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Bank Of England Governor Shines Spotlight On Ripple And XRP In Future Of Money AMA Discussion

Continuation Of Future Forum 2018 Leads To Discussion Of Ripple And XRP By Governor Mark Carney “Money is evolving.” That is the first sentiment that readers come across when visiting the official website for the Bank of England, leading them to the Future Forum 2018. The public was encouraged to take part in this discussion through registrations and sending in questions, providing their opinions and concerns about the future path of money. On January 8th, Governor Mark Carney took his place to discuss this topic, during which time XRP arose. The discussion, “Have your say on the future of money,” brought in questions about how the Bank of England plans to handle cross-border payments in the future. Considering that Ripple has massively taken over in the financial and cryptocurrency world with their fast cross-border payments, it is natural to bring it into the discussion. Carney commented, “Money is evolving, and so is the way we pay and the financial services we want… Bank notes will remain a central form of payment for some time…” A user, Steve, posted a question – “How does the BofE view the increased utility of digital assets (e.g. the use of XRP through RippleNet as a bridging asset for cross border payments and transfers) and is the BofE working towards the use of a digital asset to perform this or any other monetary tasks?” In response, Carney said that there was an existing partnership set up with Ripple in 2017, helping the financial institution to explore their options for digital assets, distributed ledger technology, machine learning, and other concepts. Continuing, Carney explained, “For that proof-of-concept study, we looked at whether two transactions in different currencies could be executed simultaneously in separate RTGS systems. The important test is that, if one of the synchronized transactions fails to go through, the other part should not go through. That shows the system is working properly and could in principle be used for cross-currency conversions.” Carney’s discussion was meant to be a collaboration of the questions that have already been asked. However, it was open to other questions, especially to clear up anything from the talks that had preceded it. Overall, this concept alone could reduce fees and transaction times. Victoria Cleland, the executive director for banking, payments, and financial resilience at the Bank of England, discussed “Proof of Concept.” She noted, “We do want to make sure is that when there are sort of participants or systems who one sort of plug into RTGS that they can do so using DLT so the proof of concepts that we ran over the summer really trying to say if somebody wants to connect to us from a DLT system can that work and the really good news was that it can.”
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Ripple and XRP discussed by Bank of England’s Governor in an open discussion

XRP is back to being the second largest cryptocurrency in the world after pushing Ethereum [ETH] back to the third spot. 2019 has been a really good year for Ripple and XRP as the latter exceeded more than 200 partnerships with financial institutions. Moreover, in a recent AMA styled discussion named, “Have your say on the future of money”, Bank of England’s Governor, Mark Carney discussed with a few XRP fans about the bank’s plans regarding the future of cross-border payments. Carney stated: “Money is evolving and so is the way we pay and the financial services we want… Bank notes will remain a central form of payment for some time… “ On the discussion forum a user, Steve asked: “How does the BofE view the increased utility of digital assets? (e.g. the use of XRP through RippleNet as a bridging asset for cross border payments and transfers) and is the BofE working towards the use of a digital asset to perform this or any other monetary tasks?” Mark Carney replied that the bank had already teamed up with Ripple in 2017 to work towards new ideas in cybersecurity, digital assets, distributed ledger technology, machine learning and many other topics. Furthermore, he explained: “For that proof-of-concept study, we looked at whether two transactions in different currencies could be executed simultaneously in separate RTGS systems. he important test is that, if one of the synchronised transactions fails to go through, the other part should not go through. That shows the system is working properly and could in principle be used for cross-currency conversions.” He said that this could be something that could change how cross-border payments work and ultimately change it in an unprecedented way by reducing fees and transaction times. Earlier, in October 2018, in an interview with SibosTV, Victoria Cleland, Bank of England’s Executive Director for Banking, Payments and Financial Resilience spoke about their “Proof-of-Concept “, which was a research on the future of money, done by partnering with Ripple. She stated: “We do want to make sure is that when there are sort of participants or systems who one sort of plug into RTGS that they can do so using DLT so the proof of concepts that we ran over the summer really trying to say if somebody wants to connect to us from a DLT system can that work and the really good news was that it can.” The post Ripple and XRP discussed by Bank of England’s Governor in an open discussion appeared first on AMBCrypto.
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Bank of England Measures Preferred Transaction Methods: Crypto Leads

