Headlines for the world of Cryptocurrencies - August 8, 2017

cryptowarrior88 (59)in #cryptocurrency • 7 years ago (edited)

Ripple Expands Suite Of Product Offerings

Ripple is quickly becoming the best digital asset for payments. It has built a robust enterprise solution for efficient cross-border payments.

Recently, Ripple has given its global payments network a name, RippleNet. The network has already over 90 customers and 75 plus commercial deployments which is still in progress. It is the only enterprise blockchain solution for global payments in the world.

To help more clients tap into the Ripple network, Ripple expanded their suite of offerings.

xCurrent is their existing enterprise software solution which is used by their bank and other financial solution clients to send and receive cross-border payments instantly with end-to-end tracking & bidirectional messaging across the Ripple network.

Recently, they added a Rulebook to standardize all transactions across RippleNet with the help of RippleNet Advisory Board.

xRapid is one of Ripple's newest product which is currently being built for payment providers. This product will help to lower liquidity cost of payments by using XRP.
xVia, another new product which is also in development, is for those who want to send cross-border payments through banks or payment provider on the Ripple network. It will provide a standard interface as a simple API that allows users to send global payments, monitor payment status and attach rich payment information such as invoices.

Lawmaker introduced 'Bitcoin Regulation Act' in South Korea

Park Yong-jin, a law maker in Korea recently introduced "Bitcoin Regulation Act". This is an amendment for the Electronic Financial Transaction Act which will create a regulatory framework for cryptocurrencies to keep a healthy market order and provide protection for users.

The amendment proposed 5 classifications of cryptocurrency handlers:

Virtual Currency Dealers or those who operate a market for selling cryptos such as exchanges
Virtual Currency Traders or those who sell goods/services in exchange for cryptocurency
Virtual Currency Issuers or those who offer systems to create and issue cryptocurencies
Virtual Currency Managers or those who stores or manages cryptos for others
Virtual Currency Brokers or those who arrange or intermediate the sale of cryptocurrency

The revised legislation also requires and prohibits the following:

cryptocurrency handlers should have capital of 5M won or more
cryptocurrency handlers should receive approval from the Financial Supervisory Commission before they can operate
customer funds should be deposited at a different institution with insurance, or any form of gurantee to customers
several particular cryptocurrency-related activities such as their sale and door-to-door brokering and multi-level marketing are prohibited
market price manipulation and money laundering are strictly prohibited.
violators can be imprisoned up to 5 years or 50M won