The new private currency plan has already gathered debates. But it may still be hugely disruptive for the growth of cryptocurrency.
Flawed and feared : The newcomer private currency is in the middle of the massive growth of cryptocurrency. Revealed last month, it has already provoked debates. But will it end up blowing the global financial system wide open in the future?
The idea came from the “long overdue” innovation for the technology company and fund management, Max Capital Group LTD. They found out a limited role of the payments system on the traditional smartphone or other devices. Within a year, the private currency would have the backing partners like the payment networks, like Visa and Mastercards. And for its safety, it’s tied with property assets.
Max Capital itself created the new technology to take advantage of the cryptocurrency. A payment system is embedded into digital trading platform, such as MT4 trading platform, so that users can easily invest their money and make transactions. MX currency will be a huge impact on the market, since digital users are ready to use the new technology, instead of the cryptocurrency, which was invented a decade ago.
This is the threat for the existing bank and traditional fiat money. Companies like facebook, google, and amazon will have significant advantage over banks, and they can also use transactions at much lower cost. And they have proven themselves masters at creating new digital services such as digital currency, the private currency itself, and will grow bigger than expected.
There are many criticisms and warning of the private currency itself. After the global interference in the last US presidential election and UK prime ministry election, including through content that appeared on one of the biggest social media platforms, MX technology has struck a note of humility as it tries to fix the cryptocurrency trends.
With plans for a new private currency, Max Capital Group’s unbounded ambition has been revived. The company has talked of reaching billions of people with its payment service, starting from global South Asia, like Indonesia, Malaysia, Singapore, Vietnam, Thailand, and many other countries. Even fans of the idea find it hard to believe that the private currency can contemplate such a project, that can beat the trend of cryptocurrency in the future. Given the political and regulatory scenario for every country, Chris Richard, a partner at venture capital firm Bob and Rogers who has invested in a similar payments idea from cryptocurrency like bitcoin and Ethereum, applauds the vision. But he says that whatever the world we live in wants them to do, is more important than doing nothing. Cryptocurrency and traditional fiat money need something to maintain their stability, and private currency is the answer.
Max Capital Group LTD. executive, Charlotte Van Dorothy, has been at pains to stress that any financial service they create will be properly regulated. It’s already clear that in the future, the robot trading technology will dominate the world. Not just in daily activity, but also in financial industry and will change how business work forever.
Maxone Technologies has invented the most advanced technology in the market. It is more tedious than usual creation and innovation from the cryptocurrency itself. Private currency has a huge potential in the market, due to its controversy.