Connect with us

News

African Banks will soon adopt the Blockchain

Published

on

The Blockchain technology is revolutionizing payments and it is seemingly pushing banks into oblivion. But then the banks are having none of it as they aim to evolve with the current trends.  Mr Patrick Mweheire, the chairman of Uganda Bankers’ Association (UBA) and Stanbic Bank managing director said during an interview with Daily Monitor that banks will adopt the Blockchain technology where it is needed to reduce operational costs and risks. This is because asides the risks associated with the blockchain technology, it possesses some ideal prospect  for the banking sector.

Mweheire explained, “Aspects such as data processing, settlements and payments [are good] and anything that reduces costs and risks is good for us.” Considering the fact that Mr Mweheire’s comments come just after Uganda  hosted the African blockchain conference last week. During the event, topics on how Africa can leverage on blockchain technology to transform its payment systems and data collection systems were discussed.


Not Just the Banks

Asides the banking sector,  other sectors could benefit from the blockchain technology. Mr Kweme Rugunda, the chairman of the Uganda Blockchain Association explained that asides payment systems, the blockchain technology could be used in tax collection, supply chain management,  land registration etc.

 

What Does the Blockchain Have to Offer?


The blockchain technology can be used to facilitate interbank settlements, a point Mr Mweheire agrees with as inter-bank settlements currently take as long as two to three days. He also asserts that the blockchain technology will reduce a number of operational costs feed into bank accounts. He explains, “We [banks] face high operational cost of up to 70 per cent. Therefore, if there is a way we can eliminate them, why not?” Mr. Kweme also agrees that the Blockchain technology will be needed in the banking sector as it allows real time payment settlement and offers a high level of security that has back-to-back records documentation.

 

The Opposition

However, Ugandans have been warned against trading in cryptocurrencies as Mr Emmanuel Tumusiime Mutebile, the governor of the Central Bank of Uganda warned against cryptocurrencies, saying the Central Bank had no technology to regulate the sector that has a high risk exposure. Although it may seem that Uganda will likely adopt a staunch posture against cryptocurrency and the blockchain technology, Mr Frank Tumwebaze, the ICT minister of Uganda has said otherwise. During his closing speech at the Africa Blockchain conference in Kampala last week, he said that Uganda would adopt blockchain technology and the government would appoint a National Advisory Taskforce on Blockchain to monitor the process of the adoption.

 

 

 

 

 

What do you think about banks adopting the blockchain technology? Share your opinion with us in the comment section below.
Image credit: pixabay

 

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

Spread the news
Advertisement
Comments

FEATURED

Crypto Payments Comes to eBay

Published

on

Crypto-Payments-Comes-to-eBay

As cryptocurrencies continue its rally, another titan of the global e-commerce industry might be making move to add virtual currencies as it’s rumoured that crypto payments come to eBay.

The Californian registered tech giant which has its competition as Amazon has up to 179 million confirmed users on its platform. With up to that number given the crypto payment option, this will no doubt boost widestream acceptance for other industries and firms who have chosen to play the waiting game to see how other firms who choose to accept this payment option comes along.

The rumour of the possible addition of crypto payments option on eBay comes from leaked ad information of Consensus an annual conference of international repute where eBay is also a major sponsor.

While this is breezing through and might lead to favorable market sentiments, it must also be remembered that eBay is actually not the first mainstream company to jump into the fray as companies who accept cryptocurrencies with bitcoin being the currency of choice for major platforms who have at one point in time decide to support crypto payments options.

Firms like Microsoft, Twitch, and whole other long list have disavowed their support for crypto payments citing extreme volatility and low confirmation as reasons for pulling the plug on their earlier decision of setting up and accepting cryptocurrencies.

While this definitely comes as a welcome development for crypto enthusiasts the world over, the discretion to see this rumour become reality still lies with eBay. It should be remembered back in 2017, during an interview with a top executive of the e-commerce giant that he stated that eBay is seriously considering the option of crypto payments on its platform but in the end, never did.

Will eBay see this through this time around? It will be nice to have it do and possibly encourage other firms to follow suit.

Spread the news
Continue Reading

Blockchain News

ConsenSys Restructures as Jimmy Song, the Bitcoin Core Developer Reminds Lubin of his Bet with Him

Published

on

ConsenSys Restructures as Jimmy Song, the Bitcoin Core developer reminds Lubin of his bet

ConsenSys the New York based firm founded by Joseph Lubin, Ethereum’s Co-founder once again came up in the news this week as it restructures but that wasn’t all as Jimmy Song a Bitcoin Core developer reminds Joe of his bet he took up with him last year Consensus by Coindesk 2018.

