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BSP Gov. Diokno Envisions a PH Coinless Society by 2025

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January 18, 2020 – The Bangko Sentral ng Pilipinas (BSP) envisions the Philippines as a ‘coinless’ society by 2025 thanks to the National ID System and initiatives on proliferating the user of quick-response (QR) codes.

According to BSP Governor Benjamin Diokno, the National QR Code Standard, adopted in 2019, could pave the way for FIlipinos to do small transactions using QRs embedded at the back of the National IDs, another program spearheaded by the central bank, PhilStar reported.

A QR code is a type of barcode that contains information such as account names and numbers that could be used for payments and are readable even by mobile phone cameras, making it an efficient solution for cashless payments considering 74 million out of 109 million Filipinos use a smartphone. 

Governor Diokno did say that a 100% cashless society might not happen within his lifetime. “But I can assure you a coinless society by 2025 because that will be replaced by the QR Code PH which we are pushing to get to our national ID,” he remarked

The BSP’s current goal is to transition 50% of all transactions into digital by 2023, the end of Gov. Diokno’s term. Given Gov. Diokno’s targets and potential re-appointment as BSP’s governor, the digitisation of payments is likely to remain high on his agenda.

To attain this goal, the BSP is working to strengthen Filipino’s preference for digital payments and provide digital financial products and services that are responsive to customer needs. The BSP aims for the digital ID and current and new payment and settlement systems to facilitate real-time financial transactions, the Manila Times reported.

Another goal for the BSP is to make sure 70% of all Filipinos have bank accounts by 2025. 2019 data said 71% of all Filipino adults are still unbanked although that may have increased significantly in 2020 because the COVID-19 pandemic has accelerated the transition to cashless payments, which are made possible by mobile banking and e-money wallet apps. 

Last year, the BSP approved “digital bank” as a new banking category, recognizing this new type of bank’s role in expanding access of Filipinos to financial services. Compared to traditional banks, a digital bank does not require the customer to open a bank account at a physical branch. Opening  an account in a digital bank can be facilitated through a smartphone. Of course, many traditional banks like UnionBank are now starting to allow customers to register accounts through mobile lately.

Gov. Diokno maintains that digitalization is a key beneficiary of the pandemic and has urged Filipinos to embrace the new normal society, which involves paying digitally, because the old normal and the way of doing things will never return. It is yet to be seen what portion of digitization will skip digital banking and move directly to blockchain based payments/remittance. 

“The way we shop the way we live will be different from the old normal. So the sooner we adjust to the new normal, I think it’s better for the economy,” he concluded.

This article is published on BitPinas: BSP Gov. Diokno Envisions a PH Coinless Society by 2025

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Source: https://bitpinas.com/tech/bsp-gov-diokno-envisions-a-ph-coinless-society-by-2025/

Blockchain

Price of XRP Increases By 17% Bringing Stellar To A New Peak

XRP Stellar

Rate this post On a typically lazy Sunday, XRP and Stellar are performing impressively. The price of Stellar and XRP are continuously increasing. In the last 24 hours, XRP has increased by 17% to $1.6, its highest price since Monday, and Stellar has risen 18% to $0.7, its highest price ever. The XRP and Stellar Connection Considerably, these two coins are related as Jed McCaleb worked on these two coins. McCaleb was one of the creators of the Ripple protocol, which runs on the XRP cryptocurrency. To focus more on Stellar (XLM), he left Ripple in 2013. Stellar’s payments network is quick, inexpensive, and easy to use, similar to Ripple.  XRP is a cryptocurrency based on Ripple’s market capitalization is $57 billion, while the market capitalization of Stellar is $18 billion. Comparatively, Stellar has performed much better than Ripple in the past few weeks. It has increased by 31.9% in the last seven days, while XRP has only increased by 4%. Elon Musk’s economic tweets, in which he slammed Bitcoin as unfriendly to the world, contributed to both companies’ growth. Musk depressed the price of Bitcoin from the mid-$50,000s to $49,000 in a single tweet this week. Why Does Bitcoin Consume Too Much Energy? Both Stellar and XRP use less energy as compared to Bitcoin; to authenticate users, they depend on a small number of blockchains, whereas Bitcoin relies on a large network of power-hungry computers. Other, less environmentally harmful coins have risen in popularity as a result of Musk’s withdrawal of Bitcoin. Hedera Hashgraph has increased by 16.37% to $0.36, Solana has increased by 15% to $47, Cardano has increased by 10% to $2.39, and Algorand has increased by 8% to $1.53. The majority of the above are based on proof-of-stake, a consensus algorithm that allows those who own the most coins to validate transactions.

