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Cryptocurrencies Steady; Dubai Launches Blockchain-Based Payment System

Investing.com
Bitcoin and other major cryptocurrency prices were steady
Bitcoin and other major cryptocurrency prices were steady

Investing.com - Bitcoin and other major cryptocurrency prices were steady on Monday in Asia. Dubai boosted confidence in digital tokens by launching a blockchain-powered payment system on Sunday.

Bitcoin rose 0.1% to $6,705.2 at 12:58AM ET (04:58 GMT) on the Bitifinex exchange.

Ethereum climbed 2.86% to $245.74 on the Bitifinex exchange.

XRP slipped 0.13% to $0.57301 on the Poloniex exchange, while Litecoin edged up 0.43% to $61.166 on Bitifinex.

The Dubai Department of Finance and the Smart Dubai Office debuted their blockchain-powered payment system, which is geared towards government entities, including the Dubai Police, Roads and Transport Authority and Dubai Health Authority.

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The new system aims to offer a more accurate and transparent governance processes while enabling real-time payments within and between government structures, shortening the current process for transactions that can be up to 45 days.

Aisha Bin Bishr, Director General at the SDO, said that blockchain is “one of the most promising of [emerging] technologies.”

Brazil also expressed confidence in digital currencies. Grupo XP, the largest independent brokerage in the country, announced plans last week to launch a Bitcoin and Ethereum platform by the end of this year, allowing over 3 million investors in Brazil to invest in the cryptocurrencies.

The move came after the Brazilian government and its antitrust watchdog started an investigation into banks and major financial institutions in the country amidst complaints that crypto exchanges received subpar financial services from banks.

Grupo XP CEO Guilherme Benchimol said he does not trust the digital tokens as a store of value and consensus currency but felt obligated to cater to clients’ needs.

“I must confess, this is a theme I’d rather didn’t exist, but it does. We felt obligated to start advancing in this market.”

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