China and Hong Kong are in the second phase of testing cross-border transactions using central bank digital currencies (CBDCs), Mu Changchun, director of the Digital Currency Institute of the People’s Bank of China, said Thursday, according to Shanghai Securities News. Source link … [Read more...] about China, Hong Kong Enter Second Phase of Cross-Border Digital Yuan Trials: Report
CrossBorder
BIS Experiment Finds CBDCs to Be Effective in Cross-Border Settlements
The report suggests that, based on the experiment, an intraday, wholesale CBDC could have a positive impact on financial stability and limited influence on monetary policy. But Sylvie Goulard, deputy governor of the Bank of France, said that the scale of the experiment was too limited to arrive at broader conclusions. Source link … [Read more...] about BIS Experiment Finds CBDCs to Be Effective in Cross-Border Settlements
Mexican Crypto Exchange Bitso Incorporates Circle Solutions for Cross-Border Payments Initiative
Wire transfers to Bitso Shift will take between 24 to 48 hours to process, while in-app exchanges between U.S. dollar-backed stablecoins and Mexican pesos will be processed in seconds, according to Bitso. No minimum transaction volumes or balance amounts are required, the company added. Source link … [Read more...] about Mexican Crypto Exchange Bitso Incorporates Circle Solutions for Cross-Border Payments Initiative
JPMorgan Report Says CBDCs Can Save Firms $100B a Year in Cross-Border Costs
As an example, the report uses the ASEAN region and its corridors, comprising Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam, which operates across a diverse set of 10 currencies and contributes 7% of global cross-border trade. Source link … [Read more...] about JPMorgan Report Says CBDCs Can Save Firms $100B a Year in Cross-Border Costs
Cambodia explores cross-border transactions of CBDC-like Bakong
The National Bank of Cambodia (NBC) continues progressing with its central bank digital currency-like initiative known as Bakong, disclosing several project milestones.NBC’s director-general and the Bakong project lead Chea Serey said in a Wednesday interview with The Nikkei that Bakong’s electronic wallet reached 200,000 users in June, doubling from three months earlier. Based … [Read more...] about Cambodia explores cross-border transactions of CBDC-like Bakong