The post Price of XRP Increases By 17% Bringing Stellar To A New Peak appeared first on Cryptoknowmics-Crypto News and Media Platform.

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On a typically lazy Sunday, XRP and Stellar are performing impressively. The price of Stellar and XRP are continuously increasing. In the last 24 hours, XRP has increased by 17% to $1.6, its highest price since Monday, and Stellar has risen 18% to $0.7, its highest price ever.

The XRP and Stellar Connection

Considerably, these two coins are related as Jed McCaleb worked on these two coins. McCaleb was one of the creators of the Ripple protocol, which runs on the XRP cryptocurrency. To focus more on Stellar (XLM), he left Ripple in 2013. Stellar’s payments network is quick, inexpensive, and easy to use, similar to Ripple. 

XRP is a cryptocurrency based on Ripple’s market capitalization is $57 billion, while the market capitalization of Stellar is $18 billion.

Comparatively, Stellar has performed much better than Ripple in the past few weeks. It has increased by 31.9% in the last seven days, while XRP has only increased by 4%.

Elon Musk’s economic tweets, in which he slammed Bitcoin as unfriendly to the world, contributed to both companies’ growth. Musk depressed the price of Bitcoin from the mid-$50,000s to $49,000 in a single tweet this week.

Why Does Bitcoin Consume Too Much Energy?

Both Stellar and XRP use less energy as compared to Bitcoin; to authenticate users, they depend on a small number of blockchains, whereas Bitcoin relies on a large network of power-hungry computers.

Other, less environmentally harmful coins have risen in popularity as a result of Musk’s withdrawal of Bitcoin. Hedera Hashgraph has increased by 16.37% to $0.36, Solana has increased by 15% to $47, Cardano has increased by 10% to $2.39, and Algorand has increased by 8% to $1.53.

The majority of the above are based on proof-of-stake, a consensus algorithm that allows those who own the most coins to validate transactions.

READ  YFI Technical Analysis: Price Fell Below Support Levels of $74,238 and $72,420.73

#Altcoins #Bitcoin #Elon Musk #Ripple (XRP) #Stellar (XLM)

Source: https://www.cryptoknowmics.com/news/the-price-of-xrp-has-increased-by-17-bringing-stellar-to-a-new-peak/

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Blockchain

Binance Coin, XRP, Dogecoin Price Analysis: 16 May

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Binance Coin headed south towards $500-$510 support – a region bolstered by the 50-SMA (yellow). XRP jumped by 16% on strong volumes but its technicals were yet to reflect a strengthening bullish trend. Finally, Dogecoin could see further dips before a rise above $0.569-resistance.

Binance Coin [BNB]

Source: BNB/USD, TradingView

On the 1-day chart, Binance Coin slipped below $600 and its 20-SMA (blue) and headed towards $500-$510 support – an area that clashed with the 50-SMA (yellow). With large-cap alts trading largely in the red after bearish cues from the market leaders, BNB was no exception. Warning signals came in the form of a bearish twin peak setup on Awesome Oscillator.

