Revolut to Expand to 24 New Markets

By the end of this year, the service will be available in eight countries and other will be added in 2020
30 September 2019   178

The British fintech startup Revolut has entered into an agreement with the payment giant Visa, under which it will begin work in 24 new markets, including in Russia. It is reported by Reuters with reference to the head of the Revolut Nikolai Side.

By the end of this year, the service will be available in eight countries, including the Russian Federation, Brazil, Japan and the United States. Revolut plans to enter the markets of Latin America and Asia in 2020.

According to Party, the expansion will depend on the regulators of different countries, from which it is necessary to obtain appropriate permits.

In partnership with Visa, the company plans to issue at least 75% of all cards.

Revolut expects that entering the global market will double or even triple the number of users. Now the company's customers are about 8 million people, and the total amount on deposits is more than 8 billion euros.

Revolut will employ up to 3,500 new employees to implement these plans.

Revolut cards allow you to exchange one currency for another without bank fees, converting funds at the average market rate.

US Federal Reserve to Consider Digital USD Issue

If a some country or company issues digital money that is widely recognized, this could lead to the loss its status by the USD, fed official believes
17 October 2019   66

The US Federal Reserve is actively considering the possibility of issuing digital currency, fearing the dollar will lose its leading position in the global financial system. This was stated by President of the Federal Reserve Bank of Dallas Rob Kaplan, reports CoinDesk.

In his opinion, if a foreign government or company issues digital money that is widely recognized, this could lead to the loss of the status of the world's reserve currency by the dollar.

On the eve of the previous chairman of the Commodity Futures Trading Commission (CFTC), Christopher Giancarlo also expressed concern that the re-issuance by other countries of national currencies in digital form could lead to the dollar losing its dominant role in the world. He called for the release of a digital dollar on the blockchain.

Bank of England Governor Mark Carney said earlier that a digital currency like Facebook’s Libra can replace the dollar as a global reserve currency.

The emergence of an attractive and viable alternative to the dollar will reduce demand for US government securities, Kaplan said. This will lead to an increase in interest rates by 100 basis points (1%), which will increase the cost of servicing public debt by $ 200 billion per year.

I still think for the foreseeable future, the dollar will be the world reserve currency, we’re able to refinance our debt at relatively low rates, but I don’t think we should take that for granted.
 

Rob Kaplan

President, Federal Reserve Bank of Dallas

Kaplan noted that countries subjected to sanctions or increased trade tariffs by the United States are working most actively on the digital alternative to the dollar.