It’s the festive season again; that time of the year where love is celebrated through the acts of giving. However, for some people, the concept of presenting gifts might be a little too complex to understand. These people don’t believe in sending gifts to their loved ones, they rather send money or gift cards that The post Bank of England Measures Preferred Transaction Methods: Crypto Leads appeared first on CCN
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Bank of England Twitter Poll shows Cryptocurrencies are prefered means of payment

Although the cryptocurrency market has been in a bloodbath this year which has intensified towards this end of the year, some indicators such as Google Trend search history suggest that cryptocurrencies are still quite popular around the world. This fact is supported by a poll conducted by the Bank of England via its official Twitter page. The poll which was intended to know people’s preference in terms of payment methods as an indication of the future of payments, has 6662 participants already, 4 days to the end date. According to the result of the multiple choice question “If you receive money as a gift at Christmas, what’s your favorite way to get it?”, 67 percent of the participants prefer cryptocurrency as a means of receiving money for Christmas. Cash followed as the next preferred option with 23 percent of the votes while 8 percent went for bank transfer. While the choice of method for receiving funds is mainly determined by what the receiver intends to use it for (e.g to invest in cryptocurrency), the glaring preference for cryptocurrency as a means of payment has some meaning to it. First, the transaction is faster. It only takes a few seconds for cryptocurrency transactions to complete as opposed to bank transfers. Secondly, cryptocurrency payments are way cheaper. For instance, payment using Ripple’s XRP is virtually free. Just last month, $910m worth of XRP was moved on the network. The transaction fee? 0.000012 XRP, way less than a dollar worth of XRP. imagine the cost of sending the same amount through bank transfer. It will cost millions of dollars. The result of the polls suggests there is a bright future for cryptocurrencies if they can be so popular at this time when the market is in a terrible state. This explains why payment-focused cryptocurrencies like Ripple’s XRP are getting wider coverage while traditional payment companies like SWIFT are struggling to keep up. This popularity may explain why the market is showing a steady recovery after a bear market that seemed irreversible. For the year 2018, it is almost too late to measure any real impact and most investors have given up all hope. However, 2019 has been predicted as a year for cryptocurrencies with a bright future for the industry. However, there is a lot of fear and uncertainty from investors already. Will the year be as good as it is expected to be? The post Bank of England Twitter Poll shows Cryptocurrencies are prefered means of payment appeared first on ZyCrypto.
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Bank of England poll reveals XRP and other cryptocurrencies as the most favorite way of receiving money

Recently, Bank of England, the Central Bank of United Kingdom conducted a poll on their official Twitter handle regarding digital currencies. The central bank laid out the question on people’s most preferred method of receiving money this Christmas. The options that were laid out by the bank were cash, bank transfer, gift voucher, and digital currency. With four more days to go for the poll to end, there are currently around 6662 total participants, and the majority of the partakers preferred receiving their Christmas money through digital currency as the option received a whopping 67% votes. The second most preferred money was cash, which received over 23% votes. Bank transfer got placed in the third position with over 8% votes and gift voucher turned out to be the least preferred with 2% votes. Bank of England poll on Twitter | Source: Twitter Additionally, the comment section of the official tweet showed that XRP was one among the most preferred digital currency. Scubaman said: “Not any digital currency! I’d accept XRP..the greatest digital asset ever created!” Dragon Master, a Twitterati said: “Cryptocurrencies right to one of my digital wallets. Instant transfer for a percentage of a penny in many cases. No need for banks, nobody taking a massive fee for slowing down my transfer. Cutting out the middle man is what’s smart, just like #XTZ” Crypto Wolf, another Twitterati said: “I am just an old dinosaur when it comes to cryptocurrency,, (in brief) in 2010 my son asked me could I lend him £20 to buy something called bitcoin ?? (what I had no clue about) so I gave him quite a bit more now please buy me @getbabb tokens “ Barnaby Perrin Aldous, an XRP enthusiast said: “In the past its been cash or transfer, but with reference to future ambitions, my attention is shifting to digital assets. I’m interested and incidentally would like to know more about where @bankofengland stands on the matter” The post Bank of England poll reveals XRP and other cryptocurrencies as the most favorite way of receiving money appeared first on AMBCrypto.
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Bank of England Holds Venezuela’s Gold Reserves Hostage as Country Turmoil Continues

