Thailand's Largest Commercial Bank Retracts Statement on Using XRP ‘Soon’

Francisco Memoria

Thailand’s largest commercial bank, the Siam Commercial Bank (SCB), has recently retracted a statement made via the microblogging platform Twitter on it using XRP in the near future. Responding to another user, it clarified there are no plans to use the cryptocurrency for now.

According to a now-deleted tweet from the bank’s official account, an “XRP system” was set to be announced “soon.” The bank even asked a user to keep following it on social media to keep up with new updates.

SCB's statement on XRP

Via a new tweet, the SCB noted that it was “sorry for the previous information of the previous post,” and that it currently isn’t planning on using XRP. Despite the commercial bank’s conflicting message towards XRP, it’s known it has entered several blockchain-based initiatives.

Earlier this year, the SCB partnered with Thailand’s state oil company PTT Exploration and Product Public Company to use blockchain technology for cross-border business-to-business payments in what ended up being a successful trial.

Moreover, the SCB is known for being a part of the RippleNet payment network, and for pioneering its multi-hop feature, which allows financial institutions to settle payments on behalf of others present on the network.

It’s worth noting that Thailand’s Securities and Exchange Commission (SEC) has late last year released a warning on initial coin offerings (ICOs), and that the country’s central bank is rumored to be developing its own cryptocurrency.

At press time, XRP is trading at $0.408, down 2.55% in the last 24-hour period. It’s unclear whether the SCB’s retracement affected the market, as most cryptocurrencies are down by single-digit percentages in said period.

Facebook's Libra Will 'Never Happen' Says JPMorgan CEO Jamie Dimon

Jamie Dimon, the CEO of one of the largest banks in the world, JP Morgan, has said Facebook’s proposed cryptocurrency Libra is a “neat idea” that will “never happen.”

The CEO of JPMorgan made his comments on the cryptocurrency during a conference by the Institute of International Finance in Washington, adding that we “already have stablecoins, so they’re not the first to do that.”

The Libra cryptocurrency is, according to Facebook, set to be backed by a basket of fiat currencies. The crypto’s backing would be of 50% the U.S. dollar and short-term U.S. Treasury bonds, 18% the euro, 11% the British pound, 14% the Japanese yen, and 7% the Singaporean dollar.

Dimon’s comments came shortly after some of the Libra Association’s initial members, including PayPal, Mastercard, Visa, and eBay, left the organization over the regulatory scrutiny they’ve been facing, as well as the currency’s potential to be used to launder money or finance terrorism.

David Marcus, the co-creator of the Libra cryptocurrency project, has revealed that instead of launching a “synthetic unit” the Libra Association could, instead, launch a “series of stablecoins, a dollar stablecoin, a euro stablecoin, a sterling pound stablecoin, etc.” as it looks to work with regulators.

It’s worth noting JPMorgan became the first U.S. bank to launch its own cryptocurrency this year after it launched the USD-backed “JPM Coin.” Dimon himself is a well-known bitcoin critic who has in the past called the flagship cryptocurrency a fraud, even though he later on revealed he regretted the comment.

Featured image via Unsplash.