169.85 ETH] to help West Japan.
Binance cryptocurrency exchange had recently announced its charity initiatives where they would donate their listing fees directly to charity. They further established The Blockchain Charity Foundation [BCF], which is a non-profit organization focusing on delivering global sustainable development, with the help of blockchain technology. BCF’s main aim is to reconstruct philanthropy by developing the world’s first decentralized charity foundation.
According to the report, in order to reach out to the masses, the foundation took the aid of government agencies, local NGOs, and organizations. Due to an immediate need to help the victims, Binance transferred 61.09 BTC, which is approximately equivalent to 50 million JPY, to Miss Bitcoin Mai. The local supporter further converted the funds from her Bitcoin account and transferred it to different organizations.
Furthermore, the foundation initiated the second round of donation by directly using cryptocurrencies. Open Japan, an organization that works towards supporting victims affected by a disaster, opened a cryptocurrency account, and Binance transferred 169.85 ETH, which is approximately equivalent to 5.3 million JPY.
Furthermore, Binance directly donated 1.94316403 BTC to Bic Camera in order to procure appliances for the temporary shelters in Kure city, Hiroshima.
After the donation, Open Japan stated that it was not a difficult task to set up an account and Binance contacted them to proceed with the donation in order to help the victims from the disastrous floods. They further stated that the transaction was carried out instantly and they did not have any issues in converting the cryptocurrency into fiat. Open Japan added:
“Receiving this donation left us with a deep impression of cryptocurrency: both its growing effect on our world and its potential.”
Binance also stated that they would continue to support the weak and victims of such disasters with the help of cryptocurrencies.
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Source: AMB Crypto

Japan grants Self-Regulatory status to cryptocurrency industry

After keeping a close eye on the cryptocurrency industry for quite sometime and understanding the pluses and minuses, Japan’s Financial Services Agency (FSA) finally gave the cryptocurrency industry self-regulatory status, permitting the Japan Virtual Currency Exchange Association to police and sanction exchanges for any violations.
Japan continuous its visionary approach with cryptocurrency and blockchain
With this approval coming in from the Japanese regulator FSA, it gives the industry association rights to draft and set rules in the best of interests of all the stakeholders. It will also help the industry to safeguard customer assets, prevent money laundering, and give operational guidelines. The association will also have the authority to check with the compliance.
“It’s a very fast-moving industry. It’s better for experts to make rules in a timely manner than bureaucrats do,” a senior FSA official said in a briefing, declining to be named.
Similar officially sanctioned bodies exist in industries such as securities brokerages.
“We will make further efforts to build an industry that is trusted by customers,” the cryptocurrency industry association said in a statement following the FSA approval.
The government has been reviewing its approach toward an industry that has been hit twice by large-scale thefts. Both the regulator and the industry were criticized after about $60 million was stolen from cryptocurrency firm Tech Bureau Corp in September. Before the incident, the company was slapped with two business improvement orders by FSA following the theft of $530 million in digital coins at Tokyo-based cryptocurrency exchange Coincheck Inc in January.
Some FSA officials said the crypto industry now needs heavier regulatory approach, while not wanting to stifle its growth.
Yuri Suzuki, senior partner at law firm Atsumi & Sakai, said the self-regulatory body’s rules are stricter than the current law and she expects them to help the industry to regain public trust.
At the same time, “the self-regulatory body’s workload is likely to be heavy and there is an issue of whether it can secure enough staff with expertise in crypto exchange business,” said Suzuki, who closely follows crypto industry regulation at home and overseas.
Apart from this self-regulation status, the Japanese regulator FSA also published a set of guidelines for those applying to run cryptocurrency exchange in Japan. The agency said there are about 160 entities expressed interest.
Japan last year became the first country to regulate cryptocurrency exchanges, as it encourages technological innovation while ensuring consumer protection. Exchanges have to register with FSA.
As on today, there are 16 approved crypto exchanges. FSA has not granted any new approval since December last year. “We are looking into more details than before. In that sense, the approval process has become stricter,” the FSA official said.
The crypto industry has given a thumbs up to Japanese regulator for its futuristic move. Joseph Young also tweeted saying he is happy with countries like  Japan & South Korea, who are dedicated in facilitating the growth of local crypto markets and believes the countries that don’t do this will be isolated in the future

