Banks to join SWIFT digital asset trials in 2025
SWIFT said it is uniquely positioned to interlink the fragmented digital asset landscape with its upcoming digital currency trials in 2025. Go to Source
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41 firms join BIS Project Agora to advance unified ledger applications
The large private companies will work with seven central banks on improving structural inefficiencies in international transfers. Go to Source
Swift Unveils Plan to Integrate Digital Assets and Currencies Into Global Payment Network
Swift has unveiled a plan to enable the movement of digital assets and currencies on its global payment network. The initiative aims to integrate regulated digital currencies into Swift’s platform, building on past experiments. “We’re paving the way towards real-world solutions that will enable our members to access and transact with regulated digital assets and … Read more
Largest Japanese Banks to Use SWIFT-Linked Stablecoin System for Cross-Border Payments
The largest Japanese banks—MUFG, SMBC, and Mizuho—plan to use a stablecoin-based system to facilitate cross-border payments in the future. The initiative, Project Pax, replaces correspondent banks with blockchain technology, linking it to SWIFT to allow users to initiate payments conventionally using regular banking rails. Japanese Banks Aim to Ditch Intermediaries for Blockchain-Based Stablecoin System Traditional … Read more
Latam Insights Encore: El Salvador’s Proposal Opens the Door for Crypto-Based International Settlements
Welcome to Latam Insights Encore, a deep dive into Latin America’s most relevant economic and cryptocurrency-based news from last week. In this edition, we discuss the recent proposal from El Salvador to settle their trade transactions with Russia using crypto, and how this might encourage other nations to do the same. El Salvador Might Start … Read more
BRICS Advances Toward Independent Digital Payment Platform, Russian Official Says
The BRICS economic bloc is progressing towards a digital payment platform, Russia’s Federation Council Speaker Valentina Matviyenko has revealed. The initiative, named BRICS Bridge, aims to establish an independent financial system. This system could mitigate dependency on Western institutions, especially amid sanctions and Russia’s SWIFT disconnection. BRICS Moves Forward With Digital Payment Platform Initiative The … Read more
Russian State Duma Deputy Chairman: BRICS SWIFT Counterpart Needed for Creating a New Economic Reality
Alexander Babakov, Deputy Chairman of the Russian State Duma, highlighted the need to create a BRICS equivalent to the SWIFT messaging system, which routes payments alongside the current banking infrastructure. Babakov emphasized that this new system would help to reduce the dependence on Western institutions and simplify settlements outside the dollar-dominated system. BRICS SWIFT Equivalent … Read more
EU Targets Crypto Asset Providers Accused of Aiding Russia in Warfare Against Ukraine
The most recent European Union sanctions against the Kremlin prohibit Eurozone operators from engaging with crypto asset providers that facilitate transactions supporting Russia’s defence-industrial base. Additionally, the new sanctions regime forbids Eurozone operators from utilizing the Russian-developed System for Transfer of Financial Messages (SPFS). These restrictive measures also focus on tankers associated with “Putin’s dark … Read more
Companies Turn to Crypto for Payments as G7 and EU Mull Sanctions on Russian SWIFT Equivalent
Some Russian companies have turned to using crypto to settle payments and protect themselves from potential secondary sanctions from Western countries. At least two top metal producers have transacted using USDT, the largest stablecoin in the crypto market, as the G7 and the EU mull more sanctions against alternatives for these operations. Crypto Used as … Read more
Celo integrates Chainlink’s CCIP interoperability protocol
The Ethereum layer-2 solution is leveraging Chainlink for blockchain interoperability and real-world price data. Go to Source
