Ripple and the National Bank of Kuwait announced a partnership this Tuesday that will see the leading Kuwait bank adopt the use of xCurrent by joining RippleNET. The announcement was well received by various quarters of the Kuwait financial systems and Ripple community in general. This came some days after Kuwait Financial House (KFH) became the first financial company in Kuwait to adopt RippleNet to make cross-border payments.
Banks continuing to adopt the Ripple networks brings a positive feel to the overall crypto market as it shows the capability blockchains have on the overall finance market. This is not a direct connect to the growth of XRP but gives a strong case to future gains.
Circumventing the newly proposed Remittances tax bill
A huge debate has been brewing in Kuwait about the recently tabled remittances tax bill that will hold remittances to expatriates to a tax. The bill’s protagonists point out the need to tax remittances as it counts as income to the country. However the government has strongly opposed the move sighting it harmful for foreign investment in Kuwait. The bill will heavily undermine the overall positive effect of these remittances making it very expensive for the expats and foreign investors to bring in money to Kuwait.
“The government has also cited the absence of a clear mechanism for the application of the remittance tax and of a system within the banks for the deduction during money transfers.”- Kuwait government press release
RippleNET is offering an easier route out of the conundrum caused by the remittance tax bill in Kuwait. Two of the largest banks have already adopted the xCurrent platform to make international payment easier, faster and cheaper. For our problem, I will focus on the cheap part. Make the transaction fees cheaper to be able to tax the payment. The overall effect of this is that Kuwait banks will be able to lower their fees using the RippleNET payment and have the money sent easily.
Coinome lists XRP/BTC and XRP/INR pairs
One of India’s largest cryptocurrency exchange, Coinome has finally listed XRP/INR and XRP/BTC pairs to its growing list of cryptocurrencies trading. The exchange currently trades a couple of cryptocurrencies and this addition of XRP is set to push the exchange to record daily volumes. One of the key issues solved by the listing of XRP is fiat trading using the Indian Rupee to make it easier to get XRP in your wallet.
You may be wondering how exactly this piece of good news plays a factor to boost XRP prices. It won’t directly affect the prices, more so in the short term. The market has rapidly changed to how it understand and reacts to information in the crypto arena. The prices are simply demanded by the demand and supply factors that can be affected by multiple news stories and not only one specific news. This makes it harder for any coin to boost in price in a solo movement, XRP included.
The current market price for Ripple (XRP) is $0.613120, representing a 10% increase in the last 24 hours as the whole market re-bounced from its poor run of prices in the last 3 days.