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What Is Fiat Money?

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News Date: November 26, 2021

Fiat money is a currency that is backed by nothing except the faith and credit of the government issuing it.
Basically every usable currency around the world today is a fiat currency.
The U.S. dollar has been fiat since 1971.
Fiat money is a currency that is declared money by decree-not by the marketplace.
Though some fiat currencies were once backed by commodities, they are now only backed by the legislative power of the government issuing them.
Source: thebalance.com

Congress letter to encourage the Treasury to utilize blockchain and DLT

Eleven members of Congress are calling on the U.S. Treasury Department to look at new technologies, including blockchain and distributed ledger technology (DLT), to help streamline how cash and supplies are distributed under a federal law trying to boost the economy during the COVID-19 crisis.
Source:coindesk.com

BRICS Adopts Digital Economy

From January 17 to 19, 2024, the Moscow City Government delegation participated in the Smart Cities India Expo in New Delhi.
Sergey Cheremin, Minister of the Moscow City Government, addressed the exhibition's opening and engaged in various sessions in the business program.
He emphasized the longstanding cooperation between India and Russia and highlighted potential areas for bilateral partnership.
"We are united by the common goal of building the most modern infrastructure, creating a safe and comfortable urban environment. One of the most promising areas of our cooperation is undoubtedly information technology and the digital economy. India and Russia are striving to become leaders in this field, and joining forces can create a synergistic effect," Cheremin stated.
In December of the previous year, China and Russia announced a groundbreaking test for a hack-proof quantum communication link using the Mozi satellite.
The BRICS alliance, having dominated the geopolitical sector in 2023, announced a six-country expansion plan during the Annual Summit.
Now, as attention turns to 2024, both Russia and India, amidst the BRICS initiative, are collaborating on a digital economy and expressing commitment to developing a native BRICS currency, rumored to be blockchain-based.
Also, the BRICS Pay system was launched last year to rival the Western SWIFT payment system and establish BRICS-based alternatives.

Gold Standard imminent

The current fiat international monetary system is ending - unconventional monetary policy has entered a dead end street and can't reverse.
Research reveals that European central banks have prepared a new international gold standard. Since the 1970s, policies that paved the way for an equitable and durable monetary system have gradually been implemented.
Sources:www.zerohedge.com

FED explores XRP For Instant Settlements

The US Federal Reserve is carefully examining XRP's feasibility and possible role in facilitating quick settlements within the financial environment after receiving many recommendations supporting XRP for instant settlements.
Concurrently, there are debates and investigations into the viability of pegging XRP to gold, which might open up new avenues for stability and value for the cryptocurrency.
This is an interesting possibility since it means that XRP might become physically connected to gold, which would have a big influence on its value and reputation in the QFS.

Defcon Level Warning System: Returning To Gold Standard

Russia is reportedly returning to the gold standard.
The government will abolish the VAT (tax) on bullion when purchasing gold bars or other precious metals from a bank.
The 20% current tax on top of its value will not apply.
According to Money Week China 'almost certainly' owns more gold than the United States and both Russia and China have been expecting that they must separate from the U.S. dollar and have been increasing their gold holdings so that they will be prepared for such a time.
Maxime Bernier said that China and Russia have both accumulated a lot of gold and are dumping their dollar assets.
"By escalating the Ukraine conflict and imposing financial sanctions, we are pushing them to establish an alternative global monetary system, likely based on gold" he stated.
"When this happens the US$ will crash and our massively indebted economies will suffer.
This is a big geopolitical blunder. And btw Canada has no gold reserve. We won't have anything to support the CAN$. Almost nobody sees this coming". he added.
Maxime Bernier said that he supports the return to sound money and a gold standard, but not in an 'unprepared and destabilizing fashion as the one we are facing now'.
Source: Defcon Level Warning System

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