First-ever cross-border settlement for precious metals

Gesara.news » News » First-ever cross-border settlement for precious metals

News Date: December 20, 2023

The Bank of China Shanghai Branch achieved a historic milestone by conducting the first-ever cross-border settlement for precious metals using the digital yuan (e-CNY) on December 20.
Collaborating closely with the Shanghai Gold Exchange, they executed a 100 million yuan digital renminbi transaction, marking a significant advancement in the financial factor market.
This successful initiative demonstrates the practical application of digital currency in cross-border transactions for precious metals and sets a precedent for future developments in this space.

Trump vows to End Taxes on Overtime

Donald Trump announced the extension of his tax cuts program during a rally in Tucson, Arizona, following his recent pledge to end taxes on tips.
"As part of our additional tax cuts, we will end all taxes on overtime";
"The people who work overtime are among the hardest working citizens in our country";
"When you pass 40 hours a week, your overtime hours will be tax-free", Trump said.

Trump is seriously considering a capital gains tax cut

Donald Trump is considering a capital gains tax cut in an effort to create more jobs.
- We are looking at also considering a capital gains tax cut, which would create a lot more jobs, said Trump Monday during a White House news conference.
Sources:www.youtube.com, bloomberg.com

BRICS Considers a global Stablecoin

BRICS nations are considering a stablecoin for international trade settlements.
Sergei Ryabkov, Russia's Deputy Foreign Minister, hails this move as groundbreaking.
He also states that BRICS is also exploring a platform for digital payments.
Ryabkov: "BRICS is moving forward, creating an important precedent."
Russia has also hinted at issuing a gold-backed stablecoin.
With member nations amassing gold reserves, the idea gains traction.

Patent WO2020060606 cryptocurrency system using body activity data

Microsoft Patents New Cryptocurrency System Using Body Activity Data.
Patent number: WO2020060606
Microsoft is recently issued a patent for a device that is implanted under your skin that tracks your movements, allows for cashless payments, and even allows for medical tracking
Source:patentscope.wipo.int

Basel III endgame strikes the Federal Reserve

U.S. Federal Reserve officials, led by Fed Vice Chair Michael Barr, are exploring changes to the 'Basel III endgame' overhaul for bank capital regulations.
This includes reconsidering operational risk calculations and potential offsets for mortgage servicing.
It marks a significant shift as the Fed acknowledges concerns from the banking industry about the policy's impact on lending.
Here is Michael Barr's statement:
'We want to make sure that the rule supports a vibrant economy that supports low - and moderate-income communities, that gets the calibration right upon things like mortgages.
So the public comment that we're getting on this is really critical for us getting it right. We take it very, very seriously.
That program was really designed in that emergency situation. It was designed for that emergency to say, we want to make sure that banks and creditors of banks and depositors banks understand that banks have the liquidity they need.'