XRP the Ripple force in the Federal Reserve projects

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News Date: May 7, 2020

Fed Faster Payments Task Force gives Ripple vote of confidence for next gen of global payments.
Ripple's Executive Elected to Fed's Faster payments Task Force.
The desired outcomes focused on speed, security, efficiency, cross border payments, and industry collaboration.
Source:ripple.com

Danske Bank forgives debts for 90,000 customers

Danske Bank AS said that 90,000 Danish customers that owe the bank money will have their debt balance wiped clean after discovering errors in the bank's debt-collection systems.
The Copenhagen-based bank became aware of systemic errors in its debt-collection systems in 2019 and has been working to correct past mistakes and compensate affected customers, but as remediation has progressed new issues have emerged, extending the timeline for resolution potentially beyond 2024.
Sources: marketwatch.com

Central banks chiefs out

With Angela Merkel on her way out as Chancellor, her former chief economic advisor, Jens Weidmann, announced plans to step down at the end of the year as head of Germany's Bundesbank after a decade at the helm of the national central bank.
Dallas Fed President Kaplan and Boston Fed President Eric Rosengren To Retire After Ethics Issue.
Former Iranian Central Bank Chief Handed 10-Year Prison Sentence.
Slovakia's central bank chief and European Central Bank governing council member Peter Kazimir has been charged with corruption.
Philippine central bank Governor Benjamin Diokno said he is with "team transitory" and that it is more prudent for the country to delay monetary tightening.
The Turkish lira hit a record low overnight after President Recep Tayyip Erdogan ordered a new round of dismissals at the country's central bank.
So, central bank are starting to worry. They were wrong about inflation because they were wrong about supply chains, and they were perhaps wrong about labor markets, which they had just taken years to learn had no serious bargaining power.
To be continued... Stay Tuned!.
Sources: www.cnbc.com ,gesara.news

April 2: Liberation Day and Coinage Act Celebration

April 2 weaves together two remarkable threads of American history, uniting past innovation with modern commemoration. On April 2, 1792, the United States Congress enacted the Coinage Act, a pivotal law that solidified the nation's early monetary system. Signed under President George Washington, this act established the dollar as the official currency and launched a bimetallic system, linking its value to gold and silver. Overseen by the newly founded United States Mint, it standardized coins by their precious metal content, fostering trust and stability in a young economy. Fast forward to 2025, and President Donald Trump declared April 2 "Liberation Day," a bold celebration of economic renewal through aggressive trade policies - an apt, if coincidental, nod to the day's historic financial roots.
While the Coinage Act of 1792 didn't usher in the full gold standard - later cemented in the 19th century - it laid critical groundwork with its practical yet forward-thinking design. It equipped the fledgling republic with a unified currency vital for commerce and growth, signaling a break from colonial reliance.
Today, April 2, 1792, endures as a cornerstone of American monetary history, its bimetallic foundation shaping the nation's economic trajectory. Trump's "Liberation Day" proclamation in 2025 adds a contemporary flourish, merging the legacy of financial independence with a modern vision of liberation, making April 2 a day of dual resonance.

Qatar boosted gold reserves to record levels

Qatar boosts gold reserves to record levels after buying 14.8 tonnes in July.
The Qatar Central Bank is the latest bank to announce an increase in its holding of precious metals.
Reserve data from the central bank shows it bought 14.8 tonnes of gold last month.
Source: kitco.com

Putin: Western banking system to end

Putin made some startling remarks addressing the VTB investment forum in Moscow on Thursday about the threat to the archaic financial system.
"The Western financial system is becoming outdated because of new technologies and could lose its dominant global position in the near future!
According to experts, in the coming years, this will lead to a revolution that will finally undermine the monopoly of large Western banks."
He also stated that these financial institutions are not in the best condition at this moment.