Russia to use digital ruble in settlements with China

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News Date: September 26, 2022

Russia plans to use digital rouble in settlements with China, says lawmaker.
After launching a digital rouble early next year, Russia plans to use the currency in mutual settlements with China as it seeks to reduce Washington's global financial hegemony, a senior Russian lawmaker said on Monday.
Sources: reuters

Fintech and XRP Support in US GOV Register New Rule

The Remittance Transfers Under the Electronic Fund Transfer Act final rule is effective July 21, 2020.
The continued growth of "fintech" nonbank remittance transfer providers and their further expansion into partnerships and other relationships with banks and credit unions, which allow such entities to tap into the closed network payment systems that nonbank remittance transfer providers have developed and (3) the continued growth and expanding partnerships of virtual currency companies, such as Ripple, which offer both a payments messaging platform to support cross-border money transfers as well as a virtual currency, XRP, which can be used to effect settlement of those transfers.
The Bureau also believes that expanded adoption of SWIFT's gpi product or Ripple's suite of products could similarly allow banks and credit unions to know the exact final amount that recipients of remittance transfers will receive before they are sent.
Source: www.federalregister.gov

China trials cross-border settlement involving CBDC

China trials cross-border settlement involving cenbank digital currencies.
The bridge test was developed by the Bank for International Settlements.
A central bank digital currency trial focused on cross-border transactions has been completed, BIS said, with Chinese state-owned banks participating as Beijing tries to internationalize its digital yuan.
Sources: reuters

Governments resign worldwide. Fall of Empire

Amid OBAMAGATE is unleashed, governments worldwide are stepping down as their politics wobbles.
Angela Merkel stepped down and a messy race to succeed the chancellor after the upcoming election this September.
Dutch government resigns over child benefits scandal.
Estonia prime minister Juri Ratas resigns, Kaja Kallas asked to form the government.
Italy government in crisis as Renzi ministers resign.
Kuwait cabinet members resign amid a dispute with Parliament.
Updates soon. Stay Tuned.
Details: www.politico.com

Dutch Central Bank Preparing for the Gold Standard

Update from November 18, 2023:
The Dutch Central Bank (DNB) disclosed in a recent interview that it has modified its gold reserves to bring them into line with those of other nations within and outside the eurozone.
Motivated by political factors, this policy seeks to maintain strength and balance in reserves in relation to GDP.
Additionally, DNB proposed that during a financial crisis, an increase in the price of gold might make it possible to utilize official gold reserves as a stabilizing mechanism to uphold or create a new gold standard.
News from November 3, 2022:
Dutch Central Bank discussing Gold Revaluation
The DUTCH government openly discussed canceling debt by revaluation of the Gold price.
The Governor of the Dutch Central Bank stated the gold revaluation account ensures the solvency of his central bank in an interview on television about prospective losses.
Sources: gainesvillecoins

Banks in Big Trouble. Seismic events on the horizon

Banks are making desperate moves. Wells Fargo is shutting down all existing personal lines of credit in the coming weeks and no longer offers the product.
The role of commercial banks in the global economy is changing, with lending to governments and their agencies now more important than lending to goods and services industries. It is a trend which is due to continue.
The new Basel 3 regulations seem set to encourage this trend, despite retail depositors being accorded a stable funding status. Central bank digital currencies are anticipated to augment and perhaps replace non-financial business credit over the next five to ten years.
But the increasing financialisation of commercial banking brings the risk of tying its future firmly to a financial bubble. And with price inflation on the increase, it is only a matter of very little time before that bubble bursts.
Sources: www.cnbc.com, www.goldmoney.com