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World’s Largest Regional Organization to Switch to Settlements in National Currencies

[Apr 28, 2023 4:00 PM] A China-led regional organization that covers more than half of Eurasia intends to transition to settlements in the currencies of its members. While the plan is to abandon the U.S. dollar in mutual payments, participating nations are yet to…

Russia to Increase Reliance on National Currencies in Energy Trade, Vows to Move Away From the US Dollar

[Apr 24, 2023 5:30 AM] Russia will increase its reliance on national currencies to settle payments for its energy resources, moving away from the US dollar, according to Russian Deputy Prime Minister Alexander Novak. Novak noted there is a great interest in acquiring…

Dollar to Play Lesser Role Due to Its Weaponization, Digital Currencies, Economist Jeffrey Sachs Says

[Apr 9, 2023 11:30 PM] Within the next decade, the U.S. dollar will play a much less dominant role than it is today, according to Jeffrey Sachs. The renowned economist listed a few factors for the diminishing status of the greenback such as its use as a political weapon…

US Central Bank’s Fednow Payment Service to Launch in July, Economist Calls Timing ‘Suspicious’

[Mar 22, 2023 11:30 AM] According to the U.S. Federal Reserve, the central bank’s Fednow payment service will start operating in July, and participants will be certified in April to leverage the Fednow Pilot Program. Ken Montgomery, the Fednow program executive, is…

Blockchain to Become More Relevant in Payments This Year, Sberbank Exec Says

[Mar 20, 2023 5:30 AM] Blockchain technology can help solve current issues with settlements, according to the deputy chief executive of Sberbank. Russia’s largest bank is working with other financial institutions to develop blockchain-based payment applications, the…

USDC Stablecoin Nears Parity With USD After Fed’s Bailout Announcement

[Mar 12, 2023 8:30 PM] The stablecoin USDC has nearly regained parity with the U.S. dollar after rising just above $0.99 on March 12, 2023, at 7:20 p.m. Eastern Time. The stablecoin jumped back to the $0.99 range after the U.S. Federal Reserve revealed it would bail out…

JPMorgan to Open Blockchain Innovation Lab in Greece

[Feb 25, 2023 4:00 AM] Financial giant JPMorgan has announced it will open a new blockchain innovation lab in Greece. The lab will be focused on the development of applications on top of Onyx, the blockchain platform launched by the bank in 2020, and on digital identity…

Bank of Japan to Launch Digital Yen CBDC Pilot Later This Year

[Feb 22, 2023 3:30 AM] The Bank of Japan is preparing to launch a pilot test for a digital yen, its central bank digital currency (CBDC), later this year. Shinichi Uchida, executive director of the Bank of Japan, explained that the goals of this new pilot are to test the…

Latam Common Currency to Focus on Settlements Among Mercosur and BRICS Countries

[Jan 25, 2023 6:30 AM] President of Brazil Luis Inacio Lula Da Silva clarified the scope and reach of the common currency that Brazil and Argentina are studying to issue in Latam. Lula Da Silva clarified that he believed this currency would be used to settle cross-border…

China-backed Blockchain Project Proposes SWIFT Alternative for Stablecoins and CBDCs

[Jan 23, 2023 3:30 AM] The company developing China’s blockchain network wants to create a system for international settlements with stablecoins and state-issued digital currencies. The plan is to establish a platform facilitating the use of these two fiat-based…

Russia to begin work on CBDC settlement system in Q1 as sanctions endure: Report

[Jan 9, 2023 7:34 PM] The country's central bank will begin studying two possible cross-border CBDC settlement models this quarter.

Bank of Russia to Test International Crypto Payments With Companies

[Dec 20, 2022 5:30 PM] The Central Bank of Russia plans to use cryptocurrency for cross-border payments in trials with private companies, a member of its top management has revealed. The testing will be conducted under a special legal regime that’s currently under…

Russia and Cuba Eye Cryptocurrencies for Settlements Amid Sanctions

[Nov 17, 2022 6:30 AM] Both facing sanctions, Russia and Cuba are looking into alternative options for cross-border payments, including cryptocurrencies, a Kremlin advisor has unveiled in Havana. Moscow is already developing a mechanism for crypto settlements to…