{"id":598309,"date":"2019-05-21T02:11:10","date_gmt":"2019-05-21T02:11:10","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/21\/when-cryptocurrency-meets-the-banking-sector\/"},"modified":"2019-05-21T02:11:10","modified_gmt":"2019-05-21T02:11:10","slug":"when-cryptocurrency-meets-the-banking-sector","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/21\/when-cryptocurrency-meets-the-banking-sector\/","title":{"rendered":"When cryptocurrency meets the banking sector"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <b>When cryptocurrency meets the banking sector:<\/b> Blockchain technology can be leveraged to rewire the global financial infrastructure and simplify transactions between financial institutions, argues <a href=\"https:\/\/ripple.com\/\">Ripple<\/a> CEO Brad Garlinghouse in this Vox podcast (<a href=\"https:\/\/www.vox.com\/recode\/2019\/5\/20\/18631886\/ripple-brad-garlinghouse-banks-bitcoin-blockchain-cryptocurrency-xrp-kara-swisher-podcast-interview\">listen, runtime: 61:32<\/a>). Ripple sells financial institutions a cryptocurrency called the XRP ledger, which enables direct cross-border payments to be made without relying on pre-funded payments being made in the corresponding currencies (in what is known as \u201ccorrespondent banking\u201d). This, he says, benefits the population most penalized by the current system, who are liable for cross-border remittance costs averaging 6%. Perhaps surprisingly, it is also welcomed by many large financial institutions, partly because it may in time open up access to bns of unbanked people \u2014 and partly because it creates a more level playing field within a system currently controlled by a small number of global banks.<\/p>\n<p><b>Regulation is key:<\/b> Garlinghouse spends a lot of time meeting with financial regulators, dispelling myths about crypto and assuring them that Ripple-enabled technologies are regulation-compliant. He believes that banks will continue to apply an important regulatory framework for the industry, and views the ideal future scenario as being one in which the technology enables the banks to grow their businesses, and the banks help to regulate it. \u201cWe can reduce the friction of global commerce, we can allow people globally more access to the economies around the world to compete. I think that\u2019s actually a really good thing,\u201d he says.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>When cryptocurrency meets the banking sector: Blockchain technology can be leveraged to rewire the global financial infrastructure and simplify transactions between financial institutions, argues Ripple CEO Brad Garlinghouse in this Vox podcast (listen, runtime: 61:32). Ripple sells financial institutions a cryptocurrency called the XRP ledger, which enables direct cross-border payments to be made without relying [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":598310,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[11202],"tags":[204,707,344,72,7087,343,9150],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-598309","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-worth-a-listen","tag-banking","tag-blockchain","tag-cryptocurrency","tag-enterpriseam","tag-finance","tag-regulation","tag-worth-a-listen","wpautop","entry"],"acf":{"mongo_id":"571a5ac1-9d46-4354-a796-6d9e685c6f86","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/10\/175.jpg","photo_position":"above","related_issue":[598286],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>When cryptocurrency meets the banking sector - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/21\/when-cryptocurrency-meets-the-banking-sector\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"When cryptocurrency meets the banking sector\" \/>\n<meta property=\"og:description\" content=\"When cryptocurrency meets the banking sector: Blockchain technology can be leveraged to rewire the global financial infrastructure and simplify transactions between financial institutions, argues Ripple CEO Brad Garlinghouse in this Vox podcast (listen, runtime: 61:32). Ripple sells financial institutions a cryptocurrency called the XRP ledger, which enables direct cross-border payments to be made without relying [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/21\/when-cryptocurrency-meets-the-banking-sector\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-05-21T02:11:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/175.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/21\/when-cryptocurrency-meets-the-banking-sector\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/21\/when-cryptocurrency-meets-the-banking-sector\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"When cryptocurrency meets the banking sector\",\"datePublished\":\"2019-05-21T02:11:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/21\/when-cryptocurrency-meets-the-banking-sector\/\"},\"wordCount\":244,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/21\/when-cryptocurrency-meets-the-banking-sector\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/175.jpg?fit=%2C&ssl=1\",\"keywords\":[\"banking\",\"blockchain\",\"cryptocurrency\",\"EnterpriseAM\",\"Finance\",\"regulation\",\"worth a listen\"],\"articleSection\":[\"WORTH A LISTEN\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/21\/when-cryptocurrency-meets-the-banking-sector\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/21\/when-cryptocurrency-meets-the-banking-sector\/\",\"name\":\"When cryptocurrency meets the banking sector - 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China\u2019s upcoming issuance of a central bank-backed cryptocurrency, which could happen in 2020, has the potential to profoundly disrupt the banking sector \u2014 with global impact, writes Andy Mukherjee in a Bloomberg opinion piece. The digital RMB,\u2026","rel":"","context":"In &quot;Worth reading&quot;","block_context":{"text":"Worth reading","link":"https:\/\/enterpriseam.com\/egypt\/category\/lifestyle\/worth-reading\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/12\/792.