Goldilocks’ Comments and Global Economic News for October 1st
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EURC Goes Live on the Stellar Network: Revolutionizing Global Payments
We are thrilled to announce a groundbreaking development in the world of digital currencies and global payments. EURC (Euro-Backed Digital Currency) has officially launched on the Stellar Network, ushering in a new era of real-time, global transactions.
This momentous collaboration between Circle and the Stellar Development Foundation (SDF) brings forth a fiat-backed stablecoin that is set to transform the way businesses and individuals engage in cross-border transactions.
Crypto News Bytes Link
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Live updates: House passes bill to keep government open for 45 days, sends it to Senate
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Debit Credit Card Rules: 2 new debit card, credit card rules applicable from October 1, 2023
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Credit Card portability: How customers can change their card network from Visa to
MasterCard to RuPay or any preferred network; Check details.
“The central bank in its draft circular has said card issuers, such as Visa, MasterCard, RuPay, shall issue cards across more than one card network and should provide an option to the customers to choose any one among the multiple card networks.”
“RBI’s new rules on recurring payments, which were extended from March 31 this year to the end of September, kick in now. So starting October 1st, you will have to complete an additional factor authentication for auto-debits for any payments upto Rs 5,000.”
“In the Budget this year, certain changes were announced to the system of Tax Collection at Source (TCS) on payments under the Liberalised Remittance Scheme (LRS) and on overseas tour program packages. These were to take effect from 1st July 2023. It was also announced in March that credit card payments would be brought under the LRS. Numerous comments and suggestions were received which have been carefully considered.”
The UPI now enables customers to choose which network and which provider card service they want for payments. This is just part of the new features the RBI is integrating starting 10-1-23. Other new measures such as multi multi-authentication for payments and new Tax Collection at Source or TCS percentages. All of this was part of the measures put in place by the Ministry of Finance in March of this year.
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Economic Times Link
https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1936105
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BREAKING: U.S. Senate approves government funding for 45 days, averting a shutdown.
@GeneralMCNews
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👆 This should give us enough time to finish the upgrade from protocol 19 to protocol 20 in the banking system.
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BREAKING: Terrorist attack in Turkey — Two terrorists carried out a bomb attack outside the ministry buildings in Ankara with one of them blowing himself up while the other was “neutralized” by authorities.
@GeneralMCNews
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👇 [TODAY] 👇
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FOR IMMEDIATE RELEASE
2023-216
Washington D.C., Sept. 29, 2023 —
The Securities and Exchange Commission, Municipal Securities Rulemaking Board (MSRB), and Financial Industry Regulatory Authority (FINRA) today announced that registration is open for a virtual Compliance Outreach Program for municipal market professionals. The free webcast is open to the public and will take place on Thursday, December 7, 2023, from 10:30 a.m. to 4:30 p.m. ET.
https://www.sec.gov/news/press-release/2023-216
Banking Announcement:
“The SEC has now finalized its much-anticipated rules for public companies’ cybersecurity disclosures.”
These rules are currently coded under the Securities Exchange Act of 1934 and the Securities Act of 1933.
This is very important to the Foreign Currency Exchange Market. It allows cross-border international trading opportunities to move money around the world securely.
This is expected to go into effect the month of December 2023.
© Goldilocks
Eye On Privacy Link
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“On June 9, 2023, the Securities and Exchange Commission (SEC) approved the New York Stock Exchange’s (NYSE) and Nasdaq Stock Market’s (Nasdaq) proposed clawback listing standards, including the amendments that delayed the effective date of the rules to October 2, 2023. Listed companies now have until December 1, 2023 to adopt Dodd-Frank-compliant clawback policies.”
Companies who misrepresent themselves through financial statement enclosures can be subject to clawback rules and financial compensation for those affected.
This is very important to all companies, but those who are in the midst of a foreign currency exchange will see its value if needing to be enforced.
This goes into effect on December 1st, 2023.
© Goldilocks
Shearman Link
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Stocks, Bonds, and CRE Face QT
Fundamentals for markets have boiled down to QE or QT since 2009. Now there’s QT, a lot of QT, globally, to battle the worst inflation in decades.
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Kenya to Trade with African Countries Using Local Currency as Shilling Continues to Weaken
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No shutdown: Biden approves 45-day US budget proposal
US President Joe Biden signed a law approved by Congress, which will allow to continue funding the government for 45 days, until November 17, the White House informed.
At the same time, the law does not include the allocation of funds for Ukraine’s needs.
Biden himself has previously stated that Washington “under no circumstances” can afford to stop supporting Kiev.
The signing of the law eliminated the threat of a government shutdown in the US, which otherwise would have come as early as on October 1.
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Banking Announcement:
SWIFT, a global banking network, is also testing blockchain interoperability with Chainlink and other financial institutions.
Chainlink creator Sergey Nazarov stated that the collaboration with SWIFT has been successful, achieving key goals such as using SWIFT messages to initiate blockchain events and connecting private bank chains to public chains for transactions.
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