European Union lawmakers have agreed to move ahead with the controversial European Data Act, which has previously drawn criticism from the crypto community. European Union (EU) lawmakers have agreed to move ahead with the controversial European Data Act, which has previously drawn criticism from the crypto community. The act, aimed at encouraging greater use of…
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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. This decentralized global payments network aims to streamline cross-border transactions for businesses worldwide. By utilizing Six Clovers’ crypto payment systems, users can now conduct digital currency transactions on…
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Two blockchain networks had previously announced integration with the Fed’s instant payment service, but they were not found on a new list of certified providers. The Federal Reserve’s upcoming instant payment system, FedNow, released its list of certified “early adopters” on June 29. The organizations on the list have been certified as ready to connect…
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In recent days, there has been a buzz surrounding the upcoming debut of the U.S. Federal Reserve’s Fednow project, slated for July 1, 2023. The discussions surrounding this topic have sparked speculation about whether this marks the central bank’s inaugural foray into a central bank digital currency (CBDC), with some suggesting that Fednow may render…
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Dilip Rao, a former Ripple executive who’s now leading Australia’s CBDC pilot, has been examining 14 possible use cases of central bank digital currencies. Central bank digital currencies (CBDCs) may not solve any problems faced today, but could be the answer to ones not even fathomed yet, says the executive spearheading Australia’s CBDC pilot. Dilip…
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Project Mariana uses an automated market maker to reduce settlement risk and to create a liquidity pool in place of order books. The Bank for International Settlements (BIS) Innovation Hub published an interim report on Project Mariana, its collaboration with the central banks of France, Singapore and Switzerland, on the use of wholesale central bank…
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The Swiss National Bank (SNB) said it plans to issue a wholesale central bank digital currency as a pilot via SIX Digital Exchange, a subsidiary of SIX, an operator of infrastructure for the Swiss and Spanish financial centers. SNB chairman Thomas Jordan said while the Central Bank has not ruled out launching retail CBDCs, the…
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The chairman of Swiss Central Bank,Thomas Jordan, has announced that the central bank is launching a wholesale CBDC on Switzerland’s SIX digital exchange as part of a pilot. In a conference at Zurich on Monday, the Swiss central bank chair said that the project would begin soon, Reuters reported. The wholesale CBDC pilot will run…
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The underpinning technology for the U.K.’s CBDC could use an alternative to blockchain technology. The Bank of England (BoE) has made significant developments in its central bank digital currency (CBDC) program. Tom Mutton, director of fintech at the BoE, recently shared insights on the privacy aspect of the CBDC and why the central bank might look…
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