Goldilocks’ Comments and Global Economic News Saturday Evening 12-16-23
Good Evening ,
“CFTC Approves Proposed Amendments to Regulations Regarding Real-Time Public Reporting and Swap Data Recordkeeping and Reporting Requirements”
This new data collection is expected to harmonize International Data swap transactions that take place on the Forex Market. It begins on January 1st, 2024.
It is designed to create accurate and efficient reporting of the data being transferred back and forth between cross-border International trading.
The UPI is expected to adopt and use this new reporting rule on January 29th, 2024. The Unified Payments Interface is the foreign currency mechanism that India is going to use next year in International trade between countries.
Iraq, Vietnam, and Indonesia are three of several countries that will utilize this UPI interface.
It will allow several Banks across the world to exchange on the Forex Market under one digital mechanism.
© Goldilocks
CFTC Link 1
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Trade digitalization will boost Vietnam’s connection on the global stage
“Digitalization offers opportunities for a country to engage in international trade, benefiting micro, small, and medium-sized enterprises, although there will be regulatory challenges, according to HSBC.”
Vietnam is finishing up their version of the QFS system to be interfaced with the overall system this month as their assets are supposed to be tokenized as of yesterday.
Vietnam already has Basel 3 compliance to support their markets through a banking system fully compliant in commodity backing.
These new opportunities and new demands to move into the international world will begin creating price pressures on their currency going forward.
© Goldilocks
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BRICS alliance is set to expand with 14 more countries expressing interest in joining.
This expansion represents a shift in global economic alliances, challenging traditional power structures.
The potential addition of new members indicates BRICS’s growing influence and the move towards a multipolar world order.
https://www.cryptopolitan.com/4-more-countries-lined-up-to-join-brics/
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BRICS Rises: A Changing Balance in Global Power? Modern Diplomacy Link
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Yuan Growing in Use in Cross-Border Trade
The yuan is increasingly used to settle cross-border payments with China.
Indeed, the number of transactions between China and the rest of the world settled in yuan has grown by 24% in the first three quarters of this year alone.
The yuan now accounts for more than 50% of China’s global transactions for the first time, having dislodged the once-dominant U.S. dollar earlier this year. The Kiplinger Letter Link
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AI will level the playing field for SMB warehouses
“Where we see a main change [in warehousing automation] happening next year and the next couple of years is that more mobile solutions are accessible through your phone or an app. You can bring automation and AI tools to warehouse companies that might not necessarily have the funding, time and resources to do a fully automated warehouse but still want to elevate their processes by providing warehouse automation functionality in their system to become more competitive.”
https://finance.yahoo.com/news/ai-level-playing-field-smb-170000383.html
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XRP To Unleash Trillions In Idle Liquidity & Simplify Global Transactions
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Global bank regulator tightens rules for inclusion in top stablecoin ranking
The standards sort stablecoins into Group 1b and Group 2
The Basel Committee proposed adjustments to banks’ exposure to crypto assets. Comments are open until March 24.
Group 1b crypto assets preferential regulatory treatment subject to existing capital framework.
Group 2 stablecoins face highly conservative capital treatment.
1b Stablecoins Appropriate composition of reserves and statistical tests to identify low-risk stablecoins.
Risk management framework to assess market, credit, liquidity, and concentration risk.
Stablecoins pegged to currencies reserves to include short-term maturities and high credit quality with a proven record of relative stability and sufficient liquidity for ‘instant’ redemption.
Banks to perform due diligence regularly to ensure adequate stabilization mechanisms and effectiveness.
S&P Global Ratings first assessment of 8 stablecoins this week Tether ‘constrained’, Frax ‘weak’ USDC ‘strong’ assessment.
https://blockworks.co/news/basel-commitee-tightens-stablecoin-rules
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What will digital transformation look like in 2024? FinTech Magazine Link
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BRICS to Make Major Announcement in 2024?
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Ripple has joined forces with BIS on a groundbreaking initiative to reshape the global FX market.
Project Mariana has sought to revolutionize FX trading using innovative tokenized financial systems.
Successful testing of wCBDCs has demonstrated the potential for cross-border FX transactions.
Read more on DailyCoin: https://dailycoin.com/ripple-bis-aim-transform-7-5-trillion-forex-market/
👆 Goldilocks pointed to this article
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India Proposes Local Currency Use in Trade with Indonesia Jakarta Globe Link
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US to award BAE $35 million to supply chips for F-35
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