Brazilian CBDC Drex Envisioned to Replace Current Transaction System

October 9, 2024 Bitcoin.com

bitcoin.com

Fabio Araujo, the coordinator of Drex, the Brazilian CBDC, envisions this network substituting the current national transaction system and moving all the funds currently settled by the Reserve Transfer System. However, he stated that this would take some time, as the cost of this migration would be significant. Drex Coordinator Envisions Total Substitution Of Traditional […]

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Hong Kong’s Crypto Framework Near Completion — 11 Platforms Awaiting Approval

October 8, 2024 Bitcoin.com

bitcoin.com

Hong Kong’s Securities and Futures Commission (SFC) has confirmed that the full regulatory framework for digital assets is set to be completed by next year, according to CEO Liang Fengyi. She also noted that 11 more crypto platforms are in the process of applying for licenses, with the first round of assessments already finished. SFC […]

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Brazil tests DeFi elements, compatibility in Drex CBDC pilot

October 4, 2024 Coin Telegraph

Brazil CBDC

Brazil’s central bank is developing a synthetic central bank digital currency, which aims to blend decentralization, privacy and programmability.

Brazil is incorporating decentralized finance (DeFi) principles into ongoing experiments toward developing its in-house “synthetic” central bank digital currency (CBDC), Drex, which was previously called the digital Brazilian real.

On Oct. 3, Roberto Campos Neto, president of Banco Central do Brasil, highlighted the country’s need for a multidimensional CBDC that addresses the “trilemma” of decentralization, privacy and programmability — challenges that traditional markets have struggled to resolve simultaneously.

While presenting for a Markus’ Academy presentation on The Future of Financial Intermediation, Neto said:

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Banks to join SWIFT digital asset trials in 2025

October 3, 2024 Coin Telegraph

Banks

SWIFT said it is uniquely positioned to interlink the fragmented digital asset landscape with its forthcoming digital currency trials in 2025.

Banks in North America, Europe and Asia are preparing to participate in trials involving digital assets by the Society for Worldwide Interbank Financial Telecommunication (SWIFT).

SWIFT announced on Oct. 3 that it will begin digital asset trials on its network in 2025. The trials will involve experiments with transactions that include multiple digital currencies and assets.

Source: SWIFT

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USDC issuer Circle launches onchain compliance platform

September 24, 2024 Coin Telegraph

Circle

It's an important step toward winning the tokenized RWA market as Circle continues to vye with stablecoin leader Tether.

Circle Internet Financial, the issuer of U.S. Dollar Coin (USDC), has launched a suite of blockchain-based compliance products designed to help “companies build onchain while meeting rigorous demands for compliance,” according to a Sept. 24 social media post by Circle CEO Jeremy Allaire.

The platform, called Compliance Engine, includes transaction screening and monitoring tools to identify suspicious transactions and a service specializing in compliance with Know Your Customer (KYC) requirements such as the United States’ Travel Rule, Allaire said.

“We’ve built up tremendous capabilities in this area over the past decade, and we’re now taking those capabilities and exposing them to developers and operations teams that are building financial applications onchain,” Allaire said.

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Hong Kong’s e-HKD project expands into tokenization, programmability

September 23, 2024 Coin Telegraph

Blockchain

The Hong Kong Monetary Authority is looking at a potential CBDC from a wide perspective.

The Hong Kong Monetary Authority (HKMA) has launched the second phase of the digital Hong Kong dollar (e-HKD) pilot study with 21 financial institutions working on 11 use cases for the central bank digital currency and tokenized deposits. In light of the broadening scope of the project, the HKMA is renaming it Project e-HKD+.

The new phase of the project will have its own sandbox and last about a year.

Project e-HKD+ will focus on three themes: settlement of tokenized assets, programmability and offline payments. Many of the use cases are highly generalized and several of them do not reference the e-HKD at all. For example:

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Skybridge Capital’s Anthony Scaramucci Says Solana To Play Major Role in $7,000,000,000,000 Financial Revolution

September 23, 2024 The Daily Hodl

Skybridge Capital’s Anthony Scaramucci Says Solana To Play Major Role in ,000,000,000,000 Financial Revolution

Altcoins

Hedge fund veteran and former White House Press Secretary Anthony Scaramucci says that Ethereum’s (ETH) biggest rival will play a major part in the “layer-1 blockchain financial revolution.” In a discussion at the Solana Breakpoint 2024 conference, the SkyBridge Capital founder says there are endless amounts of third parties involved in the securities and finance […]

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Investment Giant Franklin Templeton Building On-Chain Financial Services for Regulated Securities on Solana

September 22, 2024 The Daily Hodl

Altcoins

Financial services titan Franklin Templeton says it’s building a money fund for regulated securities on the smart contract platform Solana (SOL). In a session during the Solana Breakpoint 2024 event, Mike Reed, Franklin Templeton’s head of digital asset partnership development, says that the investment giant’s last step to completing its project is to file to […]

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Bank of Korea to Launch CBDC Payment Trial in Supermarkets

September 22, 2024 Bitcoin.com

Bank of Korea

South Korea’s central bank, the Bank of Korea, will soon allow participants to use digital tokens for payments at supermarkets and convenience stores in a central bank digital currency (CBDC) trial. Starting in December, 100,000 participants will be part of this test. Retail partnerships and global initiatives like Project Agora highlight the broader impact of […]

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Real-world asset tokenization is the crypto killer app — Polygon exec

September 19, 2024 Coin Telegraph

Coin Telegraph

According to Colin Butler, financial institutions that don't embrace blockchain technology will lose their relevancy and competitive edge.

Colin Butler, Global Head of Institutional Capital at Polygon Labs, believes that real-world asset tokenization for institutional clients may be the killer application for cryptocurrencies because it dramatically reduces costs and settlement time — becoming increasingly difficult for traditional financial institutions to ignore.

"This technology is a massive disruptor for the entire global financial system," Butler said — before outlining the capital efficiencies and business opportunities for all financial institutions embracing the shift to tokenized assets.

The Polygon executive explained that the cost-cutting benefits enable financial firms to consider new business models that were previously unfeasible due to highly competitive markets and slim margins.

Tokenization