“CFTC Approves Proposed Amendments to Regulations Regarding Real-Time Public Reporting and Swap Data Recordkeeping and Reporting Requirements”
This new data collection is expected to harmonize International Data swap transactions that take place on the Forex Market.
It begins on January 1st, 2024.
The UPI is expected to adopt and use this new reporting rule on January 29th, 2024.
The Unified Payments Interface is the foreign currency mechanism that India is going to use next year in International trade between countries.
Iraq, Vietnam, and Indonesia are three of several countries that will utilize this UPI interface.
It will allow several Banks across the world to exchange on the Forex Market under one digital mechanism.
Trade digitalization will boost Vietnam’s connection on the global stage “Digitalization offers opportunities for a country to engage in international trade, benefiting micro, small, and medium-sized enterprises, although there will be regulatory challenges, according to HSBC.”
Vietnam is finishing up their version of the QFS system to be interfaced with the overall system this month as their assets are supposed to be tokenized as of yesterday.
Vietnam already has Basel 3 compliance to support their markets through a banking system fully compliant in commodity backing.
These new opportunities and new demands to move into the international world will begin creating price pressures on their currency going forward.
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