 

For many reasons, ConsenSys comes up in the headlines. This time around it’s in the headlines as it plans to restructure. Being a firm founded by Lubin from his personal stash of cash reserves in the bank, ConsenSys has been facing some serious hard times. A primary reason is the horrific drop in price of Ether in this long bear season for digital assets. Joe Lubin, the founder of ConsenSys has at some point been criticized of poor management skills in the way he runs the organization almost giving everyone free rein purporting his hard stance of decentralized tenets as envisioned by networks such as Ethereum.

 

With recent announcement in restructuring and plans to raise 200 million dollars, it has coalesced ConsenSys Ventures, it’s Tachyon accelerator, and the ConsenSys Labs – into a single investment arm with key executives like Kavita Gupta stepping down from heading ConsenSys Ventures since it has ceased to exist as an independent arm of the firm.

Lubin in a statement said

To continue to scale our investment activities, we need to consolidate systems and operations to improve our efficiency and portfolio management, while providing the best possible experience for founders in every phase of the company building lifecycle

 

It is also making serious plans of raising its total valuation to around a billion dollars as it hints on raising an additional $200 million to aggressively carry out its operations. Unlike before ConsenSys is more proactive and highly profit driven. It even gave off subtle information on how it had closed 21 investment deals, including notable startups like Truffle, ErisX etc. within the first quarter of the year 2019 A proud and somewhat satisfied Lubin said

 

As the market matures and grows, we are redesigning our investment activities to reflect our learnings and established best practices, While ConsenSys is focused on building and providing the tools, products, and platforms to enable the decentralized ecosystem, we are equally interested in supporting and co-creating potential breakthroughs and key capabilities with the leaders of tomorrow through equity investments.

 

Meanwhile, someone seems to be revisiting his diary and thought to remind the renewed Lubin of his bet with him in presence of an international audience such as Consensus 2018. Jimmy Song, the bitcoin core developer who recently released an article few days back; Why Blockchain is Not the Answer clearly taking a swipe and bashing networks like the Ethereum and several other altcoins or anything that goes with the name “blockchain”. He doubles down on his views that any other infrastructure not bitcoin is nothing other than a nothing burger, strictly labeling the blockchain hype as SCAM, Ethereum not excluded. Perhaps his reason for reminding Lubin of his bet with him. The bitcoin maximalist pontificating simply tweeted. Lubin yet to reply.

Spread the news
Continue Reading

Blockchain News

Finland’s Financial Regulators Assume Supervisory Role Over Crypto Exchanges

Published

on

Finland's Financial Regulators Assume Supervisory Role Over Crypto Exchanges
Picture Credit: 21Cryptos

Reports reaching us suggests that Finland’s Financial Supervisory Authority (FIN-FSA) is making plans to assume the supervisory role as an authority in registration for the crypto industry participants. This is due to commence this week. The update came on April 27 as a press release by FIN-FSA.

On may 1, Finland’s Act on Virtual Currency Service Provider will come into effect and with this, the supervisory body has made it clear that in line with statutory laws, all crypto exchanges. custodian crypto wallet providers and cryptocurrency issuers operating in the country are required to register with the body.

In a related post, FIN-FSA points out that the Finnish legislation was prepared on the Fifth Anti-Money Laundering AML directive from the European Union
which came into full operation in 2018 establishing a revised legal framework for the watchdog to put cryptocurrency under active regulation and check the increasing rate of money laundering and terrorism financing.

According to the FIN-FSA, registration of exchanges will be needed to ensure compliance with multiple rules, rules that concerning the storage and protection of clients funds, segregation of service provider and client assets, rules associated with the marketing of services and heeding ANL/CFT laws.

Furthermore, the Supervisory watchdog announced a meetup for all Stakeholders in the blockchain industry scheduled for May 15 at Bank of Finland Helsinki. This briefing will make bare FIN-FSA’s registration timeline and what registration would entail and how to go about it. Also, issues around guidelines that apply to Industry participants and formal regulations will be attended to.

In as much as the new regulatory framework would go along way to restoring client security to some extent, it is however not a penultimate solution:

“The risks related to virtual currency investments remain unchanged. The risks include sudden major fluctuations in value, data security threats pertaining to exchange services and custodian wallet providers, and the nature of several virtual currencies as speculative investments not involving any inherent source of return.”

Earlier this March, LocalBitcoins a crypto peer-to-peer exchange based in Helsinki announced that it is now under supervision by FIN-FSA in compliance with Finland’s new legislation.

