Cryptocurrency 

Blockchain Adoption as a Cure for Cross-Border Trading

In August of 2019, both the United States and Thailand announced their plans to test blockchain applications for tracking and managing shipments. The U.S. Customs and Border Protection (CBP) is planning to test a blockchain application against their current system to determine how distributed ledger technology (DLT) can improve its existing processes. Thailand, on the other hand, plans to use IBM’s blockchain-based logistics platform Tradelens to improve customs processes such as data sharing. Originally developed in a joint venture between IBM and logistics giant Maersk, Tradelens seeks to streamline processes…

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Bitcoin 

Bitex Partners With Bantotal For More Cross-Border Payments in Latin America

Bitcoin (BTC) exchange Bitex has partnered with Uruguay-based financial software company Bantotal in order to expand it cross-border payments system on the Bitcoin blockchain to Latin America. CoinDesk announced the companies’ new partnership in a report on Aug. 13. According to the report, the upshot of this partnership is that Bantotal’s clients will have access to Bitex’s exchange services via a marketplace that hosts traditional financial services in its BDevelopers program. Per the report, Bitex will act as a middleman service for cross-border payments. The exchange’s role is to convert…

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Ethereum 

Facebook’s Libra Concept Will Impact Cross-Border Payments: Ex-PBoC Chief

A former governor of the People’s Bank of China (PBoC) has indicated that Beijing may delegate the issuance of digital currency to commercial entities, the Hong Kong-based South China Morning Post newspaper reported on July 11. Zhou Xiaochuan, who stood down as head of the central bank in 2018 after 15 years, revealed the country may adopt a new approach for its sovereign digital currency scheme — taking inspiration from Hong Kong’s monetary system and Facebook’s Libra project. In Hong Kong, three banks issue their own banknotes and collateralize them by holding US dollars in reserve, while the…

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