Putin argues for blockchain-based international payments system

Putin - cryptocurrencies

Russian President Vladimir Putin has criticised the dependency on large banks and third parties in the global financial payments system, calling instead for an independent settlements system using blockchain.

The Russian leader made these attacks during a speaking arrangement at the International AI Journey Conference in Moscow on 24 November

During the event, which was organised by Russia’s largest bank and major government lender Sberbank, Putin...

28 November 2022 | Legislation & Government

BIS declares cross-national Asian CBDC pilot successful

Transaction

The Bank for International Settlements (BIS) has declared a multinational central bank digital currency (CBDC) pilot a success.

More than £20.5 million was transacted during the month-long testing phase between commercial and central banks in Hong Kong, Thailand, China, and the United Arab Emirates (UAE).

Initially £11 million worth of value was issued amongst participants, which then facilitated 164 foreign exchange transactions and cross-border payments between the...

28 September 2022 | Banking

Yunnan companies use blockchain for $580m of international payments

China National Flag

Local Yunnan businesses have transferred $580 million (£417m) across international borders using a blockchain platform developed by the Chinese Government.

Across a total of 638 transactions, some 208 of the southern Chinese province’s small to medium sized businesses took advantage of the platform.

The system, launched in December last year, allows export-focused firms in Yunnan to reduce the time needed for international money transfers from as long as two days to...

2 August 2021 | Payments