“The future of money is CBDC and it’s not in competition with UPI. CBDC and UPI will coexist,” Das said during his address at the 188th Annual General Meeting of the Bombay Chamber of Commerce and Industry.
The bank has started incorporating new features into the new currency so that one can program even the conditions of their CBDC transfers.
Read more: Currency Insider
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CBDCs can improve cross-border payments, financial inclusion in the Middle East: IMF
Cross-border payments are one of the key areas CBDCs can improve, the Washington-based lender of last resort says. Oil exporters in the region have been grappling with cross-border inefficiencies for decades. Existing solutions like Buna, a multi-currency cross-border payment system, have failed to make the expected impact.
“CBDCs that address these inefficiencies could significantly cut transaction costs,” the IMF said.
The most advanced cross-border CBDC project in the Middle East is mBridge, which includes the UAE and, as of this month, Saudi Arabia. mBridge, which also includes China, Hong Kong, and Thailand, entered the MVP stage recently.
Read more: Currency Insider
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Dollar inches up against dong
Globally, the dollar was firm on Wednesday and trading on the precipice of the 160 yen barrier as investors turned cautious and counted down to the release of U.S. price data at the end of the week, Reuters reported.
At 159.78 per dollar, the yen’s level has markets on alert for intervention since that is only a whisker shy of where Japanese authorities likely stepped in to buy yen in April.
The dollar index, which measures the U.S. unit against six peers, was steady at 105.64, while the euro was at $1.0715.
Read more: Vietnam Express
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What It Means to Be Regulated by FINRA
Have you ever wondered who protects investors—and how? If you invest, it can pay to know about FINRA, the Financial Industry Regulatory Authority. FINRA is a not-for-profit organization authorized under the federal securities laws and registered with the Securities and Exchange Commission (SEC). Alongside the SEC, FINRA oversees U.S. member broker-dealers and their personnel, including individuals who recommend or sell securities products to the public. FINRA’s mission is protecting you, the investor, and ensuring the integrity of our country’s securities markets.
Read more: FINRA
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XRP Bullish Cues Could Help Token Rally 91% In July
One of the bullish cues in XRP’s favor was Ripple receiving approval from the Dubai Financial Services Authority (DFSA) for use in the Dubai International Financial Centre (DIFC).
This milestone enhances the DIFC’s digital asset ecosystem by enabling licensed virtual asset companies to integrate XRP into their services.
Dubai’s Regulatory Advancement
As the first external virtual asset to gain regulatory clearance within DIFC’s framework, the approval marks a crucial step in the global adoption of XRP.
Read more: CoinChapter
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Markets in Crypto-Assets Regulation (MiCA) | ESMA Europa
