In Korea, national tokens, Saudi Arabia and the United Arab Emirates cryptocurrency test will not be launched. SWIFT payment system integrates with blockchain.
The Central Bank of South Korea officially announced the absence of plans to launch national tokens in the near future. The study showed that at the moment there is no need for such a step. However, the Central Bank intends to continue to study this issue in order to have objective information about the needs of the financial industry.
Almost at the same time, the Singapore authorities made their official statement. There are companies in the country that are trying to attract investment in the national cryptocurrency of Singapore. This financial asset does not exist, as there are no plans for its appearance in the near future.
Work on the launch of cross-border cryptocurrency of Eastern countries continues. Representatives of the Central Bank of the UAE and Saudi Arabia announced the transition to the process of testing new coins. It was called Aber, and will be used only for interbank settlements. At this stage, specially selected banks will use Aber to make payments. As a result, the Central Bank will be able to assess the quality and safety of payments.
The authorities of the countries of the Middle East are closely following the development of new technologies. It is expected that in the coming months, the UAE will adopt a law on ICO rules, and Iran may launch a national cryptocurrency this week.
The international system SWIFT announced the beginning of cooperation with a consortium of blockchain-companies R3. The GPI Link PoC Gateway will be launched, as a result of which the R3 platform will connect to a joint program.
At the moment, the question is about changing the architecture of the calculations. SWIFT Global Payments Innovation platform, as an open development, allows you to test new technologies. In particular, customers will be able to use both the crypto-encryption capabilities and the current SWIFT payment systems. And in the future, GPI will be able to organize communication channels with many trading platforms.