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41 institutions join BIS tokenized cross border payment Project Agorá

Image by Ledger Insights Today the Institute of International Finance (IIF) released the names of 41 firms selected to participate in the public – private tests of Project Agorá. It’s an ambitious project initiated by the BIS to modernize correspondent banking using a unified ledger, tokenized deposits and wholesale CBDC from seven central banks. One …

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Thai government plans Baht stablecoin backed by gov bonds

Image by Ledger Insights During a press conference yesterday Thailand’s Minister of Finance, Pichai Chunhavajira, discussed plans to issue a Thai Baht stablecoin backed by government bonds. The launch target is October. It follows previous reports of plans to use Bitcoin and cryptocurrencies as payments on the holiday island of Phuket. However, former prime minister …

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Visa Direct launches stablecoin payout pilot

Image by Ledger Insights Visa has unveiled its latest stablecoin related pilot involving Visa Direct payouts using the digital currency to gig workers or employees. Visa Direct is the card company’s payment system that uses its own network, which is especially useful for international transfers. Usually the payment is sent to the recipient’s Visa card, …

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Hong Kong confirms HK$10 billion digital green bond issuance

Image by Ledger Insights The Hong Kong Government announced the pricing of its third digital green bond issuance of HK$10 billion ($1.29 billion). Demand far exceeded supply, with the bond 13x oversubscribed. The digital bond issuance will be roughly in equal amounts in four currencies: HKD, RMB, USD and EUR. “The HKSAR Government’s third issuance …

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11 banks say Regulated Liability Network experiments for tokenized deposits were a success

Image by Ledger Insights UK Finance released the results of the experimentation phase of the Regulated Liability Network (RLN) which explores the potential for tokenized deposits and programmability. The banks involved were Barclays, Citi UK, HSBC UK, Lloyds Banking Group, Mastercard, NatWest, Nationwide, Santander UK, Standard Chartered, Virgin Money and Visa. The overall conclusion was …

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England tables Bill to clarify digital asset property rights

Image by Ledger Insights The UK’s Ministry of Justice has introduced a new Bill to Parliament aiming to clarify that digital assets and certain other things can be considered as ‘property’ in England and Wales. It will cover many digital assets such as cryptocurrencies, non-fungible tokens, voluntary carbon credits and in-game digital assets. It follows …

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UAE’s RAKBANK uses mBridge wholesale CBDC solution for Chinese payment

Image by Ledger Insights Earlier this week the UAE’s RAKBANK confirmed it made its first cross border payment using the mBridge platform. mBridge is multi-wholesale CBDC payment solution founded by the BIS Innovation Hub and the central banks of Thailand, Hong Kong, China and the UAE, with Saudi Arabia joining in June. In the same …

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Swift plans to settle digital securities transactions using Swift payments

Image by Ledger Insights Today Swift outlined its vision for digital assets and payments. That includes potentially supporting the settlement of digital asset transactions using the Swift network. However, the first step will be to enable “multi-ledger Delivery-versus-Payment (DvP) and Payment-versus-Payment (PvP) transactions on Swift’s secure, global platform.”   Many view a lack of regulated …

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China mulls how to incentivize CBDC adoption by payment providers, consumers

Image by Ledger Insights We recently reported that China’s central bank digital currency (CBDC), the eCNY, processed $56 billion in transactions in a single month. It reached a cumulative volume of RMB 7 trillion, which is nearing the $1 trillion mark ($932 billion to be precise). However, a fair proportion is business usage. Stories continue …

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