Chinese social media platform Wechat has introduced support for the state-backed digital yuan in its popular payment app. Over a billion users will now ostensibly be able to take advantage of fast payments with the digital currency issued by the People’s Bank of China. Wechat Pay Follows Alipay in Integrating Payments With Digital Yuan The…
Read more
The Bank for International Settlements (BIS) has released a report summarizing the “Project Icebreaker” trial, which explored the potential advantages and difficulties of utilizing a retail central bank digital currency (CBDC) in cross-border payments. The experiment was designed to test “the technical feasibility of conducting cross-border – cross-currency transactions between different [distrubuted ledger technology]-based CBDC…
Read more
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. The pilot study, called Project Icebreaker, aimed to test the “technical feasibility” of transfers across borders that involve different CBDC, and to…
Read more
Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.__________ … Read More: Today in Crypto: ByBit Announces Card, PancakeSwap to Launch V3 on BNB Chain, Egypt Arrests 29 Scammers, Pakistan Banks’ Association to Develop a Blockchain-based KYC Platform Read more »Sign…
Read more
The blockchain-based national eKYC banking platform aims to strengthen Anti-Money Laundering capabilities while countering terror financing. The Pakistan Banks’ Association (PBA) — a group of 31 traditional banks operating in Pakistan — signed off on developing a blockchain-based Know Your Customer (KYC) platform. On March 2, the PBA signed the project contract to develop Pakistan’s first…
Read more
Economist and gold enthusiast Peter Schiff has said that the U.S. Fed may have to fight a “complete economic collapse” and be faced with more to worry about than the current battle against inflation. In other news, artificial intelligence (AI) crypto assets have seen a recent surge, and SEC Chairman Gary Gensler has tossed in…
Read more
The Reserve Bank of Australia said on March 3 that it has selected 14 digital currency proposed use cases from a large number of submissions obtained from industry participants. An assistant governor at the RBA, Brad Jones, said the Aussie central bank is encouraged by the composition of providers that have been “invited to participate…
Read more
In addition to offline functionality, RBI is gauging CBDC’s potential for cross-border transactions and linkage with legacy systems of other countries. India’s recently launched in-house central bank digital currency (CBDC) — the digital rupee — is now being tested for offline functionality, revealed Ajay Kumar Choudhary, executive director of the Reserve Bank of India (RBI). The RBI…
Read more
An official of India’s central bank, the Reserve Bank of India (RBI), says that the country’s central bank digital currency (CBDC) will act as an alternative to cryptocurrency. He stressed that the digital rupee must possess all the attributes of physical currency, including anonymity. India’s CBDC Update Reserve Bank of India (RBI) Executive Director Ajay…
Read more
The bill authored by a Republican state legislator would prevent the use of cryptocurrency as a medium of exchange starting July 1, 2024. Legislation has been introduced in the American state of South Dakota to amend the Uniform Commercial Code (UCC) to limit the definition of money to exclude cryptocurrencies. Central bank digital currencies (CBDCs)…
Read more
