The entire cryptocurrency market is struggling as the bears have taken over the market. But it’s not something new and unique. It’s time that we shift our focus to the things that are far more substantial and effective for the overall market and its prices.
Price is down, no need to worry
Yes, the price is going down and the market is in deep red. But it doesn’t matter as it’s only a matter of time when bitcoin and all the cryptocurrencies will again move upwards. It has happened before and it will happen again and again. It’s still a nascent industry that is currently in the development phase and it will take years for this speculative market to go mainstream and achieve stability.
Amidst the ongoing price debacle, the market mood has turned melancholic when in actual the market is taking slow but sure steps toward its future.
Ripple powering instant payments
Instant payments and its inherent limitations are the most pressing challenge in the current finance sector. Recently Emy Yoshikawa, who belongs to the global operations and partnerships of Ripple also shared:
“Ripple is 100% focused on the payments use case because all blockchain use cases ultimately stem from payments, and solving the fundamental problem enables other use cases and opens up new opportunities.”
This is the motive behind Ripple’s partnerships along with its recent ones such as SBI Remit and Siam Commercial Bank partnering up with RippleNet to “better remittance services and lower fees for Thai workers living in Japan.”
Moreover, RippleNet is targeting the pain points such as capital inefficiency, high costs and high risks of the banks by providing “an innovative platform to source liquidity with both fiat and the digital asset XRP.”
Crypto favorable sentiments of the central bank of Spain
The Bank of Spain recently published a document that talks about the advantages cryptocurrencies bring to the management of monetary policies. It further specifies that favorable impact could be experienced if the central bank issues digital currencies.
This report by the central bank is looking into the potential implications and consequences of digital currency in managing the financial stability, banking reserves, and monetary policy.
Thailand attracting crypto exchanges
As for Thailand, in response to its new licensing system, about two dozen applications have come forward to operate as domestic cryptocurrency exchanges. An SEC official has confirmed:
“Many companies interested in opening digital asset exchanges have said digital assets and cryptocurrency trading in the Thai market are quite active.”
Thai authorities have been working on fast-tracking the cryptocurrency regulations which was followed by the regulatory framework recognizing cryptocurrencies in fundraising.
Also, recently, João Amoêdo, Brazil Presidential Candidate stated, no doubt, Bitcoin can be a legal means of payment. All these scenarios talk about a progressive oncoming economy where bitcoin and cryptocurrency are started to be seen as a powerful force of nature that deserves attention.