S. Korean watchdog goes after crypto whales to ensure AML compliance
The South Korean regulator noted that popular stablecoins used by the public might become a primary tool for laundering using digital assets. Go to Source Powered by WPeMatico
Digital Currency
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Hong Kong Presents Digital Currency Prototype, Project Aurum
Financial authorities in Hong Kong have unveiled a prototype of the Chinese autonomous territory’s own central bank digital currency called Project Aurum. The two-tier platform features a wholesale interbank and a retail e-wallet system, participants revealed. Hong Kong to Issue Retail Tokens and Stablecoins as Part of Project Aurum A collaboration between the BIS Innovation … Read more
Eswatini Central Bank Partners With German Firm to Explore CBDC
Eswatini recently became the latest African country to jump on the central bank digital currency (CBDC) bandwagon after its central bank selected Giesecke Devrient, a Germany-based technology firm, as its partner. An agreement signed by both parties aims to enable them to deepen their “understanding of the practicalities of implementing a CBDC in Eswatini.” Retail … Read more
Report: Macau Discusses Bill That Proposes to Make Digital Currencies Legal Tender
Macau, one of China’s special administrative regions, recently concluded discussing a bill that seeks to make digital currencies legal tender, a report has said. The report also suggested that individuals who reject or refuse to accept legal tender will be fined between $123 and $1,230. Improving Macau’s Legal System An executive council of Macau, an … Read more
Chinese Researchers Propose Asian Digital Currency to Reduce Reliance on US Dollar
Experts from an economic institute in China have circulated the idea of creating a blockchain-powered digital currency that could lower Asia’s reliance on the greenback. The initiative comes against the backdrop of an expanding digital yuan pilot, and after recent trials of cross-border payments with state-issued digital currencies in the region. China Suggests Minting Asia-Wide … Read more
Chinese Digital Currency Transactions Exceed 100 Billion Yuan, Central Bank Says
Spending with China’s state-issued digital currency has surpassed 100 billion yuan, close to $14 billion, by the end of August, the country’s monetary authority revealed. More than 5 million merchants now accept the digital yuan in 15 Chinese regions as Beijing continues to expand the pilot areas. People’s Bank of China Reports 360 Million Digital … Read more
Bank of Russia Adds Digital Assets to Banking Chart of Accounts
Central Bank of Russia has introduced digital assets, including the digital version of the Russian ruble, to the recently published draft of the new banking chart of accounts. In the future, financial institutions will be able to provide data about operations with these assets. Russian Banks to Record Digital Currencies as Assets in Their Accounting … Read more
China, Hong Kong, Thailand, and UAE Trial Cross-Border Transactions With Digital Currencies
The monetary authorities of four jurisdictions in Asia have carried out tests with international settlements using state-issued digital currencies. Cross-border payments and foreign exchange transactions totaling over $22 million were made as part of the pilot project with the participation of the Bank for International Settlements. Asian Central Banks Pilot Real-Value International Settlements With Digital … Read more
Settlements With China — Russia Plans Next Step for Digital Ruble
Russia intends to use its digital ruble, to be introduced early next year, for payments with its key ally, China. Authorities in Moscow hope other nations will be willing to adopt the Russian digital currency in trade, which will allow the country to circumvent sanctions imposed over the Ukraine war. Russian Federation Eyes Digital Ruble … Read more
Australia Issues White Paper for Central Bank Digital Currency
Reserve Bank of Australia is researching the potential benefits of launching a central bank digital currency. The monetary authority released a white paper outlining its goals and invited interested parties to participate with proposals and suggest pilot projects. Central Bank of Australia to Pilot CBDC Until Middle of 2023 The Reserve Bank of Australia (RBA) … Read more