The central banks of the United Kingdom, Singapore and Thailand tested a system to coordinate cross-border currency payments, combining traditional banking systems with technology used by cryptocurrencies. The project is called Meridian FX APAC.
The trial aimed to ensure that one currency is delivered only when the other has also been paid. This reduces the risk of one party receiving its money while the other does not, and allows banks to offset debts with one another instead of settling each transaction separately.
The Bank of England plans to launch a live version of this system in 2028. Before it can be used commercially, legal and regulatory issues, as well as participation by more institutions, still need to be addressed.
The initiative comes as digital currencies linked to traditional currencies, such as the dollar, gain ground as a way to make international payments faster and available around the clock.
#ReinoUnido
#Singapore
#Tailandia
The trial aimed to ensure that one currency is delivered only when the other has also been paid. This reduces the risk of one party receiving its money while the other does not, and allows banks to offset debts with one another instead of settling each transaction separately.
The Bank of England plans to launch a live version of this system in 2028. Before it can be used commercially, legal and regulatory issues, as well as participation by more institutions, still need to be addressed.
The initiative comes as digital currencies linked to traditional currencies, such as the dollar, gain ground as a way to make international payments faster and available around the clock.
#ReinoUnido
#Singapore
#Tailandia
