cross-border

BIS partners with Australia, Malaysia, Singapore, South Africa for CBDC trials

Source Node: https://ambcrypto.com/bis-partners-with-australia-malaysia-singapore-south-africa-for-cbdc-trials/
Time Stamp: September 2, 2021 8:30 AM - Modified On: September 2, 2021 - Published By:
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The Bank for International Settlements (BIS), spearheaded by Singapore, will test the use of central bank digital currencies (CBDCs) for efficient global payments. Via a recent press release, the BIS announced that it is joining forces with the central banks of Australia, Malaysia, Singapore, and South Africa to examine a direct, shared platform for international payments. The experiment, under Project Dunbar, aims to reduce costs and increase the speed between cross-border payments by institutions. According to Andrew McCormack, Head of the BIS Innovation Hub Centre in Singapore, “Project Dunbar brings

BIS Tests CBDCs for International Settlements Between Several Countries

Source Node: https://beincrypto.com/bis-tests-cbdcs-for-international-settlements-between-several-countries/
Time Stamp: September 2, 2021 8:30 AM - Modified On: September 2, 2021 - Published By:
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Republished By Plato

The Bank for International Settlements (BIS) is cooperating with several countries to test the use of central bank digital currencies (CBDCs) for international settlements.Sponsored Sponsored In participation are the central banks of Australia, Malaysia, Singapore and South Africa. The experiment could lead to a more efficient global payments platform. ‘Project Dunbar’ Led by BIS’ Singapore Center, “Project Dunbar” aims to develop prototype shared platforms for cross-border transactions using multiple CBDCs. This would allow financial institutions to transact directly with each other using the digital currencies. Consequently, this would eliminate the

US Treasury Proposal Applies Travel Rule to Crypto

Source Node: https://beincrypto.com/us-treasury/
Time Stamp: December 20, 2020 2:57 PM - Modified On: May 21, 2021 - Published By:
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Republished By Plato

On Dec. 18, an office within the US Treasury Department released a set of proposals regarding cross-border transfers of digital assets. The US Treasury Financial Crimes Enforcement Network (FinCEN) released a proposal that aims to close loopholes regarding the movement of digital assets. In the announcement on the release, FinCEN also requested input from the public. The measure, called the Travel Rule, affects cross-border transfers. Know thyself The major thrust of the proposal is a change regarding privately owned digital wallets. Virtual Asset Service Providers will now have to require

Slow But Steady: FATF Review Highlights Crypto Exchanges’ Struggle to Meet AML Standards

Source Node: https://cointelegraph.com/news/slow-but-steady-fatf-review-highlights-crypto-exchanges-struggle-to-meet-aml-standards
Time Stamp: August 8, 2020 9:00 AM - Modified On: May 21, 2021 - Published By:
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Republished By Plato

In June 2019, the intergovernmental Financial Action Task Force (FATF) introduced its revised set of standards for virtual asset service providers. The document establishes the anti-money laundering and counter-terrorism (AML/CFT) requirements that regulated VASPs —  the term mainly referring to cryptocurrency trading platforms — must eventually implement in their day-to-day operations. The guidelines are framed as recommendations, and the FATF leaves it to the participating nations’ governments to develop their own regulations in accordance with suggested principles.The watchdog has also set a 12-month review timeframe to monitor the public and

International Group of Finance Leaders Says Ripple’s XRP Remittance Network Leapfrogs Traditional Banking System

Source Node: https://dailyhodl.com/2020/08/01/international-group-of-finance-leaders-says-xrp-leapfrogs-traditional-remittance-system/
Time Stamp: August 1, 2020 9:00 AM - Modified On: May 21, 2021 - Published By:
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ADVERTISEMENT An independent body of global finance leaders says Ripple’s XRP-powered cross-border payment platform “leapfrogs” the efficiency of traditional remittance methods. The Group of 30 published the report, calling on central banks and financial authorities around the world to be proactive in terms of regulating digital assets. G30 experts discuss the theoretical possibility of a “systemic hegemonic currency,” which some academics have posited could possibly reduce “spillover shocks” that come with the US dollar acting as a reserve currency. The systemic currency could come in the form of a stablecoin