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yxxyun

Something about Ripple I have heard from China's bank

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1, Ripple wants China 's bank trial their solution, start from small banks,  but their solution is too expensive for small banks. 

2, Ripple 's solution xCurrent use market maker to transfer overseas payments,  but market maker mode is not allowed by China 's policy.  This point the details I'm not quite understand. 

3, China bans all the Cryptocurrencies and exchanges,  so Ripple 's solution xRapid which use XRP is also not allowed. 

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Source from one big bank ' s branch in China,  this big bank is Ripple 's partner. 

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For point 2, I searched on internet, but didn't find the policy about disallowed the market maker rules.  I only found that China enabled market maker rules in 2005, revised in 2013, I will continue  search the recent policy. 

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http://m.safe.gov.cn/safe/2017/0405/1914.html

there is a market maker list for CNY rate, I'm not quite understand the difference of each market maker types and why this impede Ripple enter China 's market.

 

Edited by yxxyun

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5 minutes ago, lucky said:

these are not mutually exclusive, on the contrary.

Well it may be, when one is banned and one isn't.

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40 minutes ago, yxxyun said:

1, Ripple wants China 's bank trial their solution, start from small banks,  but their solution is too expensive for small banks. 

Their new solution, xVia, is a simple plug-and-play application that can be used by anyone.  It will not be too expensive.

 

40 minutes ago, yxxyun said:

2, Ripple 's solution xCurrent use market maker to transfer overseas payments,  but market maker mode is not allowed by China 's policy.  This point the details I'm not quite understand. 

You have the wrong information here.  xCurrent does not use a market maker.  xCurrent is simply a messaging service, just like the SWIFT system (but much faster, cheaper, and more direct).

 

40 minutes ago, yxxyun said:

3, China bans all the Cryptocurrencies and exchanges,  so Ripple 's solution xRapid which use XRP is also not allowed. 

For now this is true.  China may reverse the ban in the future.  Until then, Chinese banks can use xCurrent and xVia solutions.  India has a similar problem, but their government is looking into reversing the ban and implementing proper laws to keep people and businesses safe while using cryptocurrencies.

Edited by Liagala

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45 minutes ago, yxxyun said:

2, Ripple 's solution xCurrent use market maker to transfer overseas payments,  but market maker mode is not allowed by China 's policy.  This point the details I'm not quite understand. 

For point 2, I searched on internet, but didn't find the policy about disallowed the market maker rules.  I only found that China enabled market maker rules in 2005, revised in 2013, I will continue  search the recent policy. 

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Hong Kong are allowed to make their own monetary policies for another 30 years. You can call it a Trojan Horse. It is up to the next generation of Chinese politicians if they want to pull back like the Soviets did with NEP in 1928. I think they are educated enough to realize that to be a massive mistake.

Edited by mandelbaum

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2 hours ago, yxxyun said:

Ripple 's solution xCurrent use market maker to transfer overseas payments,  but market maker mode is not allowed by China 's policy.

xCurrent does not use xRapid. No need for market makers. Thus in theory Chinese banks can test for savings and speed benefits. xCurrent can be used for domestic transfer, if banks find it provides better tracking.  I believe with China, it will be work in progress for Ripple. End of the day, money talks. When China looks around and see other international banks save money with faster service. They will come around. If not they will fall behind.

Edited by benstr

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