Multi-jurisdictional payments involve the transfer of funds or digital assets across different legal and regulatory territories. These transactions necessitate compliance with diverse laws, including anti-money laundering, sanctions, and data privacy regulations in each relevant jurisdiction. Facilitating such payments efficiently and securely is a significant challenge for traditional finance and a key area of innovation for digital asset systems. They aim to streamline cross-border value transfers.
Context
Digital assets, particularly stablecoins and central bank digital currencies, hold promise for revolutionizing multi-jurisdictional payments by reducing costs and increasing speed. However, varying international regulatory approaches present hurdles to seamless cross-border operations. Discussions center on achieving regulatory harmonization and technical interoperability to fully realize the potential of these digital payment rails.
The collaboration links Citi's global payment network with Coinbase's digital rails, achieving T+0 liquidity management and reducing institutional fund transfer friction.
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