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Bitcoin has lost its value since social media platforms banned crypto currency advertisements.
The largest cryptocurrency was steady at $7,844.25 as of 9:42 am in London, according to consolidated Bloomberg pricing. Twitter Inc. confirmed on Monday it’s banning advertisements for initial coin offerings and token sales on its platform, joining Facebook Inc. and Alphabet Inc.’s Google on the list of tech giants keeping cryptos at bay. Rival coins Ripple, Ether and Litecoin fell.
Since reaching a peak of almost $20,000 in mid-December at the height of the cryptocurrency frenzy, Bitcoin has lost more than half of its value as investors weigh the future of the nascent industry amid intensifying scrutiny. Facebook banned cryptocurrency ads in January and Google said it would outlaw such ads starting in June.
Bitcoin earlier jumped as high as $8,265.87 following a decline on Monday of 8.4%. The digital token has now dropped by about a quarter in March alone.
Also on Monday, Cboe Global Markets Inc., the first US exchange to list Bitcoin futures last year, prodded US securities regulators to consider approving crypto exchange-traded funds in a letter to the Securities and Exchange Commission.
On February 21, the Ripple team revealed that Itaú Unibanco, Brazil and Latin America’s biggest bank by market cap, will use the Ripple blockchain network’s xCurrent to process cross-border payments and remittances.
Most major banks in South Korea and Japan led by SBI Holdings, one of Japan’s leading commercial banks, are utilizing the Ripple network’s liquidity platform xRapid to lower operating costs in processing payments between banks and institutions.
In the upcoming months, Itaú Unibanco along with a major Singapore-based remittance service provider InstaReM and Indian commercial bank IndusInd will actively utilize Ripple xCurrent to settle payments between international financial service providers.
The Ripple team noted that remittance service providers in large remittance markets such as Brazil and Canada have started to utilize xVia, a payments solution developed by Ripple, to process payments on the Ripple blockchain. Beetech in Brazil and Zip Remit in Canada aim to process payments on the RIpple blockchain network with remittance service providers in China, as Chinese remittance companies have entered RippleNet in February.
Patrick Griffin, Ripple’s head of business development, emphasized the necessity of a blockchain solution like Ripple in the global remittance and payments industries, especially for businesses and consumers in emerging markets. Griffin explained that blockchain technology can ease the process for individuals sending money from abroad to their home countries, specifically for expat workers and international businesses.
“The payments problem is a global problem, but its negative impact disproportionally affects emerging markets. Whether it’s a teacher in the U.S. sending money home to his family in Brazil, or a small business owner in India trying to move money to open up a second store in another country, it’s imperative that we connect the world’s financial institutions into a payments system that works for their customers, not against them,” said Griffin.
As CCN reported in January, Ripple partnered with some of the world’s largest remittance providers such as MoneyGram to process international payments on its blockchain network. If Ripple can build an ecosystem and a community of major remittance service providers in both major regions like the US and emerging markets, individuals will be able to send and receive both small and large payments through the Ripple blockchain, with reduced costs.
The key is building a connection between remittance providers to ensure that there exists a decentralized and peer-to-peer platform with which institutions can send and receive money to and from each other.
Already, RippleNet has included large-scale remittance service providers in Singapore, China, and other countries in Asia. InstaReM alone processes more than 500,000 transactions initiated by consumers in more than 60 countries, including Australia, Canada, Hong Kong, Singapore and India.
2018 is an important year for Ripple, and it is a period in which it will have to justify the partnerships it had created in 2017 through increasing daily transaction volumes and user activity. In 2017, Ripple was criticized by the lack of transaction volumes coming from banks that have partnered with Ripple Labs to process transactions.
South Korea is examining a licensing system to regulate the country’s cryptocurrency exchanges in a major turn around from its previous harsh stance
After announcing less than a month ago that some or all cryptocurrency exchanges may be shut down in the aftermath of the Bitcoin market correction South Korea looks as if it may soften their stance.
According to Business Korea, the government is considering adopting a system similar to New York’s Bitlicense model. The New York system only allows exchanges that applied for a Bitlicense from the state department of financial services to trade cryptocurrency. New York requires detailed reporting regulations and a minimum capital requirement which has limited the number of firms and currencies that qualify.
The South Korean government considers that implementing such a system brings a notoriously volatile market into a more familiar institutional framework which can be more easily supervised. These recent statements are a dramatic reversal to an energetic crackdown on cryptocurrency exchanges last year.
The first mention of a ban by South Korea, one of the top cryptocurrency markets in the world, in December of 2017 caused Bitcoin to slide 18% in one day. Resulting in the chief of financial services commission to talk openly about shuttering cryptocurrency exchanges nationwide in a speech to parliament.