Furthermore, bearish divergence on RSI indicated weakening prior to BNB’s dip. At the time of writing, RSI traded in neutral 50-territory. On the 4-hour chart, BNB moved below its 200-SMA and although traders could go long at the current price level, a further pullback towards $500 could be on the cards depending on broader market cues.

XRP

Source: XRP/USD, TradingView

XRP bashed away multiple bearish signs and jumped by 16% in the last 24 hours. Bullish sentiment may have stemmed from Ripple’s response to the SEC’s request of an informal conference to discuss all legal advice that Ripple has solicited during the past.

A series of successive green candlesticks were spotted on XRP’s daily chart and underscored buying resurgence. According to XRP’s technicals, bulls were yet to fully assert control. MACD was close to a bullish crossover, while RSI headed towards the 60-mark. A break above $1.75-resistance could spur some additional buying, while $1.31-$1.22 would provide support in case of further pullbacks.

Dogecoin [DOGE]

Source: DOGE/USD, TradingView

Even though Dogecoin was slightly bullish, the price remained below a key resistance level at $0.569. In fact, Squeeze Momentun Indicator noted weakening buying pressure and it seemed unlikely that $0.569 would be toppled over the coming days – barring any social media anomalies. Support marks stood at $0.37 and $0.44.

MACD line remained below the Signal line- underlining recent woes for DOGE. On the lower timeframe, a degree of equilibrium was noted between the buyers and sellers. If this continued over the coming hours, some consolidation can be expected before the next upswing.


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Source: https://ambcrypto.com/binance-coin-xrp-dogecoin-price-analysis-16-may

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Blockchain

Facebook’s Diem Unveils Its Latest Stablecoin Plans and Strategic Move to the United States

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Diem, the cryptocurrency project headed by Facebook originally known as Libra, recently announced its plans to launch a stablecoin with its focus scaled back to the United States. 

The company stated earlier this year that it would be relocating its primary operations from Switzerland back to the United States, and would withdraw its payment system license application from Switzerland’s financial regulators. “Diem is simplifying its plans for [its] USD stablecoin issuance by shifting its main operations from Switzerland to the United States,” they said.

This decision was later confirmed by the Swiss Financial Market Supervisory Authority. 

Stablecoins are digital currencies pegged to a fiat currency, with Tether (USDT) and USD Coin (USDC) being two prominent examples. California-based Silvergate Bank will become the sole issuer of the Diem USD, while also managing its dollar reserves. 

Diem to Launch Wholly New Subsidiary Diem Networks US Alongside Crypto Bank Silvergate

In a strategic partnership, the two firms have created a new subsidiary called Diem Networks US — which will run the Diem Payment Network (DPN) to facilitate transactions of Diem stablecoins within its network. 

“Silvergate is a leader in financial innovation and an ideal partner for Diem as we move forward with a blockchain-based payment system that protects consumers and enhances the integrity of the financial system,” said Stuart Levey, chief executive officer of Diem.

“We are committed to a payment system that is safe for consumers and businesses, makes payments faster and cheaper, and takes advantage of blockchain technology to bring the benefits of the financial system to more people around the world. We look forward to working with Silvergate to realize this shared vision.” 

Diem’s strategic shift to the United States comes at a time of a rapidly evolving regulatory environment for cryptocurrencies and blockchain technology. 

Some municipalities and states such as Miami and Wisconsin have embraced the recent innovation, whereas regulators such as the newly-appointed SEC Chair Gary Gensler have critiqued the autonomy of the crypto industry. 

With crypto ETFs and related financial products under intense scrutiny by the SEC, it remains to be seen whether Diem’s decision to relocate back to the United States will bear any fruit.

Featured image from ShutterStock

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Source: https://bitcoinist.com/facebooks-diem-unveils-its-latest-stablecoin-plans-and-strategic-move-to-the-united-states/?utm_source=rss&utm_medium=rss&utm_campaign=facebooks-diem-unveils-its-latest-stablecoin-plans-and-strategic-move-to-the-united-states

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