Asian Clearing Union to adopt SWIFT alternative

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News Date: June 1, 2023

Within the coming weeks, ACU member states plan to introduce the Iranian-developed system.
During a recent summit in Iran, the members of the Asian Clearing Union (ACU) decided to compete with the SWIFT global payment network by launching a new cross-border financial messaging system in June.
ACU members include the central banks of Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, Sri Lanka, Myanmar, and Iran.
According to reports, the new, unnamed method for banking communication among ACU members was designed by the Central Bank of Iran (CBI).
Along with the top representatives from the ACU member states, the conference also included the governor of the Russian central bank, representatives from Afghanistan, and Belarus.
Last week, applications for membership in the ACU were submitted by Belarus and Mauritius.
Mohammad Reza Farzin, the governor of the CBI, disclosed that the bloc would look to expand its membership and vary the payment methods it accepts in order to support a more comprehensive de-dollarization drive.

What is Quantum Internet

Traditional computer data is coded in either zeros or ones. Quantum information is superimposed in both zeros and ones simultaneously.
The quantum internet is a network that will let quantum devices exchange some information within an environment that harnesses the odd laws of quantum mechanics.
In theory, this would lend the quantum internet unprecedented capabilities that are impossible to carry out with current web applications.
Sources: trevorwinchell.com

Reducing record debt, priority for Trump

White House says reducing record debt will be big second-term priority for Trump.
The accumulated debt is on track to surpass the size of the entire economy next year for the first time since World War II, and breach its all-time record in the coming years.
On the 2016 campaign trail, Trump promised to wipe out the nation's debt altogether over the course of his presidency.
Sources:thehill.com

IMF Debt forgiveness for 25 poorest countries

IMF Executive Board approved immediate debt service relief to 25 of the IMF's member countries under the IMF's revamped Catastrophe Containment and Relief Trust (CCRT) as part of the Fund's response to help address the impact of the COVID-19 pandemic.
Source:imf.org

Supreme Court could hit the tax system

The Supreme Court's decision to hear a pivotal tax case has profound implications for the future of the U.S. tax system.
At stake is the constitutionality of a proposed wealth tax, which could address economic disparities or dismantle key aspects of the existing tax framework.
A favorable ruling may promote social equity, while an adverse outcome could preserve individual economic freedom.
The case underscores the delicate balance between economic growth and fairness, making it a crucial moment in the nation's fiscal history with far-reaching implications.
The Supreme Court is expected to issue a decision by June 2024.

BRICS quantum tech partnership

Russian scientist Alexey Fedorov is the leader of the Quantum Information Technologies group at Moscow-based Quantum Center.
He expressed a desire to develop close partnerships with China and India in the field of quantum technology.
When the city of Kazan hosts the BRICS conference the following year, Russia aims to make its case.
Fedorov: Because together we can make things which are very hard to do alone.
We can collaborate about quantum computing, maybe solving problems and exchanging opinions and we collaborate about quantum sensing and different technologies and make our BRICS alliance to be stronger.