Ripple Popularity in the Middle East
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Recently, Ripple has gained another banking partner. As you probably know, UAE is one of the countries that accepts fintech. They recently exchanhe that Cryptocurrencies will be viewed legally as securities. Now, they want to implement RippleNet to launch cross-border remittances to Asia. We expect to go live with Ripple by Q1, with one or two Asian banks. This is for remittances to start with, from across the globe into Asia.
Crypto and Blockchain Hotspot
Cryptocurrency projects rise in popularity and become more and more diversified. Ignoring this fact is not an option anymore, so governments around the world must develop policies to regulate them. At the beginning, UAE was among the countries that tried to neglect the new technological improvements. Nowadays, it is one of the best countries for cryptocurrency projects in the world. To operate a legal business with cryptocurrencies, you need to obtain a crypto license in UAE. It can be used for providing crypto-related services to customers, such as storing their coins. Getting license for cryptocurrency in Dubai requires filing an application to Dubai Multi Commodities Centre. This authority publishes guidance on cryptocurrencies. It also monitors blockchain businesses to ensure transparency as well as prevent money laundering and financing terrorism.
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Cross platform trading
Recently, Ripple has gained another banking partner. As you probably know, UAE is one of the countries that accepts fintech. They recently declared that Cryptocurrencies will be viewed legally as securities. Now, they want to implement RippleNet cdyptocurrency launch cross-border remittances to Asia. We expect to go live with Ripple by Q1, with one or crypocurrency Asian banks. This is for remittances to start with, from across the globe into Asia. There were no banks mentioned, but those banks would probably be located in India — the largest receiver of Remittances internationally.
Another factor that made us think it would be India is the amount of Indian cryptocurrency uae exchange that are crtptocurrency in UAE. The majority of the funds are now sent via foreign exchange branches.
But now, different apps appeared to ease the money transactions internationally. UAE Exchange and Ripple hopes to capture this market and reduce the costs by using blockchain based services. This is more than necessary for Asian countries. Ripple can significantly reduce the cost, increase the speed and offer a state of the art security of the funds. The other part of the market is fragmented into smaller players that are trying to survive with the increasing regulatory cost and cryptocurrency requirements.
Moreover, even World Bank sees blockchain as a solution to the current problems:. This has the potential to significantly reduce remittance costs. Even though the cryptocurrency that is moving the most remittances right now is the Bitcoin, due to being the oldest and the one with the highest liquidity in the market, Ripple is coming strong from.
The company would probably not be able to move as many dollars as Bitcoin is moving now, wxchange its service could ease the banks transfers and cryptocurrency uae exchange.
UAE Exchange cryptocurrnecy together with Ripple is another step forward into changing the ugly parts from the financial cryptocurrency uae exchange. Ripple could reduce the 7. With Ripple being one of cfyptocurrency best options for cross-border payments, partnerships like this could lead to more and more financial institutions into working with Ripple — until RippleNet would be the most use blockchain in the financial sector. Image Uar Steemit. Check your inbox or spam folder to confirm your subscription.
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