Similar findings suggest that France has asked other EU member states to follow suit in initiating regulations for the fast-growing technology and its digital assets.

 

 

Elsewhere In Europe, Belgium Updates 120 crypto scam websites in FSMA’s Blacklist.

Do you know that Jack Dorsey the CEO of Social Media Giant Twitter has joined the Lightning Network? 

Blockchain to be applied in Transportation in Japan? Find out more

 

Spread the news
Continue Reading

FEATURED

Ripotr: Tokenizing Loyalty in Brand Businesses

Published

on

RIPOTR: Tokenizing Loyalty among Brand Businesses

Startups always come to make life a lot less difficult for the community while also promoting financial benefits for the project. This opinion is shared among the very many projects around the globe including the CEO at RIPOTR. In a recent chat with Raymond, he does well to bring us an update on the  Loyalty based Business project.

It is no news that business-merging produces positive economic impact. The problems of Ignorance in relation to business-merger techniques, paperwork hassles and all that are some of the reasons we are not seeing a lot of mergers especially in Nigeria. RIPOTR provides these much needed unique business management solution to mostly small and medium scale businesses.

In his words, what RIPOTR does is create awareness of the benefit of small and medium scale enterprises merging, and also provides a platform to enable businesses to merge without hitches while still maintaining individual ownership of their businesses by using a franchisor Business model that exists on the Platform.

These are the key features of the business model
1. Providing a merger platform for businesses to merge and increase customer base.
2. Distributing free company shares in cryptocurrency tokens to customers that patronize businesses in the merger network
3. Maximizing marketing resources by Giving financial incentives to clients that help the merger network grow its customer base through recommending and inviting prospective businesses and clients to join the community.
4. Introducing a mobile payment system that ensures a profitable distribution of income from the merger.

“Any business or service provider can join our partner’s network, add their clientele to our database and then share in profit generated from the merger.”

how-it-works

When asked how RIPOTR works, Raymond had this to say;

Getting businesses to collaborate in some sense is key to success at RIPOTR
1. A business or service provider Signs up and gets registered with us to join the merger network of businesses.
2. The businesses get their every client registered into our database under them so we can track when these clients patronize other businesses in the merger and send them a commission.
3. Registered businesses use our mobile payment system to receive payment so as to enable effective transaction tracking and profit sharing.

BENEFITS FOR BUSINESSES SIGNED UP TO RIPOTR PARTNER NETWORK

Increase in patronage

Every business that joins the RIPOTR network experiences an increase in patronage because of the vast customer base of the merger and also consistent online and offline marketing plus promotions. we encourage customers to patronize businesses in the partners’ network through the incentive of distributing free company shares (cryptocurrency token) of RIPOTR for every transaction completed with any business in the network to both transacting parties.

More income for businesses

For every business that joins the RIPOTR partner network and adds its existing clients to the customer base of the merger, we keep track of other transactions made by these clients in the partners’ network and give a percentage of it to the business. what this means is that businesses in the merger do not depend on only their business to earn income, they also earn from other businesses in the network that their clients patronize.

Vigorous and effective marketing for businesses

Marketing is key to the success of any business and customers recommendation is the most effective form of marketing. Our franchisor business model provides a financial incentive to clients that help with marketing and growing our customer base by recommending the merger platform and inviting people they know to patronize businesses in the RIPOTR network. Every business that joins the merger gets to benefit from this marketing model.

Improved customer experience with mobile payment.

Mobile payment is a trend that is quickly catching up with customers. Smartphones enable users to make purchases and make payments via the mobile channel, without them having to use cash or credit cards. with our mobile payment system, businesses can offer an instant, cashless payment to customers, thereby increasing their own customer base and enhancing sales.

Small businesses are by way of illustrations, like broomsticks, they need to merge together to have a meaningful financial and economic impact. RIPOTR provides the bind that holds these business mergers together and still allows them to have their individual ownership.

Our business model utilizes the cryptocurrency token reward economic model and multiple level commission sharing innovation to empower businesses and clients to work together to accomplish a common goal of financial prosperity for all.

Do you run a business or offer any services and would like to join the RIPOTR business merger network
Click here to tell us about your business

Contact us for more Details and Enquiries

Disclaimer:

The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

Spread the news
Continue Reading
Advertisement
Advertisement

Find Us

Address: 7 Kafi Street, Beside City Mall, Shoprite, Alausa, Ikeja, Lagos.

Hours: Monday—Friday: 9:00am–5:00pm

Contact: +234 817 866 6900

Advertisement

Trending

Copyright © 2019 Cryptoptvplus. Powered by Ma media