Japan approved self-regulation for the crypto industry.
In a period in which major economies like Japan & South Korea are dedicated in facilitating the growth of local crypto markets, those that don’t will be isolated
— Joseph Young (@iamjosephyoung) October 24, 2018

Do you think Japan is moving ahead in the race by regulating cryptos? Do let us know your views on the same
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Source: CoinGape

Japanese Consortium to Research Direct Trading of Electricity with Blockchain

A Japanese consortium is to research the use of blockchain technology to determine the price of surplus electricity generated by photovoltaic power generation, and a new system capable of direct trading.
Japan Unisys to Build Blockchain Platform to Facilitate Trading of Electricity
A partnership between the University of Tokyo, IT company Japan Unisys, electric utility Kansai Electric Power, and Mitsubishi UFJ Bank, the largest in Japan, will study the viability of a dedicated platform powered by blockchain that manages direct trading of electricity.
The research addresses the widespread use of renewable energy such as solar power generation, which is leading to a change of the current power supply system from a conventional large-scale intensive type to a self-sustained distributed type.
Researchers estimate that in the future electricity will be directly traded through a dedicated platform.
As distributed ledger technology spreads in the financial sector and other industries, including energy management, the Japanese consortium will test a blockchain powered platform to test how well it determines the purchase price between electric consumers and consumers. For instance, a production consumer who uses the electricity generated by himself and sells the surplus.
The study will use the surplus electricity generated with solar power equipment at consumers’ houses to determine prices, conduct simulated transactions with blockchain technology, and send power to multiple consumers, according to the announcement.
“Through this empirical research, we will acquire knowledge on power direct transactions using blockchain technology, and will continue to provide more practical empirical research, such as verification at home and collaboration with financial institutions. We will contribute to the realization of a society to utilize in a sustainable manner.”
The distributed system will be developed by Japan Unisys with Mitsubishi UFJ Bank (MUFG) advising on the use of blockchain on settlement and transactions.
The utility company will create the demonstration system at the same experiment center, and the University of Tokyo is in charge of the research and findings.
MUFG is highly involved with the technology. In May, the bank announced it will commence the commercialization of blockchain payments by early 2020. Its blockchain, developed by U.S. firm Akamai, will focus on a high throughput of up to one million transactions per second.
The use of blockchain for electricity trading is not new.
Matchmaking platform Bittwatt has recently launched its decentralized service of energy supply, billing, and balancing. The platform integrates regulatory information and data shared between energy suppliers, grid operators and smart consumers.
Featured image from Shutterstock.
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Source: New

Japan’s Tax Committee Looks to Simplify Cryptocurrency Gains Reporting

Japan’s Tax Investigation Committee, an advisory body of the government, is looking to simplify its tax filling system as confusion has led to poor reporting of profits with digital currencies in the country.
Japan Lawmakers Discuss Ways to Simplify Tax Returns of Cryptocurrency Gains
At a meeting held on Wednesday, members of the taxation committee spoke before the General Assembly to provide expert insight on the emerging problem of reporting cryptocurrency gains.
Confusion over the calculation method and the different types of profit besides gains on the sale of digital assets has urged policymakers to discuss the issue.
“The environment should be adjusted so that tax returns can be simplified.”
In the current tax filling system, general employees who earn more than 200,000 yen per year in digital currencies must pay income tax. But not only the gains from the difference between the acquisition price and the selling price are taxed.
Investors also have to report the profit obtained from any kind of exchange with other digital currencies. In mid-2017, however, the Japanese government announced the end of a consumption tax of 8% on Bitcoin transactions.
The complexity of reporting cryptocurrency gains comes to a peak when the taxpayer in Japan has to deal with different methods of storing transaction history data used by each cryptocurrency trading platform.
The committee also discussed the concept of a “shared economy”, where individuals use the internet to trade goods and services, as a new type of economy that must be properly taxed, said Minoru Nakazato, the president of the Tax Committee.
“Since it is necessary to take into consideration frameworks other than the taxation system and business practices, we will hold a small meeting of experts to deepen the discussion while listening to outside opinions.”
The problem of poor reporting of cryptocurrency gains and losses is a headache for taxpayers and governments all over the world. The U.S. Internal Revenue Service (IRS) has also made it very difficult for individuals and companies to report their digital currency gains.
In the U.S., Bitcoin and altcoins are property instead of currency. Every time an individual uses or trades cryptocurrency, they are creating a taxable event.
For the tax filing deadline of April 17, tax platform Credit Karma told news outlets that fewer than 100 people – out of the 250,000 most recent tax filers – have reported their cryptocurrency gains. The figure, which amounts to about 0.04% of tax filers, is not far off from previous years.
Featured image from Shutterstock.
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Source: New