In light of Venezuela's ongoing financial issues, it is worth noting that Bitcoin trading within the S.American nation is currently at an all time high. However, in the midst of its economic crisis, the Bank of England has denied President Maduro access to his nation’s personal gold reserves — the reason given for this ludicrous behavior is that the English government believes that Maduro, the Leader of Venezuela’s USP (United Socialist Party), will liquidate all of the said gold reserves for his personal gains. More on the Matter As is quite clear from the ongoing situation, President Maduro is trying to repatriate his gold reserves so as to back his nation’s failing currency. However, this move by the Bank of England clearly showcases that the financial institution is trying to strong-arm the Venezuelan government into following their directives. Also worth mentioning is the fact that this latest absurdity comes in wake of Donald Trump’s additional sanctions on the Venezuelan gold industry. Other specifics related to the matter: It is estimated that the gold reserves in question only amount to a total of half a billion Dollars. At press time, the projected inflation rate within Venezuela is at an all time high of around 1,000,00 percent. Despite All the Madness, Bitcoin Continues to Thrive Within S.America Even with all of this ongoing craziness, it is being reported that the use of BTC is currently at an all time high in Venezuela. This is because, the premier digital asset cannot be censored or controlled by any centralized authority (which is in stark contrast to how fiat currency is generally governed). With that being said, it is still worth remembering that due to the low-adoption of Bitcoin and other crypto assets across the globe, altcoins should not be thought of as a replacement for fiat assets altogether, but rather just a complimentary piece that can help a nation’s economy tackle some of the problems related to inflation better. Final Take With all of this information out there, one can only hope that from here on out, countries like Venezuela start to explore the possibilities being offered by cryptocurrencies and how they can completely shift the balance of power in their favour (moving forward).
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Bank of England Prepares to Integrate Blockchain-Based Products and Services

Banks and other financial institutions have never been particularly crypto-friendly. When it comes to blockchain technology, however, the story is very different. The Bank of England is looking to introduce a new payments system which will accommodate future blockchain integration. It’s a positive development for the industry as a whole. Bank of England Has Blockchain Plans Virtually every major bank in the world today is keeping close tabs on the blockchain industry. They are all excited about the potential impact that distributed ledgers can have. Despite a glaring lack of real-world use cases, it is evident there are high expectations for blockchain in the financial sector. Making a meaningful impact will not be easy, though, as there is a lot of work to be done. For the Bank of England, doubling down on blockchain-oriented efforts is more than worth it. More specifically, the British central bank is preparing to accommodate blockchain-based products and services as part of its revamped payments system. This further hints at how blockchain technology will make a big impact on the UK’s financial industry in the years to come. In a recent announcement, the bank made it clear that its upgraded system will go live at some point in 2020 and will focus heavily on fighting off cyber attacks. For the banking sector, cyber threats have become an increasing problem, and it seems most financial institutions have no plans in place to address it. How the Bank of England will thwart such attacks remains to be determined. One option the bank is currently exploring is to let businesses use the system directly rather than rely on third-party service providers. Cutting out the middlemen is rather uncommon in the traditional financial sector. Even so, it is evident something needs to change, and the Bank of England is more than willing to acknowledge this. Its renewed Real-Time Gross Settlement system is entirely cloud-based and will seemingly be capable of interacting with distributed ledgers of all kinds. By removing any unnecessary hurdles from the equation altogether, the Bank of England aims to streamline access to central bank money. Combined with a stronger focus on blockchain technology, interesting new use cases can be uncovered in the months and years to come. No further specifics regarding the blockchain-based ventures have been announced at this stage, and thus a lot of the details remain subject to speculation. The bigger question is whether or not other banks will pay more attention to blockchain technology in the future. There are plenty of potential use cases to explore in this regard, although implementing them will require a lot of work. Up to this point, banks’ legacy systems have not cooperated well with DLT-based applications and services. The Bank of England is showing that things can be done differently.
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Grayscale Adds Stellar as Latest Cryptocurrency Investment Trust

