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Showing results for tags 'cross-border payments'.
This new article doesn't mention Ripple/XRP specifically, but it fits in with recent China speculation... By Joseph Young 8 HOURS AGO https://cointelegraph.com/news/chinas-new-central-bank-head-is-pro-market-could-it-impact-cryptocurrency-industry "Yi Gang, an American-trained economist, has been elected by the Chinese government to take over the People’s Bank of China (PBoC), the country’s central bank, as its head. The election of a pro-market economist could have a positive impact on the cryptocurrency market." Payment market for foreign companies On March 21, Bloomberg reported that the Chinese government has officially opened the gates of its $27 trln payments market to foreign companies, and has allowed companies to apply for licenses. Iris Pang, a Hong Kong-based economist at ING Groep NV, told Bloomberg: “The domestic market is quite saturated with very strong domestic players, and it is relatively hard for foreign companies to get a piece of the pie. But there is a chance for them to compete in the cross-border payment market.” "The move of the Chinese government and the PBoC to allow foreign companies into its payment sector was unprecedented, and such a positive movement towards market liberalization could inevitably lead to speculations around the cryptocurrency market and its stance towards it." "So far, the Chinese government and President Xi have demonstrated willingness to continue their plans to liberalize the Chinese market, starting with its payment sector that is largely dominated by domestic companies."
Source: Bloomberg. With December changes in US corporation tax policy, large corporates will be able to repatriate Billions of overseas revenues in a single year, and pay a reduced US taxation on this money over the following 8 years: https://www.bloomberg.com/news/articles/2018-01-17/apple-expects-38-billion-tax-bill-on-overseas-repatriated-cash In the meantime, from today’s (always excellent) Bob Hoffman Type-A email, Amazon are developping their own global advertising platform to increase profits (they only currently achieve a 1% margin), and to compete with Google and Facebook. Google and Facebook make ALL their money from the ads they sell. Amazon will therefore also soon have significant overseas revenues to repatriate: http://typeagroup.cmail20.com/t/ViewEmail/d/981E5E090FF64A7F2540EF23F30FEDED/B1156D469AE0302EC9C291422E3DE149 What better way to repatriate all those $Bns of dollars than using Ripple products and/or XRP? Interesting times... PS. Bob Hoffman is ‘The Ad Contrarian’. As a former adman myself, I take great delight in him exposing digital ad fraud. You think bots manipulate markets? They steal ad dollars even quicker and better. http://adcontrarian.blogspot.co.uk/?m=1