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Indonesia has reached a significant milestone in its journey toward exploring the potential of Central Bank Digital Currencies (CBDCs) with the completion of the Proof of Concept (PoC) for the wholesale Digital Rupiah under the auspices of Bank Indonesias Project Garuda.
In particular, its DBS Globesend solution for cross-border payments spans 132 currencies and 190 countries. Nium operates a payout network that supports 100 currencies and which spans more than 220 markets, 100 of which in real-time. DBS Bank is also a participating bank in PayNow, Singapores consumer real-time payments service.
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 Digital Currency Group — the top blockchain investor by deal count since 2017.
In an interview with PYMNTS, Kevin Phalen, head of Global Business Solutions at Visa, told Karen Webster that Visa B2B Connect acts as a brand new, end-to-end global payments network, built on using elements of distributedledgertechnology (DLT) and the open source Hyperledger Fabric framework hosted by The Linux Foundation.
This project aims to create a multi-central bank digital currency (CBDC) platform for instant cross-border payments and settlements, leveraging distributedledgertechnology (DLT). The platform now invites further international participation and private sector proposals for value-added solutions.
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.
Mastercard and The Clearing House (TCH ) have extended their multi-year partnership, bringing the companies together to collaborate on innovative capabilities for consumers, businesses and governments to evolve and embrace the digital economy through real-time payments (RTP) adoption on the RTP® network. Unicoin Inc.,
Roque noted that, in addition to learning how to incentive consumers, and the importance of innovation with social purpose, “the pilot provided significant learnings around multi-party governance on blockchain, trust and consensus models, and new business modeling through the creation of new business networks.”.
This marks a critical milestone in the exploration of a Central Bank Digital Currency (CBDC). This phase, part of the Immediate State of Project Garuda, focused on testing a distributedledgertechnology (DLT)-based wholesale cash ledger system to assess its feasibility, security, and compatibility with Indonesia’s financial ecosystem.
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