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Despite the millions of retail and institutional investors getting involved in the growing sector, “crypto has so far failed to harness innovation to the benefit of society,” said the report, prepared for a meeting of G20 finance ministers and central bank governors due to take place in Gandhinagar, India this
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied JP Morgan Chase & Co. has partnered with six Indian banks to launch a blockchain-powered platform for settling interbank dollar transactions in India’s emerging international financial center. The pilot program commenced June 5 and is expected to
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JPMorgan Chase & Co. has launched a pilot project with top private lenders in India for interbank dollar transaction settlements through its blockchain platform, Onyx, Bloomberg reported. See related article: How JPMorgan’s Onyx is redefining payments in banking with blockchainFast factsThe pilot project, reportedly launched on Monday with India’s HDFC Bank,
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Welcome to Latam Insights, a compendium of the most relevant crypto and economic development news from Latin America during the last week. In this issue, Bolivia mulls using the Chinese yuan in international trade settlements, inflation reaches 108.8% in Argentina, and Steve Hanke states he can eliminate Venezuela’s inflation in
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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
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The Bank of England and the Bank for International Settlements (BIS) Innovation Hub London Center have tested a blockchain-powered settlements system between the central banks. The insights of Project Meridian will be used by the Bank of England in its Real-Time Gross Settlement (RTGS) system. On April 19, the official site
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The finance ministers and central bank governors of the Association of Southeast Asian Nations (ASEAN) are exploring ways to decrease their countries’ dependence on the U.S. dollar and promote the use of local currencies in trade settlements. “We must remember the sanctions imposed by the US on Russia,” said Indonesian
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The government of India has announced that it will facilitate the settlement of international transactions using its national currency, the rupee. As part of its foreign trading policy framework implemented on April 1, the country introduced this measure to facilitate payments for countries experiencing a U.S. dollar crush. India to Offer
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China has been advancing its goal of positioning the yuan as an alternative to the U.S. dollar for settling international payments. The Chinese government recently struck a bilateral deal with Brazil to settle trades using their national currencies and completed a purchase of Liquefied Natural Gas (LNG) with a French
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As part of the talks that Russian president Vladimir Putin and Chinese president Xi Jinping are currently conducting in Russia, Russia has vowed to move to use the Chinese yuan as a settlement currency with countries in Asia, Africa, and Latam. Putin expressed that using national currencies for international trading
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