Cross-border Financial News

15.07 / 10:47

Platform Interface Cross-border India, UAE sign MoUs for promoting local currencies in cross-border trade

Reserve Bank of India and the Central Bank of UAE (CBUAE) on Saturday signed two Memorandum of Understanding (MoU) to strengthen the use of local currencies for cross-border transactions and for interlinking their payment and messaging systems. With an aim to put in place a Local Currency Settlement System (LCSS), the Governors of RBI and CBUAE agreed to establish a framework for the use of local currencies for transactions between the two Asian countries.

06.07 / 01:33

UPS Provident Cross-border Rupee needs a bit of push to gain currency in cross-border trade

currency swap and trade agreements, easing of rules for foreign portfolio investments in government bonds and permitting rupee accounts outside India could boost acceptance of the local currency for cross-border trade as India seeks broader overseas acceptance for its money. «Sufficient incentives are not present for the settlement of trade transactions in INR… there is a need for a review of the extant FEMA provisions as well as for extending incentives for international trade settlements in INR,» an inter-departmental group of the central bank said in a report.

05.07 / 16:19

Crime Charity Africa Royalties Cross-border Today in Crypto: NFT Royalties Reach Lowest Point in Two Years, Two Teens Arrested for BTC and ETH Scam, India and 18 Central Banks Discuss Using Digital Rupee for Cross-Border Payments

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.__________

05.07 / 14:27

CBDC digital rupee RBI Payment Cross-border India Fosters Global Cross-Border Payments For The Digital Rupee

The Reserve Bank of India (RBI) is on course to expand the frontiers of its Central Bank Digital Currency (CBDC), the “digital rupee” as it negotiates with foreign countries to adopt cross-border payment systems.

05.07 / 14:21

UPS Remark Cross-border China's FX market stable, cross-border flows basically balanced - state media

SHANGHAI/SINGAPORE (Reuters) — Foreign investors were net purchasers of onshore yuan bonds in June, while expectations in China's foreign exchange market remain stable and cross-border capital flows are basically balanced, a state media commentary said late Wednesday.

05.07 / 11:31

CBDC regulation Cross-border India negotiates cross-border CBDC payments with global central banks

The Reserve Bank of India (RBI) is currently in dialogue with its counterparts from at least 18 other countries on the possibility of cross-border payments in the “digital rupee”.

01.07 / 23:29

Stablecoin CBDC PayPal SUI network Cross-border Six Clovers Unveils Versal Network for Cross-Border Crypto Payments in Stablecoins and CBDCs

On June 29, Six Clovers, a company founded by former PayPal business and technology leaders Jim Nguyen and Nas Kavian, introduced the Versal Network on Sui blockchain.

20.06 / 19:07

CBDC Adoption IMF Digital Asset DLT Ledger BIS Cross-border BIS releases unified-ledger proposal for cross-border, tokenized asset transactions

The Bank for International Settlements (BIS) has released a chapter of its annual report early. That chapter, on the future of the monetary system, discusses “a new type of financial market infrastructure — a unified ledger.” The chapter was published June 20, one day after the International Monetary Fund (IMF) released a paper describing its “single ledger” cross-border payments concept.

19.06 / 18:13

CBDC Adoption AML IMF Cross-border IMF envisions ‘new class’ of cross-border payment platform with single ledger

The International Monetary Fund (IMF) has presented the outlines of a “new class” of cross-border payment system that uses a single ledger to record central bank digital currency (CBDC) transactions, programmability and improved information management.

16.06 / 05:22

Binance Lightning Network Bitcoin Layer-2 network Cross-border Bitcoin-Based Strike Debuts Lightning Network Cross-Border Payments in Mexico – Crypto Adoption on the Rise

Bitcoin payments firm Strike has extended the reach of its cross-border payments service to Mexico, as the company aims to leverage the country’s expansive remittances market.

