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The Saudi Arabian Monetary Authority and the United Arab
Emirates Central Bank recently announced the launch of a pilot
project to create a digital currency, Aber, for use in financial
settlements between the two countries. The two institutions
described Aber as a "proof of concept" of the feasibility
of the use of the cryptocurrency for remittances, including
determining whether the cryptocurrency improves the remittance
process and reduces costs, and assessing any related technical
risks.
This week, Bitspark, a Hong Kong-based money transfer platform,
reportedly launched the first stablecoin, Sparkdex HKD, pegged to
the Hong Kong dollar. While U.S. dollar stablecoins have dominated
the stablecoin market, Bitspark hopes to lead the way to increased
currency diversity in the sector. Also this week, Binance, the
world's largest cryptocurrency exchange adjusted by trading
volume, announced that it has partnered with payment processing
firm Simplex to enable the purchase of bitcoin, ether, litecoin and
XRP with credit cards. These cryptocurrencies can then be traded
against up to 151 tokens offered by the exchange.
Paxful, a peer-to-peer marketplace that enables the purchase of
bitcoin using hundreds of payment methods, recently reported that
Africa, its largest market, experienced a 130 percent increase in
the volume of transactions processed, averaging 17,351 trades per
day. In Africa, demand for bitcoin may be linked to it being viewed
as an alternative to unstable national currencies. Similarly,
bitcoin ATM networks report that the ATM market is thriving,
particularly as an alternative to banks in emerging markets.
According to reports, demand is growing especially in Latin
American markets, with the first bitcoin ATM in Venezuela slated to
publicly launch in early February and additional ATMs planned for
Argentina and Mexico, among other countries.
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