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Goldilocks and Seeds of Wisdom
“The Bank for International Settlements (BIS) has published detailed plans for its cross-border wholesale central bank digital currency (CBDC) project nearly one year after completing a pilot study.”
This project is expected to begin early 2024. Wholesale CBDCs will be utilized on Forex to exchange foreign currencies through digital smart contracts designed to ensure funds on both sides of a trade are executed safely.
The Bank for International Settlements is a foreign exchange company that is a bank for banks. It is owned by Central Banks and will ensure transactions will be made in our exchanges.
https://www.bloomberg.com/profile/company/BIZ:SW#xj4y7vzkg
© Goldilocks
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Central Banks Successfully Test Cross-Border Trading of Wholesale CBDC Using DeFi
“Project Mariana pioneers the use of novel technology for interbank foreign exchange markets. It successfully demonstrated that it is feasible to exchange wholesale CBDC across borders using novel concepts such as automated market makers (AMM),” said Cecilia Skingsley, Head of the BIS Innovation Hub.
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BIS Banking Announcement:
“The Committee on Payments and Market Infrastructures (CPMI) is an international standard setter that promotes, monitors and makes recommendations.”
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After careful study, the CPMI says that stablecoins would not have a positive impact on cross-border payments.
Even if stablecoins were properly designed and regulated, the BIS does not believe they are a proper use coin for cross-border payments.
This does not mean that in-country use is without merit. It just looks like the BIS is looking at other means for foreign currency trades.
https://www.bis.org/cpmi/publ/d220.htm
© Goldilocks
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ZETRIX LAUNCHES CROSS-BORDER SUPPLY CHAIN FINANCING PILOT WITH BANK OF CHINA AND DIXCHAIN
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Introducing Liquid Protocol: The First ERC20 Liquidity Provider Compatible with UNISWAP V2
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BRICS nears agreement on joint currency, awaits China and India’s endorsement, says ex-Russian minister
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“The authorities continue to advance on important reforms, albeit with delays. Capacity-building efforts have focused on strengthening tax administration and improving revenue mobilization; enhancing public financial management; improving foreign exchange operations; strengthening financial supervision and oversight; and improving statistical reporting on government finances, public debt, and national accounts. These efforts were supported by technical assistance from the IMF, the World Bank and other development partners.
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JUST IN: 🇬🇧 Bank of England proposes allowing stablecoins as a payment option for goods and services.
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BREAKING NEWS
BILL GATES-BACKED MINING STARTUP WANTS TO EXPAND INTO CONGO
Congo is the world’s largest producer of cobalt and one of the largest producers of copper.
Everyone is hunting for metals now.
Read: https://x.com/goldtelegraph_/status/1721610460368363924?s=46
Source: Dinar Recaps
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