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Ripple Enters into the Finitech Plan of the Bank of China


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2 minutes ago, Live4xrp said:

Who's next?...;-)

 

 

Haha...yeah this is getting crazy reposted right now.  It's been out there for awhile too.  I want to see some verifiable source on it.  I'm happy to see the news, but I really want it verified before we start opening another bottle of champagne.

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I don't see how you can use XRP effectively in China if the government won't allow domestic trading.  You need a robust liquidity mechanism between XRP and Yuan to be meaningful.  

That's not to say China won't reallow domestic trading once they've gotten their hands around a regulatory framework, but that doesn't look to be in the foreseeable future.

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3 minutes ago, LoneWolf said:

I don't see how you can use XRP effectively in China if the government won't allow domestic trading.  You need a robust liquidity mechanism between XRP and Yuan to be meaningful.  

That's not to say China won't reallow domestic trading once they've gotten their hands around a regulatory framework, but that doesn't look to be in the foreseeable future.

What has trading got to do with a bank using XRP for transfers?

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10 minutes ago, divingman10 said:

What has trading got to do with a bank using XRP for transfers?

@LoneWolf has a point IMO.. using XRP for internal payments within an organization may not require any interaction with exchanges, but if you want to use any crypto asset between different institutions, then you would need to source liquidity from public exchanges.

 

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17 minutes ago, LoneWolf said:

I don't see how you can use XRP effectively in China if the government won't allow domestic trading.  You need a robust liquidity mechanism between XRP and Yuan to be meaningful.  

That's not to say China won't reallow domestic trading once they've gotten their hands around a regulatory framework, but that doesn't look to be in the foreseeable future.

What this tells me, if the Bank of China rumors are true, is China is blowing smoke with the crypto trading ban. The govt probably realises that public trading on exchanges will have to occur if any Chinese institution wants to use crypto in payment rails, they just want to make sure they are well-positioned before opening the floodgates

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27 minutes ago, Lucky_777s said:

No trading in NEO.....WTC.....and XRP..... maybe they also want to stop speaking Chinese :spinlol:  High probability of FUD or some misinformed public official.

the whole country is on NEO and Walton Chain with ‘high level’ support and exposure..... but no.... all in the garbage bin... so funny this FUD :spinlol:

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1 minute ago, woytow said:

What this tells me, if the Bank of China rumors are true, is China is blowing smoke with the crypto trading ban. The govt probably realises that public trading on exchanges will have to occur if any Chinese institution wants to use crypto in payment rails, they just want to make sure they are well-positioned before opening the floodgates

This. I can't imagine their government is turning a blind eye to the potential of blockchain and digital assets, rendering them at a major disadvantage when it's proper usecases finds roots and flourishes. They can't be this ignorant.

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Agree, China is trying to get their arms around crypto in order to roll out an ecosystem they are comfortable with.  They will probably reintroduce cryptocurrency trading domestically, but they want to make sure they can see, and control if deemed necessary, the entire environment.

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8 minutes ago, LoneWolf said:

Agree, China is trying to get their arms around crypto in order to roll out an ecosystem they are comfortable with.  They will probably reintroduce cryptocurrency trading domestically, but they want to make sure they can see, and control if deemed necessary, the entire environment.

I wish them luck with their ‘strange control’ attitude.

What is necessary is: strong KYC policy and Security Exchange Committee type of control on ICO’s and ‘privacy coins’ which enable illegal trade with unregulated fund transfers.

That was easy :beach:

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China is becoming much more capitalist than u guys think. They have plans to open up to the world in terms of trading. Not only through business but China is opening up to foreigners for tourism as well. 2018 is the year of 'welcome to china' all info is online. With all that being said, I think xrp will come in handy for them

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