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Central banks conclude cross-border payments via blockchain for first time

May 2, 2019 By Crypto Reporter

The Bank of Canada (BoC) and the Monetary Authority of Singapore (MAS) have successfully discharged trial cross-border payments using blockchain technology and central bank digital currencies. This is the first of a kind testing, reports Coindesk.

The banks have linked their respective blockchain projects, Jasper, based on R3’s Corda, and Ubin, backed up by JPMorgan’s Quorum. 

The two platforms were connected via a method known as hashed time-locked contracts, allowing direct Payment versus Payment (PvP) settlement without the use of an intermediary.

Following the results of the experiment, the parties noted a “great potential to increase efficiencies and reduce risks for cross-border payments.”

“The successful outcome of the Jasper-Ubin project is a big milestone for the modernization of cross-border, cross-currency transactions,” said David Treat, managing director and global blockchain lead of Accenture, a company behind technical support of the project. 

Both BoC and MAS stated that blockchain technology could play a vital role in enhancing cross-border payments and could become fundamental in creating a unified inter-bank settlement system. 

Blockchain-based cross-border payments have also been on the try-out list of a payment service giant, Western Union, that has been experimenting with Ripple technology.

Filed Under: General News, News Tagged With: Bank of Canada, blockchain, Canada, cryptocurrency, Monetary Authority of Singapore, news, payments, Singapore

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