Month: November 2023

Leading Pan-African Payment and Settlement System (PAPSS) has expanded because more banks are willing to join. The significant effort is to reduce expenses with trade in the region. By incorporating 11, more central banks that are African the African Export-Import bank will play significant role in future trading platform for Africa. The main goal of (PAPSS) is transaction in local currency that eliminate the necessity for using other third-party currencies. More the 85% of payments currently pass through European or U.S banking infrastructure and the cost of transaction are more the $5 billion in fees. Africa’s new (PAPSS) system will reduce the costs and help African counties to grove there economy. Central banks of African countries are participants in PAPSS system and they regulate and serve as agents to commercial…

Ripple block chain-tech Company is a new partner who will help the government of Georgia to develop its central bank digital currency (CBDC). New Georgia cryptocurrency (GEL) will help fast and easy cashless payments in the country. In process of selecting Crypto Companies, Ripple was one of technical excellence and experts in field of block-chain technologies says acting Governor of National Bank of Georgia, Natia Turnava. National Bank of Georgia stated that it would prepare the project and its execution plan for the pilot program with Ripple.  Several counties already have selected Ripple as partner in CBDC projects. Few new countries that have signed an agreement with Ripple are Palau and Montenegro to develop a national digital currency strategy. Ripple stated that has discuss 20 new CBDC projects with other…

The preparation phase of digital euro starts in November 2023, and European Central Bank will focus on further development of a digital euro. Digital euro (CBDC) would be an electronic payment available free of charge to everyone. Let’s first talk about money in general. From the beginning of human era there was lots of different money that people have used. First money and first monetary system was established in Rome (753BC – 565AD) Evolution of money:  coins (metal, gold, silver, copper etc.),  paper money,  digital money. The history teaches us many things and some of them are and will be written for our future generation. To understand the differences in our technological advancement we need to understand the history how money is created. As many today use paper money and digital…