Goldilocks’ Comments and Global Economic News Saturday Evening 3-2-24
Good Evening ,
“Hong Kong is currently pursuing an expansion of the digital yuan’s application. It is also approaching the second phase of its own CBDC pilot program and completing consultations for stablecoin issuance.”
Do you remember a couple of months ago when we spoke of several global stablecoins that were being tested inside a sandbox with Hong Kong?
They are telling us that Hong Kong is in process of moving past the consultation process and ready to move into the implementation phase. This is the phase of regulatory development inside Global use case scenarios.
The e-HKD digital version of the Hong Kong dollar completed its first pilot testing phase in October 2023. Now, Hong Kong is telling us that they are moving into the retail sector. This will include programmable payments, offline payments, and tokenized deposits. Coin Speaker
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CBI Announcement:
Shafaq News / The Iraqi Central Bank (CBI) affirmed on Saturday that it has provided five alternative currencies to the dollar for traders to use in purchasing goods from abroad, using each country’s currency through the bank.
CBI’s Deputy Governor Ammar Hamad told Shafaq News Agency that “CBI has made other foreign currencies available for Iraqi traders, including the euro, the Chinese yuan, the Turkish lira, the Emirati dirham, and the Indian rupee.”
He added that “these currencies are now available to traders, aiming to facilitate foreign trade. When a trader imports goods from China, for instance, they can pay in Iraqi dinars to the Iraqi bank, which will then settle the amount with the Chinese company or factory in Chinese currency.” Shafaq
👆 Goldilocks pointed to this article
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The Bank for International Settlements has set forth recommendations for Central Banks on supervision and legislative practices of Global Stablecoins.
Below is a link to a chart that you can read about these regulation recommendations. These recommendations will flow into the Central Bank’s guidance for banks.
Here, we have the beginning stages of a top-to-bottom mandate of guidelines that will formulate new rules, regulations, and laws to govern Stablecoins. BIS
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Federal Register Announcement:
There is a proposed rule by the CFTC to extend a period of comments before execution of a new rule on April 22nd, 2024.
Proposed Rule: “The Commodity Futures Trading Commission (CFTC or Commission) is proposing to amend its regulations to permit a foreign board of trade (FBOT) registered with the Commission to provide direct access to its electronic trading and order matching system to an identified member or other participant located in the United States and registered with the Commission as an introducing broker (IB) for submission of customer orders to the FBOT’s trading system for execution.”
Foreign Board of Trade means any board of trade. This includes any exchanges or markets outside the United States. Federal Register
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“Most countries have said that settlement in national currencies is what the BRICS countries need. We are already a big BRICS family of 10 countries. Most countries supported the fact that it is necessary to build new mechanisms of settlements and shared the experience of developing digital currencies by central banks, the experience of building platforms, and participation in trials of various platforms,” Chebeskov said. Modern Diplomacy
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Moscow: The Russian Finance Ministry together with the Bank of Russia and BRICS partners will prepare a number of initiatives to improve the international monetary and financial system, which will focus in particular on the issue of creating the BRICS Bridge multisided payment platform, according to files published following the first meeting of BRICS finance ministers and central banks governors in Sao Paulo, Brazil. Times of Oman
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USDV – A Revolutionary Stablecoin Transparently Pegged To Tokenized T- Bills | Coin Telegraph
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As the name suggests, a reverse ATM, or a cash-to-card kiosk, is the opposite of a conventional cash machine. A reverse ATM is a machine into which customers deposit cash and are given a debit card with the amount they have deposited credited onto the card. The customer can then use this card to complete a transaction through the merchant’s payment gateway—either in-store or online.
Currently, consumers will most commonly see cash-to-card kiosks in venues or establishments that want to encourage their customers to use cards instead of cash for transactions in their establishments. In return for cash, kiosks dispense stored-value cards that can be used to purchase goods or services in that establishment. Unicorn Group
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Fed Chair mum on foreign nations’ evacuation of Gold from US | FX Street
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Bretton Woods 3:
Join LIDS and the Harvard International Law Journal for our Spring 2024 conference entitled “Bretton Woods 3.0? The Future of International Economic Law.”
The event will occur throughout the day of March 2, 2024 at Austin Hall on the Harvard Law School Campus.
This year’s conference features four panels and one keynote speech focusing on the changing nature of multilateral cooperation in international economic law.
Each discussion will cover key topics related to this theme, drawing on experts from the legal industry, academia, and intergovernmental organizations. Harvard Edu
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Inflation Saga Far from Over: Services Inflation in Euro Area Just as Stubborn as in the US, Makes Very Disconcerting Moves | Wolf Street
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US states are using gold & silver as money – are YOU? | YouTube
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RIPPLE XRP🚨IMF SHOCKING NEW ESDR RULES⚠️🚨XRP IS WAKING UP | YouTube
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