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Ripple’s Partner Santander Hosts PagoFX Payment Service – Will It Run on Ripple?

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  • Yuri Molchan
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    Santander banking giant that works on Ripple’s technology for instant payments without XRP use is to host a payment service PagoFX

Ripple’s Partner Santander Hosts PagoFX Payment Service – Will It Run on Ripple?
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Existing Ripple’s partners are taking the technology further. The crypto community hopes that through them more and more companies and banks will start using Ripple’s xCurrent and On-Demand Liquidity.

An XRP community member believes that Santander's PagoFX that has applied for a license to work in the UK and EU will also use Ripple’s technology.

Santander issues a Q3 report, will another payment service run on Ripple?

In its report for the third quarter 2019, the Spanish-based banking behemoth Santander, announced that it’s new payment service PagoFX is going to work in the UK and EU. It will be used for international money transfers.

A Twitter user @XrpCenter believes it is going to run on Ripple.

Earlier on Wednesday, U.Today reported that the Japanese payment app Money Tap, set up by the Japanese SBI financial giant and Ripple and powered by XRPL, had partnered with a Japanese PayPay service. XPRL is going to be used for the collaboration.

PayPay has a 10-mln user-base and works with around 1 mln merchants all over Japan.

In August, CoinDesk wrote that Santander expanded its use of Ripple’s xCurrent product to a One Pay FX mobile app. It was used to create a ‘payment corridor’ to Latin America countires.

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Xpring accepts KeyLess to its blockchain network

Recently, Ripple’s dApp development platform Xpring launched its own network for dApp makers. Now, a KeyLess startup – a biometric authentication and identity management platform – has joined it.

The startup uses the blockchain technology to let people access their accounts and crypto wallets anywhere without fear of losing  private keys.

 

What are your thoughts on the new partnerships of Ripple and Xpring? Feel free to share them in the comment section below!

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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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Federal Reserve System: Stablecoins Pose Potential Risks to Financial Stability

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  • Vladislav Sopov
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    According to its Financial Stability Report of November 2019, the Board of Governors has warned about the dangers of stablecoins.

Federal Reserve System: Stablecoins Pose Potential Risks to Financial Stability
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The Board of Governors of the U.S. Federal Reserve System have issued their monthly Financial Stability Report. This special report is dedicated to the profits and risks of "global stablecoins".

Stablecoins: Global System with So Many "Ifs"

First, the Federal Reserve admits to the numerous advantages that stablecoins present as a concept. It has been highlighed that stablecoins are "faster, cheaper, and more inclusive payments could complement existing payment systems". This is in comparison to cases where traditional financial institutions are sophisticated and poorly accessible. Stablecoins can also be managed to eliminate the volatility of cryptocurrencies, which is one of the borders for them to be utilized as the medium for exchange.

Therefore, the "global stablecoin initiatives" like Facebook's Libra can rapidly achieve cross-border adoption. However, the major threat for stablecoins is apparent - the "inability to convert in national currency". The loss of confidence in "pegging" the stablecoin to traditional assets can lead to a run, in which several holders will attempt to liquidate their stablecoins at the same time.

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This dramatic scenario may be caused by "poor design and governance", and can result in severe consequences for international economic activity, asset prices, and financial stability.

Transparency First

The Federal Reserve also outlined in its report that in many cases, stablecoins can be utilized for money laundering, terrorist financing, and other financial crimes. Therefore, the Federal Reserve would require operators of such systems to conduct their Due Diligence, as well as Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures to avoid any abuse. Moreover, the problems of disclosure policy and protecting investor data should be of paramount importance for stablecoin issuers:

Disclosures should clearly detail consumer and investor rights and protections, including whether the holder of the stablecoin has any rights to the underlying asset. Issuers should be transparent on how the stablecoin is tied to the underlying asset, has been said in the Report.

Last but not least, the report highlighted that the Federal Reserve, together with the Group of Seven, will closely monitor stablecoin developments as well as all the risks associated with it.

Have anyone ever invested in stablecoins? Do you prefer to use it, or to pay extra fees for fiat gateways? Tell us your story on Twitter!

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About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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