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Nexus from the BIS: a blueprint for instant cross-border payments = XRP MOON


HAL1000
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Global Crypto Regulatory Framework to Appear in 2022, Says BIS Innovation Hub Boss:-

https://u.today/global-crypto-regulatory-framework-to-appear-in-2022-says-bis-innovation-hub-boss

In his recent interview with The Financial Times, BIS Innovation Hub head Benoit Coeure has revealed that a global regulatory framework for cryptocurrencies would likely be ready in 2022.

Coeure noted that it’s high time for comprehensive regulation, given that crypto is moving into the mainstream at a rapid pace.

The former executive board member of the European Central Bank appears to be particularly concerned by the mushrooming growth of the decentralized finance sector (DeFi) that poses a threat to traditional finance (TradFi), thus creating “systemic risks.”

Global cooperation

The prominent French economist claims different jurisdictions could be on track to come up with patchy approaches to regulating crypto that will be inefficient on a global scale.

However, he believes that there’s still enough time to steer clear of regulatory arbitrage and create a global regulatory framework for the nascent asset class.

Privacy concerns could be the biggest deterrent to strong cooperation on crypto:

The final decisions of sovereign states will be... a balance between sovereign strategic considerations on the one side and considerations about the good functioning of the financial system on the other.

Edited by HAL1000
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https://www.swift.com/news-events/news/easing-iso-20022-adoption-new-flow-translation-service

We have made In-flow Translation available for testing early to help banks familiarise themselves with ISO 20022 and gain experience in the new operational environment. Early adopters will be able to start using the service from August 2022, on an opt-in only basis.

All banks will be automatically enrolled in the service in November 2022, to coincide with the mandatory start of cross-border migration and the go-live of ISO 20022 for high-value payments in the Eurozone.

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  • 2 weeks later...

January 4, 2022

https://bankingjournal.aba.com/2022/01/aba-supports-fed-single-day-migration-to-new-message-format-concerned-about-lack-of-detail/

ABA Supports Fed Single-Day Migration to New Message Format, Concerned About Lack of Detail:-

The American Bankers Association told the Federal Reserve on Monday that it supports a plan to migrate to a new message format, ISO 20022, on a single day but said it has “serious concern” regarding the lack of detail about the plan. ABA requested that the Fed provide a detailed implementation plan as soon as possible to allow banks to develop their own internal teams and allocate resources.

Specifically, the association asked for a “technology roadmap” that establishes a series of key dates and milestones related to the system requirements and testing procedures. With a launch date less than 24 months away, “it is important that the industry progress through these milestones should be transparent to all participants,” ABA said.

A single-day switch should happen no earlier than November 2023, ABA told the Fed, adding that it should launch on the same day as the change is made at the private sector wire clearing service CHIPS, operated by the Clearing House.

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This is very noticeable to me.

4726CE3A-A59A-4A58-A578-AB06AC16EF1F.thumb.png.521fc4322cae9ad4276e1f3ef773bb30.png

Among so many customers of ripple, Ripple only named these three on their flier. I’m not sure if these are the only 3 banks who link Ripple with ISO20022.

I try to search more information on the partnership between Ripple and Santander. Santander then (in 2020) launched a product naming “One Pay FX” which using X-current I think. The vision of this product then was very promising but not much news about this product in 2021.

Btw Ripple is one of the 37 delegates of RMG of ISO. https://www.iso20022.org/registration-management-group-member-list
Don’t know if this is due to three banks running on Ripplenet.

ISO20022 is huge, but how huge will this be for XRP?

This is a very interesting topic. Looking forward to see more folks offer their insights. 

 

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