The Financial Stability Board (FSB) is calling for greater cooperation among national regulatory bodies in the regulation of cryptocurrency. Specifically, the FSB is urging cross-border collaboration in the supervision of multifunction crypto-asset intermediaries (MCIs), which are critical to the crypto ecosystem but also pose risks to global financial stability. MCIs are firms that combine a […]
Global banks Deutsche Bank and Standard Chartered are collaborating on a groundbreaking solution that could revolutionize cross-border transactions in the world of digital currencies. They are currently testing a network called the Universal Digital Payments Network (UDPN), which has the potential to transform blockchain-based transactions.UDPN is a permissioned blockchain system that aims to facilitate seamless […]
Global banks Deutsche Bank and Standard Chartered are collaborating on a groundbreaking solution that could revolutionize cross-border transactions in the world of digital currencies. They are currently testing a network called the Universal Digital Payments Network (UDPN), which has the potential to transform blockchain-based transactions.UDPN is a permissioned blockchain system that aims to facilitate seamless […]
Standard Chartered is taking a step-by-step approach to expanding its services globally, starting in Dubai. The bank’s presence in Asia, Africa, and the Middle East allows it to offer services worldwide through the Dubai International Financial Centre. As long as there is jurisdictional equivalence and the necessary licenses, Standard Chartered will onboard clients from other […]
In a recent interview, U.S. Treasury Secretary Janet Yellen has sparked a heated debate with her statement that the United States can “certainly afford” to engage in two wars simultaneously. This comes at a time when the U.S. is providing aid to Ukraine and Israel amidst ongoing conflicts. Yellen’s assertion is based on the belief […]
Russian President Vladimir Putin’s attempt to use Gazprom as a geopolitical tool against the European Union (EU) has backfired. After threatening to cut off gas supply to Europe, Putin is now scrambling to find new markets for Gazprom, with China being his main focus. However, finding new markets is proving to be a challenge for […]
The International Monetary Fund (IMF) has raised concerns about high inflation rates and has urged central banks worldwide to maintain tight monetary policies until inflation is reduced. The IMF has revised its global inflation forecast for 2024 to 5.8%, higher than the previous estimate of 5.2%. The fund predicts that inflation will continue to surpass […]
The EDGE Summit, the world’s largest AI & Web3 investment summit, recently concluded in Hong Kong with strong support from the government. Over 5,000 participants from various countries attended the event, which featured more than 150 sessions covering a wide range of topics. The opening speeches emphasized Hong Kong’s commitment to developing the digital economy […]
The BRICS Bank, also known as the New Development Bank (NDB), has announced a three-year plan to move away from the US dollar and adopt a common currency for trade among member countries. This initiative aims to reduce the demand for the USD by lending loans in local currencies. Iraq has recently joined the de-dollarization […]
Ripple and Stellar are making significant strides in revolutionizing cross-border payments, and their partnership with SWIFT is a major milestone in the financial industry. Despite their different designs, both payment protocols share a common goal of enabling real-time settlement and low-cost international transfers. Ripple aims to transform the financial system and the future of finance, […]
