IATA to offer digital currencies for financial settlements

Tuesday, 29 Oct, 2024 0

The International Air Transport Association (IATA) will offer digital currencies in the financial settlement systems it operates for the aviation industry.

It will start with the digital Renminbi, which will be available in the China Billing and Settlement Plan (BSP) by the end of 2024.

“China is one of the most advanced countries in the world in the adoption of digital currency. This is an important development and IATA,” said Muhammad Albakri, SVP, Financial Settlement and Distribution Services.

“With the increasing use of digital currencies, it is imperative that IATA’s industry financial settlement systems adapt.”

IATA is also examining the potential to offer other digital currencies in its settlement systems based on the needs and requirements of the industry.

“The experience gained in introducing the digital Renminbi will help IATA in onboarding other digital currencies in the future,” Albakri added.

In July 2024, IATA added the Renminbi Offshore (CNH) currency to its IATA Currency Clearance Service (ICCS), bringing the total number of currencies handled by the service to 74.

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