Yesterday, The European Central Bank released a statement named, “Bitcoin not the answer to a cashless society.” They expressed that next week 20 policymakers would sit down and take a look at Bitcoin and the other cryptocurrencies as they recognize that non-cash payments have doubled, as of late. The European central bank labeled bitcoin and cryptocurrency a “mirage” but see it as an early sign of potential change.
“Despite its many faults, bitcoin has put the spotlight on an old failing of our current system: cross-border retail payments. Such payments not only permit shoppers to easily buy goods online from overseas, but also allow foreign workers to send money home, supporting financial inclusion and development.
However, these payment channels are generally much slower, less transparent and way more expensive than domestic ones.” >> Top 3 Cryptocurrencies by Weiss Ratings Ripple is the clear choice when it comes to cross-border payments for larger financial institutions and banks. Many banks around the world are currently testing Ripple’s technology and implementing it in their current systems. In November, the team announced its partnership with American Express (NYSE:AXP) and in January, they sealed a deal with MoneyGram International (NASDAQ:MGI).
The project is well head of PayPal (NASDAQ:PYPL) but is still miles behind VISA (NYSE:V). The digital token, Litecoin (LTC), could be the cash-less domestic solution.
LitePay, Litecoin’s merchant system, was released last month and it’s been rumored that Starbucks and Amazon (NASDAQ:AMZN) will be accepting LTC this year. While it may just be rumors, it shows that merchants accepting cryptocurrency are a thing of the near future. Read more from cryptocurrencynews.com…
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