Image of The Day, 24 of September: Forbes, Daily Hodl, Wall Street Journal and Others
We're presenting "the image of the day". Bitnewstoday.com has chosen the most important news about the digital economy and virtual currencies. Only the most valuable stories from only the trusted sources. Each and every event from this list will change the world of the digital economy either way. The most important stories of this day in the most indicative quotes are below!
1. ROAD TO AFRICA (Forbes)
Japanese money giant opens bitcoin road to Africa
The Japanese money transfer giant SBI Remit is now letting nearly half a million customers send money to Africa using the bitcoin blockchain.Designed to be a faster, more reliable way to send money to Africa’s often overlooked markets, the new treasury management services are being provided by venture-backed firm BitPesa, which has raised $10 million from Greycroft Partners and others to turn the bitcoin blockchain into an enterprise payment rail.
Instead of relying on a number of banks and other middlemen to move yen into U.S. dollars or euros and then out into African currencies such as the Nigerian naira or the Ghanaian cedi, the licensed BitPesa uses a combination of the bitcoin blockchain and other services to create new currency pairs.
2. KEEP ON TRYING (Wall Street Journal)
Bitcoin ETFs Keep Trying, Despite Regulators’ Rejections
Bitcoin enthusiasts trying to launch funds that would bring the cryptocurrency to small investors have been rebuffed at least 10 times by Wall Street’s top regulator.
That hasn’t stopped them. There’s at least one application for a bitcoin exchange-traded fund still pending with the Securities and Exchange Commission, and more are planned, like one from cryptocurrency asset manager Bitwise Asset Management.
3. CAUGHT RED HANDED (News.Bitcoin)
Coinnest Executives Indicted for Accepting Bribe for Coin Listing
The Seoul Southern District Public Prosecutors’ Office has reportedly indicted two executives of South Korean crypto exchange Coinnest for accepting a bribe in exchange for listing a cryptocurrency. According to local media, they received 1 billion won (~US$890,000) worth of cryptocurrencies – mostly BTC.
In addition to indicting Coinnest’s executives, “The prosecution also indicted another Ceo, executive of S Coin, on charges of giving bribery, asking the two Coinnest executives to help with the virtual currency listing process.
4. Ripple 7 Partners (Daily HODL)
Ripple now has 7 partners ready to use XRP-powered payment solution xrapid
The number of companies ready to fully implement Ripple’s XRP-powered payment product xRapid is growing. Ripple created xRapid to give financial institutions a real-time settlement solution that utilizes XRP to increase the speed and liquidity of cross-border payments.
Crypto exchanges Bittrex, Bitso and Coins.ph are the latest partners that will use xRapid to send instant cross-border payments with low fees. London-based Mercury FX is also on board, after recently completing a pilot test and calling the raw speed of xRapid “unbelieveable.” But Western Uninion, who is also on “board”. reported that xRapid did not save the company time or money
5. BIG TECH FOR BIG PROBLEMS (The next web)
United Nations will use blockchain to solve global social problems
The United Nations is exploring blockchain to boost its efforts in developing nations.
The intergovernmental body announced the news at the 73rd edition of the UN General Assembly in New York. The initiative will be developed as part of the United Nations Development Programme (UNDP), which aims to support developing nations with resources to improve the lives of citizens.
“We believe that blockchain is a technology that can have a huge impact in the developing world in numerous ways,” stated Haoliang Xu, Assistant Secretary General of the United Nations.
6. FOOTBALL (France 24)
Football clubs are starting to tap the potential of blockchain
Blockchain technology is an innovative way to deal with longstanding issues such as: ticket scalping, fan engagement and the payment of players' salaries. Considered by many as revolutionary as the internet, a blockchain is a database that is shared across a network of hundreds of computers. Once a record has been added to the chain it is very difficult to tamper with. And to ensure all copies of the database are the same, the network makes constant checks.
"Blockchain has the power to be the underlying infrastructure upon which sport functions," Michael Broughton of Sports Investment Partners told AFP as the two-day World Football Summit got underway in Madrid.
7. BLOCKCHAIN AND GREATER GOOD (Financial Times)
Humanitarian groups keep an eye on blockchain
Blockchain is the newest technology being trialled by the WFP and is invisible to the naked eye. It keeps a record of how much food Mr Alomari has collected, and how much vendors are owed. In an emailed comment sent to the FT via the WFP, Mr Alomari describes the system as “easy” to use, and “safer” than coupons or electronic cards that might get lost or misplaced. “Our pilot is the largest implementation of blockchain technology for humanitarian aid in the world,” says Houman Haddad, the WFP’s head of emerging technology.
The aid agency piloted its Building Blocks programme with 100 people in Pakistan last year. This was expanded, first to 10,000 people, then 100,000, in Jordan.
8. IT’S BLOCKCHAIN FRESH (Techcrunch)
Walmart is betting on the blockchain to improve food safety
Walmart has been working with IBM on a food safety blockchain solution and today it announced it’s requiring that all suppliers of leafy green vegetable for Sam’s and Walmart upload their data to the blockchain by September 2019.
“Our customers deserve a more transparent supply chain. We felt the one-step-up and one-step-back model of food traceability was outdated for the 21st century. This is a smart, technology-supported move that will greatly benefit our customers and transform the food system, benefitting all stakeholders,” Frank Yiannas, vice president of food safety for Walmart said in statement.
9. REACH FOR THE BOTTOM (Bloomberg)
Bitcoin Finding a Bottom May Be the Sign Bulls Are Waiting For
The biggest digital currency is lingering above both the price and trend lines and a buying divergence is forming, flashing a positive signal, according to pricing charts that analysts use to forecast future price moves.
Bitcoin’s strong support line held once again at $6,000, meaning that the downtrend could end; otherwise, the support line has to break. The digital currency tested levels near $6,000 five times since February, bouncing back each time. The last time Bitcoin entered this price range, it rallied around 20 percent.
10. END OF THE DOLLAR? (News.Bitcoin)
US Dollar Losing Dominance as a Means for Settling Transactions in Africa
The dominance of the United States dollar as a settlement currency in Africa is being challenged by emerging payment methods in financial technology and by native African fiat currencies. In the four years to 2017, fewer people in the continent of 1.2 billion transacted via the US dollar than they did with their local currencies or mobile money, and perhaps cryptocurrency.
More people are switching to local currencies, and some others to mobile money, for cross-border payments. Payments in the West African franc – used by 8 countries – increased from 4.4% in 2013 to 7.3% in 2017 while transactions in the South African rand – used mostly in Southern Africa – rose to 7.2% from 6.3%.