Coinbase Confident of Receiving FSA Approval, Intends to Set Security Standards in Japan

San Francisco-based cryptocurrency exchange Coinbase aims to set a new security standard in Japan, and is more confident than ever that it will receive approval from Japan’s Financial Services Agency (FSA) to operate an exchange in the region.
Coinbase Optimistic About Expansion into Japanese Market
On June 4, the most valuable cryptocurrency exchange in the U.S., Coinbase, announced its plans to expand its offerings and services into the lucrative Japanese market. However, before Coinbase can operate in the region, it must first have its registration approved by Japan’s FSA.
In an interview published by Japanese financial newspaper Nikkei Asian Review, Mike Lempres, Coinbase’s chief policy officer, provided an update on the firm’s progress in dealing with the FSA, claiming that the discussions are “going well” and believes that the company will “certainly” receive approval “in 2019.”
Coinbase Welcomes Increased Scrutiny Under Japan’s Chief Regulator
“The Japanese government is more focused on security,” Lempres said, in reference to how the FSA has responded to a string of hacks that battered cryptocurrency exchanges in the region throughout 2018, leaving investors scores and the FSA scrambling to implement better security measures across the board.
The FSA increased its scrutiny over cryptocurrency exchanges operating in the country after Coincheck was hacked for nearly $500 million in cryptocurrency tokens. Since then, the FSA has issued a number of business improvement orders to exchanges, suspended others, and implemented a more stringent licensing process.
As of September, Reuters was reporting that over 160 registration applications were in the FSA’s review queue, forcing the country’s chief regulator to hire an additional 12 people for fiscal year 2019, in order to keep up with the growing demand.
Lempres said that the FSA’s greater focus on security is “good” for Coinbase and affords them an edge compared to their competition. He also expects Japan to bounce back from the recent hacks plaguing exchanges and investors.

“Japan has been an active large market from the very beginning, and has proved resilient as it bounces back from several bad experiences,” Lempres explained.

Coinbase to Set Security Standards in the Region
Coinbase hopes to become the pillar of security and safety in Japan. As part of Coinbase’s discussions with the FSA, the firm boasts of its security standards put in place to protect investors.
Lempres claims that Coinbase has “dozens” of employees dedicated to security, and that only 1% of assets are stored in fully insured hot wallets, the remaining 99% of funds are stored offline using a unique and complicated process.
Lempress believes there is a “great demand” for trusted service providers in Japan, and hopes that Coinbase will satiate that need after the FSA approves its application.
Featured image from Shutterstock.
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Source: New

Tech Bureau’s Zaif Issued A Hard Warning By Japan’s Financial Services Agency

Tech Bureau, the company behind recently hacked cryptocurrency exchange Zaif have been issued a third (and probably final) warning by the Japanese Financial Services Agency (FSA). The warning has come in the form of a Business Improvement Order, one that stipulates certain improvements that must be made to a financial based business otherwise they risk having their license to trade revoked.
Zaif fell victim to a $60 million hack
On the 14th of September, Zaif became the latest victim of crypto crime, with $60 million worth of Bitcoin, Bitcoin Cash and Monacoin stolen.
Continue reading Tech Bureau’s Zaif Issued A Hard Warning By Japan’s Financial Services Agency at Crypto Daily™.
Source: Crypto Daily

