North Asia’s CBDC launching review is in progress

China's announcement of a central bank digital currency before the rest of the world was a public relations triumph. According to Andrew Hammond, the ability of e-CNY's challenge the dollar's worldwide dominance is nearly non-existent. China has done an amazing job of using digital banking to increase financial inclusion; it's simply that Big Chinese Tech dominated early efforts. Regulators will likely be delighted if the digital yuan succeeds in limiting Alipay and WeChat Pay's dominance, he believes.

The digital yen in Japan is still in the works, but Tokyo appears to be on track to implement it within the next few years. To compete with China's e-CNY, the Bank of Japan aims to develop its own digital currency. The adoption of a digital yen has the potential to increase the efficiency of Japan's payment and settlement systems. It would allow payments to be made outside of usual banking hours and offline.

Only a month ago, South Korea agreed to a trial, giving its CBDC tender to a subsidiary of super app Kakao. Seoul, like Beijing, has understood that the central government has a greater role to play in the country's digital financial future. Interoperability with blockchains used by other CBDCs is critical in encouraging businesses and consumers to utilize the digital currency.

Comments

To boost trade, Africa is simplifying international payment systems

It's hard to transfer money between African countries. The Ghanaian king settled a bill with a Nigerian attorney. His experience highlights a systemic problem impeding Africa's economic growth: high transaction costs and inconvenience. 15% of all imports and exports occur between 55 African countries. 60% of Asian trade is within Asia. 70% in EU. The difficulty of international payments hinders African trade. There are also high tariffs, long border procedures, and congested roads. Proponents of AfCFTA say easing trade restrictions will boost trade, FDI, and economic growth. 50 million people will be lifted out of extreme poverty by 2035 due to the accord's positive impact on real income, which is projected to rise 9.1%. Another issue: In Africa, currency values fluctuate. From July 2021 to 2022, Ghana's currency fell from 6 to 8. Volatile currencies make financial transactions more costly and risky. To overcome these problems, PAPSS facilitates financial transactions ...

A more accessible blockchain-based app dev in progress

Outside of cryptocurrency, blockchain has a lot of potential. Decentralized applications and distributed ledgers may soon be used by established industries such as finance, automotive, supply chain, and mobility. However, creating your own blockchain from the ground up is quite tough. Lisk co-founder Max Kordek discusses how to make decentralization more approachable. Blockchain's decentralized, tamper-proof nature has the ability to decentralize power and offer the collective hive more data control. Data from different manufacturers may be linked, and data from different vehicles could be shared. With so much money pouring towards asteroid mining and Mars expeditions, an interplanetary economy appears to be a foregone conclusion. Established businesses are less likely to have a say in the change than new entrepreneurs. When Bitcoin was first launched, the development ecosystem was "terrible," according to Kordek. He claims that developing on the open source and immutable...

Embracing blockchain as a tool for change

Blockchain technology is increasingly being employed in enterprises outside of the financial industry, and this trend is expected to continue in the future. By 2023, it is estimated that investment in blockchain technologies will reach US$16 billion per year on average. (Approximately RM68 billion). To put this in perspective, consider the fact that US$8.7 billion was invested in blockchain and cryptocurrencies in the first half of 2021. The Malaysian government is aiming to create a long-term environment for the country's technology and financial services industries in the next years. Founded in Singapore in July 2021 by Iskandar Investment Bhd as a wholly-owned subsidiary, the Ignite Global Innovation and Technology Exchange will be the world's first global innovation and technology exchange. In Malaysia, IIB Ventures Sdn Bhd is in charge of the development of the blockchain industry's ecosystem. This is why BV@M has set a goal of creating a blockchain ecosystem in Medini...

USFCX_US Foundry Exchange

Search This Blog