Central Banks Of Canada, UK & Singapore Consider CBDC For Cross-border Payments
The central banks of Canada, Singapore and the UK have published a report addressing some of the solutions that implementing a central bank digital currency (CBDC) could bring. This collaboration is looking at current challenges that happen with cross-border payments.
Cross-border payments are expected to rise by 5.5% per year with an estimated US$30 trillion in 2022 covering retail and corporate payments. A substantial amount of positive change is taking place to improve cross-border payments which is driven by the new technology into the existing model. With less barriers to enter on a global level, lower operational costs and faster and more transparency with cross-border payments these initiatives can produce a cross-cutting theme for international harmonisation. If you make regular international payments, then buying crypto can be a big advantage rather than going through the more traditional system.
Cross-border payments haven’t kept up with advances in domestic payments based on the current banking model which has hardly changed in the last decade. It is a challenging issue to manage cross-border payments and settlements with the lack of standardisation with regulatory requirements, data standards and operating hours. BC Bitcoin can help you buy Ripple XRP, Litecoin, EOS and all other major cryptocurrencies so that you can send international payments.
In conclusion this document identifies the short-term challenges faced by cross-border payment users. The report has an emphasis on how change is needed to drive through the revolution of central payment infrastructures. Policy-makers and industry will need to work together with further thinking to address private sector innovation. It is a starting point to evaluate future models that should be considered.
Buying Bitcoin is a fast, simple and low-cost way to receive and send international payments. We can assist you to buy and sell cryptocurrency so you can make cross-border payments more cost effective.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards