Federal Reserve Endorses Ethereum-Backed Alternative To Libor

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News Date: June 14, 2020

Jerome Powell, the current Chair of the US Federal Reserve, recently stated that an Ethereum-backed blockchain project operating as a reference rate called AMERIBOR could serve as a potential replacement to LIBOR.
Goldman Sachs-backed crypto finance startup Circle has published the latest third-party audit of its USD-pegged stablecoin, USD Coin (USDC). USD Coin is on the Ethereum blockchain. The execution of issuing and redeeming USDC tokens is ensured with ERC-20 smart contract.
Source: forbes.com
A district court in China has reportedly ruled that Ethereum's cryptocurrency is legal property with economic value.
While cryptocurrency is not legal tender in China, people can hold and transfer them like property.
Source: bitcoin.com

PPP Loan Forgiveness Procedures

Procedures for Lender Submission of Paycheck Protection Program Loan Forgiveness Decisions to SBA and SBA Forgiveness Loan.
The purpose of this Notice is to inform Paycheck Protection Program (PPP) Lenders of the processes for submitting decisions on PPP borrower loan forgiveness applications to SBA, requesting payment of the forgiveness amount determined by the Lender, SBA loan forgiveness reviews and payment of the loan forgiveness amount determined by SBA.
The PPP Forgiveness Platform will go live and begin accepting Lender submissions on August 10, 2020, subject to extension if any new legislative amendments to the forgiveness process necessitate changes to the system.
Source:www.sba.gov

Central banks bought a record amount of gold

Record central bank buying lifts global gold demand, WGC says.
Central banks bought a record 399 tonnes of gold worth around $20 billion in the third quarter of 2022, helping to lift global demand for the metal, the World Gold Council (WGC) said on Tuesday.
Sources: reuters.com

ISO 20022 migration. The Ripple effect strikes the Pound

Ripple Joins the Digital Pound Foundation: Designing a Path for a CBDC-Forward Future.
Ripple is excited to announce it is joining the Digital Pound Foundation, a non-profit focused on the development and implementation of a digital Pound in the United Kingdom.
ISO 20022 promises greater interoperability between various settlement networks, richer information flows, higher levels of straight-through processing, and more efficient compliance processes.
It signals a significant opportunity for banks to improve operational efficiency and reassess existing business models.
ISO 20022 has already been introduced for high-value payments systems (HVPS) in major countries and is established as the standard in instant payments markets following implementations worldwide.
Sources: ripple.com, www.sibos.com

Full body teleportation system patent

This invention is a system that teleports a human being through hyperspace from one location to another using a pulsed gravitational wave traveling through hyperspace.
Source:patents.google.com

A Dying Fiat System and Precious Metals

With the Fed set to hike rates and kill QE, markets are in turmoil. The Fiat money System is dying.
Some bank analysts are forecasting seven hikes this year.
Gold is of course the world's ultimate asset.
The US mint sells five million silver eagle coins in January.
Silver is biding its time before taking off to the higher ground.
Source: fxstreet.com