Australia records first FX transaction with CBDCs as trial gathers steam
Blockchain infrastructure provider Canvas broke the news on May 17, noting that two digital asset fund managers, DigitalX and TAF Capital, broke down the transaction.
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China’s foreign exchange agency seeks tighter control over the digital asset industry
China's foreign exchange bureau says there is a need to regulate and classify the digital asset sector to improve the country's monitoring of illegal forex transactions.
NY Federal Reserve testing CBDCs to improve foreign exchange transactions
The exploration is part of Project Cedar, an experiment conducted by the BIS to test the worthiness of wholesale CBDC in cross-border transactions.
South Korea: 16 arrested over alleged illegal digital assets-linked forex transactions
South Korea sees a nearly 10% rise in illegal forex transactions tied with digital assets this 2022, forcing authorities to widen the crackdown on the market that led to the arrest of 16 individuals.
South Korea: FSS probe into banks finds $3.1B digital assets linked to forex transactions
The Financial Supervisory Service has discovered KRW1.6 trillion ($1.2 billion) of forex transactions at five Woori Bank branches. Another KRW2.5 trillion ($1.9 billion) were carried out at 11 Shinhan Bank branches.
Wells Fargo, HSBC to use blockchain for interbank foreign exchange settlement
The banks will settle bilateral transactions using a shared settlement system to process USD, CAD, GBP, and EUR with plans to use the platform to settle other currencies in the future.
Overhauling ‘arcane’ finance sector with Bitcoin SV-powered DRIVE Pay
DRIVE Pay will run on the BSV blockchain, which will act as the anchoring ledger for the payments network, while the BSV crypto will be used as an intermediary currency to enable liquidity.
Chinese regulator turns to blockchain for cross-border trade finance
The State Administration of Foreign Exchange in China is trialing a trade finance platform powered by blockchain, in the latest move from a centralized agency towards embracing the technology.
HSBC slashes forex costs with blockchain
The firm confirmed it had reduced costs for its forex business by as much as 25%, in what analysts describe as an example of the importance of distributed ledger technology to banks and their bottom lines.