This OMFIF report centres on the findings of a global opinion poll on public trust in monetary institutions, payment characteristics and digital currency. The poll was conducted by Ipsos MORI across 13 advanced and emerging countries. Our findings suggest that central banks are well-positioned to issue digital currency. In almost all countries, respondents indicated that they would feel most confident in digital money issued by the domestic monetary authority. Respondents globally expressed a lack of confidence in digital money issued by a tech or credit card company, particularly respondents from advanced economies.
Ripple has partnered with Intermex, which will leverage RippleNet to develop faster, transparent cross-border remittance services between the U.S. and Mexico. It will also give Intermex access to Ripple’s XRP-based On-Demand Liquidity (ODL) service as a real-time bridge between sending and receiving currencies.
In richer developed nations almost 90% of people are online, but this number is less than 20% in the least-developed countries. This column presents the Pathways for Prosperity Commission’s final report, which offers pragmatic suggestions to help developing countries make the most of technological change. It proposes a ‘digital compact’, with countries working towards a shared vision for the future crafted with the input of industry, civil society, and other national leaders.
Singapore has been named the world’s top nation in terms of digital adoption and which showcases the most favorable environment for digitalization, according to Cisco’s annual Digital Readiness Index. The index, which measures digital readiness of countries based on seven components: ease of doing business, human capital, startup environment, technology adoption and technology infrastructure, ranked Singapore as the world’s most well prepared country for digitalization.
WorldRemit has announced a partnership with Alipay, enabling consumers to use the WorldRemit app or website for cross-border remittances to the Alipay app. The international money transfer service to the Alipay app is now available from over 40 countries.
Crypto businesses are figuring out how to comply with the Financial Action Task Force’s “Travel Rule,” where all crypto transactions above a certain amount must be accompanied by identifying information. Competing visions for the technical implementation have emerged, though there appears to be general agreement on the need for messaging standards. Legal and operational issues will be as challenging as putting technical solutions in place. The FATF is set to kick the tires of a range of proposed tech solutions in June 2020.
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The Kiffmeister is a former Senior Financial Sector Expert at the International Monetary Fund.
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