According to PANews, the cryptocurrency bank Amina Bank, in accordance with Swiss regulations, and the Crypto Finance Group of Deutsche Börse have successfully completed a pilot for real-time settlement of fiat currencies on Google’s Universal Ledger. This initiative allows for instant settlements 24/7 while maintaining full compliance throughout the process. The pilot demonstrated the potential for modernization of distributed ledger technology (DLT) in scenarios such as cross-border payments, multi-currency settlements, and POS systems, with all participating banks adhering to existing regulatory frameworks.
The CEO of Amina Bank highlighted that the pilot demonstrates that technological innovation can coexist with financial stability, offering a practical model to transform the global financial system. As the currency operator for the pilot, Crypto Finance Group was responsible for establishing the transaction rules and overseeing compliance processes. A Google Cloud executive noted that this infrastructure can be integrated into the core systems of banks to provide near real-time payment services to customers. The next phase of the pilot will expand towards the integration of POS for consumers and cross-border payment sectors.
