ChainCatcher news, according to Ledger Insights, UBS has successfully piloted a blockchain-based payment system known as UBS Digital Cash, aimed at improving the efficiency of cross-border transactions.UBS stated in a press release that the pilot involved transactions with multinational clients and banks, including domestic transactions in Switzerland and cross-border payments in USD, CHF, EUR, and CNY. UBS plans to further expand and develop UBS Digital Cash.It is reported that the system uses a private blockchain network, accessible only to authorized clients.

ChainCatcher news, according to Jin10, the South Korean Ministry of Finance has stated that South Korea plans to regulate cross-border transactions of cryptocurrencies and other virtual assets starting in the second half of 2025, introducing registration and reporting requirements.The Ministry of Finance stated that under the new regulations, businesses handling cross-border transactions of virtual assets will be required to register with the authorities in advance and report transaction details to the Bank of Korea on a monthly basis. According to data from South Korea Customs, since 2020, South Korea has seen foreign exchange-related crimes worth 110 trillion won (7.97 billion USD), of which 81.3% involved virtual assets.

ChainCatcher news, according to Cryptonews, the Moscow police in Russia have shut down a "cross-border" cryptocurrency exchange that pretended to be a travel agency, suspected of helping clients transfer funds abroad.The police stated that the exchange processed approximately $2.2 million in cryptocurrency transactions for Russian clients and charged a 1% commission. During the raid, the Ministry of Internal Affairs seized a large amount of cash, receipts, and equipment.The police have charged one "mastermind," and the case is still under investigation, with authorities searching for other accomplices.

ChainCatcher news, according to Cointelegraph, one of Russia's first cross-border payment platforms, Exved, has officially announced its launch, which will facilitate the use of cryptocurrency for international settlements by local legal entities. The announcement stated that the Exved platform specifically allows people to use Tether (USDT) stablecoin for cross-border transactions with offshore rubles and dollars.It is reported that the platform aims to help Russian legal entities make cross-border payments at the lowest market rates without intermediaries. The launch of Exved is supported by various entities, including InDeFi Bank, which launched a decentralized crypto ruble project last year. The CEO of InDeFi stated that the internal mechanisms of Exved have passed testing and approval by the Central Bank and the Federal Financial Monitoring Service of Russia.

ChainCatcher news, according to CoinTelegraph, the Bank for International Settlements (BIS) has completed a joint test of cross-border transactions and settlements of CBDCs with the central banks of France, Singapore, and Switzerland. This test is part of the "Mariana Project" supported by the BIS, developed jointly by the Banque de France, the Monetary Authority of Singapore, and the Swiss National Bank. The project utilizes the concept of decentralized finance (DeFi) technology on public blockchains to test cross-border transactions and settlements of euro, Singapore dollar, and Swiss franc CBDCs simulated between financial institutions.It is reported that this concept works by using a universal token standard on public blockchains, a bridge for seamless transmission of CBDCs across different networks, and a specific type of decentralized exchange for automating spot foreign exchange transactions and settlements.

ChainCatcher news, according to CNBC, after partially winning a legal dispute with the SEC, Chief Legal Officer Stu Alderoty stated in an interview that he believes U.S. banks will reuse Ripple's ODL product for cross-border transactions.Stu Alderoty added, "We hope this ruling will provide some reassurance to financial institutions' clients or potential clients, at least to start a dialogue about the issues they encounter in their business, which are real-world problems related to excessive costs when transferring value across borders."

ChainCatcher news, the Bank for International Settlements (BIS) official website published an article today introducing a new project called Project Mariana.Project Mariana is a cross-center collaboration project jointly launched by the BIS Innovation Hub, the Monetary Authority of Singapore, the Bank of France, the Swiss National Bank, and others. It aims to achieve cross-border transactions of wholesale central bank digital currencies (CBDCs) through automated market making, exploring whether this solution can enhance the efficiency, security, and transparency of foreign exchange trading and settlement, while mitigating some potential risks associated with the foreign exchange market.It is worth mentioning that in the introduction document of Project Mariana, it is stated that the project will adopt the hybrid function market maker (HFMM) of Curve V2. (Source link)