More than 60% of countries were developing central bank digital currency in 2023

Central bank digital currency, or CBDC, became an increasingly trending topic in 2021 after cash payments significantly dropped and cryptocurrencies and stablecoins grabbed news headlines.

While only a handful of countries already launched their CBDCs, many governments are exploring the possibility of using digital forms of central bank money.

According to data presented by AltIndex.com, more than 60% of all countries, or 130 of them, worked on developing their central...

Citi develops blockchain FX solution as part of Singapore’s Project Guardian

Investment bank and financial services company, Citi, has developed an innovative application that uses blockchain infrastructure to price and execute bilateral spot foreign-exchange (FX) trades. 

The application is a part of Project Guardian, a collaborative initiative by the Monetary Authority of Singapore (MAS) and the financial industry. While the current phase of the application tested spot FX for USD/SGD, the underlying solution could be used for any fiat currency pair. The...

Ripple added to Central Bank of Ireland’s virtual asset service providers register 

Ripple, a specialist in enterprise blockchain and crypto solutions, has revealed that the Central Bank of Ireland (CBI) has added its Irish subsidiary Ripple Markets Ireland Limited (Ripple Markets) to its list of registered Virtual Asset Service Providers (VASPs).

The decision will support Ripple’s business since, as a registered VASP, Ripple Markets will be able to provide certain digital asset services within Ireland.  

Following the registration, Ripple will...

Blockchain Expo: Modernising banking with blockchain and DLTs

Sabih Behzad, Head of Digital Assets and Currencies Transformation at Deutsche Bank, shared his views on blockchain and DLT innovation during a session at this year’s Blockchain Expo Global.

Behzad shed light on the complexities that traditional banks face, particularly in terms of moving money globally. He highlighted the limitations of current infrastructure, operating on a non-stop, 24/7 basis due to overlapping business hours across different regions.

Additionally,...

Remittance fintech app Minit Money launches money sending to Zambia

Blockchain remittance app Minit Money has opened its first Southern Africa remittance corridor, enabling Zambians living in South Africa to easily and affordably send money home.

Minit Money co-founder and CEO, Angus Brown, said: “We’re delighted to announce the launch of Minit Money’s ability to serve the Zambian diaspora community in South Africa. We have experienced significant growth in our existing corridors of Ghana, Nigeria, Uganda, Cameroon, Senegal, Benin, Ivory...

Blockchain Expo Europe: Unearthing the catalysts for institutional crypto adoption

In a fireside chat at Blockchain Expo Europe, James Morek, Co-Head of Institutional Sales EMEA & APAC at Coinbase, and Nick Philpott, CEO of Zodia Markets, shared their insights on what is needed for institutional crypto adoption.

The conversation delved into critical topics such as regulatory collaboration, the role of decentralised technology, and the impact of blockchain and stablecoins on financial transactions.

Regulatory collaboration and frameworks

The...

LBank launches global first unlimited crypto credit card

LBank, a cryptocurrency exchange, is soon to launch what it says is the world’s first unlimited cryptocurrency credit card, aiming to break down the barriers of cryptocurrency payments.

The card, available in both virtual and physical forms, allows users to make any consumer payments directly with cryptocurrency through LBank’s credit, and also supports local cash withdrawals. 

LBank’s nearly 9 million users are expected to begin using this card in Q3 2023,...

Technology used in Bank of England’s CBDC project now available to any business

Quant, the blockchain for finance pioneer, has unveiled Overledger Platform: the infrastructure used in Project Rosalind - the Bank of England and Bank for International Settlements’ retail CBDC project – available to all via software-as-a-service.

Overledger Platform makes the same enterprise-grade technology, the same interoperability core, the same secure smart contracts and the same issuance, secure bridging and atomic settlement functionality that have underpinned...

Mastercard launches Mastercard Crypto Credential to boost trust in blockchain

A Mastercard and Visa card in a wallet.

Mastercard has introduced Mastercard Crypto Credential, a set of common standards and infrastructure that will help verify interactions among consumers and businesses using blockchain networks.

Mastercard Crypto Credential aims to provide a foundation for financial institutions, governments, brands, and crypto players, ensuring that those interested in interacting across web3 environments are meeting defined standards for the types of activities they’d like to...

SWIFT progresses CBDC project after strong pilot results

Bank

Global banking system SWIFT is moving to the next phase of its central bank digital currency (CBDC) testing after positive results in the pilot stages.

The interbank network said its project to connect different nations’ CBDCs with one another offers “clear potential and value” in a statement on 9 March.

Lewis Sun, global head of domestic and emerging payments at HSBC, said: “While interest in CBDCs is growing, so is the risk of fragmentation as a widening range...