SBI Remit is Using the Blockchain to Make Money Transfers Between Japan and Africa

SBI Remit, a Japanese money transfer company, is teaming up with a venture-backed firm to use its new treasury management service that uses the blockchain for increased transparency and liquidity to small and medium-sized businesses operating between Japan and Africa.
SBI Remit and BitPesa
The service is provided by BitPesa, which has raised $10 million to turn the Bitcoin blockchain into an enterprise payment rail.
Normally, consumers moving money from Japan to Africa have to rely on banks and other middlemen to make their transactions, first exchanging yen into U.S. dollars or euros, then into African currencies. BitPesa, on the other hand, uses a combination of the Bitcoin blockchain and other services to create new currency pairs which greatly simplify the process.
The partnership follows a path already laid out by BitPesa, and specifically targets cosmetics companies, electronics companies, and the lucrative used car market between Japan and Africa. It enables direct currency pairs between Japanese yen and the fiat currencies of Ghana, Kenya, Morocco, Nigeria, Senegal, Tanzania, Uganda, and the Democratic Republic of Congo, according to Forbes.
Generally speaking, by embracing the decentralized nature of the blockchain BitPesa illustrates how useful Bitcoin is for real world applications. Not only does this system permit remittances to be completed in less than an hour — thanks to the blockchain’s fast settlement times — it will also help jump start African commerce with Japan on a larger scale by adding a much-needed layer of trust and transparency, according to Nobuo Ando, SBI Remit director.

“Many companies are doing trade with African countries and they are suffering from the high cost and the slow speed and not very precise administration,” said Ando. “So this is the market that we would like to go in, together with Bitpesa.”

Moving Funds from Asia to Africa
Historically, individuals and businesses conducting trade between Japan and the countries BitPesa serves had to move Japanese yen through multiple correspondent banks. As noted, along the way the yen was frequently converted to more liquid intermediary currencies like the U.S. dollar or the euro, which added lofty fees each step of the way.
According to World Bank estimates, the average remittance fees for this process can reach 7%, but the real cost is often much higher. It can also take several days to complete. By removing these correspondent banks and secondary currency exchanges from the process, BitPesa is able to provide similar services almost instantly for less than 3% of the total transaction.
To avoid fluctuations in the price of both fiat currency and Bitcoin, Elizabeth Rossiello, BitPesa founder, said her company’s treasury services are designed to insulate their customers from risk on either side:

“If it makes sense for us to settle using cryptocurrency or fiat currencies then we do,” Rossiello said. “And in this case, we’re happy that SBI feels the same way, so we’re open to using digital or fiat currencies to settle between us.”

Looking ahead, the remittances market in sub-Saharan Africa it is expected to grow 7% this year to $41 billion. Although this number is just a fraction of the worldwide remittance market as a whole, with relatively little competition for African business Rossiello is confident her company can use the lower costs of the Bitcoin blockchain to help catalyze commerce between Africa and the rest of the world.
Rossiello, who is among the earliest founders of a Bitcoin company established BitPesa in 2013 when the cryptocurrency was trading between around $100 and $1,000. As of today, Bitcoin is trading at over $6,600.
Featured image from Shutterstock.
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Source: New

Ripple’s Big Game: SBI says “Extremely Superior” while Liquidation & Usage Amplifying

Ripple is constantly expanding its network as XRP liquidation increases, SBI declares Ripple being “extremely superior in terms of cost-effective speed and economy”, Kotak Mahindra Bank CDO talks on joining RippleNet while TrasnferGo and PropyInc utilize Ripple as well.
XRP exchange liquidation increasing rapidly
Crypto market is strongly driven by price when the focus should be on development, technology, and adoption. Price will automatically follow, if not in the short term then in the long term for sure.
Today, in a very short span, the entire crypto market plunged. If we take a look at the XRP price, it is down by 8.57% at $0.308. Apparently, sellers are flushing the buyers out of the market. Bitcoin’s free fall has taken Ethereum (ETH), XRP and other cryptos with it to the ground.
According to XRP enthusiast Leonidas, another exchange has come into XRP’s bag:

