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Ripple: Western Union piloting settlement tests with Ripple

Namrata Shukla



Ripple: Western Union piloting settlement tests with Ripple
Source: Pixabay

The cryptocurrency market has been of deep interest to the Financial Institutions but the continuous ups and downs have kept a few major institutions at bay. However, Western Union has a piece of good news for the Ripple followers as per Western Union’s Global Money Transfers General Manager, Asia Pacific, Molly Shea.

Shea in a podcast interview with Analyseasia said:

“We’re piloting some settlement tests with Ripple for certain corridors, the US Dollar and the Mexican peso is one example..learning about possible opportunities.. the options that we choose need to be legitimate and widely acceptable for consumer use”.

Shea informed this to the audience when she was asked about her views towards blockchain and its applications to remittances while assuring the listeners that the physical currency is “not going anywhere”. Shea said that the field of cryptocurrencies is still evolving and it is about staying knowledgeable about the technological advancement to know its application for what you need. Shea also informed:

“We have made an investment in a digital currency group. It’s a fund that finds industry-leading insights into blockchains and cryptocurrency space. “

Western Union Global Money Transfer President, Odilon Almeida had claimed in an interview with Reuters Plus that the company is “ready to adopt any kind of currency”, potentially cryptocurrency.

He had stated that there is not much difference between cryptocurrency and regular digital payments. According to Almeida, the firm’s long-term stance makes it conceivably prepared to launch any type of currency, which includes blockchain-based currencies too. He had said:

“We already operate with 130 currencies. If one day we feel like it is the right strategy to introduce cryptocurrencies to our platform, technology-wise, it’s just one more currency. I think cryptocurrencies may become one more option of currency or assets around the globe to be exchanged between people and businesses. If that happens, we would be ready to launch.”

While Western Union and Ripple’s xRapid are working towards speedy cross-border payments, this pilot settlement tests could go a long way in achieving it.

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Montana State makes a move in favor of crypto-space as the law recognizes utility tokens as not securities





Montana state makes a move in favor of crypto-space as the law recognizes utility tokens as not securities
Source: Unsplash

The United States has always been the highlight of the cryptocurrency space in terms of its regulation, with some states introducing laws in its favor and others deciding to not make an official stance. In terms of laying crypto-friendly rules and regulation, Wyoming has always been one of the most recognized state, while the most hostile one is deemed to be New York.

Colorado made headlines earlier this year, with the Digital Token Act that exempts utility tokens from state securities law being signed by the governor in early March 2019. Notably, in the same month, Wyoming State Senate also passed House Bill 70, Utility Token Bill.

Now, another state has joined the bandwagon by making a similar move. Drew Hinkes, Attorney at Carlton Fields, stated that the State of Montana recognizes utility tokens and exempts it from state securities law. The initial announcement pertaining to this bill was made in February 2019, where Montana House Bill was introduced to “Generally revise laws relating to cryptocurrency”.

The Attorney stated on Twitter,

To this, Caitlin Long, the Co-Founder of Wyoming Blockchain Coalition stated,

“Congrats to #Montana for joining #Wyoming & #Colorado in recognizing that #utilitytokens are not securities under state law!”

Montana also made headlines because of news pertaining to cryptocurrency mining regulation. According to a local news portal, Missoula County commissioners had directed its staff to outline an interim law that regulates the cryptocurrency mining industry. The decision to introduce laws on crypto-mining was made due to concerns pertaining to electricity consumption, with the county prompting the use of renewable energy for mining.

Commissioner Cola Rowley had stated,

“This isn’t throwing ice on economic development or saying that industries aren’t welcome here because we’re an unfriendly environment that hates progress. Cryptocurrency and economic development – bringing businesses here – are two very different things.”

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