IBM Launches Global Payments Network Crypto Lobbies gained Hikes. According to IBM, World Wire is the primary blockchain network of its kind to combine payment messaging, clearing and agreement on a single unified platform. Participants also are allowed to dynamically pick from a variety of virtual property for agreement. Currently, World Wire has enabled price locations in 72 international locations, with 48 currencies and forty four banking endpoints.
RCBC is pleased to be an early innovator with plans to issue our own Peso stable coin on World Wire, pending final approval from our regulators,” said Emmanuel Narciso, Group Head, Global Transaction Banking, RCBC. “We’re focused on innovation that adds value for our customers, and World Wire presents a tremendous opportunity to transform and enhance our payment infrastructure.”
As per Lund:
“Personally, I think cryptocurrencies could very well serve as a viable settlement instrument. We’ve started with Lumens, which is the native asset of the Stellar network, but we already have the capacity to introduce other cryptocurrencies that could include Bitcoin or Ether. We will add more digital assets based on client demand and participants on the network,” said Lund.
Furthermore, he stated
We’ve created a new type of payment network that is unique in the sense that it streamlines the ability of businesses and consumers to move money around the world in real time. This enables improved transparency without sacrificing the regulatory controls and policies we need in order to make sure that there aren’t bad actors in the system. We are convening a brand new network in 72 countries that will support pay-in and payout end points in 48 currencies,” Jesse Lund, head of IBM Blockchain, told me during a detailed podcast interview.
He explained in detail
The stable coin we’ve currently come to market with is a USD-backed stable coin, which is the easiest to use by default. Remember, this network is designed for cross border payments, where foreign exchange needs to be an inherent part of the capability. Most FX activities around the world tend to price through the US dollar, so it’s natural that the highest demand for participants on the network are willing to settle in US Dollars,” explained Lund. “The USD stable coin is an FDIC insured coin that is pegged one-for-one with the US Dollar. In fact, any USD stable coin on the World Wire network represents a literal claim on deposits with a chartered bank in the United States. This is just the beginning though, we are now getting demand from banks all over the world who want to issue their own stable coins. This network really has the potential to radically transform foreign exchange entirely.”
Mreover he stated:
We were looking for a blockchain protocol that could compliment what we’ve been doing in the enterprise blockchain space, which is private and permissioned. But as we looked at that other space, which is a public, permissioned network, we needed a protocol that had the capacity to issue tokens and have scalability. Stellar emerged pretty clearly, as it provided the scalability we needed to support the transaction volumes we were looking at, which is thousands of transactions per second,” explained Lund.
Recently, Rep. Kevin McCarthy, the cutting-edge Republican Minority Leader within the United States House of Representatives, stated that blockchain can make the Congress an extra green and obvious location. McCarthy stated:
“I think that when you have new technology and new platforms in older and heavily regulated spaces, you need as many legitimate voices and boots on the ground that you can get.”
She Also Stated:
“Blockchain is changing and revolutionizing the security of the financial industry. Why would we wait around and why wouldn’t we institute blockchain on our own, to be able to check the technology but also the transparency of our own legislative process?”