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HSBC Launched Gold Tokens in Hong Kong

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News Date: March 27, 2024

HSBC has introduced a novel opportunity for retail investors in Hong Kong by launching a gold investment option in the form of digital tokens.
Through its online banking service and app, customers can now purchase real gold using these tokens.
This initiative marks the first instance of HSBC utilizing its private distributed ledger for everyday investors, powered by its digital assets platform, Orion.
The platform enables the issuance and storage of digital assets such as bonds. The HSBC Gold Token, created through this platform, represents physical gold bars and can be traded through the bank's single-dealer platform, paving the way for retail products driven by the Orion platform.

First-ever cross-border settlement for precious metals

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.

FedNow Approved. Interoperability with private-sector ASAP

The Board of Governors of the Federal Reserve System (Board) has approved the FedNow Service.
The Federal Reserve is committed to using widely accepted standards in designing the FedNow Service to aid in accomplishing the key goals of achieving nationwide reach for instant payments and promoting interoperability with the existing private-sector service. To support these goals, the service will use the widely accepted ISO 20022 standard.
The Federal Reserve intends to launch the FedNow Service as soon as practicably possible. Although the target release date remains 2023 or 2024.
Sources:www.federalregister.gov, www.pymnts.com

BRICS Common Currency report

The planned BRICS cross-border currency is an important step in challenging the dominance of the U.S. dollar, according to Zhou Yu, director of international finance Research at the Shanghai Academy of Social Sciences, revealed a recent report from China's Global Times.
Zhou states that the recent moves to support local currency settlement have given the BRICS countries a competitive advantage in reducing the dominance of the dollar in international trade.
Iran, Argentina, Saudi Arabia, Turkey, and Egypt are among the potential countries to join and adopt the BRICS currency in 2023.

Economists Discuss Russia, China Developing Gold-Backed Currency

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

SpaceX launched another 49 Starlink satellites

It's been a busy January! No better way to start the New Year.
SpaceX launched another batch of 49 Starlink satellites to orbit aboard a flight-proven Falcon 9 rocket from Launch Complex 39A at Kennedy Space Center (KSC).
This was the third mission for SpaceX in 2022, as the company had already launched the Starlink Group 4-5 and Transporter-3 missions this month.
In addition, this mission marked a quick turnaround for LC-39A, as Starlink Group 4-5 also launched from the same pad on January 6.
Source: SpaceForceDoD

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