China News by Thebittimes.Com

Ripple Labs penetrated the financial markets by solving a key issue that was plaguing the global banking sector for decades. It provided banking clients with a product to seamlessly facilitate money transfers with the help of blockchain technology. Leading financial institutions like Bank of America and JP Morgan are using Ripple’s services to secure their transactions. Despite the partnerships with top banks and fintech firms, Ripple’s XRP has barely surged in price. Also Read: XRP’s W-Pattern Targets $40 as XRPL EVM Sidechain Goes Live Why XRP Does Not Surge When Ripple Partners With Major Banks? Source: Bitcoinist Even after banks extend partnerships with Ripple Labs, the financial institutions don’t have a need to deal with XRP tokens. Ripple offers two different products: RippleNet and On-Demand Liquidity (ODL) which are primarily separate from each other. Using the ODL to facilitate money transfers, XRP plays the main role as it is used as gas for settlements and...

Turkey’s gold imports of just over 39,000 kilograms in September 2022 are more than 16 times the quantity that was brought into the country in September 2021. The surge in Turkey’s gold imports is reportedly being spurred by the rise in demand for the precious metal by individuals and entities using it in foreign currency transactions. ‘Gold Instead of Turkish Lira’ According to data from Borsa Istanbul’s Precious Metals and Diamond Markets, the quantity of gold imported into inflation-stricken Turkey in September 2022 was over 1,700% more than the quantity brought into the country during the same period last year. The country’s September haul of 39,000 kilograms (kg) takes the total quantity of the precious metal imported by Turks in 2022 to 140,126 kg. As noted in a report published by the Hurriyet Daily News, Turkey’s January 2010 import figure of 44,210 kg remains the country’s largest. Explaining why Turkey is seeing a surge in the quantity of ...

Join Our Telegram channel to stay up to date on breaking news coverage The crypto industry is getting rapidly adopted throughout South America, with multiple nations exploring different ways to adopt it and apply it. Some have reached further stages than others, and in some places, there are isolated moves to adopt crypto in one way or another on a local level. For example, in Brazil, Rio de Janeiro just decided to publish a decree on October 11th, revealing that it will now allow its citizens to pay property tax with digital currencies . The city’s government is now seeking crypto companies that would make it possible starting in 2023. Crypto will be accepted alongside fiat currencies — meaning that crypto payments will not replace traditional money. But, the move is still important as it makes Rio the first city in Brazil to accept digital assets as an official form of payment for property taxes. So far, it is not known which coin(s) will be accepted, although i...