NY Community Bank invites other bank to tokenize balances on Blockchain

Digital markers, which are tokenized bank account balances, are comparable to Russia's Sberbank settlement tokens in that they are tokenized bank account balances. In order to be clear, this is not a stablecoin, according to the New York Community Bank. The words 'tokens,' 'tokenized cash,' and 'digital money' were not used in the announcement, which was a good thing.

JAM FINTOP Bank Network, which includes 66 community banks, includes NY Community Bank as a member institution. One of its subsidiaries was recently given a license to operate as an Alternative Trading System (ATS). A USD Forward was used to pay for secondary market trades involving Figure's own shares on the ATS, which is operated by Figure.

The usage of central bank digital money, also known as cash on ledger, is the holy grail of on-chain payments or cash on ledger. That is the path that Fnality is pursuing, with the support of many global financial institutions. However, with huge regulatory obstacles in the way, this is hardly a fast-tracked adoption route. Other alternatives, such as digital markers and JPM Coin, are available as a last resort.

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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 ...

This summer, the Fed will take another step toward creating a digital money

This summer, the Federal Reserve will publish a research paper that examines the possibility of a central bank digital currency. Multiple countries' initiatives in the central bank digital currency arena, most notably China's, have heightened debate about how aggressively the Fed should act. The Federal Reserve is pushing ahead with its plans to create its own digital currency, stating that a study paper will be released this summer that will go deeper into the topic. Despite the fact that the central bank did not announce any particular plans for the currency, Chairman Jerome Powell acknowledged advancements in payments technology and stated that the Fed has been "actively monitoring and responding" to those developments. In the statement, The proper operation of our economy requires that consumers have faith and confidence not only in the dollar, but also in the payment networks, banks, and other payment service providers that allow money to flow on a regular basi...

How will Blockchain boost trade in Africa?

Despite a regional economic slowdown in 2020, over a dozen African countries grew last year. Complicated trade rules and lengthy border processes stifle African economies. These long-standing issues need creative solutions. Blockchain is becoming more practical and scalable in developing markets. It has just opened a regulatory "sandbox" for innovative blockchain-based goods in Ghana. Standard Bank has joined Marco Polo, a trade financing network. Here are four ways blockchain may help African trade: 1. Customs The AU-EU trade deal is still in its infancy. Traditional customs bureaucracy prevents SMEs from joining global trade networks. This procedure can be automated and simplified, saving time and money. 2. Traceability Tracking cross-border goods correctly is critical for standard and certification verification. Already, blockchain is allowing ethical supply chains for a variety of African goods. Its open-source but secure design makes certificates easy to issue and verify...

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