BIS Departure from mBridge: A Strategic Exit or a Political Move?
Last week, the Bank for International Settlements (BIS) announced its exit from the mBridge cross-border payments project, a significant initiative in the field of central bank digital currencies (CBDCs). Agustín Carstens, BIS General Manager, confirmed the decision at the Santander International Banking Conference, attributing the move to the project’s progress rather than political pressures or […]
Stripe Acquires Stablecoin Platform Bridge for $1.1 Billion, Signalling Major Step into Digital Assets
In a landmark acquisition, Stripe, the global payments processor, has acquired stablecoin platform Bridge for $1.1 billion. This acquisition, confirmed by Stripe and Bridge, marks Stripe’s largest acquisition to date and one of the most significant in the cryptocurrency sector. Bridge, founded by entrepreneurs Sean Yu and Zach Abrams, has emerged as a prominent software […]
MercadoLibre’s Fintech Arm Unveils Dollar-Backed Stablecoin in Brazil
MercadoLibre’s financial technology subsidiary, Mercado Pago, has launched its own U.S. dollar-backed stablecoin in Brazil, marking a significant expansion of its cryptocurrency offerings in the country. The stablecoin, named Meli Dolar, is pegged to the U.S. dollar at a one-to-one ratio and is now available for trading by all Mercado Pago clients via the fintech’s […]
Digital Payment Giants Seek to Join India’s Digital Rupee CBDC Pilot
Google Pay, PhonePe, and Amazon Pay are among five prominent payment firms seeking to participate in the Indian central bank’s digital currency pilot, offering transactions via the e-rupee. This information comes from three Reuters sources directly involved in the discussions. The other two applicants are Indian fintech companies Cred and Mobikwik. The Reserve Bank of […]
SWIFT to Unveil CBDC Platform in Move Towards Digital Banking
In a significant development for the global banking sector, SWIFT, the international banking communications network, has announced plans to launch a new platform within the next 12 to 24 months. This platform aims to integrate the emerging central bank digital currencies (CBDCs) with the current financial system. The initiative underscores the rapidly growing interest in […]
Singapore Unveils Regulatory Framework for Single-Currency Stablecoins
In a move aimed at fortifying the stability of single-currency stablecoins, Singapore’s central bank has introduced a comprehensive regulatory framework. According to the Monetary Authority of Singapore (MAS), the framework will be applicable to non-bank entities that issue single-currency stablecoins tied to either the Singapore Dollar or any of the G10 currencies. This will come […]
SNB to launch digital currency pilot
Source: Reuters The Swiss National Bank (SNB) is to issue a wholesale central bank digital currency (CBDC) on Switzerland’s SIX digital exchange as part of a pilot, the central bank’s chairman said at a conference in Zurich on Monday. “This is not just an experiment, it will be real money equivalent to bank reserves and […]
IMF working on global central bank digital currency platform
Source: Reuters The International Monetary Fund (IMF) is working on a platform for central bank digital currencies (CDBCs) to enable transactions between countries, IMF Managing Director Kristalina Georgieva said on Monday. “CBDCs should not be fragmented national propositions… To have more efficient and fairer transactions we need systems that connect countries: we need interoperability,” Georgieva […]
G7 to discuss digital currency standards, crypto regulation
Source: Reuters Group of Seven (G7) advanced economies will consider how best to help developing countries introduce central bank digital currencies (CBDC) consistent with appropriate international standards, Japan’s top currency diplomat Masato Kanda said on Tuesday. The move will be among key themes of G7 discussions that Japan chairs this year, as part of efforts […]
Banking giants and New York Fed start 12-week digital dollar pilot
Source: Reuters Global banking giants are starting a 12-week digital dollar pilot with the Federal Reserve Bank of New York, the participants announced on Tuesday. Citigroup, HSBC, Mastercard, and Wells Fargo & Co are among the financial companies participating in the experiment alongside the New York Fed’s innovation center, they said in a statement. The project, […]
