Strict regulation of the crypto-currency market by the Chinese government did not prevent Ripple, the issuer of XRP tokens, from being able to conquer this largest market in Asia, after signing an agreement with a payment service provider from Hong Kong, LianLian International.
Partnership With LianLian
In accordance with the terms of the agreement, LianLian uses the xCurrent solution from Ripple in the cross-border payment processing system. Rapid monetary transactions, including payment of bills and commercial payments, will become available to a large number of users. Only in the past year, the international payments of Chinese users amounted to $ 1.07 trillion.
In partnership with RippleNet, LianLian International expects to improve the payment system and increase the share of its presence in the market, thanks to instant payments based on the technology of the blockade. Transfers can be made in 19 different currencies, which the payment system currently supports.
Whether the payment system will use the xRapid solution is not reported in the press release. But the report says that this option was considered for application.
Complexity Of Crypto-Exchange Policy
It should be noted that the trade in crypto currency, including XPR tokens, has recently been very difficult to implement in China, especially after official Beijing began blocking access to Internet advertising related to virtual currencies and offshore crypto-exchanges.
But the initiative, promoted by the Chinese Academy of Social Sciences (CASS), aimed at attracting blockade technology to cross-border payments, submitted recently to the government, may cause interest of bank representatives.