Ravi Menon noted that cross-border payments are blighted by several issues, the most significant being the speed of settling transactions and the high costs associated with remittances.
SWIFT's two experiments conducted in recent months proved that it was possible to move CBDCs on existing financial infrastructure.
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.
Meta is shutting down its Novi wallet. The social media company is asking its users to withdraw their funds—either by transferring them to their bank accounts or withdrawing them as cash.
Olga Skorobogatova, first deputy chairman of the CBR, said the time horizon for a fully fleshed out and functioning digital ruble is an estimated three years.
Rostec, a state-owned defense conglomerate in Moscow, has announced that it has developed a blockchain platform that can be used for international settlements.
USDC integration allows Bank Frick users to send and settle payments at a faster rate than the SWIFT network used by a majority of banks
The Fed wants to release a payments system to rival SWIFT and allow real-time settlements indicates it has a real concern over crypto’s ability.
Coinbase is reportedly introducing a mandatory £1,000 minimum for deposits by SWIFT, according to reports.
Katie Hiscox, founder of DRIVE Markets, explained how BSV will evolve settlement systems for international financial instituitons.
SWIFT is looking to protect its cross border payment dominance by bringing in its own blockchain technology.