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Bank of England: Given limited demand, we will not make any changes to the evening CHAPS (Automatic Payment Clearing System) contingency window.Bank of England: Work on other extended phases, including bank holiday settlements and a broader roadmap toward closer 24x7 settlements, will continue.The Bank of England announced that it will extend the hours of the CHAPS (Automatic Payment Clearing System) settlement service, changing the start time from 06:00 to 01:30.On February 24th, DJI officially filed an appeal with the U.S. Ninth Circuit Court of Appeals, challenging the Federal Communications Commissions (FCC) improper decision on December 23, 2025, to place DJI and its products on the "Controlled List." DJI stated today (February 24th) that this move aims to protect DJIs legitimate rights and interests, as well as the interests of American consumers and agricultural users who rely on DJI products but are affected by the ban. In its complaint, DJI stated that the FCCs decision has serious procedural and substantive flaws. The FCC placed DJI on the "Controlled List" without providing any substantial evidence that DJI products pose a threat to U.S. national security, which not only violates due process principles but also potentially violates the U.S. Constitution and relevant federal laws.On February 24th, the British Foreign Office issued a statement imposing sanctions on 175 entities within the "2Rivers" network on the fourth anniversary of the outbreak of the Russia-Ukraine conflict. The action also targets Transneft, one of the worlds largest oil pipeline companies, which the UK claims handles over 80% of Russias oil exports. The British Foreign Secretary stated that the UKs decisive action today cuts off key funding, military equipment, and revenue sources supporting Russias aggression, representing the largest sanctions measure since the early stages of the Russia-Ukraine conflict. The "2Rivers" network, linked to Azerbaijani traders Aitibar Eyub and Tahir Garayev, continued to transport hundreds of millions of barrels of Russian crude oil despite international sanctions imposed due to the conflict. This offshore network, formerly known as "Coral," expanded rapidly before EU and UK sanctions weakened its operations in 2024. At the time, Garayevs lawyer denied any connection to Transneft or Eyub, stating that he had not been involved in any oil-related business since the end of 2022.

NY Fed official: Digital dollar could speed foreign exchange settlement

Cory Russell

Nov 07, 2022 15:06

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Using a central bank digital dollar to shorten settlement times in foreign currency markets, according to a senior Federal Reserve Bank of New York official, has potential.


The head of the bank's markets division, Michelle Neal, did not indicate that the introduction of a central bank digital currency, or CBDC, was near. But she said that bank research has shown how this particular kind of money may help an important aspect of the financial system.


Neal said in the text of comments prepared for a conference in Singapore that foreign currency spot transactions "are crucial in the context of cross-border payments, and serve as a building block for lengthier, more sophisticated transactions." She said that there is potential for improvement since the settlement of these deals takes roughly two days.


A Fed digital dollar used in wholesale transactions, together with the capability to record transactions, "results in immediate and atomic settlement," the research endeavor claims.


In less than 10 seconds, on average, settlement might happen, according to Neal's study, "indicating that horizontal scalability was viable."


The Federal Reserve has been looking on ways to introduce a totally digital dollar, known as Fedcoin by some. According to Fed officials, elected officials would need to endorse the launch of any such asset.


Some central bankers have questioned the need of a CBDC for the United States.


Before the New York Fed's report on the study project was released, Neal made his remarks.


The first phase of work "revealed promising applications of blockchain technology in modernizing critical payments infrastructure," according to Per von Zelowitz, director of the bank's New York Innovation Center, in that press release. "Our inaugural experiment provides a strategic launch pad for further research and development regarding the future of money and payments from the U.S. perspective," he added.


The research issued a warning that its conclusions "are not meant to achieve any particular policy result" and did not have consequences for the implementation of a completely digital central bank currency.

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