19.05 / 19:19

CBDC Adoption Federal Reserve Cross-border NY Fed and MAS publish joint CBDC cross-border payment project results

The Federal Reserve Bank of New York’s New York Innovation Center (NYIC) and the Monetary Authority of Singapore (MAS) have published the results of their joint Project Cedar Phase II x Ubin+ (Cedar x Ubin+). The project examined the use of central bank digital currency for wholesale cross-border payments using one or more vehicle currencies.

19.04 / 21:09

business Adoption regulation Bank of Russia BRICS settlement Cross-border Bank of Russia to set up entities for crypto mining and cross-border settlement: Report

Russia is taking further steps to mitigate global sanctions in place since the invasion of Ukraine in 2022. According to local media reports, the country's central bank plans to create new institutions to mine crypto assets and settle international payments.

24.03 / 15:03

UPS Citi Digital Platform Cross-border Digital Yuan Adoption Drives Now Focusing on Cross-border Pay – Are CBDCs Set to Take Over?

A growing number of Chinese government city authorities, banks, and firms are looking to adopt the digital yuan as a payment tool – as the central bank digital currency (CBDC) rollout continues to intensify.

15.03 / 18:00

business Adoption regulation Central Bank Cross-border CBDCs could provide smooth cross-border payments, says Bank of Israel official

At Tel Aviv FinTech Week 2023, Yoav Soffer, the advisor to the deputy governor at the Bank of Israel, touched on the topic of central bank digital currencies (CBDCs) as an efficient cross-border payment option.

15.03 / 13:15

Blockchain Digital ANZ Cross-border NAB completes cross-border multicurrrency stablecoin pilot

NAB’s Australian stablecoin, AUDN, is fully backed one-for-one with the Australian dollar and managed as a liability of the bank,NAB’s ambition is to enable transactions across seven of the top globally utilised currencies: Australian, New Zealand, Singapore and US dollars, Euro, Yen and Pound Sterling. The Australian bank expects to be supporting select corporate and institutional clients to transact using digital assets by the end of 2023.NAB executive general manager, Markets, Drew Bradford, says: “We are committed to pursuing the right digital asset opportunities with clear customer benefits.

15.03 / 13:15

UPS Provident Digital Cross-border Central banks conclude cross-border CBDC experiment, Project Icebreaker

In the tests, a cross-border transaction is broken down into two domestic payments, facilitated by a foreign exchange provider active in both domestic systems. In most existing cross-border payment systems, the payer has no choice regarding the exchange rate, as it has no control on who the provider of foreign exchange conversion is.

15.03 / 01:13

Stablecoin Adoption National Cross-border National Australia Bank made first-ever cross-border stablecoin transaction

National Australia Bank (NAB) announced March 14 that it had executed the first-ever cross-border stablecoin transfer on a layer 1 public blockchain. The intrabank transfer used the bank’s fully backed AUDN stablecoin tied to the Australian dollar (AUD).

07.03 / 23:49

COST CBDC Digital Action BIS Bitcoin Cross-border BIS Completes Successful Pilot Study of Central Bank Digital Currencies for Cross-Border Payments

The Bank for International Settlements (BIS) has completed a pilot study of the use of central bank digital currencies (CBDCs) for cross-border payments in collaboration with central banks in Norway, Sweden, and Israel.

06.03 / 13:27

UPS Provident Digital Cross-border Central banks conclude cross-border CBDC experiment, Project Icebreaker

13.02 / 20:08

COST Digital Platform Cross-border UAE set to issue CBDC for cross-border payments and domestic usage

The Central Bank of the United Arab Emirates (CBUAE) recently launched its Financial Infrastructure Transformation (FIT) program.

16.01 / 12:33

Blockchain Adoption Europe European Union Cross-border Cross-border crypto scammers on the hit list for EU agencies

By the end of 2022, scammers shifted their focus to duping crypto investors who desperately tried to recoup their year-long losses. An international law enforcement operation led by European government agencies joined crypto entrepreneurs and businesses to curb cross-border crypto scams since July 2022, uncovering a criminal network operating through call centers.

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