State Bank of Pakistan (SBP) mentions XRP in its latest financial report

State Bank of Pakistan (SBP) mentions XRP in its latest financial report
фото показано с : invezz.com

2023-8-24 11:36

The State Bank of Pakistan has highlighted Ripple’s XRP in its latest yearly financial report. The financial institution mentioned the altcoin, recognizing its utility in cross-border monetary transactions. Notably, renowned XRP influencer WarathofKahneman revealed this development via Twitter.

The State Bank of Pakistan, in their 2022 financial stability report, takes a dim view of crypto, noting #XRP as encouraging work despite its small size compared to global payment volume.https://t.co/t3SQu9CRkZ pic.twitter.com/1tgTWEpSF0

— WrathofKahneman 🪝 (@WKahneman) August 22, 2023 SBP and the digital assets market

The State Bank of Pakistan acknowledged that cryptocurrencies have a place in the global monetary sector, highlighting crypto risks & opportunities in the economy.

The report indicated how crypto’s anonymity and inadequate supervisory oversight support illegal activities such as tax evasion, terrorist financing, and money laundering. For instance, digital assets were crucial in the web black market Silk Road.

SPB commented on cryptocurrencies’ high volatility, with assets like Bitcoin susceptible to wild price actions. For instance, the industry’s market value has plummeted by around 75% since 2021 peaks.

Nonetheless, the banking giant highlighted some benefits of digital coins in ensuring financial inclusion and supporting remittance services. Meanwhile, enabling pre-conditions remains essential to realize these perks.

Similar to handling traditional financial products, consumers need digital literacy to interact with cryptocurrencies. Further, SBP encouraged Ripple’s technology in transforming cross-border transactions.

However, the bank stated that XRP accounts for a minuscule percentage, considering the international payment volume.

The global approach to crypto regulation

The bank highlighted that global regulators are yet to sufficiently address the crypto market or adopt a collective regulatory framework to oversee this innovation. Various jurisdictions have different definitions, potential usage, and conceptualization of crypto assets.

For instance, some nations have an explicit ban, implicit prohibition, or partial allowance, whereas El Salvador remains the only county to recognize digital tokens as legal tender.

Meanwhile, crypto and blockchain technologies remain in their infancy stages. Robust regulatory frameworks and government support will help the market attain global appeal.

The post State Bank of Pakistan (SBP) mentions XRP in its latest financial report appeared first on Invezz.

origin »

Formosa Financial (FMF) на Currencies.ru

$ 0.0004577 (+0.00%)
Объем 24H $0
Изменеия 24h: -0.11 %, 7d: 98.23 %
Cегодня L: $0.0004538 - H: $0.0004624
Капитализация $394.44k Rank 99999
Доступно / Всего 861.833m FMF

financial latest report state bank pakistan xrp

Источник: invezz.com

financial latest → Результатов: 126


Final Countdown: Genesis’ Bankruptcy Mediation Faces Make-Or-Break Deadline

As the digital financial landscape navigates through both success stories and cautionary tales, the ongoing mediation of bankrupt crypto lender Genesis Global Holdco LLC has garnered attention. The latest development in the crypto lender’s bankruptcy saga emerged on Wednesday when a company attorney revealed they were approaching the end of their ongoing mediation. To clarify, […]

2023-8-3 21:00


Ripple (XRP) Climbs To 3rd Place In Crypto Liquidity Ranking, While DigiToads (TOADS) On The Road To Join Crypto Top 50 By 2024

In the world of cryptocurrencies, like any other financial market, liquidity holds significant importance as a fundamental component. According to the latest liquidity ranking update release, Ripple (XRP), one of the leading currencies in the crypto market, has experienced a significant shift, securing the third position.

2023-7-21 18:00


Фото:

Aptius Unveils Britanniacoin’s Official Pre-Release: Presenting a Distinctive Future Vision

Leading British financial enterprise Aptius Ltd has announced its remarkable entry into the crypto space following the launch of its latest product, BritanniaCoin. BritanniaCoin, a British-built digital currency designed to introduce real-world applications while paying homage to British cultural heritage, is set to revolutionize the cryptocurrency realm. While it is set to launch later this […]

2023-7-9 13:39


Binance Faces Regulatory Headwinds: UK Registration Canceled, Exits Netherlands, Cyprus

In the latest development surrounding Binance, the world’s largest cryptocurrency exchange, the company has officially canceled its registration in the United Kingdom. The UK Financial Conduct Authority (FCA) approved Binance’s request to deregister Binance Markets Limited (BML) (BML) on May 30, 2023, effectively ending its authorization to provide regulated services in the country.

2023-6-20 03:30


Binance Joins a Sanction Specialist Association to Further Established Guidelines In Crypto

Despite the bear market, Binance is one of the firms that has continued to build and make meaningful partnerships with firms and organizations. In its latest headline on partnerships, Binance joined the Association of Certified Sanctions Specialists (ACSS), which provides sanctions training for multinational corporations and financial institutions.

2023-1-7 01:00


дальше еще 77 новостей →

Партнеры Currencies.ru



Реклама на Currencies.ru