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Face Pay will launch new digital currency

Face Pay Inc., a company seeking to help credit card companies avoid or eliminate third-party fees, has announced that it will launch its own cryptocurrency known as Face Pay Crypto.

Face Pay launches a new encryption system

The company made headlines about two years ago when it launched a new fixed-price subscription service. Now, the company will enter the digital asset market so customers can buy using currencies like bitcoin, Ethereum, and similar altcoins. Your new cryptocurrency must be built on a private Ethereum network.

The goal is to help your customers keep transactions simple and straightforward. Face Pay seeks to help its customers avoid additional fees of any kind so that both parties can make quick and direct payments. Doing this through blockchain technology will also help with the fact that the blockchain is completely verifiable. Thus, all transactions will be irreversible, preventing them from being susceptible to fraud, chargebacks and other dispute processes.

Dr. Mark Hale, the founder of Face Pay, explained in an interview:

We found out how to provide the advantages of bitcoin and other cryptocurrencies on the platform, while keeping the mechanics direct payout. Consumer cryptocurrency will only increase over time, and garages need to invest in the right technology to take advantage of it. Otherwise, bitcoin will be just another payment method that costs stores money. Every direct payment made with Face Pay results in a transaction that is 15 to 20 percent more profitable… I see Face Pay as a means of preventing crypto payments from being integrated into the outdated transaction model it offers the credit card processor oligopoly. When Face Pay is an integral part of the store's workflow, stores begin to see big savings. Additionally, 63% of consumers prefer this type of payment relationship with their service providers.

Greg Buckley is a Face Pay customer and owner of Buckley’s Auto Care. He too threw his two cents into the mix, saying:

We all need to be at the forefront of our customer experience. Digital and contactless payment methods are everywhere today. The adoption rates of these transactions are constantly increasing. The Face Pay platform allows me to save money while remaining comfortable and secure. Face Pay is the right payment technology now and for the future.

Crypto payments are going mainstream

He is particularly excited about the developments, as he is not aware of any other companies at the time of writing that offer blockchain capabilities for companies in the automotive industry.

Credit card companies have seen big rate increases over the past year due to high inflation. Companies say they can expect to see more in the coming weeks, and with the popularity of cryptocurrencies, this could be your chance to save.

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Ripple Partners with Central Bank Digital Currency Think Tank

Ripple has partnered with the Digital Euro Association (DEA) to work together on Central Bank Digital Currencies (CBDCs).

DEA, based in Frankfurt, Germany, is a think tank focused on CBDCs, stablecoins, cryptocurrencies and other forms of digital money.

The organization aims to influence policy related to CBDC and cryptocurrencies through research and providing a platform for policymakers, technologists and economists to discuss digital assets.

In a new announcement, it describes Ripple as a leader in its field, but does not provide exact details on what the partnership will entail.

“Ripple, a leading provider of enterprise blockchain and cryptographic solutions for cross-border payments, has recently developed a blockchain-based infrastructure to support CBDCs and is engaged with the central bank of Bhutan, among others, to help run its program pilot . of CBDC.

Ripple is also a member of the Digital Pound Foundation and continues to expand its efforts around CBDCs around the world. The DEA partnership with Ripple includes, but is not limited to, joint educational efforts around digital currencies and knowledge sharing.”

DEA President Jonas Gross said:

“We are delighted that, thanks to our partnership with Ripple, we are able to extend the technology experience of the DEA community. As more and more CBDC projects around the world reach advanced stages, the technological design of a CBDC will play a key role for policymakers in the near future, while previous years have mainly focused on research.”

Ripple also addressed the association in a tweet to his followers, saying that it was part of their overall goal to provide CBDC-related solutions on a global scale.

“We are excited to join the Digital Euro Association as a supporting partner to further develop our work with the CBDC!

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US Treasury Secretary Yellen says it has not been decided whether the Fed should issue digital currency

US Treasury Secretary Janet Yellen says she has not decided whether the Fed should issue a central bank digital currency (CBDC). “There are some benefits” to a digital dollar, Yellen said, but noted that “there are also significant costs.”

Janet Yellen hasn’t decided whether the Fed should develop a digital dollar

Treasury Secretary Janet Yellen said Thursday during an interview at the Reuters Next conference that no opinion has been formed on whether the Federal Reserve should create a digital dollar.

She explained that the decision would require a broad consensus between Congress, the central bank and the White House. The Secretary of the Treasury believes that more study is needed on the advantages and disadvantages of having a central bank digital currency (CBDC) in the US, including its effects on the banking system. Yellen opined:

I see pros and cons in doing this. And my own opinion is not based on that.

According to the Atlantic Council’s Center for Geoeconomics, 87 countries (representing more than 90% of global GDP) are exploring a CBDC.

Federal Reserve Governor Lael Brainard has urged the Fed to urgently develop a digital dollar. She said in July that she cannot understand why the United States is not actively developing a digital currency for the central bank when China and other countries are. Brainard is President Joe Biden’s nominee for the position of Vice Chairman of the Federal Reserve.

Yellen, who was the 15th chairman of the Federal Reserve from 2014 to 2018, said the US central bank is expected to release a report detailing his work on a CBDC soon. She added that the Fed understands that consensus is needed to proceed.

However, the Treasury secretary said the question of whether the Fed should develop a digital currency for the central bank was not discussed “seriously” at the White House, explaining:

This is an important decision and needs consensus. There are some benefits, but also significant costs ... It can work to disintermediate the banking system. And, you know, we have to figure out the pros and cons. I still don't have a view.

Several Federal Reserve governors fail to see the benefits of the Fed issuing a digital dollar, including Governors Michelle Bowman, Randal Quarles and Christopher Waller. “I remain skeptical that a Federal Reserve CBDC would solve the significant problems facing the US payments system,” Waller said recently.

In September, Federal Reserve Chairman Jerome Powell shared an update on the progress of the digital dollar study. He insisted that the Fed is not behind other countries in the central bank’s digital currency (CBDC).