IATA mulls digital currencies for financial systems settlement
IATA mulls digital currencies for financial systems settlement The International Air Transport Association (IATA) , said it has concluded plans to offer digital currencies in the financial settlement systems it operates for the aviation industry. IATA, is the trade association of 330 airlines in over 120 countries. Disclosing this, IATA's Senior Vice President for Financial Settlement and Distribution Services, Muhammad Albakri said the new measure has become imperative because digitization impacts many aspects of lives , warranting many sectors, such as aviation to adopt it in supporting its services. According to Albakri the first digital currency to be offered is the digital Renminbi, which will be available in the China Billing and Settlement Plan (BSP) by the end of 2024. He said IATA is also examining the potential to offer other digital currencies in its settlement syst...