- The new prototype platform was developed to enable payments denominated in different currencies.
- Over 40 financial and non-financial companies have been tasked with the job of ascertaining the commercial viability and the network’s potential benefits.
- The payment system in Korea is very developed, safe and sending money is not that expensive.
- Still, the Bank of Korea will continue to monitor the development of CBDCs amid their concern that such currencies may destabilize commercial banks.
- The Swiss National Bank will work together with the SIX Digital Exchange to explore how CBDC's can be integrated into a DLT platform.
- DLT-based tokenized assets and CBDC's could stimulate new financial innovations, as well as reduce counterparty risk.
- Mark Cliffe argued that Central Bank Digital Currencies (CBDC) will allow banks to move into negative territory with interest rates.
- CBDCs, he said, will also open "a whole range of policy options", and can provide new ways to support economic activity.
Standard Chartered Completed a Letter of Credit Transaction on the Voltron Blockchain Trade Platform
- Standard Chartered used the Voltron blockchain platform to digitise and simplify the exchange of information between all participants.
- A Letter of Credit transaction usually takes up to 5 days to complete, but using blockchain technology it took less than 12 hours.
- The General Manager of the Bank for International Settlements has said that BIS is supporting the world's central banks in their efforts of researching and developing digital currencies.
- A recent report from the International Monetary Fund shows that several central banks are already considering implementing some form of Central Bank Digital Currency (CBDC).
- J.P. Morgan Chase will reportedly start trials of its "JPM Coin" with several of its corporate clients, which remain unnamed.
- The "JPM Coin" was revealed in mid February, with the coin being presented as a stablecoin tethered to the U.S. dollar.
- Japan's largest financial group and the world's fifth largest bank, Mitsubishi UFJ Financial Group (MUFG), will be launching a blockchain-based payments network in 2020.
- The company announced that a joint venture with fintech firm Akamai Technologies has been formed and the payments platform is to be expected "by the first half of 2020".