Grayscale Adds Stellar as Latest Cryptocurrency Investment Trust Digital currency investment group Grayscale confirmed it had successfully launched its latest fund, dedicated to Stellar’s Lumens (XLM) token, in a tweet Jan. 17. Grayscale, which now operates nine cryptocurrency funds, timed the move to coincide with a change of image for its products, renaming all its […] Cet article Grayscale Adds Stellar as Latest Cryptocurrency Investment Trust est apparu en premier sur Bitcoin Central.
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Researches from MIT, Stanford Set to Replace Bitcoin with Their Groundbreaking Crypto Project

CoinSpeaker Researches from MIT, Stanford Set to Replace Bitcoin with Their Groundbreaking Crypto Project Until now, everybody has been talking about Bitcoin, the most popular and widely used digital currency. However, Bitcoin is unable to process thousands of transactions a second. Researchers from the Massachusetts Institute of Technology (MIT), UC-Berkeley, Stanford University, Carnegie Mellon University, University of Southern California, and the University of Washington have decided to fix such a weakness and develop a crypto asset better than Bitcoin. The researchers are working together as Distributed Technology Research (DTR), a non-profit organization based in Switzerland and backed by hedge fund Pantera Capital. The first initiative of Distributed Technology Research is the Unit-e, a virtual coin that is expected to solve bitcoin’s scalability issues while holding true to a decentralized model and process transactions faster than even Visa or Mastercard. Babak Dastmaltschi, Chairman of the DTR Foundation Council, said: “The blockchain and digital currency markets are at an interesting crossroads, reminiscent of the inflection points reached when industries such as telecom and the internet were coming of age. These are transformative times. We are nearing the point where every person in the world is connected together. Advancements in distributed technologies will enable open networks, avoiding the need for centralized authorities. DTR was formed with the goal of enabling and supporting this revolution, and it is in this vein that we unveil Unit-e.” According to the press release, Unit-e will be able to process 10,000 transactions per second. That’s worlds away from the current average of between 3.3 and 7 transactions per second for Bitcoin and 10 to 30 transactions for Ethereum. Joey Krug, a member of the DTR Foundation Council and Co-Chief Investment Officer at Pantera Capital, believes that a lack of scalability is holding back cryptocurrency mass adoption. He said: “We are on the cusp of something where if this doesn’t scale relatively soon, it may be relegated to ideas that were nice but didn’t work in practice: more like 3D printing than the internet.” The project’s ideology is firmly rooted in transparency, with a belief in open-source, decentralized software developed in the public interest with inclusive decision-making. The core team of the project is based in Berlin. To solve the scalability problem, DTR has decided to develop the Unit-e with parameters very close to Bitcoin’s design, but many things will be improved. Gulia Fanti, DTR lead researcher and Assistant Professor of Electrical and Computer Engineering at Carnegie Mellon University, commented: “In the 10 years since Bitcoin first emerged, blockchains have developed from a novel idea to a field of academic research. Our approach is to first understand fundamental limits on blockchain performance, then to develop solutions that operate as close to these limits as possible, with results that are provable within a rigorous theoretical framework.” The launch of the Unit-e is planned for the second half of 2019. Researches from MIT, Stanford Set to Replace Bitcoin with Their Groundbreaking Crypto Project
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BitPay CEO Says Bitcoin Is Solving Real Problems Around the World

BitPay co-founder and CEO, Stephen Pair, has recently commented that Bitcoin (BTC) is solving several issues around the world. He said that in a press release uploaded a […] The post BitPay CEO Says Bitcoin Is Solving Real Problems Around the World appeared first on UseTheBitcoin.
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Trillion Dollar Market Cap, Ethereum Chain Splits & Stellar Lumens Fund - Crypto News

