As a step forward in the offensive of payment systems based on blockchain technology, MasterCard launched the Crypto Partner Program, integrating more than 85 digital asset companies, such as Binance, Ripple, and PayPal.

This project aims to offer users advantages over traditional payment infrastructure, focusing on cross-border payments, business-to-business payments, and the practical use of digital assets, including CBDCs.

“The initiative aims to integrate blockchain payments with banks, merchants, and consumers in more than 200 countries and territories,” according to MasterCard, in a joint effort with “exchanges, blockchain developers, fintech firms, and banks, with the goal of exploring how digital asset-based systems can operate alongside traditional payment lanes.”

Other prominent crypto and technology companies involved in the program include Consensys, Fluency, Fireblocks, Circle, Gemini, and Paxos, integrated into a plan to bridge the gap between blockchain and the traditional payment system. For MasterCard, the challenge “lies in connecting new technologies with networks that already process global payments at scale, something crucial if broader adoption in the real economy is desired.”

M.Pino

Source: diariobitcoin

(Reference image source: CardMapr.nl on Unsplash)

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La entrada MasterCard launches Crypto Partner Program apareció primero en Bitfinance.

The Zelle payment platform, used by millions of people with US bank accounts as well as foreigners with accounts at US banks, announced it will allow cross-border transactions with stablecoins, including USDT and USDC.

From Early Warning Services, its parent company, indicated that the current network will expand to $1 trillion with the stablecoin initiative.

The decision was announced in a press release detailing the “plans to offer cross-border payments the simplicity and security that consumers enjoy in their banking apps.”

Early Warning Services CEO Cameron Fowler stated, “Zelle transformed the way Americans send money home. Now, we’re beginning to work to bring that same level of speed and reliability to Zelle consumers sending money to and from the United States, leveraging what we’ve learned from the market, our users, and the banks and credit unions in our network.”

He emphasized that the goal of the initiative is “to bring the trust, speed, and convenience of Zelle to consumers’ needs for international money transfers. We invest where consumer needs, banking capacity, and global opportunities intersect.”

The executive stated that the offering will be available to all financial institutions in the Zelle network to ensure the same conditions to all participants.

M.Pino

Source: telecomunicaciones360

(Reference image source: CoinWire Japan on Unsplash)

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La entrada Zelle to add payments with stablecoins apareció primero en Bitfinance.

China has made a strategic and quiet move in cross-border payments. They are now based on the digital yuan for transactions with 10 ASEAN countries and six Middle Eastern countries, bypassing the Swift system.

The People’s Bank of China has been the entity in charge of connecting the digital RMB, which gives China a victory over the prevalence of the US dollar in the global economy.

The best part is that “while the SWIFT system still suffers delays of 3 to 5 days for international payments, the Chinese digital bridge has reduced that time to 7 seconds.” As an example, the first test run between Hong Kong and Abu Dhabi is cited, in which a company transferred funds to a Middle Eastern supplier without having to go through six intermediary banks. The funds were received in real time and with 98 % lower fees.

According to reports, 23 central banks are participating in this Chinese digital currency bridge.

Regarding this accelerated decision by China, the Bank for International Settlements (BIS) indicated that the Asian country is “defining the rules of the game in the digital currency era.”

The benefits are notable not only in terms of transaction speed, but also in enabling full traceability and the automatic application of anti-money laundering regulations.

M.Pino

Source: notitarde            

(Reference image: Adam Śmigielski on Unsplash)

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La entrada China launches cross-border payment system with digital Yuan apareció primero en Bitfinance.

The startup Figure Markets received approval from the SEC in the United States for the launch of the YLDS stablecoin that will generate interest to encourage its use as a means of payment, especially cross-border.

The new stablecoin “is issued on the Provenance Blockchain platform by tokenizing certificates of nominal value, a type of fixed-income security that is not subject to change due to inflation or other market conditions.”

Figure Markets indicated through its account on X that the asset is already available to its users, including US residents and banks, and can be purchased on the startup’s platform with dollars and other stablecoins. It is also possible to exchange it for fiat currency at the country’s banks.

It differs from stablecoins on the market, such as USDT or USDC, by being “redeemable at 1 cent per certificate, rather than being pegged at 1 dollar each. This means that a payment of 1 dollar will require the transfer of 100 certificates.”

