10 Feb, 2025

Ripple Teams With Unicâmbio to Power Brazil-to-Portugal Payments

Blockchain company Ripple has launched a partnership with Portuguese currency exchange provider Unicâmbio.The collaboration, announced Monday (Feb. 10), is designed to support instant cross-border payments between Portugal and Brazil through Ripple Payments, the company’s digital-asset-focused cross-border payments system.According to a Ripple news release, this marks the first time the company’s payment solution has been offered in Portugal, a development that both expands Ripples footprint in Europe and bolsters the Portugal-Brazil payments corridor.“Our partnership with Unicâmbio is a significant milestone in Ripple’s European expansion. Portugal has developed a thriving crypto ecosystem so we are delighted to open up our payments solution to partners there,” said Cassie Craddock, Ripple’s managing director for the U.K. and Europe.“By connecting our payment networks in Portugal and Brazil we are facilitating faster, more cost-effective cross-border payments, while strengthening the economic bridge between these two major markets.”Adriana Jerónimo, executive board member at Unicâmbio, noted that Brazil and Portugal share strong cultural and economic ties, with substantial amounts of money moving between the two countries.“By leveraging blockchain technology we’re transforming money movement between the two nations,” said Jerónimo. “Ripple’s crypto-enabled payments solution enables near-instant settlement and drastically reduces costs compared to traditional payments channels, delivering real value to our customers.”Ripple already had a presence in Brazil, the release notes, with the company teaming with the likes of Travelex Bank in 2022 and Mercado Bitcoin, Latin America’s largest cryptocurrency exchange, joining Ripple’s network late last year.In other blockchain news, PYMNTS wrote last week about America’s new exploration of stablecoin regulation, and how it could transform global payments.This came after House Financial Services Committee Chairman French Hill (R-Ark.) and Digital Assets, Financial Technology and Artificial Intelligence Subcommittee Chairman Bryan Steil (R-Wis.) introduced a discussion draft for a bill that would create a framework for issuing and operating dollar-denominated payment stablecoins.“Building upon our work on digital assets in the last Congress, our discussion draft will provide clarity for payment stablecoins and ensure a federal and state path for stablecoin issuers,” Hill said.“The push for stablecoin regulation underscores a broader recognition of digital assets’ role in modern financial ecosystems,” that report said. “As the regulatory landscape takes shape, the collaboration between the House and Senate will be instrumental in determining how stablecoins fit into the evolving framework of U.S. financial regulation.”

03 Feb, 2025

Laos to Introduce New Rules to Strengthen Lao Kip, Reduce Reliance on Foreign Currency

In an effort to stabilize the national economy and reduce reliance on foreign currencies, the Bank of Laos and the Lao government are set to implement new regulations aimed at strengthening the value of the Lao kip. The Foreign Exchange Management Department of the Bank of Laos (BOL) hosted a meeting to announce the upcoming regulations, with Chanthevivanh Keobounphanh, Deputy Director of the department, detailing the core objectives of the legislation, state media reported.  The government’s approach will focus on three key legislative areas: managing currency deposits, regulating the use of foreign currency, and establishing rules for transferring money from abroad.The new measures are designed to encourage financial discipline among individuals who prefer to use foreign currency, ultimately promoting a more organized approach to spending and saving. This, in turn, is expected to contribute to greater economic stability and a stronger demand for the Lao kip.Chanthevivanh emphasized that effective foreign exchange management requires collective responsibility across all sectors. He stressed the importance of reducing unregulated use of foreign currencies, which can destabilize the financial system, and shifting consumer behavior towards more responsible financial practices.The government’s initiative includes several key strategies, such as the promotion of the slogan “In Laos, use only the kip,” and a strict requirement for residents to exchange currency only through authorized banks. These efforts are in line with the 2022 Law on Foreign Exchange Management, which has already seen improvements to enhance the country’s foreign exchange management practices.BOL has also prepared over 20 documents to support these measures, including a draft agreement on managing foreign currency deposit accounts and guidelines for disbursements and transfers from abroad.