A month-long CBDC pilot program involving Hong Kong, Thailand, China, and the United Arab Emirates ends with millions in cross-border and foreign exchange transactions made, signaling a new track for economic growth.
The use of digital assets in foreign transactions is set in stone, with Russia assuring that the move aligns with its AML policy while entities work with the central bank for smooth enforcement.
To counter sanctions, Russia is looking to set up a stablecoin platform with help from allies to settle cross-border payments, utilizing tokens that hold value similar to gold.
Following a barrage of sanctions and an ongoing row with the West, Russia is reportedly seeking to diversify its payment transactions with virtual currencies while mulling regulations to prevent misuse.
Hong Kong’s central bank has been working with China’s digital currency institute to trial the use of the digital yuan on cross-border payments.
The Bank of Thailand and Hong Kong’s central bank have made progress in their plans to issue a central bank digital currency.
The Central Bank of Cambodia is examining how digital payment platforms can reduce the costs of cross-border payments.