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Local Currencies & FX Controls

Local-currency payments, convertibility, FX controls and remittance corridors, including emerging and smaller currency markets. Excludes price predictions.

6selected itemsRelated topicsFX & TreasuryCross-border Payments

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Oct 16Fri
  1. PYMNTSSource summary72

    Stripe and Plasma launch a multi-currency stablecoin card

    Stripe and Plasma have partnered to launch a multi-currency stablecoin card, allowing cardholders to spend directly from the currencies they already hold and reduce unnecessary conversion and FX costs. The program currently covers more than 30 countries and supports USD, EUR, OUSD, and stablecoins that meet GENIUS-ready requirements, with the goal of expanding to more than 100 countries by 2027. Stripe’s stablecoin card infrastructure will also support more currencies and stablecoins, enabling businesses operating across markets to issue cards matched to their spending needs.

    推荐理由：The project covers both fiat currencies and stablecoins, and provides the current country coverage and subsequent expansion target, making it easier to assess the use cases for multi-currency cards in cross-border spending and corporate card issuance.

Oct 13Tue
  1. Reserve Bank of India — NotificationsSource summary76

    Reserve Bank of India restricts non-residents’ use of INR-linked NDDCs and requires a 20% FERR

    The Reserve Bank of India stipulates that authorised dealers may in future offer non-resident users non-deliverable derivative contracts (NDDCs) involving INR only for hedging purposes. For relevant contracts involving the purchase of foreign currency against INR to hedge exchange-rate risk on their own assets and liabilities, dealers must set aside a Foreign Exchange Risk Reserve (FERR) equal to 20% of the INR equivalent of the notional amount of each contract, and hold it in cash with the RBI in India on a daily basis until the contract is terminated. The rule applies to relevant foreign exchange derivative contracts entered into after its issuance.

    推荐理由：The notification both tightens the purposes for which non-residents may use INR-linked NDDCs and sets a 20% cash reserve requirement for relevant proprietary hedging contracts, clearly defining dealers’ compliance costs.

Oct 10Sat
  1. Reserve Bank of India — NotificationsSource summary87

    RBI requires authorized dealers to maintain a 20% foreign exchange risk reserve for certain INR foreign exchange derivatives

    RBI requires authorized dealers to maintain a Foreign Exchange Risk Reserve for foreign exchange derivatives involving INR, with a notional amount exceeding USD two million equivalent and used to hedge current account transactions.

    推荐理由：The rules clarify the scope of applicable derivatives, the 20% cash reserve ratio, and daily reporting requirements, making it easier for authorized dealers to assess the funding requirements of foreign exchange hedging business.

  2. Reserve Bank of India — NotificationsSource summary80

    RBI adjusts rebooking and position rules for foreign exchange derivatives involving INR

    RBI issued a notification prohibiting authorised dealers from allowing users to rebook cancelled foreign exchange derivative contracts involving INR, while rollovers at maturity may continue. The threshold for positions not requiring proof of an underlying exposure has been lowered from USD 100 million to USD 5 million, applying across authorised dealers or currency pairs involving INR. Authorised dealers must also obtain an undertaking from users that the same underlying exposure has not been hedged more than once, and retain the relevant documentation for at least two years. The notification takes immediate effect.

    推荐理由：The notification both lowers the threshold for positions not requiring proof of an underlying exposure and introduces a new cross-dealer hedging declaration requirement, making it useful for understanding how India is tightening controls and record-keeping for foreign exchange derivatives.

Oct 7Wed
  1. Bank of EnglandSource summary69

    Bank of England-hosted London Foreign Exchange Joint Standing Committee discusses near-24/7 settlement for RTGS and CHAPS

    The Bank of England-hosted London Foreign Exchange Joint Standing Committee discussed plans to transition RTGS and CHAPS to near-24/7 settlement at its June 24 meeting. The meeting noted that the relevant Consultation Paper is seeking feedback from stakeholders, and that extended settlement hours will affect FX market structure and bring adjustments in financial stability, investment, funding and treasury management.

    推荐理由：The meeting disclosed plans and consultation arrangements for the transition of RTGS and CHAPS to near-24/7 settlement, while also presenting its impact on FX market structure, financial stability and funding models.

  2. Bank of EnglandSource summary60

    Bank of England publishes minutes of London FXJSC Legal Subcommittee meeting, focusing on transition to 2026 FX Definitions

    Bank of England published the minutes of the London FXJSC Legal Subcommittee meeting held on June 16, with the 2026 FX Definitions and their implementation arrangements as the main focus. The four-year plan has entered the implementation phase, the SWIFT rulebook is expected to be updated in the summer, and the new definitions are scheduled to transition in November 2027, when the 1998 definitions will cease to apply. The new framework will be unified into a versionable digital system and will provide an implementation roadmap, guidance, and confirmation templates.

    推荐理由：The minutes provide a timeline for the transition from the 1998 definitions for FX contracts to the 2026 version, and set out the digital framework and implementation materials, helping market participants understand what they need to prepare.