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IBM creates Blockchain-based global payment network
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IANS | 20 Mar, 2019
Information Technology (IT) major IBM has created a Blockchain-based
global payment network that transmits monetary value in the form of
digital assets, commonly known as cryptocurrencies or "stable coins."
The
payment network called World Wire uses the Stellar protocol that
reduces intermediaries and allows users to accelerate settlement time.
World
Wire has already enabled payment locations in 72 countries, with 47
currencies and 44 banking endpoints, IBM said in a statement this week.
"We've
created a new type of payment network designed to accelerate
remittances and transform cross-border payments to facilitate the
movement of money in countries that need it most," said Marie Wieck,
General Manager, IBM Blockchain.
"By creating a network where
financial institutions support multiple digital assets, we expect to
spur innovation and improve financial inclusion worldwide," Wieck said.
While
local regulations will continue to guide activation, IBM said it is
actively growing the network with additional financial institutions
globally.
The network already supports settlement using Stellar
Lumens and a US dollar stable coin through IBM's previously-announced
collaboration with Stronghold, a financial services platform.
Pending
regulatory approvals and other reviews, six international banks,
including Banco Bradesco, Bank Busan, and Rizal Commercial Banking
Corporation (RCBC), have signed letters of intent to issue their own
stable coins on World Wire, adding Euro, Indonesian Rupiah, Philippine
Peso, Korean Won and Brazilian Real stable coins to the network, IBM
said.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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