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Central banks across 66 countries are now in the advanced phases of exploring Central Bank DigitalCurrencies (CBDCs), with 44 pilots including the digital euro already underway. The popularity of stablecoins is also reaching new heights. The transfer volume of stablecoins hit highs of $717.1 stablecoins).
The age of digitalcurrencies 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.
SC Ventures, the innovation, fintech investment, and ventures arm of Standard Chartered, and Giesecke+Devrient (G+D) successfully completed a proof-of-concept (PoC) on the Universal Digital Payments Network (UDPN). Central Bank DigitalCurrencies must therefore be able to work together quickly, easily and securely across national borders.
Mastercard Leads Central Bank DigitalCurrency Test. With distributedledgertechnology (DLT) an increasingly attractive payment rail alternative, some payments conglomerates operating in the world of traditional rails have expanded in recent years to consider blockchain.
The SBI Group plans to license Sepior ApS ’ wallet technology to use in its own wallet, which will become a part of its digitalcurrency exchange platform, the company said in an announcement. With the company’s Earn product, consumers will be able to get interest on stablecoin holdings. ”
Other payment trends in Asia preceding 2024 including the rise of B2B buy now pay later (BNPL), growing prominence of central bank digitalcurrency (CBDC), and prevalence of composable, cloud-based ‘as-a-Service’ IT architecture models have helped shape much of what we anticipate for 2024.
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.
As of August 2021, 5 different companies in this category raised funding rounds of at least $300M this year: Paxos, BlockFi, Blockchain.com , Fireblocks , and Ledger. The biggest deal was Ledger’s $380M Series C in June, backed in part by DigitalCurrency Group — the top blockchain investor by deal count since 2017.
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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