The Blockchain World Wire (BWW) is an initiative in development by the International Business Machine (IBM) for the clearing and settlement of cross-border payments. The blockchain will integrate with existing payment systems for ease whilst utilising the Stellar protocol to power the cross-border payment settlement in seconds.
The financial institutions are required to select either a stablecoin, central bank digital currency or another digital asset as the intermediary between the two fiat currencies. Blockchain World Wire’s API will use the sending currency to buy crypto for the intermediary transaction to then convert to the receiving currency. Buying Bitcoin to settle the cross-border transaction may not be as effective because the price of the asset is subject to change during the process.
IBM have recommended using a stablecoin to protect users from any price fluctuations during the transaction. Stronghold USD is a stablecoin scheduled to launch on the Stellar protocol that could be utilised for such a transaction. It would work in a similar way as the API will buy cryptocurrency and then the fiat will provide settlement instructions when received.
BWW is revolutionising cross-border payments with simultaneous clearing and settlement whilst eliminating the need for multiple parties to process transactions. The system will save businesses expenses with faster payment processing, lower costs, increased efficiency and more.
According to McKinsey’s Global Payment Map data, the payments industry is expected to grow annually at an average rate of 7% potentially becoming a $2 trillion industry by 2020. The payments industry is a huge market that could benefit exponentially from blockchain technology and innovation.
To assure you keep up to date with the latest news in crypto or to buy cryptocurrency, head over to BC Bitcoin.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards