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‘Faster and Cheaper Cross-Border Transfers’ — Banking Report Led by BIS Highlights the Benefits of Cryptocurrency
30.9.2021
According to a report published by the Bank of International Settlements (BIS) and a group of central banks, digital currencies can lead to faster settlement and cheaper transfers. Moreover, the banking group leveraged a prototype that shows how money transfers can be done in seconds with very...
CBDCs could cut cross border remittance costs by half: BIS report
28.9.2021
The BIS report based on a multi-CBDC pilot also showed significant improvements in international remittance speed
Kenyan Fintech Player: ‘Banking the Unbanked’ Is the Most Important Use Case for Digital Currencies in Africa
28.9.2021
The year 2020 may well go down as the year when blockchain technology and cryptocurrencies, in particular, gained mainstream recognition. The restrictions on movement, as well as the widespread fear of catching a virus, forced many to look for alternative ways of making payments or sending...
Chipper Cash Extends Peer-to-Peer Money Transfer Service to South Africa
27.9.2021
Chipper Cash, an African fintech start-up, has extended its peer-to-peer instant money service to South Africa. In addition to being able to use the remittance service, South African users will be able to buy, sell, and transfer cryptocurrencies like bitcoin, ethereum, and the USDC stablecoin....
Bhutan Partners With Ripple to Pilot Digital Ngultrum on a Private Ledger
25.9.2021
The Central Bank of Bhutan, the Royal Monetary Authority (RMA), has partnered with Ripple to start testing a model of its central bank digital currency (CBDC) using Ripple’s technology. The test will be using Ripple’s own CBDC private ledger, to support similar use cases. The pilot...
Fintech Firm Centbee Graduates From South African Regulatory Sandbox
24.9.2021
Fintech firm Centbee recently announced it has successfully completed the testing of its cross-border remittance application, Minit Money. The testing of the application was carried out within the framework of the South African Intergovernmental Fintech Working Group (IFWG)’s regulatory...
P2P Platforms, Cross-border Transactions Drive African Crypto Markets
15.9.2021
sts said, pointing to the inclusion of Kenya, Nigeria, South Africa, and Tanzania in the top 20 countries of its Global Crypto Adoption
Nigeria’s CBDC ‘a Safer Option’ Than Privately Issued Cryptocurrencies: Central Bank Official
14.9.2021
As part of the Central Bank of Nigeria (CBN)’s digital currency charm offensive, Folashodun Shonubi, the institution’s deputy governor, has claimed that the country’s upcoming central bank digital currency (CBDC) will be a “safer option from privately issued...
Zimbabwean Minister Says Cryptocurrency Based Solutions ‘Could Lower Charges for Diaspora Remittances’
12.9.2021
The Zimbabwean minister of finance, Mthuli Ncube, has once again talked up the potential advantages of using cryptocurrencies. In new comments made shortly after visiting the DMCC Crypto Centre in Dubai, Ncube raises the possibility that the country might use cryptocurrency-based solutions to lower...
African Economist Says Regulated Cryptocurrencies Are Reasonable Alternative to Single Trade Currency
6.9.2021
A Nigeria-based research and development economist, Gospel Obele, has called “for a unified regulatory mechanism for cryptocurrency trading.” He adds that such regulation of cryptocurrencies can potentially “complement an African digital currency,” hence this needs to...
Australia, Singapore, Malaysia, and South Africa to Trial Cross-Border Digital Currency Payments
3.9.2021
The central banks of Australia, Singapore, Malaysia, and the Republic of South Africa have set out to test the use of state-issued digital currencies in cross-border payments. The trial, led by the Bank for International Settlements, aims to establish whether they can simplify transactions and make...
Annual US Dollar Remittances to Nigeria Surge to $34 Billion but Forex Woes Persist
31.8.2021
According to a report, the value of annual dollar remittances by Nigerians working abroad has surged to $34 billion, a figure that easily surpasses the previous record-high of $25 billion. Still, a large portion of the funds doesn’t seem to be entering domestic forex markets. Target Attained...
Cambodia explores cross-border transactions of CBDC-like Bakong
6.8.2021
Launched in late 2020, Cambodia’s digital money project Bakong reached 200,000 users in June, doubling from three months earlier
Digital Yuan to Promote International Use of Chinese Currency, Experts Say
30.7.2021
The new digital yuan, currently undergoing trials, can help to increase the international usage of China’s national fiat, experts have stated. As the renminbi (RMB, CNY) is becoming one of the world’s most important currencies, the People’s Bank of China is planning to conduct...
Ghana Vice President Praises Central Bank’s CBDC Initiative, Says Digital Currencies Can Boost Intra-African Trade
30.7.2021
The Ghanaian Vice President, Mahamudu Bawumia, has implored African governments to start exploring digital currencies as such alternatives have the potential to enhance intra-African trade. In addition, such digital currencies allow African countries to carry out all cross-border payments smoothly...
EY aims to simplify cross-border withholding tax process with blockchain
29.7.2021
EY expects that its new blockchain-based withholding tax solution can lay a foundation for the European Commission’s withholding tax relief system
Bankers Rush To Fix Cross-border Payments as Crypto Competition Hots up
28.7.2021
The banking industry looks set to go to war with crypto – and is attempting to beat coins and their proponents at their own game, with the Bank for International Settlements (BIS) following on the heels of the international payments network SWIFT in a fresh assault.
Yesterday, Cryptonews.com...
French Central Bank Conducts Fifth Experiment on Tunisia CBDC
23.7.2021
The French central bank, Banque de France (BOF), recently carried out its fifth experiment on the Central Bank of Tunisia (CBT)’s central bank digital currency (CBDC). According to a statement from BOF, the latest experiment is part of the banks’ joint effort to create conditions that...
Visa to acquire cross-border payments fintech Currencycloud
22.7.2021
The lines between traditional payments networks and fintech continue to blur with Visa's acquisition of the London-based firm
IMF, World Bank, BIS Recommend Countries Work Together on CBDCs to Enhance Cross-Border Payments
18.7.2021
The International Monetary Fund (IMF), the World Bank, and the Bank of International Settlement (BIS) have conducted an extensive study of using central bank digital currencies (CBDCs) for cross-border payments. Their report to the G20 states that enhanced cross-border payments “can...