BIS: CBDCs can slash the cost of cross-border remittances by 50%
The BIS published the findings on a multi-CBDC project between central banks in Hong Kong, Thailand, China, and the UAE, showing the benefits of central bank-backed digital currency.
Latest remittance News
El Salvador lawmakers vote to make BTC legal tender
Lawmakers in El Salvador voted—with 62 out of 84 votes—in favor of President Nayib Bukele's proposal to create a law that will pave the way towards adopting BTC.
Nigeria rewarding users of mainstream remittance channels to combat digital currency use
The Central Bank of Nigeria announced its “Naira 4 Dollar Scheme” recently, targeting diaspora remittances.
Ghana regulatory sandbox to prioritize blockchain projects
Ghana’s central bank has launched a regulatory and innovation sandbox, with a focus on projects building on blockchain technology.
Nigeria VP calls for regulation, not ban of digital currencies
Speaking at a recent event, Yemi Osinbajo rebuked the recent ban on digital currencies, advocating for Nigerian authorities to regulate the industry.
MoneyGram suspends Ripple relationship over SEC lawsuit
MoneyGram said it would no longer be using Ripple’s XRP remittance solution until the payments firm sorts out its legal issues with the U.S. securities regulator.
Bitspark remittance platform shuts down, blames internal restructuring
Hong Kong-based crypto remittance platform Bitspark has shut down. The company has blamed botched internal restructuring and unrest in Hong Kong for its woes.
Remittance platform for Venezuela’s Petro ready for use
Venezuela’s crypto is now ready to be used for remittances, but will that help anyone?
UnionBank pilots blockchain-based remittance services in Philippines
UnionBank hopes to improve banking for the unbanked with its new blockchain platform
Japan’s Resona Bank cuts ties with Ripple’s Money Tap remittance service
The bank, considered to be the fifth largest in Japan, was one of the three banks that were using the Money Tap service.
Western Union to allow users to receive transfers to Coins.ph wallets
Western Union might say they are staying away from digital currencies, but there was a market too sweet not to tap in the Philippines, and Coins.ph was a willing partner to bring them in.
Venezuela launches a crypto remittance service
Venezuela is launching a new remittance service for cryptocurrencies, in an effort to save their failing economy.