Rupee-Riyal trade, UPI payment system

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News Date: September 19, 2022

India, Saudi Arabia discuss Rupee-Riyal trade, UPI payment system.
India and Saudi Arabia have discussed the possibility of starting a rupee-riyal trade as part of efforts to boost economic ties between the nations, the Indian government said in a statement on Monday.
Sources: indiatimes

Gold Standard on Kremlin Desk

Russian president Vladimir Putin is discussing the idea of pegging the Ruble to gold And Commodities.
If approved this would directly link Russia's currency to gold bullion for the first time in more than a century.
Linking the ruble to bullion could give Russia more "sovereignty" over its financial system.
However, the governor of Russia's central bank, Elvira Nabiullina, told reporters the idea was "not being discussed in any way".
Full article: Reuters

Millions back to UK taxpayer

Graham Smith, the CEO of Republic, told Express.co.uk that the Queen and Prince of Wales are two of the most expensive members of the Royal Family. Republic is an organisation that campaigns for the abolishment of the monarchy and for Queen Elizabeth II to be replaced by an independent, democratic Head of State.
Queen and Charles ordered to pay back millions to UK taxpayer amid fury over monarchy cost.
Sources:www.express.co.uk

Iran and Egypt signed a memorandum to join SCO

The Shanghai Cooperation Organization (SCO) is an intergovernmental organization founded in Shanghai on 15 June 2001.
After 21 years, the organization has become not only a strong pillar of global peace and development but also a major force for international equity and justice.
The SCO currently comprises eight Member States (China, India, Kazakhstan, Kyrgyzstan, Russia, Pakistan, Tajikistan and Uzbekistan), four Observer States interested in acceding to full membership (Afghanistan, Belarus, Iran, and Mongolia) and six 'Dialogue Partners' (Azerbaijan, Armenia, Cambodia, Nepal, Sri Lanka and Turkiye).
Egypt and the Shanghai Cooperation Organization (SCO) on Wednesday signed a memorandum of understanding on Egypt's accession to the organization as a dialogue partner ahead of the summit of heads of state and government of the organization's member states scheduled to be held in Samarkand, Uzbekistan, on 16 September.
Also, Iran has signed a Memorandum of Obligations to become a permanent member of the SCO, the Iranian foreign minister said.
Sources: dailynewsegypt , azertag

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

HSBC introduces tokenized gold platform

HSBC is the First Bank in the World to Offer Tokenized Gold.
HSBC Holdings Plc, a major bullion bank, has introduced a platform that utilizes blockchain technology to tokenize ownership of gold stored in its London vault.
This platform generates digital tokens representing gold bars, making gold trading more accessible.
While initially targeting institutional investors, it plans to open up to retail investors where regulations allow.
HSBC's entry into the tokenized gold market is notable due to its significant role as a custodian of precious metals and a clearer on the London gold market.
The technology promises to streamline the process, allowing clients to easily track their gold ownership down to the serial number of each bar.
HSBC has been actively exploring blockchain technology and recently launched HSBC Orion, a tokenization platform for digital bonds, with successful applications in the market.