FED will adopt ISO 20022 message format

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News Date: October 5, 2021

Federal Reserve Board announces the Reserve Banks will adopt a new message format for the Fedwire Funds Service and invites public comment on proposal to expedite adoption.
The Federal Reserve Board on Monday announced that the Federal Reserve Banks will adopt the ISO 20022 message format for the Fedwire Funds Service.
The change will allow for enhanced efficiency of both domestic and cross-border payments, and a richer set of payment data that may help banks and other entities comply with sanctions and anti-money laundering requirements.
Sources: www.federalreserve.gov

Ripple's Xumm Banking App Will Soon Be Ready for Mass Adoption

On behalf of Ripple, XRPL Labs has developed the banking app Xumm, which is based on the bridge currency XRP and should offer the same extensive functions as a bank account. The app works completely without third parties such as banks or other financial institutions and offers cross-border transactions in real-time.
Source:coinspeaker.com

White House announces $1B for AI, quantum mechanics

Today, the White House, the National Science Foundation (NSF), and the Department of Energy (DOE) announced more than $1 billion in awards for the establishment of 12 new AI and QIS research and development (R&D) institutes nationwide.
Source:www.whitehouse.gov

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

National coin shortage getting worse

The nation's coin shortage, prompted by less cash circulating as a result of Covid-19 - is getting worse.
And believe it or not, cash is still being used in 49% of payments that are $10 or below, according to a recent study by the Federal Reserve Bank of San Francisco.
The irony of the situation lies in the fact that the Fed can print trillions for bonds, but can't come up with a couple of quarters to do its laundry.
Sources:www.bloomberg.com, zerohedge.com

Welcome to Blockchain, Federal Reserve!

Once Anti-Bitcoin, JPMorgan Provides Banking Services to Crypto Exchanges Coinbase and Gemini.
Source:cointelegraph.com