In this video, Mattie gives you the latest bitcoin and crypto news. He talks about the ethereum chain splitting, BitGo CEO Says Institutional Money in Crypto Can ‘Easily’ Reach Trillions of Dollars, and a new Stellar Lumens fund. This is a daily segment! ----------------------------------------------------------------------------------- CHECK OUT OUR PODCAST: https://bit.ly/2sZCAiF New episode every Monday and Friday! ----------------------------------------------------------------------------------- Check out Altcoin Buzz Ladies! https://www.youtube.com/channel/UCxulvI2C9wUvvDDNS7S35fA/videos ---------------------------------------------------------------------------------- Connect with us on Social Media: Twitter: https://bit.ly/2GDAoCp Facebook: https://bit.ly/2wYksLB Telegram: https://bit.ly/2IAqDuI ---------------------------------------------------------------------------------- Looking for the best cryptocurrency wallets? Check these out: BitLox: https://bit.ly/2rWQnHa CoolWallet S: https://bit.ly/2Liy5bv Trezor: https://bit.ly/2IXrZic Ledger Nano S: https://bit.ly/2IyE3al KeepKey: https://bit.ly/2x5TlhM Read about them here: https://bit.ly/2rTdthZ --------------------------------------------------------------------------------- References: Leading Crypto Asset Manager Grayscale Launches Stellar Lumens Trust https://www.altcoinbuzz.io/crypto-news/finance-and-funding/leading-crypto-asset-manager-grayscale-launches-stellar-lumens-trust/?fbclid=IwAR2AlAU_C_8Mm9CUm2hDci0pmdW3pvLzphS-BSy888SzDptaXMeifxZgJ1I Crypto Investment Firm Grayscale Launches Fund Dedicated to Stellar Lumens (XLM) https://www.cryptoglobe.com/latest/2019/01/crypto-investment-firm-grayscale-launches-fund-dedicated-to-stellar-lumens-xlm/ Grayscale Tweet https://twitter.com/GrayscaleInvest/status/1085904356635959297?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1085904356635959297&ref_url=https%3A%2F%2Fwww.altcoinbuzz.io%2Fcrypto-news%2Ffinance-and-funding%2Fleading-crypto-asset-manager-grayscale-launches-stellar-lumens-trust%2F Grayscale https://grayscale.co/stellar-lumens-trust/ BitGo CEO Says Institutional Money in Crypto Can ‘Easily’ Reach Trillions of Dollars As Company Launches Cold Storage Trading https://dailyhodl.com/2019/01/17/bitgo-ceo-says-institutional-money-in-crypto-can-easily-reach-trillions-of-dollars-as-company-launches-cold-storage-trading/ Crypto’s Billion-Dollar Theft Problem Prompts Safer Way to Trade https://www.bloomberg.com/news/articles/2019-01-16/crypto-s-billion-dollar-theft-problem-prompts-safer-way-to-trade Ethereum Chain Splits, An Estimated 10% of Miners Stay on Constantinople https://www.trustnodes.com/2019/01/17/ethereum-chain-splits-an-estimated-10-of-miners-stay-on-constantinople Ethereum Upgrade – Constantinople Hard Fork Delayed https://www.altcoinbuzz.io/crypto-news/product-release/ethereum-upgrade-constantinople-hard-fork-delayed/ VanEck to Nasdaq: Bitcoin Market Structure Expected to Improve in 2019 https://www.newsbtc.com/2019/01/17/vaneck-to-nasdaq-bitcoin-market-structure-expected-to-improve-in-2019/ Nasdaq Tweet https://twitter.com/Nasdaq/status/1085522054559031296?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1085522054559031296&ref_url=https%3A%2F%2Fwww.newsbtc.com%2F2019%2F01%2F17%2Fvaneck-to-nasdaq-bitcoin-market-structure-expected-to-improve-in-2019%2F -------------------------------------------------------------------------------- DISCLAIMER The information discussed on the Altcoin Buzz YouTube, Altcoin Buzz Ladies YouTube, Altcoin Buzz Podcast or other social media channels including but not limited to Twitter, Telegram chats, Instagram, facebook, website etc is not financial advice. This information is for educational, informational and entertainment purposes only. Any information and advice or investment strategies are thoughts and opinions only, relevant to accepted levels of risk tolerance of the writer, reviewer or narrator and their risk tolerance maybe different than yours. We are not responsible for your losses. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence and consult the financial advisor before acting on any information provided. Copyright Altcoin Buzz Pte Ltd. All rights reserved.
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