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Ripple partner FairFX lands settlement accounts with Bank of England to participate in UK Faster Payments Scheme

FairFX, an e-banking, and international payments group has announced that it has been granted access to settlement accounts with Bank of England [BoE] and has become a direct partner of UK’s Faster Payments Scheme. UK’s Faster Payment Scheme aka FPS has been growing rapidly since its inception as its the only real-time 24/7 service that is increasing in demand with respect to business and personal customers. Furthermore, the company’s direct connection to the Faster Payments Scheme has been enabled by the New Access Model that extended access to the RTGS accounts held at the Bank of England. FariFX’s CEO, Ian Strafford-Taylor said, “Obtaining direct membership of the Faster Payments Scheme together with settlement accounts at the Bank of England represents a major step in the progression of FairFX Group. This development is in line with the Group’s strategy to streamline the payment supply chain, deliver lower payment processing costs, improve customer experience and facilitate product iteration.” The efforts of the FPS is to inject more competition that will help stir growth in the payments sector, which has been overdue for a change for a very long time. Moreover, FairFX can now directly settle payments with other members of FPS, and it is eligible to join other payment schemes in the UK like BACS, CHAPS. In 2018 alone, FairFX has processed more than 1 million FPS transactions, but after the partnership and its inductance into the FPS, it will now be able to process these transactions in real-time. Ripple partnered with UK’s FairFX back in mid-2018, along with four other companies from around the world [RationalFX, Exchange4Free, UniPAY, and MoneyMatch]. These companies would be using Ripple’s blockchain payment solution, xVia. xVia is an API solution enabling payment originators – those sending payments on behalf of a customer, but not actually processing and paying it out – to access and reap the benefits of RippleNet. This includes faster entry into new markets, lower operational costs, increased speed and end-to-end visibility over a payment’s journey. The post Ripple partner FairFX lands settlement accounts with Bank of England to participate in UK Faster Payments Scheme appeared first on AMBCrypto.
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GBP/USD Price Prediction: Cable Subject to Further Downside Pressure with Focus on the Bank of England

GBP/USD saw its first weekly close in the red after six consecutive weeks of gains. Focus on the Bank of England, as the general expectations are for it to push back rate hike expectations. GBP/USD prior to last week has been rallying to the upside at quite some momentum. The price was enjoying six consecutive […] The post GBP/USD Price Prediction: Cable Subject to Further Downside Pressure with Focus on the Bank of England appeared first on Hacked: Hacking Finance.
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Venezuelan President Gets Rekt’d as Bank of England Won’t Return its Gold Worth $1.2 Billion

Venezuela is going through an economic crisis and hyperinflation and now country’s President Nicolas Maduro, in his efforts to hold onto his plunging cash pile has been trying to pull the $1.2 billion worth of gold out of the Bank of England. But the bank has denied Maduro Official’s requests after the top US officials including National Security Adviser John Bolton and Secretary of State Michael Pompeo lobbied their UK counterparts to cut off the deal, reported Bloomberg. The UK is now actually following other countries in recognizing the National Assembly leader Jun Guiado as the legitimate president of Venezuela after Maduro who is an authoritarian ruler refuses to give up power. Maduro who has has been overseeing the country’s collapse into crisis. The $1.2 billion of gold is a big chunk of $8 billion of foreign reserves held by the central bank of Venezuela. The US officials are now trying to steer the overseas assets of Venezuela to Guiado to help him take control of the govt. Political Pressure According to the recent CNBC report, the gold holdings of Venezuela in the Bank of England have jumped after it closed a deal with Deutsche Bank. In December, Venezuela's holdings in the ban doubled to $1.3 billion after Venezuela returned the borrowed funds from Deutsche Bank AG. Since last year, the government of Nicolas Maduro has been seeking to repatriate $550 million in gold from the bank of England on the fears of that the gold could be caught up in the sanctions on the country. The Bank of England has been facing political pressure from the British parliament and Venezuela’s opposition to not assist Maduro. Now, losing the gold would be a blow to the country's finances. Also, by refusing to hand over the gold, this can cause an alarm among the countries that store their own gold with the Bank of England. Maduro says his govt. is a victim of an “economic war” that is led by the opposition and the sanctions put by the US. According to Ricardo Hausmann, a Harvard economics professor and a critic of Maduro’s, “The first rule of business as we speak is to stop the Maduro government from liquidating international assets of the country and steal them,” quoted Bloomberg.
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Bank of England Senior Advisor: Cryptocurrencies Neither a Good Store of Value nor a Medium of Exchange

