Japanese financial software firm Soramitsu has announced the signing of a memorandum of understanding with the Bank of the Lao People’s Democratic Republic Payment...

In Lao PDR, digital financial services are at a very nascent stage of development, but recent partnerships are seeking to change that by introducing...

Over the past few years, digital financial services have seen greater adoption in Cambodia, a trend that was accelerated by the COVID-19 pandemic and the social distancing measures put in

The post Digital Financial Services Picks Up Steam in Cambodia appeared first on Fintech Singapore.

The Central Bank of Malaysia, also known as the Bank Negara Malaysia (BNM) is exploring the possibility of launching its own central bank digital currency (CBDC). At the moment, the project is still in a “research mode” as the Asian nation is only looking towards “assessing the value proposition” of digital currencies. In an email written to Bloomberg, BNM stated: “BNM is actively assessing the value proposition of CBDC to Malaysia.” adding, “While a decision has not been made to issue CBDC, we have focused our research on CBDC via proof-of-concept and experimentation to enhance our technical and policy capabilities, should the need to issue CBDC arise in the future.” Earlier last year, Malaysia allied with the Bank for International Settlements, South Africa, Australia, and Singapore to develop a proof-of-concept CBDC pilot. Dubbed Project Dunbar, the pilot utilized the Corda and Quorum blockchain platforms from r3 and ConsenSys, to demonstrate the capabilities of blockchain-based cross-border remittances. The goal behind this includes developing a multi-CBDC platform to bring together central banks and commercial banks from over the world for cross-border payments solutions. Several countries have been testing the use of central bank-issued digital currencies. For instance, Thailand’s central bank has planned to test its retail CBDC for the public this year. Similarly, Cambodia has already rolled out its tokenized version of Cambodian riel, a blockchain-based CBDC called Project Bakong, and is recognized as one of the world’s first CBDCs. The Indonesian and Philippine central banks have both been racing towards developing their own digital currency. Indonesia, for instance, said that it’s developing a CBDC to counter the increased cryptocurrency usage in the country. Meanwhile, China has been testing and developing its e-CNY digital currency and wants to officially introduce it during the 2022 Winter Olympics.

The post Malaysia’s Central Bank Exploring the Potential Launch of a CBDC appeared first on Cryptoknowmics-Crypto News and Media Platform.

Speaking at the launch of the Bank for International Settlements’ London location, Andrew Bailey expressed his optimism concerning central bank digital currencies...

Regulatory hurdles and the economic impact of the pandemic have derailed some CBDC projects, but not all hope is lost.

Cambodian bank SBI LY HOUR Bank has launched the first blockchain-based remittance services between Cambodia and Vietnam. This solution is expected to improve cross-border transactions between the two countries.  Blockchain transfer via RippleNet The development was revealed by local news outlet phonmpenhpost on Monday, May 10. According to the report, the new blockchain solution will be poweredRead More

Almost 90% of central banks developing CBDCs are using blockchain technology but the majority are nowhere near launching the end product.

  Instant digital payments are becoming a global norm. What does this mean for  emerging economies? How can central banks harness the benefits of...

Japan continues to intensify efforts in its proposed central bank digital currency (CBDC) project as the country’s central bank has appointed its top...

Canada and Cambodia Plans to Create Their Own CBDC The Bank of Canada is officially looking for a project manager...

Bitcoin is one of the only sources of funding available for the “pirate” science site, Sci-Hub, which is quietly engaged in war against...