BIS: cooperation essential for CBDCs to improve cross-border payments
In a new report, BIS says countries must work together and design CBDCs with interoperability in mind. Hong Kong and Singapore lead mCBDC efforts.
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Crypto prices continue to fall: Is the market ailing from the Covid Delta variant?
The price of Bitcoin and other cryptocurrency continue to slide as global failure to contain the Covid Delta variant lead to worries of another economic downturn.
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Hong Kong manga finds virtual home on blockchain as authorities silence publishers
NFTs offer haven as authors self-censor amid intensifying crackdown on free expression.
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Bitcoin parallel currency plan proves a hard sell in El Salvador
El Salvador’s government may face challenges in making Bitcoin legal tender, as more than three-quarters of the country remains skeptical of the plan, according to a report by Reuters. Fast facts A survey of 1,233 people across El Salvador earlier this month found that 54% of people said Bitcoin adoption was “not at all correct.”…
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Bank of Thailand denounces crypto anew, warns against use of crypto as payment
Solidifying its stance against cryptocurrency like Bitcoin, the Bank of Thailand declared yesterday that it does not support the use of cryptocurrency as a means of payment, likening crypto transactions to “barter trade” as the bank does not consider crypto legal tender. Fast facts Siritida Panomwon Na Ayudhya, assistant governor of payment systems policy for…
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US$1.5B South Korean ‘kimchi premium’ crypto scheme prompts 33 arrests
Customs officers use foreign exchange law to shut down cycle of foreign remittances and arbitrage.
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Key takeaways from FATF’s latest report on virtual assets
The Financial Action Task Force — the global anti-money laundering and counter-terrorist financing standards-setter — this week released its second 12-month review on virtual assets and virtual asset service providers, and called on countries to implement the revised FATF standards, including travel rule requirements “as soon as possible.” “The global nature of the underpinning technology…
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Stablecoins could pose risks to global financial system, Chinese central bank official says
Warning comes as Beijing ramps up efforts to internationalize China’s currency through launch of digital yuan.
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Robinhood sees near-threefold rise in women users, COO says
Trading app Robinhood has seen a 369% increase in the number of women using its services in the past year, according to COO Gretchen Howard. According to a report by Business Insider, women now make up 30% of its customer base. Fast facts The result comes following Howard’s setting up of a task force to…
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Blockchain-based digital invoicing rollout continues apace in China
China’s blockchain-based digital invoicing systems are being increasingly put into large-scale use in major cities and provinces. Fast facts Blockchain-based digital invoicing is being used in multiple sectors in Hainan Province, China’s only free-trade port. Digital invoicing systems are in use in 2,795 organizations, including courts, schools and banks, according to Securities Daily, a Chinese…