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China and Hong Kong are in the second phase of testing cross-border transactions using central bank digital currencies (CBDCs), Mu Changchun, director of the Digital Currency Institute of the People’s Bank of China, said Thursday, according to Shanghai Securities News. Source
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The report suggests that, based on the experiment, an intraday, wholesale CBDC could have a positive impact on financial stability and limited influence on monetary policy. But Sylvie Goulard, deputy governor of the Bank of France, said that the scale of the experiment was too limited to arrive at broader
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Wire transfers to Bitso Shift will take between 24 to 48 hours to process, while in-app exchanges between U.S. dollar-backed stablecoins and Mexican pesos will be processed in seconds, according to Bitso. No minimum transaction volumes or balance amounts are required, the company added. Original Source
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The report uses the ASEAN region and its corridors as an example, comprising Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam, which operates across a diverse set of 10 currencies and contributes 7% of global cross-border trade. Source
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Partior, an open blockchain-based clearing and settlement platform that was incubated in part by the government of Singapore, today announced that it is operational and had achieved end-to-end settlements with participating banks in Singapore dollar (SGD) and U.S. dollar (USD) of less than 120 seconds — a significant reduction from
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“Liquidity support from the centralized exchange has always been seen as a critical milestone for crypto startups,” said Unica Yin, Investment Director of Huobi Ventures, in a statement. “Through the collaboration with Republic from an accelerator perspective, we envision that this would provide the comprehensive support to the project throughout
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According to a report published by the Bank of International Settlements (BIS) and a group of central banks, digital currencies can lead to faster settlement and cheaper transfers. Moreover, the banking group leveraged a prototype that shows how money transfers can be done in seconds with very little processing fees. Inexpensive
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The central banks of Australia, Singapore, Malaysia, and the Republic of South Africa have set out to test the use of state-issued digital currencies in cross-border payments. The trial, led by the Bank for International Settlements, aims to establish whether they can simplify transactions and make them cheaper. Reserve Bank
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The National Bank of Cambodia (NBC) continues progressing with its central bank digital currency-like initiative known as Bakong, disclosing several project milestones.NBC’s director-general and the Bakong project lead Chea Serey said in a Wednesday interview with The Nikkei that Bakong’s electronic wallet reached 200,000 users in June, doubling from three months earlier.
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Global professional services firm Ernst & Young (EY) continues exploring the potential of blockchain technology to improve taxation processes with a new initiative.The company announced Wednesday that EY completed a blockchain-based project to address complexities and inefficiencies in the cross-border withholding tax (WHT) process, generally a paper-based process where data
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