Category: cross-border payments
Auto Added by WPeMatico
The fiat and bitcoin payments app, Strike, has launched its “first fully-featured region outside the U.S.” According to Jack Mallers, the founder and CEO of Strike, the African continent presents “immense opportunities for financial innovation and economic freedom.” High Inflation and Costly Remittances Render Africa a Favorable Market for Strike Strike, a payments app supporting […]
Gold-backed BRICS currency will be ‘very hard’ to deliver: Lyn Alden
A BRICS common currency will be challenging to initiate and maintain, though efforts to dethrone the US dollar could have an impact on Bitcoin, says investment strategist Lyn Alden.
Blockchain will save financial institutions $10B by 2030: Ripple
Among the 300 payment leaders surveyed across 45 countries, 97% believe that blockchain will play a crucial role in faster payment systems within the next three years.
Powered by WPeMatico
China’s digital yuan nears $250B transaction volume: Central bank governor
While the adoption and use cases of China’s e-CNY are expanding, the digital yuan still only represents 0.16% of China’s monetary supply.
Powered by WPeMatico
‘Evil Crypto’ Can Be Used in Foreign Trade, Russia’s Deputy Finance Minister Says
Cryptocurrency may be bad for investors but it can be useful in international settlements, according to a top government official in Moscow. Russian authorities intend to set up a special committee that would issue permits to operators employing crypto in foreign trade transactions, he indicated. Russia Plans to ‘Experiment’ With Cross-Border Crypto Payments Amid Sanctions […]
Powered by WPeMatico
World’s Largest Regional Organization to Switch to Settlements in National Currencies
A China-led regional organization that covers more than half of Eurasia intends to transition to settlements in the currencies of its members. While the plan is to abandon the U.S. dollar in mutual payments, participating nations are yet to consider a common currency. Shanghai Cooperation Organization to Abandon Dollar in Favor of National Currencies The […]
Powered by WPeMatico
Chinese Yuan Overtakes US Dollar as Most Used Currency to Settle Cross-Border Payments in China
The Chinese yuan is now China’s most used currency for cross-border settlements. According to official data from the State Administration of Foreign Exchange, the Chinese yuan rose to be the most-used currency in March over the U.S. dollar, in a push from the Beijing government to internationalize its currency for payments. Chinese Yuan Used to […]
Powered by WPeMatico
BIS Releases Report On ‘Project Icebreaker’ — Develops Cross-Border Retail CBDC Payment Model
The Bank for International Settlements (BIS) has released a report summarizing the “Project Icebreaker” trial, which explored the potential advantages and difficulties of utilizing a retail central bank digital currency (CBDC) in cross-border payments. The experiment was designed to test “the technical feasibility of conducting cross-border – cross-currency transactions between different [distrubuted ledger technology]-based CBDC […]
Powered by WPeMatico
UAE Launches ‘Financial Infrastructure Transformation’ Program; CBDC Among 9 Key Objectives
On Feb. 12, 2023, the Central Bank of the United Arab Emirates (CBUAE) announced the launch of a new initiative called the “Financial Infrastructure Transformation Program,” which has nine key objectives. One of these objectives is the research and development of a central bank digital currency (CBDC) designed to address both cross-border payments and domestic […]
Powered by WPeMatico
Russia Mulls Gold-backed Stablecoin, Lawmaker Confirms After Iran Visit
Russia may issue a stablecoin backed by gold to use in international settlements, a high-ranking member of the Russian parliament has admitted. The matter has been discussed during a recent visit to Iran where officials have also signaled interest in such an initiative. Iran and Russia Talk Stablecoin Payments for Bilateral Trade Settlements The Russian […]
Powered by WPeMatico