international trade – DIGIT INFO

Reserve Bank of India expanding cross-border payments platform

DIGIT — Sun, 24 Nov 2024 17:13:38 +0000

According to the Atlantic Council, 134 countries are currently exploring CBDCs in different phases — including every G20 country.

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Putin Signs Law to Advance Cryptocurrency Use in Russia’s International Trade

DIGIT — Sun, 11 Aug 2024 23:30:25 +0000

Russian President Vladimir Putin has signed a new law to establish experimental legal frameworks to advance digital technologies, particularly cryptocurrencies, in international trade. The legislation allows for the modification of laws to facilitate cryptocurrency transactions, including cross-border trade, and grants the Bank of Russia oversight of pilot projects related to digital currencies. Putin Signs Law […]

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Russia to Increase Reliance on National Currencies in Energy Trade, Vows to Move Away From the US Dollar

DIGIT — Mon, 24 Apr 2023 12:05:05 +0000

Russia will increase its reliance on national currencies to settle payments for its energy resources, moving away from the US dollar, according to Russian Deputy Prime Minister Alexander Novak. Novak noted there is a great interest in acquiring Russian energy resources, leading Russia to accept more currencies for these settlements. Russia Aims to Settle Energy […]

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Dollar Dominance Fading Amid Growing China Trade, Russia Sanctions Risks, Ray Dalio Says

DIGIT — Thu, 20 Apr 2023 22:30:19 +0000

Fewer nations are willing to hold the U.S. dollar as America’s share in the global economy becomes smaller while China’s role in international trade expands, billionaire Ray Dalio noted. The founder of the world’s largest hedge fund also said that Western sanctions on Russia have highlighted new risks of keeping dollar assets. ‘Dollar Is Debt,’ […]

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Displaying US Dollar Prices Still Prohibited, Ghanaian Central Bank Tells Actress Lydia Forson

DIGIT — Sat, 05 Nov 2022 12:30:13 +0000

The Bank of Ghana recently warned businesses quoting U.S. dollar prices that the practice is still prohibited and that the cedi remains Ghana’s sole legal tender. The bank said it is working with law enforcement to “clamp down on illegal foreign exchange operations.” In addition to naming and shaming businesses violating the law, a Ghanaian […]

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China, Hong Kong, Thailand, and UAE Trial Cross-Border Transactions With Digital Currencies

DIGIT — Thu, 29 Sep 2022 17:30:49 +0000

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 […]

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Russian Chamber of Commerce Suggests Using Cryptocurrencies in Settlements With Africa

DIGIT — Thu, 14 Apr 2022 20:00:32 +0000

Employing crypto in cross-border payments is one of the proposals put forward by the Russian Chamber Of Commerce lobbying for more cooperation with African countries. Amid unprecedented sanctions limiting Russia’s ability to trade internationally, the head of the board has urged the government to work out an alternative system for settlements with Moscow’s partners. Chamber […]

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Nigerian CBDC Website Goes Live, Central Bank Faces Trademark Infringement Allegations

DIGIT — Wed, 29 Sep 2021 10:00:02 +0000

According to reports from Nigeria, the official website for the Central Bank of Nigeria (CBN)’s e-naira digital currency is now up and running. The reports come just a few days before the start of the central bank digital currency (CBDC) rollout. E-Naira Similar to Physical Currency An analysis by regional news outlet This Day suggests […]

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US–Japan digital trade deal should include crypto: American think tank

DIGIT — Thu, 29 Jul 2021 10:19:08 +0000

Analysts at the Rand Corporation say crypto as part of the bilateral digital trade could lay the groundwork for cryptocurrency adoption in international trade.

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Blockchain can shield banks from billion-dollar trade finance scandals, says exec

DIGIT — Fri, 04 Sep 2020 11:50:00 +0000

Blockchain can help the trade finance industry prevent billion-dollar scandals and ease trade financing, says expert.

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