US House Passes Anti-CBDC Bill

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News Date: May 23, 2024

The US House of Representatives passed the CBDC Anti-Surveillance State Act, which aims to ban the Federal Reserve from creating a Central Bank Digital Currency (CBDC).
The bill, passed with a vote of 216 to 192, saw support from 213 Republicans.
It prevents any pilot programs for a CBDC before they are proposed and restricts the Federal Reserve and the Department of Treasury from issuing a CBDC without Congressional approval.
Additionally, the bill ensures that the Fed cannot issue a retail digital currency that could be used for citizen surveillance.
Majority Whip Emmer emphasized that the bill is a response to the current administration's lack of clarity and guidance on digital assets, arguing that an improperly managed CBDC could significantly impact American lives.

Gold To Return As Reserve Currency

The global monetary system as you know it is already falling out from beneath your feet.
Smart investors should already be pouring money back into silver and gold before global monetary system collapse.
But now, experts like Peter Schiff, chief executive officer of Euro Pacific Capital, are betting on gold to topple the dollar’s long reign and establish itself as the new de facto reserve currency.
Source: www.kitco.com

BRICS expansion to a global community of security

Xi calls on BRICS countries to build global community of security for all.
Xi made the remarks while delivering a video address at the opening session of the BRICS Foreign Ministers' Meeting.
China proposes to start the BRICS expansion process, explore the criteria and procedures for the expansion, and gradually form a consensus.
Sources: english.news.cn

The long awaited Gold Standard is here

Zimbabwe will start issuing digital currency next month that is backed by gold.
On May 8, the public will be able to purchase a digital currency backed by gold from Zimbabwe's central bank.
Additionally, RBZ introduced smaller gold coins in weights of tenths of an ounce, quarters of an ounce, and half of an ounce.
The smallest coin weighs just over 3.11 grams and costs US$188.48 or its equivalent in local currency at the interbank rate.

Russian Gold-backed Stablecoin Confirmed

Russia Mulls Gold-backed Stablecoin, Lawmaker Confirms After Iran Visit.
Russia may issue a stablecoin backed by gold to use in international settlements, a high-ranking member of the Russian parliament has admitted.
The matter has been discussed during a recent visit to Iran where officials have also signaled interest in such an initiative.
Source: bitcoin.com

Russia Proposes SWIFT-like System for BRICS

Russia is advocating for BRICS countries to develop their own financial messaging system, similar to SWIFT, to reduce reliance on Western institutions and boost financial autonomy.
Deputy Chairman Alexander Babakov stated this system would allow secure, independent transactions via state-owned banks, support African development, and reduce neocolonial influences.
Integrating with national infrastructures and using advanced cybersecurity, the system would lower transaction costs, speed up capital turnover, and improve liquidity, benefiting international trade.
"The creation of a financial messaging system similar to SWIFT will help create a new economic reality for the BRICS countries," Babakov said.
Source: TASS.