Huw van Steenis, the senior advisor to Bank of England (BOE) Governor Mark Carney believes that cryptocurrencies “fail fundamental tests” to compete with the traditional financial market institutions, reports Bloomberg on January 21, 2019. Cryptocurrencies Aren’t a Great Unit of Exchange Cryptocurrency proponents the world over are banking on the technology’s potential to replace the centralized financial institutions in near...Read More. The post by Aisshwarya Tiwari appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News
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Bank of England Advisor Criticizes Bitcoin and Crypto Assets Due to Failing at Basic Financial Tests

Although digital assets have been expanding all over the world during the last years, there are several individuals and experts that believe that these cryptocurrencies are worthless or will just fail. Huw van Steenis, the senior adviser to Bank of England Governor Mark Carney said that legacy banks are not worried about cryptocurrencies because they do not have value. He went on saying that digital assets fail the fundamental tests of financial services. "Customers want something cheaper, better, faster [from banks]," says Huw van Steenis, Bank of England Senior Adviser to the Governor https://t.co/OaGEtsrIUS pic.twitter.com/yDtNJA1YSe — Bloomberg TV (@BloombergTV) January 21, 2019 During an interview with Bloomberg, he mentioned these things about virtual currencies. Indeed, he said that cryptocurrencies are not a great unit of exchange because they do not hold any value and they are slower than traditional payments. This is similar to what the financial analyst Gary Shilling said about Bitcoin. He said during a conversation with CNBC that the crypto industry is opaque and that Satoshi Nakamoto has never been revealed. Furthermore, he says he is shorting Bitcoin because it is a ‘grand Ponzi scheme.’ Huw van Steenis said that banks and financial institutions are vigilant about new technologies since they want to keep being competitive. However, they are not worried about cryptocurrencies being able to challenge banks’ dominance. Nevertheless, he mentioned that his top priority is to make the United Kingdom a ‘vibrant centre’ for fintech companies in the coming years. Back in March 2018, the Governor of the Bank of England, Mr. Mark Carne said that the cryptocurrency industry does not threaten the stability of the global economy. Thus, this shows that there are several opinions regarding cryptocurrencies among top officials in one of the most important financial institutions around the world. In a letter to the G20 finance ministers and central bank governors, he wrote: “The FSB’s initial assessment is that crypto-assets do not pose risks to global financial stability at this time. This is in part because they are small relative to the financial system. Even at their recent peak, their combined global market value was less than 1% of global GDP.” Regulatory agencies are starting to take more active stances toward virtual currencies. The intention is to control the market and regulate the industry as it continues to expand.
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Davos 2019: Crypto is Not a Threat to Traditional Banks, Believe Bank of England’s Officials

