The central banks of Canada and Singapore announce this week an unprecedented milestone. As the world’s first state-owned financial institutions, they are celebrating the joint premiere of their blockchain-based payment system for cross-border transactions. They also publish the joint cooperation of their respective blockchain systems Jasper and Ubin in a joint report. This should promote the further development of the technologies, especially by central banks and monetary authorities.
Constantly fluctuating exchange rates, different administrative systems worldwide, a flood of regulations and regulations – there are many hurdles to settling payments across national borders. The result: Often such transactions not only require extremely long processing times. In addition, payments from one country to another are often extremely expensive.
The central banks of Canada and Singapore, the Bank of Canada (BoC) and the Monetary Authority Singapore (MAS), have jointly declared the problem of this problem. Since 2016, they have been developing Blockchain solutions to make cross-border payments cheaper, faster and more secure.