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The age of digital currencies might be fully upon us, but key questions swirl about how to issue and regulate cryptos – especially stablecoins. Bitcoin and other offerings have not yet evolved into real alternatives to sovereign monetary activities, but stablecoins present challenges. In a paper that debuted Tuesday (Nov.
This PoC involved executing real-time cross-border test transactions between various CentralBank Digital Currency (CBDC) systems. The project tested the feasibility of conducting multilateral cross-currency transfers through the UDPN, involving both DistributedLedgerTechnology (DLT) and non-DLT-based CBDC technologies.
The system, intended to be linked with market infrastructure already in place, enabled participants to settle mock securities with mock centralbank cash. With the company’s Earn product, consumers will be able to get interest on stablecoin holdings. ”
According to Emirates NBD Group Chief Operating Officer Abdulla Qassem, TCS' solution "has moved our payments operations internally for standardized, scalable and centralized processing, along with the capability to adopt new market evolutions in clearing, including SWIFT for Corporates.". Mastercard Leads CentralBank Digital Currency Test.
Distributedledgertechnology (DLT) — which uses tech like blockchain to verify transactions without the need for a centralized authority — is gaining traction as a way to revamp capital markets infrastructure by making it more streamlined, improving transparency, and reducing associated fees.
Other payment trends in Asia preceding 2024 including the rise of B2B buy now pay later (BNPL), growing prominence of centralbank digital currency (CBDC), and prevalence of composable, cloud-based ‘as-a-Service’ IT architecture models have helped shape much of what we anticipate for 2024.
The shortlisted teams, comprising fintech firms and solution providers from regions including Australia, India, the United States, and Kenya, have presented proposals utilising technologies like Artificial Intelligence (AI) and DistributedLedgerTechnology (DLT) to enhance financial well-being and resilience in today’s evolving economic landscape.
The Consultation Paper comes shortly after the Financial Services and the Treasury Bureau and the HKMA issued a consultation paper in December 2023 outlining their legislative proposal for a regulatory regime governing stablecoin issuers in Hong Kong (see this Latham blog post ). reference assets). reference assets).
Understanding use cases: From stablecoins to tokenisation While De-Fi discussions often focus on theoretical concepts, several tangible use cases illustrate its practical applications in the payments industry. Among the most prominent are stablecoins and the tokeni s ation of traditional financial instruments. billion in May 2022.
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