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#CryptoCorner: Philippines Bank Launches #Crypto #ATMs, Indian Gov’t Worried About Destabilizing Effect of Crypto, Two Remittance Firms Adopt RippleNet and Bank of Spain Warns Against Unregulated Crypto Space

February 11th #CryptoCorner and Podcast sponsored by Crypto payment tech, #Flip @FlipToPay ($NXTD) and Genesis Exchange and Wallet App @GenesisBlockch

 

Point Roberts, WA and Delta, BC - February 11, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.'s (subsidiary of NXT-ID (NASDAQ: NXTD) crypto payment tech, Flip and the Genesis Exchange and Wallet App bring you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.

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#CryptoCorner: Philippines Bank Launches #Crypto #ATMs, Indian Gov't Worried About Destabilizing Effect of Crypto, Two Remittance Firms Adopt RippleNet

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Crypto Corner

Philippines Bank Launches Crypto ATMs, Indian Gov’t Worried About Destabilizing Effect of Crypto, Two Remittance Firms Adopt RippleNet and Bank of Spain Warns Against Unregulated Crypto Space

As last Friday wore on the crypto market mounted a bit of a rally, bringing total market capitalization from $116 billion going into the weekend to $121 billion at press time, according to CoinMarketCap. Bitcoin (BTC) starts this week off trading at $3655, followed by Ether (ETH) at $121, which has recently reclaimed its number 2 spot in terms of market cap, and XRP, which is trading for $0.30. Litecoin (LTC), which surged last week to become the fourth most valued cryptocurrency by market cap, has maintained its position there despite having dropped about six percent in the last 24 hours.

Philippine bank UnionBank is launching a crypto ATM, according to a report from local outlet PhilStar. The ATMs will be two-way, allowing users to purchase cryptocurrency with cash or selling it for cash. A statement from UnionBank reads:

"In the bank's continued quest to cater to the evolving needs and tastes of customers, including clients who use virtual currency, the ATM will provide these clients an alternative channel to convert their pesos to virtual currency and vice versa."

Quartz India reports that the Indian government is worried about the possible destabilizing effects cryptocurrency adoption may have on the rupee. The article quotes an anonymous source from a high-level government panel in charge of drafting legislation in for the crypto space.

"If bitcoin and other digital currencies are going to be allowed to be used for payments then whether it will end up destabilising the fiat currency is a major concern for them [the panel]. The overall impact on the financial ecosystem that it is likely to have is still unclear and it has been a challenge to convince them on this particular point."

CoinDesk reports that two remittance firms, UAE Exchange and Unimoni, have "gone live" with blockchain-based RippleNet payments technology. RippleNet allows real-time cross-border remittances, including international clients of the two firms in Thailand. Finablr, which owns the two firms, said the remittance service was launched in partnership with Siam Commercial Bank in Thailand. Finablr director and CEO Promoth Manghat said:

"The adoption of blockchain opens up considerable potential to streamline remittances and provide a frictionless, fast and secure payments experience."

The Bank of Spain issued a notice yesterday warning citizens against the potential dangers of using cryptocurrencies. The document emphasizes the lack of regulations in the crypto space in Spain, noting that users of cryptocurrencies have no real legal recourse if funds are stolen or a transaction goes wrong.

Sam Mowers, Investorideas

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