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Fear of Crypto? JP Morgan Building Blockchain Multi-Currency System Blessed by Singapore’s Regulator

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  • Yuri Molchan
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    The Singaporean regulator MAS and JP Morgan are working on a prototype of a blockchain-powered system for cross-border payments using multiple currencies

Singapore’s regulator MAS and JP Morgan building a DLT network for cross-border payments and dApps
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After several years of rejecting blockchain and crypto, part of major global banks are finally beginning to work with Ripple’s xCurrent or On-Demand Liquidity that utilizes XRP. The other part, however, is now embracing blockchain only, it seems, fearing that crypto will one day put them out of business.

The financial regulator of Singapore, MAS (the Monetary Authority of Singapore) is busy working on a new blockchain-based platform for utilizing multiple fiat currencies. The JP Morgan banking giant (headed by the Bitcoin-hater Jamie Dimon) and a local investment company Temasek (a government-controlled one) are helping out with that.

Blockchain but not crypto

JP Morgan’s CEO Jamie Dimon is a long-time Bitcoin hater, who called it ‘a bubble’ several times. At the start of this year, the banking giant launched its own sort of crypto currency dubbed JPM Coin. Although, experts agree that this is not crypto in the direct sense of the word.

JPM is being used only for internal transactions for V.I.P. customers and is far from being decentralized. It is not traded on exchanges and can hardly even be considered a digital currency. However, JP Morgan seems to respect blockchain itself and see numerous opportunities in it.

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A new blockchain payment platform for multiple currencies

Now, JP Morgan is helping the Singapore’s MAS to build a DLT-based network for international payments, as if trying to oppose the growing impact and use of crypto globally. Cryptocurrencies are becoming more and more popular for making cheap and fast cross-border transactions. A good example is Ripple and the fast pace it is signing up global banks on RippleNet with some of them using XRP.

The new system is going to integrate with e-commerce DLT apps. The payment network is being developed as part of the Project Ubin. It will allow other DLT networks to interact with it easily. The article on the MAS website describes it as follows:

“The payments network will provide interfaces for other blockchain networks to connect and integrate seamlessly. It will also offer additional features to support use cases such as Delivery-versus-Payment (DvP) settlement with private exchanges, conditional payments and escrow for trade, as well as payment commitments for trade finance.”

It also says that over 40 companies, both from the sphere of finance and beyond it, are trialling he new payment network.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Bitcoin Fees Could Exceed $100 in 2020: Blockchain Capital

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  • Alex Dovbnya
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    Bitcoin could hit a new all-time high with network fees exceeding $100 in 2020, according to Blockchain Capital

Bitcoin Fees Could Exceed $100 in 2020: Blockchain Capital
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Blockchain Capital's Spencer Bogart has recently published a list of 2020 predictions for cryptocurrency predictions. The most remarkable one concerns Bitcoin fees that are expected to surpass $100 next year due to the growing demand for transactions.

Back in December 2017, during the heyday of crypto, the average Bitcoin transaction fee increased to $55. As of Dec. 12, 2018, it is just at $0.52, BitInfoCharts data shows.    

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Bitcoin blast past a new all-time high 

According to Blockchain Capital, Bitcoin is set to experience another price rally in 2020 that could push its price above the current all-time high of $20,000. However, it is very unlikely to touch reach $1 mln (sorry, John McAfee).  

The crypto community expects the BTC price to skyrocket because of the upcoming halvening after the enormous returns of the previous two events. This time around, the reward for each mined coins will be decreased to just 6.25 coins. 

As reported by U.Today, the famous stock-to-flow model, which measures the coin's value by determining its scarcity, would be invalidated if Bitcoin didn't surge past the $100,000 mark before December 2021. 

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Privacy coins get delisted 

In the meantime, Blockchain Capital suggests that 2020 is going to be a tough year for stablecoins. Major exchanges could be forced to delist the likes of Monero (XMR), Zcash (ZEC), and other anonymous cryptocurrencies due to growing regulatory pressure. 

The writing is already on the wall. ZEC, which recently reached a new all-time low, was delisted from Coinbase UK back in August. In October, OKEx Korea moved to delist all major privacy coins but later decided to review its decision.     

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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