What is new about YLDS is that it will pay an SOFR (Secured Overnight Financing Rate) interest rate estimated at 3.85% per year, will be accumulated daily and distributed monthly among holders.

YLDS will be backed by reserves that include Treasury bonds, commercial paper, corporate debt and other assets.

M.Pino

Source: criptonoticias

(Reference image source: Sajad Nori on Unsplash)

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La entrada SEC approves launch of YLDS stablecoin from startup Figure Markets apareció primero en Bitfinance.

The Central Bank of Norway is studying the measures necessary for the country’s financial stability, including the launch of a CBDC that would contribute to improving cross-border payments.

Although the nation has given its support to the Markets in Cryptoassets Regulation (MiCA), it is currently analyzing a project on additional regulations to promote financial stability, led at the Central Bank by Kjetil Watne.

Watne has stressed that the bank has not yet made a decision but “is evaluating how to mitigate regulatory gaps related to decentralized finance.”

The project director has indicated that the Central Bank sees central bank digital currencies as a tool to improve cross-border transactions, without replacing fiat money or cash payments.

Support for MiCA but with caution

The European Union’s MiCA regulation comes into force on December 30. In this regard, its implementation could pose systematic risks for stablecoin reserves, according to Paolo Ardoino, CEO of Tether.

“Under MiCA, stablecoin issuers will be required to hold a significant portion of their reserves, at least 60 %, in European banks, which creates a concern regarding lending,” Ardoino stresses, noting that the MiCA requirements “could create significant points of vulnerability for reserves if a bank holding them goes bankrupt” considering that banks can lend up to 90% of their reserves.

M.Pino

Source: cointelegraph

(Reference image source: Sandro Kradolfer in Unsplash)

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La entrada Norway is considering launching a CBDC to stabilize its economy apareció primero en Bitfinance.

The BRICS group is ready to launch its own payment system, which will be called Brics Pay and which, according to recent data, would be adopted by 160 countries.

The group, made up of Brazil, Russia, India, China and South Africa, has a waiting list for countries that want to join the bloc, as an alternative to the global payment system that currently governs and that gives preponderance to the US dollar in transactions.

According to the media specialized in technology and business Wealth, “the implementation of this new remuneration method would reduce dependence on the US dollar and other traditional financial alternatives such as the Swift system (Society for Worldwide Interbank Financial Telecommunications).”

The adoption of alternatives to the dollar would revolutionize the global economic system, indicate financial experts, who add that “through fluid cross-border cancellation, trade and financial integration between countries of said block and other nations would be promoted.”

So far, it is known that at least 160 countries would adopt the Brics Pay payment system, thereby paving the way to detach themselves from the North American currency.

M.Pino

Source: venezuela.news

(Reference image source: Unsplash+, in collaboration with Getty Images)

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La entrada BRICS payment system will be adopted by 160 countries apareció primero en Bitfinance.

Americas Market Intelligence (AMI) published a report on the study regarding the state of cryptocurrencies in Latin America, which revealed a significant increase in the cryptographic system and identified that 18 % of the population shows interest in buying cryptocurrencies.

In the AMI study, it states that the adoption of cryptos will continue to grow at a good pace during 2022, in a territory where there are great advantages to develop the “world of cross-border payments and crypto credit cards.”

On the other hand, the report also highlights that 8 % of the people interviewed confirmed that they have digital currencies, while in Argentina the figure rises to 12 % as a result of the inflationary process that the country has been going through for 2 years.

The market intelligence specialist company for Latin America admits that cryptocurrencies will continue to experience a volatile characteristic “and this could discourage some and could attract others”. However, 54 % of the “crypto-curious” interviewed for the study consider “savings protection as a key benefit of cryptocurrencies.”

Launch of crypto cards

The study also revealed that most cases of crypto adoption will come from private investors who will be waiting to “take advantage of the current low prices of crypto assets with the confidence that they will shoot ‘to the moon’ in the not too distant future.”

The company executing the investigation stated that “exchanges, in order not to lose relevance and remain at the center of the ecosystem, will launch card programs that will offer their clients’ money returns in BTC” and those investments will focus on Bitcoin and Ether.

According to the investigation, 2022 will be the year of the launch of crypto cards, forcing exchanges to develop programs and campaigns on these financial instruments to stay competitive in the market.

M. Rodríguez

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Source: cripto247.com

La entrada Latin Americans increase their confidence in the crypto ecosystem apareció primero en Bitfinance.