Geniuex @Geniuex_ an Estonian virtual wallet and exchange platform has started trading. $XRP is paired against EUR, USD and BTC. #XRPthestandard#XRPcommunity@XRPTrump @BankXRP@Hodor7777 @XrpCenter @AlexCobb_
— Leonidas (@LeoHadjiloizou) September 4, 2018

In the crypto market, it is essential for a cryptocurrency to keep on adding exchanges to its name. When it comes to XRP, the 3rd largest cryptocurrency has made quite a progress as revealed by XRP enthusiasm Hodor who shares,
“Less than one year ago, I inventoried all of the known worldwide exchanges that carried XRP, and arrived at approximately 29 exchanges. And recently, I again took inventory of the number of XRP exchanges and entry points, and the number was 105 and growing quickly. This represents more than a 300% increase in the number of liquidity endpoints in less than a year, with some of the new entrants representing milestones in Ripple’s overall xRapid roll-out strategy.”
Ripple extremely superior in cost-effective speed and economy: SBI
Japan-based SBI, a financial services company is one of Ripple’s partners that today shared a Ripple on its website. Talking about the increase in their remittances business, it further shared its working experience with Ripple:
“Remittance using Ripple’s distributed ledger technology, which began with The Siam Commercial Bank Public Company Limited, a major commercial bank in Thailand in June 2017, is extremely superior in terms of cost-effective speed and economy. The use of customers has increased remarkably. In the future, we plan to further expand the remittance channel using Ripple’s platform.”
Also, read: Ripple Accelerates Network Expansion and XRP Adoption Indicating Price could go Higher
Indian Kotak mahindra bank joins RippleNet
XRP enthusiast Steven Diep shares an interesting find on the Twitter. In the short video dated June, Chief Digital Officer of Indian Kotak Mahindra Bank, Deepak Sharma talks about accelerating cross-border remittances by joining RippleNet:
“At Kotak, we harness new technology to simplify and enhance banking experience for our customers. In line with this commitment, we have on-boarded RippleNet to provide impetus to its cross-border remittances. Ripple’s leading enterprise blockchain network RippleNet will enable us to offer our customer real-time cross-border transactions in a safe and secure manner using blockchain. This partnership will also expand our payment network by allowing us to connect RippleNet members.”

Kotak Mahindra Bank – the 2nd largest private bank in India – to accelerate cross-border remittances with Ripplenet.#Ripple #xRapid #XRP #XRPcommunity #xrpthestandard #Crossborderremittances #kotakbank
— Steven Diep (@DiepSanh) September 4, 2018

Ripple technology for cross-border payments on rising
Developments never cease to happen with Ripple. TransferGo, a digital remittance solution for migrant workers is working with Ripple technology for instant money transfers from Europe to India. According to Daumantas Dvilinskas, the founder and CEO of TransferGo:
“We’re delighted to be one of the first companies in the market to offer our customers real-time money transfers by using Ripple’s revolutionary blockchain technology, we’re able to establish real-time communication between us and our banking partners in India, allowing TransferGo customers to send money to family and friends or make international payments immediately.”
When it comes to cross-border market of Europe to India, it is a multi-billion dollar corridor where Ripple can help in reducing the time and cost significantly. Moreover, TransferGo is also planning to launch free money transfers with a delivery of 2-3 business days, zero fees and a mid-market rate by using Ripple blockchain.
Marcus Treacher, SVP of Customer Success at Ripple has stated:
“At Ripple, we believe blockchain technology has the power to make money move as quickly as information moves today. TransferGo is a great example of a forward-thinking payment provider that’s leaning into new technology to facilitate real-time, cross-border money transfers for their customers. That’s a big step forward.”
PropyInc, a real estate company using blockchain is now going for XRP payments as revealed here in the below Tweet by the founder and CEO of Propy, Natalia Karayaneva‏:

@PropyInc using XRP for cross border payments?
— DC (@_dccc07) September 5, 2018

Ripple is constantly growing its network by making a lot of development and partnerships right, left, and center.
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Source: CoinGape