A Hong Kong-based blockchain company has unveiled a digital payment system. It is believed that the plan aims to bridge the gap between stablecoins and central bank digital currencies (CBDCs), as reported by Cointelegraph.
According to Cointelegraph, on January 19, 2023, Red Date Technology unveiled the Universal Digital Payment Network (UDPN) at the World Economic Forum (WEF), 2023, conference in Davos, Switzerland. It is believed that UDPN is a distributed ledger technology (DLT) platform, that will achieve the same goal unlike SWIFT network of banks, but stablecoins and CBDCs.
On the basis of Cointelegraph’s information, the technology company GFT technologies and the digital economy engine TOKO from the law firm DLA Piper also worked for UDPN. Opinions from January 19, 2023, the press reported that “several international banks” have committed themselves to proof of use (POCs) to understand the network when dealing with borders. It is said that banks such as Deutsche Bank, HSBC, Standard Chartered, Bank of East Asia, and Akbank were present at the UDPN group in Davos.
Also, Cointelegraph reported that eight other proof-of-concept tests are expected to be live, including CBDC and the release and spread of a bank-controlled bank along with the use of UDPN as an e-commerce payment method. Sources have confirmed that Red Date has been working on UDPN for two years.
(With information from Cointelegraph)
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