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.
HSBC Group CEO Noel Quinn struck a positive note about CBDCs and how the technology could be used by governments in issuing digital currencies.
Beleaguered cryptocurrency exchange Binance has lost yet another U.K. mainstream payment on-ramp while Ripple execs seek to force Binance to expose its trading data to U.S. securities regulators.
Banks such as HSBC have reportedly introduced measures that prevent transfers from digital currency exchanges to their accounts, effectively preventing speculators from cashing out any gains.
Global banking giant HSBC has completed the first ever blockchain letter of credit denominated in the Chinese yuan.
In its June issue of its Liquid newsletter, the bank included information on crypto, compiled by CNBC.
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.
Scott Snaith, CEO of Leicestershire-based e-bike specialist 50cycles, is warning customers in the United Kingdom against using high street banks after he says his bank accounts with HSBC and Barclays have been blocked.