Movement, a Move-based blockchain network, announced it has gained access to licensed payment rails across the US, Canada, and EU. This move aims to enhance its cross-border payment offerings, connecting traditional banking with stablecoin settlement networks, particularly for emerging markets.
Overseas money transfers via India's Liberalised Remittance Scheme have stabilized around $30 billion. While education remittances dropped due to international restrictions, investments in foreign equity and debt markets have nearly doubled in three years, indicating a shift in remittance patterns.
Indians significantly reduced overseas travel spending in March, with remittances dropping by over $212 million from February, according to RBI data. This decline is attributed to rising oil prices, a weakened rupee, and a call from PM Modi to curb foreign travel.
Asian migrant workers in the Gulf are testing stablecoins as a backup channel for sending money home, as the Iran war heightens fears that the risk of US sanctions could disrupt remittances that millions of families and several Asian economies rely on. Remittances from these workers account for 3 per cent to 5 per cent of gross domestic product in several emerging markets – in Nepal, it is as high as 10 per cent, according to data from the Global Settlement Network. Concerns over remittance...
El Nino's expected return in May brings hotter, drier conditions to Southeast Asia, damaging agriculture and increasing forest fire risks, yet may also cause dangerous localized flooding despite overall dryness, exacerbating challenges for emerging economies already strained by geopolitical tensions and higher energy costs.
India's global migration impact is soaring, with its diaspora of 19 million driving a record $137 billion in remittances for 2024. The nation also leads in student and skilled worker emigration, particularly in tech and healthcare. Key corridors include UAE, US, and Saudi Arabia, showcasing a dynamic shift in global labor.
South Korea's Kbank has signed a strategic partnership with Ripple to test blockchain-based overseas remittances, placing a bank with a central role in Upbit's KRW account access beside one of crypto's longest-running payments infrastructure firms. Local reports describe the work as a technical verification, or proof-of-concept, focused on whether Ripple's infrastructure can improve the speed, […] The post The South Korean bank powering Upbit is testing Ripple integration for cross-border payments appeared first on CryptoSlate.
Kbank, South Korea's internet-only bank, has signed a strategic partnership with Ripple to test blockchain-based overseas remittances. The agreement was signed by Kbank CEO Choi Woo-hyung and Ripple's Asia-Pacific managing director Fiona Murray at Kbank's Seoul headquarters. The partnership uses Ripple's global network to test whether remittances can be made faster, cheaper and more transparent. Companies are conducting phased technical verification, with the second phase digitally linking customer accounts and internal systems, including onchain transfers to the UAE and Thailand. The tie-up comes as South Korea prepares stablecoin regulations under the Digital Asset Basic Act.
Crypto majors are very green with Bitcoin making a new another 2-month high; BTC +2% at $96,7500; ETH +2% at $3,360, SOL even at $145; XRP -1% to $2.11. DCR (+30%), DASH (+10%), ICP (+10%) and ZEC (+7%) led top movers; XMR hit another new ATH at $800 before retracing to $725. Coinbase pulled support for the Senate’s crypto market structure bill ahead of a key vote, citing major concerns with the latest draft, leading to the Senate delaying the bill. Zcash avoided SEC action after the Zcash Foundation said the agency’s investigation has concluded. Ripple secured a Luxembourg license as its European expansion continued. Pakistan teamed with World Liberty Financial to explore stablecoin use cases for remittances and cross-border payments. The Human Rights Foundation awarded nearly $1.3M in Bitcoin grants to projects tied to human rights and freedom tech. Figure unveiled a new public equity network designed to enable on-chain issuance of stocks and related assets. FTX prepared another round of creditor payments and outlined timing details for the next distribution on March 31. Sui came back online after a nearly six-hour network stall, marking another reliability test for the chain.
