Switching to gold standard

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News Date: August 3, 2020

Deutsche Bank's top credit strategist Jim Reid has described himself as "a gold bug," and reckons "fiat money is a passing fad in the history of money," RT's Keiser Report recalls for the show's viewers.
Sources:www.youtube.com

Stellar reveals Financial Inclusion report

Stellar Development Foundation (SDF) released a whitepaper discussing the role of blockchain technology in facilitating financial inclusion.
The whitepaper underscores the significance of financial services access for global financial inclusion, particularly in developing economies.
Despite advancements in digital payments, cash remains prevalent in emerging economies. Many unbanked adults still receive government and private-sector payments in cash, impacting financial inclusion.
It emphasizes digital payments as a pivotal entry point to formal economic participation. Despite the persistence of cash usage, transitioning to digital payments can encourage broader use of financial services.
The paper delves into the hurdles of cross-border payments and highlights blockchain's potential to address these challenges. It showcases blockchain's role in enabling secure, cost-effective transactions.
Additionally, it presents various applications of blockchain, such as facilitating cash-to-digital asset conversions, safeguarding against currency devaluation, and supporting humanitarian aid distribution.
While recognizing blockchain's promise for financial inclusion, the document emphasizes the necessity of balancing innovation with consumer protection, privacy, and financial education to ensure the creation of inclusive and secure financial systems.
Full report: stellar.org

Egypt to trade in local currencies with BRICS

Egypt will abandon the US dollar, establishing trade with BRICS countries in local currencies. Egypt has announced that they are ditching the US dollar in their trade with China, Russia, and India.
"Nothing of the sort has been implemented but there are discussions so that we can trade in local currencies of countries like India, Russia or China," Egyptian Supply Minister Ali Moselhy told Reuters.
Last year, Egypt formally applied to join BRICS and the SCO.

Five countries officially joined BRICS

Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates have officially joined the BRICS bloc after being invited last year, according to South Africa's Foreign Minister Naledi Pandor.
"With respect to the BRICS confirmations, five out of the six have confirmed. That is Saudi Arabia, UAE, Ethiopia, Iran and Egypt," Pandor stated on Wednesday.
South Africa revealed in July 2023 that 22 countries have formally requested to join the BRICS group, with an additional equal number expressing informal interest. This surge underscores the global recognition of BRICS as a pivotal alliance representing major emerging economies.

MOEX to launch Ruble priced gold July

Head of the exchange's derivatives market Maria Patrikeyeva stated that The Moscow Exchange is planning to start trading in perpetual gold futures.
Patrikeyeva: "We launched settled quarterly gold futures, and in the near future, in July, we will launch new perpetual gold futures,".
This statement was made at the press lunch "Options Market on the Moscow Exchange: New Opportunities."
On June 28, the Moscow Exchange started trading settled gold futures contracts denominated in Russian rubles.
The GLDRUB_TOM instrument from the exchange's precious metals market serves as the underlying asset.
A lot is 1 gram, while a tick's size and value are both 0.1 rubles.
On the day the contract is settled, the strike price is the RUGOLD index price as determined by the Moscow Exchange based on transactions involving the underlying asset in the precious metals market.

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