South Korean Bank Creates Cross-Border Bitcoin Service
One of the oldest banks in South Korea, Shinhan Bank, has revealed it will launch a cryptocurrency remittance service using Bitcoin. A joint effort between the bank and Streami Inc. will oversee the cross-border service between Korea and China. Shinhan Bank and Streami Plan to Launch South Korean Bitcoin Remittance Platform. According to Pulse, Shinhan....
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The central banks of Australia, Singapore, Malaysia, and the Republic of South Africa have set out to test the use of state-issued digital currencies in cross-border payments. The trial, led by the Bank for International Settlements, aims to establish whether they can simplify transactions and make them cheaper. Reserve Bank of Australia Teams Up With Counterparts in Asia-Pacific, Africa on CBDC Project While a number of nations are still testing their central bank digital currencies (CBDCs) in domestic applications, some are preparing to conduct international experiments. The Reserve....
In an apparent snub to Ripple, Thailand’s oldest bank, Siam Commercial Bank (SCB) is set to open a new cross border remittances corridor in partnership with Lightnet, a fintech company that uses the Stellar blockchain. SCB says the partnership opens the door for more efficient cross border funds transfer from South Korea to Thailand. Before choosing Lightnet, SCB teamed up with Ripple’s partner Azimo in April to open a payment corridor between Thailand and Europe by using the Ripplenet. However, in announcing the new partnership, an executive with SCB lauds the new service....
The South Korean state intelligence agency is now providing crypto trading platforms with information about attempts to breach their cybersecurity. The help for the country’s digital asset exchanges comes amid growing threats, local media reported. Intelligence Service Offers Cybersecurity Assistance to Major South Korean Crypto Exchanges South Korea’s National Intelligence Service (NIS) has started to alert the country’s major cryptocurrency exchanges about hacking attempts as threats of this nature are on the rise, the Yonhap news agency reported, quoting an....
The National Bank of Abu Dhabi has introduced real-time cross-border payments on a blockchain by integrating technology from industry firm Ripple. The offering will immediately benefit customers in the Asia-Middle East remittance corridor. Announced today, the NBAD laid claim to be the first bank in the Middle East and North Africa (MENA) region to go live with blockchain technology for real-time remittance. The new feature will facilitate its entire regional customer base with efficient, instant cross-border payments. In statements, Vineet Varma, NBAD managing director and chief for....
Russia might become the first country in the world to allow cross-border crypto payments while banning local crypto payments, a fintech expert in the Russian State Duma said. Russian Prime Minister Mikhail Mishustin on Tuesday officially instructed the government to come to a consensus regarding crypto regulation in Russia by Dec. 19, 2022.The prime minister specifically called on the Duma and other state authorities to come up with coordinated policies on regulating the issuance and circulation of digital currencies in Russia. Mishustin also asked regulators to finalize regulations for....