Summary:

• One of the largest South Korean bank has purportedly ended an overseas remittance trial developed by Ripple with success
• Ripple rises to the highest point since 20 February following the story coming from Asia
• Mark Carney, the head of Bank of England, says the institution will step up its efforts so as to fight off the usage of cryptocurrencies in illegal activities

Looking through the cryptocurrency block one may notice that Ripple has been one of the most volatile digital currency lately. It has probably stemmed from the story we have known from Asia which seems to be unequivocally supportive of the digital currency. Namely, Woori Bank, being a part of the five largest South Korean banks, informed that it completed a successful overseas remittance trial launched by the blockchain technology developed by Ripple. To be more precise, it was the second phase of a test, a move which substantially increases odds the commercialization of blockchain cross-border payments will take place as soon as later this year. Let us also point out that the mentioned process is a part of a greater effort taken by roughly 60 Japanese banks participating in a broader Ripple-based remittance experiment.

Ripple benefits from the story coming from South Korea. Technically, the virtual currency could be already poised to climb toward an upper boundary of the channel which stands around $1.36. The closest support remains a lower limit of the channel as well as $0.85. Source: xStation5

As per a speech delivered by the head of Bank of England on Friday at the Scottish Economics Conference in Edinburgh the central bank plans to step up its efforts aimed at combating the usage of cryptocurrencies in illegal financial activities. Mark Carney thinks than stricter regulations are needed in order to curb illicit use of digital currencies in financial crimes such as money laundering or terrorism financing. What could be equally interesting Carney does not think that cryptocurrencies pose significant risks to the existing financial system, however, it needs to stay vigilant as such risks may emerge going forward as retail adoption of Bitcoin expands and traditional institutions lag behind on improvements to their systems.

Despite quite blurry remarks expressed by BoE’s Mark Carney Bitcoin did not move too much. The cryptocurrency is hovering within an upward channel which seems to set the closest support and resistance. Source: xStation5