Ripple working with banks from Hawaii’s top 5 tourist nations in cooperation with the Department of Business, Development & Tourism will achieve a blockchain tourism incentification program to comply with DFI financial regulatory policies:!
The policy of the Hawaiian Division of Financial Institutions for digital currency businesses is to maintain cash reserves or other liquid assets to an amount equal to the aggregate face value of digital currency funds held on behalf of customers. Solvency requirements are an important consumer protection tool and permissible investment rules help businesses to manage those requirements. Hawaiian tourism generates approximately $15 billion dollars which is close to the amount Ripple pledged to lock up in XRP Cryptocurrency on May 17, 2017, Link. The Ripple network received the support of 47 Japanese banks in May also, Link. This news has potential for the project being worked on by the Hawaii Division of Financial Institutions because the Japanese banks want to support the 1.5 million tourists who go to Hawaii each year when they want (and even demand) to use cryptocurrency. The Bank of Tokyo-Mitsubishi UFJ (BTMU) is of the 47 banks. In May MUFG joined Ripple’s Global Payments Steering Group. Part of the reason for this is to support a Japanese demand to pay merchants and tour operators on the Ripple cloud based platform (RC). This is a quote from CEO of SBI Ripple Asia, Takashi Okita: “RC Cloud allows for seamless transactions for local and international payments on one platform. As the RC network expands we look forward to utilizing Ripple to enhance all bank transactions across the world.” Ripple’s XRP is now on the biggest Chinese cryptocurrency exchanges (Huobi and OKcoin). Chinese tourism to Hawaii is smaller than Japanese tourism, however Chinese banks are adopting Ripple XRP also. Hawaiian tech startup facilitator Hawaiian Ripple is liaising with Chinese banks to encourage the growth of a Chinese tourist market to Hawaii and use Ripple XRP cryprocurrency. Ripple XRP unlike many digital currencies is becoming an inherently liquid asset due to the backing from banks all over the world. The 47 Japanese banks for example will ensure cryptocurrency solvency proof instantly and in real-time for their 1.5 million Japanese tourist customers to keep their business. Ripple XRP for Japanese tourists is more superior to even cash for this purpose. Hawaiian Ripple proposes to remove existing barriers from loyalty relationships to enable a progression to Airline/Retailer/Consumer multi-branded incentifications using merchant MENA applications on the Ripple cloud. Hawaiian tourist loyalty incentification should flow up the relationship network from consumer to merchant as easily as it does down or sideways. Ripple XRP will be earned and redeemed dynamically based on the unique tourist lifestyle at any of the participating Hawaiian Ripple locations. This will encourage the willingness of tourists to go off the beaten track and visit areas where tourists don’t usually go. Hawaiian Ripple wants Hawaii to become the best tropical tourist destination in the world by 2020 by giving tourists customized relationships. The Hawaiian Ripple project will provide identity confirmation for this initiative in a move to enable tourists to benefit from a tourist loyalty program that will boost business opportunities.
Q. How can this be achieved?
Hawaiian Ripple is applying to MENA based startups that specialize in Blockchain technology services & applications to develop the app which will run on the Ripple RC Cloud to bring life to the Hawaiian blockchain tourism incentification service. Related Link for DFI Financial Regulatory Compliance: Ripple to Place 55 Billion XRP in Escrow to Ensure Certainty Of XRP Supply
