📢 Big news! Bank Al-Maghrib prepares for the launch of the e-Dirham, Morocco's first digital currency. What are your thoughts on this digital currency revolution? Share your insights in the comments, we love reading you! To read more about this, click the link below. And don't forget to follow us for more global updates! 🔗 https://hubs.la/Q02HsdND0 #DigitalCurrency #eDirham #BankAlMaghrib #Innovation #GlobalUpdates #Fintech #TechNews #Morocco #SGFGlobal
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Calling on Bangko Sentral 🇵🇭, if you can’t beat ‘em, join em. Project mBridge - the new kid on the #blockchain A multi-country central bank digital currency (CBDC) project involving mainland China, Hong Kong, Thailand, UAE and just recently Saudi Arabia, has made a breakthrough by launching its minimum viable product (MVP) platform, which will serve as a proving ground for more use cases in cross-border transactions. The initiative seeks to address inefficiencies in #crossborder payments, such as high costs, low speed, and operational complexities, while promoting financial inclusion. mBridge enables cross-border payments using a common platform based on distributed ledger technology (DLT) upon which multiple central banks can instantly issue and exchange their respective central bank digital #currencies. Since the project began in 2021, the four founding monetary authorities and the Bank for International Settlements (BIS) Innovation Hub have worked to utilise digital currencies built on distributed ledger technology to enable instant cross-border trade payments and settlement. Major global financial institutions, including Goldman Sachs, HSBC, and China’s six biggest state-owned banks, are also working on the project. In addition to mBridge’s six full participants, 27 other official entities - including the International Monetary Fund (IMF), the World Bank and the central banks of countries including Norway, South Korea, and Turkey have signed on as observers to the project, giving them access to a ‘sandbox’ for experimentation with the technology. The new platform is compatible with the Ethereum blockchain, one of the largest distributed ledgers in the world. Ethereum hosts ether is known for creating programmable smart contracts that allow for various product types. #financialinclusion #fintech https://lnkd.in/gMkEnmf2
Saudi Central Bank joins mBridge for better cross-border payments
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Ethiopia’s Council of Ministers Approves Major Financial Sector Reforms Including Establishment of CBDC #Regulatory Framework The NBE proclamation establishes a legal framework for introducing a central bank digital currency as necessary. According to an earlier report, the National Bank of Ethiopia (NBE) is set to initiate a study on the use of a Central Bank Digital Currency (#CBDC in June 2024. As reported by #BitKE in 2022, the Ethiopian central bank classifies digital currencies, including #Bitcoin and other #cryptocurrencies, as illegal. https://lnkd.in/dUUmT6E7
REGULATION | Ethiopia’s Council of Ministers Approves Major Financial Sector Reforms including Establishment of CBDC Regulatory Framework
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Just over a month ago, the UAE completed its first cross-border digital dirham payment: a AED50m transfer to China. The sum was sent by Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Chairman of the Presidential Court and Chairman of the Board of the Central Bank of the UAE (CBUAE). This was made possible through the 'mBridge' platform, which uses central bank digital currencies (CBDC) for international fund transfers between participating banks. While I've reserved judgment on cryptocurrencies for the most part, due to their volatility and murkey background, I think that CBDCs are worth paying attention to. As such, I see this transaction as a significant milestone for the UAE. The idea of a digital curreny backed by an actual government is very promising, taking away the speculative nature of cryptocurrencies like Bitcoin and instead replacing it by a nation-backed form of digital payment that stands to further revolutionize the financial sector, improving transaction speed, safety and traceability. I look forward to seeing what potential CBDCs will have on the economy. https://lnkd.in/dJjmbMjX
UAE makes first cross-border digital dirham payment, with $13.6m transfer to China
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🌍 mBridge: The rise of a SWIFT Challenger? 🇹🇭 Born from Thailand's Central Bank project 'Inthanon' in 2018, mBridge is rapidly gaining momentum as a potential game-changer in cross-border payments. 🇸🇦 Notably, Saudi Arabia joined mBridge network just 3 days before the expiry of the 80-year petro-dollar deal with the US on June 8th, 2024. 🔗 Project Inthanon's platform, built on dPoS blockchain and utilizing central bank digital currencies (CBDCs), was initially designed to facilitate domestic wholesale payments within Thailand. 🌐 Today over 26 central banks observe its progress. Early adopters like Thailand, Hong Kong, China and the UAE, joined by Saudi Arabia this year, are exploring it's potential to streamline international trade. 💵 While still in its MVP stage, mBridge's planned Phase 2 is groundbreaking, with the potential to facilitate oil trade settlements in digital Yuan, bypassing intermediary banks. 👮♂️ Its decentralized nature makes it resistant to unilateral sanctions, as one participant cannot simply disconnect countries from the network, as is the case with SWIFT. 💡Keep a close watch on mBridge, as it could reshape international trade in the coming years.