CoinSpeaker Davos 2019: Crypto is Not a Threat to Traditional Banks, Believe Bank of England’s Officials While crypto enthusiasts strongly believe in the potential of crypto assets to replace traditional units of exchange despite the market’s high volatility and lack of stability, supporters of traditional financial systems say that crypto assets have no chance. Nevertheless, it doesn’t mean that Bitcoin and other cryptocurrencies do not attract the public’s attention anymore. Still, they are being widely discussed by a lot of prominent members of established institutions and Huw van Steenis, the senior adviser to Bank of England Governor Mark Carney, is one of them. No Worries about Cryptocurrencies Speaking about the prospects of the financial system on the sidelines of the 2019 World Economic Forum in Davos, Switzerland, Van Steenis noted that today many banking institutions are losing their heads trying to win the competition with the emerging technology, but in his opinion it’s absolutely senseless to worry even about the major cryptocurrencies without speaking about the smallest ones. He explained that in his opinion digital assets could not compete with the traditional systems. He said: “I’m not so worried about cryptocurrencies. They fail the basic tests of financial services. They’re not a great unit of exchange, they don’t hold value, and they’re slower. One of the biggest challenges for the BOE will be how to regulate new entrants to the banking system, particularly from technology firms.” Nevertheless, according to Van Steenis, fintech companies have a real obsession with their customers, they listen to them and try to give them what they want. And as for services, it is quite obvious that customers want them to be cheaper, faster and more effective and digital services providers are actively working in this direction. The task for traditional banks is to manage to innovate timely and to get their customers. Van Steenis also said that one of the main goals for the United Kingdom is to become “vibrant center” for fintech in the following 5-10 years. No Threat to Financial Stability In March 2018, Mark Carney, who is the governor of the Bank of England, stated that cryptocurrencies don’t pose a threat to global financial stability. In his opinion, the innovative crypto technologies could be even used to boost the development of the global economy and to enhance the effectiveness of the financial system in case they are implemented in a proper way. Carney’s assessment was based on the fact that despite the entire hype around crypto assets, in reality, they were very small relative to the financial system. Even when they were at their peak, their combining market value amounted to less than 1% of the world’s combining GDP. UK and Crypto But it’s also worth mentioning that while some prominent figures in the financial industry do not take cryptocurrencies seriously, some members of the UK government want to support the mass adoption of digital assets. For example, Eddie Hughes proposed to allow UK residents to pay their local taxes and utility bills using Bitcoin. Davos 2019: Crypto is Not a Threat to Traditional Banks, Believe Bank of England’s Officials
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Crypto is Worthless, Fails Basic Financial Tests: Bank of England Adviser

By CCN.com: Legacy banks are not worried about crypto because it has no value and fails the fundamental tests of financial services. That’s the assessment of Huw van Steenis, the senior adviser to Bank of England Governor Mark Carney. Van Steenis says while traditional banks are always trying to fend off competition from new fintech platforms, he’s The post Crypto is Worthless, Fails Basic Financial Tests: Bank of England Adviser appeared first on CCN
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Ravencoin Grows 20% And Continues to See RVN Token Surge in the Crypto Market

There are several altcoins that are registering interesting growth rates in the last weeks. This time, Ravencoin (RVN) was able to pump once again over 20% in just 24 hours. Although Bitcoin keeps being traded sideways, there are some altcoins that are behaving very positively. Ravencoin Spikes 20% Ravencoin was able to grow 20% and […]
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Bitcoin [BTC] Futures in good stead against its Spot equivalent: Bitwise Report

Bitcoin [BTC] Futures were thought to be a snippet of the overarching cryptocurrency market, though meager in comparison to the larger spot market. A recent report from Bitwise Asset Management, the crypto-centric investment firm has stated otherwise. In a March 20 report presented to the United States’ Securities and Exchange Commission [SEC], Bitwise analyzed the Chicago Mercantile Exchange [CME], and the Chicago Board Options Exchange, with ten prominent cryptocurrency exchanges’ in terms of their trade volume. Prior to shedding light on their Futures versus Spot findings, it must be noted that the report revealed that 95 percent of the trading volume of unregulated exchanges were seemingly “fake and/or non-economic wash trading”. Taking into account this disparity, the percentage of futures volume to their spot equivalent increases from 1.51 percent to 33.33 percent. Reported Spot volume totaled $6 billion, but after removing the “suspicious exchanges”, the actual volume recorded dropped to $273 million, in comparison to the futures market volume of $91 million. Furthermore, the increase in futures’ volume as a percentage of the spot market has been steadily increasing. From November 2018 to January 2019, the futures market was just over 15 percent, and almost doubled in February 2019 to 33 percent. Since the Futures contracts were approved in December 2017, only on two occasions did the Futures volume, in comparison to the Spot market, shoot above 20 percent; this was in May and August 2018. Futures Volume expressed as a percentage of their Spot Equivalent In terms of their stand-alone trade volume, the CME and the CBOE are in good stead against the world’s top cryptocurrency exchanges. The daily volume the CME, which brings in $84.82 million, ranks second behind Binance’s $110.5 million and ahead of Bitfinex, which records $38.06 million in daily trade volume. The CBOE also fairs well, taking the ninth spot on the ladder, ringing in $6.12 million in daily trade volume. Gemini takes the eight spot with $8.11 million and itBit caps off the top-10 with $5.58 million in daily volume. Notable, among the top-12, eight exchanges are registered within the United States. Despite the CBOE’s comparative success against the spot exchanges’, it has not been performing well against its cross-town rival, the CME. This slump forced the CBOE to delist their Bitcoin Futures [XBT] for March 2019. However, the XBT futures that are yet to expire later in the year will not be off-loaded prematurely. Bitwise also points out that the CME Futures Price tracks the Global Spot Price based on an arbitrage model. Given below is a chart attesting the same: Arbitrage between the CME Futures price and the global Spot price The post Bitcoin [BTC] Futures in good stead against its Spot equivalent: Bitwise Report appeared first on AMBCrypto.
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How Cryptocurrency Trading Volume Fiasco Can Lead to Bitcoin ETF Approval

