The FCA Is Testing Bitcoin Cross-Border Transactions
The UK’s Financial Conduct Authority (FCA) is currently testing clearing and settlement solutions using Bitcoin. The financial services regulatory commission has been working with digital currency operation Epiphyte, a firm that settles cross-border payments using blockchain technology. UK Financial Conduct Authority Is Testing the Bitcoin Blockchain.....
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PBOC’s Digital Currency Institute and the HKMA are discussing the technical pilot testing of using e-CNY form making cross-border payments.
Bitcoin looks suitable for Russia’s crypto cross-border payments at first glance, but there are many reasons why such a choice is highly questionable. Despite Russia pushing the idea of using cryptocurrencies for cross-border payments, it still remains unclear what digital asset exactly the government plans to adopt for such transactions.Russian authorities are quite unlikely to approve the use of cryptocurrencies like Bitcoin (BTC) for cross-border transactions, according to local lawyers and fintech executives.Bank of Russia needs to control cross-border transactionsIt’s “highly....
The world is gradually heading towards a cashless society such as CBDC making cash payments obsolete. When this happens, fiat currencies might no more be in use. So central banks are aggressively launching Central Bank Digital Currencies for easy virtual transactions. Many countries are either in the process of developing their Central Bank Digital Currency (CBDC) or have already done so. Moving forward for CBDC adoption in cross-border payments, the Bank of International Settlements (BIS) started testing a multi-jurisdictional CBDC one month ago. The BIS has announced the successful....
Russia might become the first country in the world to allow cross-border crypto payments while banning local crypto payments, a fintech expert in the Russian State Duma said. Russian Prime Minister Mikhail Mishustin on Tuesday officially instructed the government to come to a consensus regarding crypto regulation in Russia by Dec. 19, 2022.The prime minister specifically called on the Duma and other state authorities to come up with coordinated policies on regulating the issuance and circulation of digital currencies in Russia. Mishustin also asked regulators to finalize regulations for....
The monetary authorities of four jurisdictions in Asia have carried out tests with international settlements using state-issued digital currencies. Cross-border payments and foreign exchange transactions totaling over $22 million were made as part of the pilot project with the participation of the Bank for International Settlements. Asian Central Banks Pilot Real-Value International Settlements With Digital Currencies The monetary policy regulators of China, Hong Kong, Thailand, and the United Arab Emirates have conducted a trial of cross-border payments with digital currencies issued by....