Ripple blockchain to improve Japanese domestic payments

The new app provides 24/7 domestic payment processing in Japan utilizing Ripple blockchain
07 March 2018   212

Japan has long been on the edge of leading technology advancements. Now, the Japan Bank Consortium proves this again by developing a new smartphone application called MoneyTap. It's a new app powered by Ripple blockchain which allows users to settle transactions instantly at any time of any day.

MoneyTap is the first app of its kind. Its developed and used by all the banks in Japan Bank Consortium. Theoretically, any user of this banks can transfer money on the moment's notice to any account in the network. The usage for now is limited to domestic payments, but they will be processed 24/7.

Domestic payments in Japan are now limited to weekdays between 8:30 AM and 3:30 PM, or else one can face delays in processing their payments. So, the new system will be quite beneficial from the start.

MoneyTap will allow not only the bank consortium users to make instant payments, but promises to reduce processing costs and fees, making the whole system perform more efficiently. CEO of SBI Ripple Asia, Takashi Okita said that using Ripple blockchain technology overall improves the payment infrastructure in Japan.

Japan Bank Consortium is led by SBI Ripple Asia and covers more than 80% of all banking assets in the country. Three banks will be covered by the new application from the start in the autumn of 2018 – SBI Net Sumishin Bank, Suruga Bank and Resona Bank. Support for other members of the Consortium will be rolled out in waves after the initial launch.

SEC to Start Crypto Hedge Funds Check

To date, the regulator has identified at least 100 funds working with crypto-currencies
23 March 2018   3

The US Securities and Exchange Commission is preparing to check about 100 hedge funds that work with crypto-currencies. The Wall Street Journal writes about this with reference to a source familiar with the situation.

The initiative followed the announcement of the verification of dozens of crypto-currency start-ups suspected of spreading securities under the guise of digital tokens.

Although the agency will pay attention to various violations during its audit, the main task is to inform the market participants about the policies that the regulator adheres to the crypto currency, the source said.

The audit will begin within 2 months, the source said. The Commission will pay attention to whether the assets that buy hedge funds match those that they offer to their investors. The SEC will also check how hedge funds inform investors about the risks and how their documents describe the trading strategy for crypto-currencies and tokens. To date, the regulator has identified at least 100 funds working with crypto-currencies.

The SEC directly regulates hedge funds under the control of which there are assets worth more than $ 150 million, and smaller companies check periodically. In 2017, 84 crypto-currency hedge funds were launched.