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BRICS member Russia is looking to accept cryptocurrencies to settle cross-border trade transactions and not the US dollar. Russia is advocating to receive payments in cryptocurrencies as the country faces economic sanctions by the US. The Bank of Russia announced early this month that it will push cryptocurrency payments with other countries for trade settlements. Also Read: BRICS Calls For Middle East to Ditch US Dollar Elvira Nabiullina, the Governor of the Bank of Russia confirmed that the country will launch cryptocurrency payments in an experimental style. All precautions and dangers will be monitored during the experimental process before the payment system is fully launched and functional. The country might also push the idea of cryptocurrency payments in the next BRICS summit in the Kazan region in October this year. BRICS: Russia To Launch Cryptocurrency Payments To Trade Settlements Source: pics.alphacoders.com Nabiullina revealed that the Bank of Russia has al...

The Bank of Korea (BOK), is launching a pilot project in collaboration with the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) to explore the implementation of a central bank digital currency (CBDC). The primary objective of this pilot is to assess the practical aspects of a wholesale CBDC network in cooperation with commercial banks and the public. CBDC transfer mechanism between banks | Source: The Bank of Korea You might also like: South Korean regulators focus on OTC crypto market The central bank won’t introduce a retail CBDC to avoid bank disintermediation. Instead, they’ll research the currency’s technology, while the government looks for innovative ways to get people interested in cryptocurrencies. “Koreans are widely known for their active involvement in crypto trading. Furthermore, there exists an active interest and significant investment in the field of blockchain technology from both large scale e...

The National Bank of Georgia (NGB) is develop ing the digital GEL and is searching for a suitable partner .  NGB plans to launch a Limited Access Live Pilot Environment through various use cases to test the technology capabilities and potential application areas of the Central Bank Digital Currency (CBDC) system.  You might also like: Tether signs MOU with Georgia for bitcoin, web3, and P2P development After extensive research, NGB has shortlisted nine competing companies to work with the bank to develop the digital GEL. These companies include AUGENTIC GmbH, Bitt Inc., Broxus Holdings Ltd., Currency Network Ltd., DCM Corp Limited, eCurrency Mint Inc., FARI Solutions Ltd., Ripple Labs, Inc., and Sovereign Wallet Co., Ltd. Once the current selection process is complete, NGB will choose only one of the nine shortlisted companies to work on develop ing the digital GEL and the Limited Access Live Pilot Environment.  Georgia hosts crypto entrepreneurs and ...

International Monetary Fund (IMF) managing director Kristalina Georgieva revealed that the IMF is actively developing a platform dedicated to facilitating transactions between countries via central bank digital currencies (CBDCs). This move reflects the IMF’s commitment to fostering global interoperability by encouraging central banks to establish a unified regulatory framework for digital currencies. Avoiding fragmented national approaches Speaking at a conference attended by African central banks in Rabat, Morocco, IMF managing director Kristalina Georgieva emphasized the importance of avoiding fragmented national approaches when it comes to CBDCs. Georgieva underscored the need for interconnected systems and global interoperability to achieve more efficient and equitable transactions. Her remarks emphasized the significance of developing CBDCs that go beyond national boundaries. She stressed that for transactions to be truly efficient and fair, it is crucial to establis...

Ripple is pressing forward by partnering with Banco de la República, Colombia’s central bank, to probe the potential applications of blockchain technology in the financial sector, and a CBDC. Amid a two-year-long battle with the U.S. Securities and Exchange Commission (SEC), Ripple hasn’t missed a beat in progressing its network. The SEC accused Ripple of treating XRP, its native token, as a security. Nonetheless, the lawsuit didn’t deter Ripple’s ability to grow. Recent development s highlight Ripple’s partnership with Colombia’s central bank, Banco de la República, signifying its ongoing commitment to exploring and innovating blockchain technology applications. BOOOOOOOOOOOOOM !!!! #RIPPLE partners with CENTRAL BANK OF COLOMBIA to build CBDC based upon the #XRPL #XRP to take over the FINANCIAL SYSTEM pic.twitter.com/VvQ63UxciI — EDO FARINA 🅧 XRP (@edward_farina) June 15, 2023 Banco de la República, together with the Ministry for th...

While some governments continue bashing crypto, some industry executives argue that crypto could be beneficial for CBDCs. Cryptocurrencies like Bitcoin (BTC) could potentially find some mutually beneficial interactions with Central Bank digital currencies (CBDCs), according to one industry executive. While crypto is often associated with financial freedom, the concept of CBDC is frequently seen as the exact opposite. But this doesn’t mean that there cannot be a balance between the two, according to Itai Avneri, chief operating officer and deputy CEO at the crypto trading platform INX. CBDCs and regulated crypto currencies could potentially complement each other in the future as the two types of digital currencies have their own benefits, Avneri said in an interview with Cointelegraph on Dec. 22. Comparing CBDCs to regulated primary offerings, Avneri suggested that allowing or enabling crypto funds to participate in such offerings would be beneficial for both sides. That would specific...