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":556655,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/06\/imf-says-em-policymakers-should-act-to-mitigate-risk-amid-global-cryptocurrency-boom\/","url_meta":{"origin":598309,"position":1},"title":"IMF says EM policymakers should act to mitigate risk amid global cryptocurrency boom","author":"enterpriseam admin","date":"6 October 2021","format":false,"excerpt":"The IMF is urging emerging-market policymakers to get a grip on cryptocurrencies, as miners, exchanges, wallets and stablecoin issuers crowd into the unregulated, Wild-West-style ecosystem that has sprung up around the digital gold rush. The latest chapter of the International Monetary Fund\u2019s (IMF) Global Financial Stability Report (pdf) acknowledges that\u2026","rel":"","context":"In &quot;THE MACRO PICTURE&quot;","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/10\/367.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596643,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/03\/facebooks-grandiose-ambitions-for-financial-inclusion-sound-great-but-libra-may-be-destined-to-remain-a-pipe-dream\/","url_meta":{"origin":598309,"position":2},"title":"Facebook\u2019s grandiose ambitions for financial inclusion sound great \u2014 but Libra may be destined to remain a pipe dream","author":"enterpriseam admin","date":"3 July 2019","format":false,"excerpt":"Facebook\u2019s grandiose ambitions for financial inclusion sound great \u2014 but Libra may be destined to remain a pipe dream: The announcement of Facebook\u2019s new Libra cryptocurrency last month was greeted by media fanfare and scepticism in equal measure. What Libra is proposing is potentially revolutionary: a global cryptocurrency capable of\u2026","rel":"","context":"In &quot;Worth reading&quot;","block_context":{"text":"Worth reading","link":"https:\/\/enterpriseam.com\/egypt\/category\/lifestyle\/worth-reading\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/700.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":564590,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/15\/what-the-hell-is-an-e-currency\/","url_meta":{"origin":598309,"position":3},"title":"What the hell is an e-currency?","author":"enterpriseam admin","date":"15 February 2021","format":false,"excerpt":"Central bank digital currencies (aka e-currency). There have been a handful of countries announcing over the past couple of years that they are either considering or actively working towards issuing a digital currency \u2014 including Egypt, with the central bank saying back in 2018 that it\u2019s working on feasibility studies\u2026","rel":"","context":"In &quot;Enterprise explains&quot;","block_context":{"text":"Enterprise explains","link":"https:\/\/enterpriseam.com\/egypt\/category\/explainers\/enterprise-explains\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/456.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594189,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/22\/digital-currencies-are-now-on-the-agenda-for-many-central-banks\/","url_meta":{"origin":598309,"position":4},"title":"Digital currencies are now on the agenda for many central banks","author":"enterpriseam admin","date":"22 October 2019","format":false,"excerpt":"Cryptocurrencies are now firmly on the radar of central banks: Facebook\u2019s controversial plans to launch its Libra cryptocurrency has \u201cspooked\u201d central bankers, and driven home the message that if they don\u2019t make their own digital currencies, someone else will, writes Brendan Greeley in the Financial Times. As a result, central\u2026","rel":"","context":"In &quot;Worth reading&quot;","block_context":{"text":"Worth reading","link":"https:\/\/enterpriseam.com\/egypt\/category\/lifestyle\/worth-reading\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/409.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":599953,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/15\/can-bitcoin-ever-become-a-practical-currency\/","url_meta":{"origin":598309,"position":5},"title":"Can Bitcoin ever become a practical currency?","author":"enterpriseam admin","date":"15 January 2019","format":false,"excerpt":"Can Bitcoin ever become a practical currency? It may not seem quite as shiny as it did a year ago, but not everyone believes Bitcoin has entirely lost its luster. In this Bloomberg podcast (listen, runtime: 30:52), Bitcoin Advisory Founder Pierre Rochard allows his unbridled enthusiasm for the decentralized cryptocurrency\u2026","rel":"","context":"In &quot;WORTH A LISTEN&quot;","block_context":{"text":"WORTH A LISTEN","link":"https:\/\/enterpriseam.com\/egypt\/category\/worth-a-listen\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/1\/1567.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/598309","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=598309"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/598309\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/598286"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/598310"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=598309"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=598309"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=598309"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=598309"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=598309"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}