Asian Clearing Union to adopt SWIFT alternative

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News Date: June 1, 2023

Within the coming weeks, ACU member states plan to introduce the Iranian-developed system.
During a recent summit in Iran, the members of the Asian Clearing Union (ACU) decided to compete with the SWIFT global payment network by launching a new cross-border financial messaging system in June.
ACU members include the central banks of Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, Sri Lanka, Myanmar, and Iran.
According to reports, the new, unnamed method for banking communication among ACU members was designed by the Central Bank of Iran (CBI).
Along with the top representatives from the ACU member states, the conference also included the governor of the Russian central bank, representatives from Afghanistan, and Belarus.
Last week, applications for membership in the ACU were submitted by Belarus and Mauritius.
Mohammad Reza Farzin, the governor of the CBI, disclosed that the bloc would look to expand its membership and vary the payment methods it accepts in order to support a more comprehensive de-dollarization drive.

Ripple's Xumm Banking App Will Soon Be Ready for Mass Adoption

On behalf of Ripple, XRPL Labs has developed the banking app Xumm, which is based on the bridge currency XRP and should offer the same extensive functions as a bank account. The app works completely without third parties such as banks or other financial institutions and offers cross-border transactions in real-time.
Source:coinspeaker.com

Kenya pushes for global financial reform tomorrow

President Ruto of Kenya will lead African presidents in advocating for global financial system reform at an upcoming meeting.
He aims to address the imbalance that favors wealthy nations, pushing for equitable resource distribution.
Ruto's focus includes reforming institutions like the World Bank to ensure African voices are heard.
This initiative underscores the need for a fairer and more inclusive international financial system, resonating beyond Africa's borders.

Russia invites Iraq to join BRICS

The Russian ambassador in Baghdad Elbrus Kutrashev invites Iraq to join BRICS.
He expressed personal ties to the country. Russia pledges support and dismisses any agenda against the U.S.
He recalls Iraq's resistance to American occupation and clarifies Russian companies' interest in Iraq as commercial expansion, not filling voids.
The ambassador denies plans to send Russian forces, emphasizing it's not Russia's approach but the U.S.'s.
Additionally, he mentions Iraq's role in mediating conflicts and affirms Russia's readiness for a solution.

Switching to gold standard

Deutsche Bank's top credit strategist Jim Reid has described himself as "a gold bug," and reckons "fiat money is a passing fad in the history of money," RT's Keiser Report recalls for the show's viewers.
Sources:www.youtube.com

Stellar reveals Financial Inclusion report

Stellar Development Foundation (SDF) released a whitepaper discussing the role of blockchain technology in facilitating financial inclusion.
The whitepaper underscores the significance of financial services access for global financial inclusion, particularly in developing economies.
Despite advancements in digital payments, cash remains prevalent in emerging economies. Many unbanked adults still receive government and private-sector payments in cash, impacting financial inclusion.
It emphasizes digital payments as a pivotal entry point to formal economic participation. Despite the persistence of cash usage, transitioning to digital payments can encourage broader use of financial services.
The paper delves into the hurdles of cross-border payments and highlights blockchain's potential to address these challenges. It showcases blockchain's role in enabling secure, cost-effective transactions.
Additionally, it presents various applications of blockchain, such as facilitating cash-to-digital asset conversions, safeguarding against currency devaluation, and supporting humanitarian aid distribution.
While recognizing blockchain's promise for financial inclusion, the document emphasizes the necessity of balancing innovation with consumer protection, privacy, and financial education to ensure the creation of inclusive and secure financial systems.
Full report: stellar.org