Saudi Arabia joins central bank digital currency project mBridge
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The Central Bank of The UAE (CBUAE) board recently approved a new system for overseeing and licensing stablecoins. This move aims to enhance digital transactions, advance the digital economy, and foster innovation in the UAE. It marks a significant step in the country’s efforts to establish itself as a leader in stablecoins. In a recent podcast interview with Cheque Point by Finance Middle East, Arushi Goel, Policy Lead for MEA at Chainalysis, discussed the Central Bank of the UAE’s latest regulations on Payment Token Services. The podcast highlighted the progress made by UAE regulators in defining and implementing stablecoin regulatory schemes. Interview by Nivetha Dayanand Follow the link for more details: https://lnkd.in/dyZvrXaX
All you need to know about stablecoins
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A new system for overseeing and licensing stablecoins has recently been approved by the Central Bank of The UAE (CBUAE).It aims to improve digital transactions, advance the digital economy, and foster innovation in the UAE.The move marks a significant step forward in the country's efforts to become a stablecoin leader. #uae #digital #crypto #currency #stablecoin #banks #innovation #future
The Central Bank of The UAE (CBUAE) board recently approved a new system for overseeing and licensing stablecoins. This move aims to enhance digital transactions, advance the digital economy, and foster innovation in the UAE. It marks a significant step in the country’s efforts to establish itself as a leader in stablecoins. In a recent podcast interview with Cheque Point by Finance Middle East, Arushi Goel, Policy Lead for MEA at Chainalysis, discussed the Central Bank of the UAE’s latest regulations on Payment Token Services. The podcast highlighted the progress made by UAE regulators in defining and implementing stablecoin regulatory schemes. Interview by Nivetha Dayanand Follow the link for more details: https://lnkd.in/dyZvrXaX
All you need to know about stablecoins
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UAE 🇦🇪 #CBDC cross border payments have arrived!!! The UAE has sent its first cross-border payment to China 🇨🇳 using the Digital Dirham currency through the mBridge. The mBridge employs central bank digital currencies for international transfers using #blockchain technology. In addition to the "Aani” instant payment platform, which was launched by the Al Etihad Payments in October 2023, and the launch of the “Open Finance” which enables consumers to connect and share data across the entire financial ecosystem , this #digitalcurrency transfer cements the UAE role in global #financial #stability, economic #growth, and digital #transformation. UAE goal of becoming a global financial center, is well and truly underway 👏🏻👏🏻👏🏻 #leadingchange #innovation #uae #digitalassets #digitalbanking
UAE makes first cross-border digital dirham payment, with $13.6m transfer to China
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Discover the divergent paths of Bahrain and Saudi Arabia in adopting Central Bank Digital Currencies (CBDCs). From Bahrain's proactive embrace of digital transformation to Saudi Arabia's cautious approach leveraging advanced payment infrastructure, explore contrasting strategies shaping the future of finance. Yazeed Al-Nafjan, CFA Khalid Humaidan Joumanna Bercetche Jihad Azour #CBDC #DigitalTransformation #Bahrain #SaudiArabia #Finance #mbridge #blockchain Bank for International Settlements – BIS https://lnkd.in/dmtPm_GW
Bahrain and Saudi Arabia Forge Unique Paths in Embracing Financial Technology
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Risk Management Professional | Operational Risk Management | Business Continuity Management | Customer Experience Management | Business Analytics | FinTech & DeFi |
The Qatar Central Bank has announced the completion of the infrastructure for their Central Bank Digital Currency (CBDC) Project. 🔗 Key Highlights: - The CBDC Project aims to enhance domestic settlement, increase access to capital markets, and improve the efficiency of securities transactions. - The first experimental phase will run until October 2024, focusing on leveraging AI, DLT, and emerging technologies. - This initiative aligns with the Third Financial Sector Strategy, Fintech Strategy, and Qatar National Vision 2030. Overall, the project marks an important milestone towards building a digital economy in Qatar, showcasing a strong commitment to technological innovation and digital transformation in the financial sector. #DigitalCurrency #CBDC #Fintech #DigitalTransformation #Innovation
QCB readies infrastructure for Central Bank Digital Currency project
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Israel Initiates Digital Shekel Challenge to Advance CBDC Israel is launching the Digital Shekel Challenge to create the central bank’s digital currency. Explore how this policy aims to increase financial inclusion, improve payment systems, and increase economic efficiency. https://rb.gy/rot7ua #Israel #DigitalShekel #CentralBankDigitalCurrency #Web3technologies #FinancialTechnology
Israel Initiates Digital Shekel Challenge to Advance CBDC
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