The SEC has held the ETF approval for Bitcoin and Cryptocurrency for a couple of reasons. The most significant reason for the same has been the unregulated marketplace. While decentralization in Bitcoin is an attribute that makes it an ideal asset class, the market places or Exchanges that provide for conversion of FIAT to Cryptocurrency is still controlled by independent entities. A recent report by Bitwise Asset Management published by the SEC inferred that more than 95% of the cryptocurrency volume is being faked. Hence, according to that, the ‘actual spot volume’ on cryptocurrency exchanges is a little above $270 million. Moreover, the reported volume of CME and Cboe Bitcoin Futures is more than one-third of the ‘actual spot volume’ estimated by Bitwise. According to Bitwise Asset Management, This is good news because it means CME— a regulated, surveilled market— is of material size, which important for an ETF. The case of a Bitcoin ETF Approval Now CME Bitcoin Futures reported a spot trading volume of $85 million. Moreover, according to Bitwise Asset Management, the actual trading volume of the Crypto-to-FIAT Exchanges is around $273 million. Hence, according to this statistic the Futures Trading Volume of CME alone accounted for 31.1% of the ‘Actual Exchange Volume.’ Moreover, there are other Bitcoin Futures market active in Europe and Japan as well. Hence, going by the above statistic, it can be said that the institutional investment might be in parity with the unregulated investment in Bitcoin. However, the Exchanges have reported total spot volumes total to the tune of $6 billion. This can necessarily raise doubts on its demand being higher than $100 billion. However, it does not directly affect the total market capitalization of a cryptocurrency.   Parity Between Spot Trading of Bitcoin and Gold The spot trading volume of Gold is 0.55% of its total market capitalization, while according to Bitwise statistics spot ‘actual spot trading on Bitcoin is 0.39%. If the CME Futures volume is included in this data, the percentage will increase to 0.51%. The OTC trading volume on most exchanges is also not added in the Exchange Data. All this suggest that the institutional investment in Bitcoin is considerably more significant than one expects. It is not only healthy in volume but also agrees statistically with the closest relatable asset class, i.e., Gold. Hence, a new form of informational mechanics for the trading of Bitcoin and Cryptocurrency in regulated Exchanges could alleviate the doubts around the Bitcoin ETF approval.   The post How Cryptocurrency Trading Volume Fiasco Can Lead to Bitcoin ETF Approval appeared first on Coingape.
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Top 5 Crypto Performers Overview: ONT, ADA, ETC, BCH, IOTA

Top 5 Crypto Performers Overview: ONT, ADA, ETC, BCH, IOTA The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision. The market data is provided by the HitBTC exchange. […] Cet article Top 5 Crypto Performers Overview: ONT, ADA, ETC, BCH, IOTA est apparu en premier sur Bitcoin Central.
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