Bank for International Settlements report says CBDCs can cut cross border remittance cost
The Bank for International Settlements (BIS) has released a paper promoting the advantages of central bank digital currency (CBDC), particularly in lowering cross-border payment costs, thereby improving international remittance speed. CBDCs can reduce cross-border payment transaction throughput from three to five business days to just a few seconds, according to a research published on Tuesday […]
China’s CBDC pegged stablecoin RMB targets international trade
“While the government of China and Shanghai have accepted the use case for the offshore RMB stablecoin, the pilot program is not endorsed or associated with the government,” Banbury added. Conflux will contribute its technology to establish an offshore renminbi (RMB) stablecoin pegged to China’s central bank digital currency (CBDC), the digital yuan, according to […]
Bhutan’s central bank will use Ripple’s Labs to pilot its CBDCs
Bhutan’s Royal Monetary Authority is teaming up with Ripple to test its central bank digital currency. Ripple claims its CBDC solution would allow Bhutan’s central bank to deploy a digital ngultrum “without compromising financial stability. Bhutan’s central bank will use Ripple Labs’ private ledger to issue and administer a digital ngultrum, according to a statement […]
HSBC CEO supports CBDCs as opposed to cryptocurrencies and stablecoins
HSBC Group CEO Noel Quinn, believes CBDCs are a transparent legal tender that avoids the “many risks” associated with cryptocurrencies and stablecoins. HSBC, Europe’s largest bank with $3 trillion in assets, is dubious of bitcoin while pushing the creation of central bank digital currencies (CBDCs). New forms of digital money might promote growth, according to […]
Turkish President Declares War on Cryptocurrencies
The president of Turkey, Recep Tayyip Erdogan, stated that Turkey was at war with cryptocurrencies during a conference with students from 81 districts, which took place in the city of Mersin on September 18. The Turkish central bank put a ban on cryptocurrency payments in mid-April, effectively prohibiting local businesses from engaging in transactions using […]