Economists Discuss Russia, China Developing Gold-Backed Currency

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Date: November 11, 2022

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar.
Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold.
Sources: news.bitcoin

Ripple effect. Ripple Partners with biggest Central Banks

Ripple Partners with Largest Financial Institution in Africa and Middle East.
Qatar National Bank and Ripple partner to enhance Global Cross-Border payments.
The national bank of Qatar is the biggest banking institution in Africa and the MENA region.
Fed Reserve Adopts ISO 20022 Format for Payments That Ripple Is Compliant With.
The Federal Reserve Board on Monday announced that the Federal Reserve Banks will adopt the ISO 20022 message format for the Fedwire Funds Service.
Ripple also partnered with UAE, South Korea, Bhutan, Saudi Arabia and blueprints to modernize Europe's payments infrastructure.
Sources: u.today, u.today

Iraq Boosts Gold Reserves & Plans Dinar Revaluation!

The Central Bank of Iraq announced it has doubled its gold reserves — now holding 170 tons, making up 20% of its total assets 🪙.
Iraq is now 4th in the Arab world and 29th globally in gold holdings 🌍.
📈 The Deputy Governor also revealed plans to remove zeros from the dinar, aiming to simplify transactions and reduce cash hoarding — a move that could pave the way for revaluation 💵.
🔒 No plans to float the exchange rate — stability remains the top priority.

Ripple and SWIFT on one platform

IBIS announced that its customers will be able to connect to Ripple and SWIFT in their pockets, on one platform. In that sense, IBIS stated that its customers will have unlimited banking possibilities. SWIFFRoute customers will be able to process payments through RippleNet and an out of the box banking integration.
Source:www.crypto-news-flash.com

Stellar reveals Financial Inclusion report

Stellar Development Foundation (SDF) released a whitepaper discussing the role of blockchain technology in facilitating financial inclusion.
The whitepaper underscores the significance of financial services access for global financial inclusion, particularly in developing economies.
Despite advancements in digital payments, cash remains prevalent in emerging economies. Many unbanked adults still receive government and private-sector payments in cash, impacting financial inclusion.
It emphasizes digital payments as a pivotal entry point to formal economic participation. Despite the persistence of cash usage, transitioning to digital payments can encourage broader use of financial services.
The paper delves into the hurdles of cross-border payments and highlights blockchain's potential to address these challenges. It showcases blockchain's role in enabling secure, cost-effective transactions.
Additionally, it presents various applications of blockchain, such as facilitating cash-to-digital asset conversions, safeguarding against currency devaluation, and supporting humanitarian aid distribution.
While recognizing blockchain's promise for financial inclusion, the document emphasizes the necessity of balancing innovation with consumer protection, privacy, and financial education to ensure the creation of inclusive and secure financial systems.
Full report: stellar.org

Russia plans a digital golden ruble

Russia may allow gold-backed stablecoins under government control according to lawmakers.
The statement comes after Bank of Russia proposed a wide-ranging ban on the use of cryptocurrencies, and their trading and mining.
According to a report by the Central Bank of Russia, the nation's central bank gold holdings surpassed its dollar reserves for the first time in its history, with gold making up 23% of total reserves as of the end of June and dollar assets dropping to 22%.
Source: bitcoin.com