National Australia Bank Launches Stablecoin on the Ethereum Blockchain
National Australia Bank (NAB) has successfully completed its first intra-bank cross-border transaction using its own stablecoin via Ethereum. The transaction was conducted as part of NAB's pilot project for an AUD-backed stablecoin, which involved deploying stablecoin smart contracts for seven major global currencies. The use of stablecoins has showcased the potential to reduce cross-border transaction times from days to minutes, highlighting the growing adoption of stablecoins and blockchain technology. This is a significant milestone for NAB and highlights the bank's commitment to exploring the potential of blockchain technology in the financial sector.
RBI and Central Bank of UAE ink pact for Central Bank Digital Currency (CBDC) transactions
The RBI and CBUAE will test a bilateral central bank digital currency (CBDC) bridge to enable cross-border CBDC transactions. The proof-of-concept and pilot are expected to enhance the efficiency of cross-border transactions, lower costs, and strengthen economic ties between India and the UAE. The initiative will allow the two central banks to explore the potential interoperability between their digital currencies, which could pave the way for other central banks in the region to adopt digital currencies and fintech solutions.
USDC Depegging Causes House Financial Chair to Postpone Regulation of Stablecoins
Following the banking collapse that led to USDC's depegging from the dollar, Maxine Waters, Chair of the House Financial Services Committee, has declared that a new stablecoin bill will be given priority. The bill's progress had been stalled due to the expected shift in the House majority to Republicans.
Separate Reporting of Crypto Assets in Taxation Documents Proposed by UK Treasury's Budget
The UK's spring 2023 budget requires taxpayers to report their cryptocurrency assets separately in tax documents for the 2024-25 tax year. The budget also outlines plans to combat tax avoidance, including the introduction of new criminal offenses for evaders and consultations on speeding up the disqualification of directors who promote tax avoidance in their companies.
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