05-14-2018: Reserve Bank of Zimbabwe Bans Financial Institutions From Using Cryptocurrency

Pineapple Fund, a charity fund set up by an anonymous user, has hit it’s target to fund and raise over 5,000 Bitcoin and has completed its donations to 60 charities. At the time of donation the total amount of Bitcoin was worth $55 million USD (Bitcoinist).

MovoCash, the creators behind MOVO which is a mobile payments platform and app, has just announced the launch of MovoChain, a web based service to allow users to convert their Bitcoin and BitcoinCash into fiat that is loaded in a FDIC-insured prepaid account, ready to spend on everyday transactions. This service will be available to anyone in the US that have a phone number or email address. CEO of MovoCash, Eric Solis says “The popularity of cryptocurrency is on the rise, and until now, crypto owners have gone through a cumbersome process to convert it into currency to use in everyday transactions. MovoChain enables Bitcoin value to be sent and loaded to MOVO and then used at the point of sale via a real-time digital debit card which can be instantly provisioned to Apple Pay, Google Pay or Samsung Pay” (CoinGeek).

Cardano (ADA) have announced a major partnership with Metaps, one of the largest South Korean Payment platforms. The chairman of the Cardano foundation stated “The adoption of Cardano’s ADA cryptocurrency token by Metaps Plus means immediate digital payments or settlements, with little to no fraud, can soon take place in Korea, a country that has a pioneering history of innovation and early adoption of new technologies.This can only benefit the future adoption of cryptocurrencies in general and ADA in particular.” Metaps has currently transacted over 10 million transactions to date (Global Coin Report).

The Reserve Bank of Zimbabwe has placed a ban for all financial institutions within the country from using any form of cryptocurrency, and have directed banks to cease relationships with any cryptocurrency exchanges and is giving them 60 days to liquidate existing account. As Zimbabwe does not recognize cryptocurrencies as legal tender this ban reportedly has been placed to protect the public and safeguard the integrity, safety and soundness of the country’s financial system (Bitcoinist).

BitBond, a registered German bank, is using Bitcoin and other cryptocurrencies, instead of SWIFT, to transfer monetary value cross borders. The bank lets customers hold loans in Bitcoin for short amounts of time, and then the digital currency is converted into fiat of the country they wish to receive the funds in. This method somewhat keeps the volatility of the cryptocurrency from undermining the process. Payments work independently of where the customer is and avoids the costly fees that are associated with using traditional cross border payment solutions such as SWIFT (livebitcoin News) (Ethereum World News).

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