Payment Provider Fleetcor to Pilot Ripple’s XRP Cryptocurrency

Payment Provider Fleetcor to Pilot Ripple's XRP Cryptocurrency

Workforce and fleet payments provider Fleetcor Technologies

has become the latest to trial Ripple's xRapid product, which utilizes its custom cryptocurrency XRP. New York-based financial consultants Cambridge Global Payments, which Fleetcor acquired last year, will also be part of the partnership, a Ripple spokesperson said. Cambridge has been a Ripple client since 2017, though it has largely used the startup's xCurrent product.

Stepping back, the news comes over a month after telecom provider IDT and payments provider Mercury signed on to pilot xRapid. Similarly, MoneyGram soon after revealed it was piloting the same product to test its speed and efficiency for international payments, as previously reported. At present, the companies must use pre-funded bank accounts in various countries in order to facilitate transactions. Cuallix, a Mexican financial services company, has been using XRP as an alternative since last year, and noted in a recent blog post that the liquidity provided by xRapid helps it process direct payments between the U.S. and its southern neighbor both quickly and cheaply.

Various other companies have also signed on with Ripple in recent months, using its blockchain technology stacks, but not XRP, to ease cross-border transactions. Over the past few months, Abu Dhabi-based UAE Exchange, China-based LianLian and the UK arm of Santander Bank have all signed on to use xCurrent. At the time, the companies largely announced they were looking to lower the cost and time required to send funds across borders.

Chuck Reynolds

Marketing Dept
Contributor

Please click either Link to learn more about Bitcoin.
Interested or have Questions, Call Me, 559-474-4614

Mexican Lawmakers Pass Cryptocurrency Regulation Bill

Lawmakers in Mexico have reportedly advanced a bill

that was drafted to regulate fintech, including cryptocurrencies, in the country. According to Reuters, the bill was passed by Mexico's Chamber of Deputies, the lower house of its legislature, on Thursday and currently is pending signature from Mexico's President Enrique Pena Nieto before it goes into effect as law. The latest legislative move follows a previous green light from the country's Senate in December 2017 that cleared the way for the bill, which is aimed to bring certainty on the status of cryptocurrency, as well as to prevent use of the tech in illicit activities such as money-laundering.

As reported by CoinDesk, the framework aims to set out that cryptocurrencies are not legal tender in Mexico, a stance in line with comments from the country's central bank in early 2017. In a local report, Agustin Carstens, the then-governor of Banco de Mexico said bitcoin should be considered a commodity, not a currency. In addition, the bill also seeks to put the operation of cryptocurrency exchanges under oversight of the country's central bank.

The Reuters report, though, indicates that the bill, drafted in general terms, will also see further development of a secondary law by other financial regulators such as Mexico's securities commission, the central bank and the finance ministry in the coming months. The changes are expected to bring rules on activities such as fund-raising by cryptocurrency firms.

Chuck Reynolds

Marketing Dept
Contributor

Please click either Link to learn more about Bitcoin.
Interested or have Questions, Call Me, 559-474-4614

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