Taiwan's Currency Backed by Gold Reserves: Central Bank

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News Date: August 18, 2024

A central bank official announced on Friday that Taiwan holds around 422 tonnes of gold in reserve, managed by the Central Bank of the Republic of China (Taiwan) to support the national currency.
Of this, 410 tonnes are dedicated to backing the issuance of New Taiwan dollars, while a smaller portion is used every four years to mint commemorative coins for the inauguration of the president and vice president.
As of the first quarter of 2024, Taiwan ranks 12th globally in gold reserves.
Despite a significant increase in gold's value since its purchase in the 1970s, the central bank is not buying or selling its reserves.
Taiwan's unrealized gain from these reserves is nearly NT$900 billion due to gold's appreciation.

Gold Standard Act Approved on March 14, 1900

President McKinley signs Gold Standard Act, March 14, 1900.
122 years ago today, President William McKinley signed the Gold Standard Act, which established gold as the sole basis for redeeming paper currency.
The act halted the practice of bimetallism, which had allowed silver to also serve as a monetary standard.
It set the value of gold at $20.67 an ounce and valued the dollar at 25.8 grains of gold.
The act guaranteed that the government would redeem any amount of paper money for its value in gold, and it meant that transactions no longer had to be done with heavy gold bullion or coins because the paper currency had a guaranteed value tied to something real.
Source: www.thebalance.com

Russia to test payments in digital currencies

Russia is ready to start testing payments in digital currencies with China or countries of the Eurasian Economic Union and will promote the idea with its partners,
Russian Finance Minister Anton Siluanov told state media in remarks published on Monday.
Siluanov: "We discussed this topic at the end of last year at the inter-ministerial dialogue."
He restated that any foreign acts involving Russian assets would be met with an equal response from Moscow.

The American Bankers Association confirmed ISO20022 migration

The American Bankers Association has confirmed to the Federal Reserve on Monday that it supports a plan to migrate to ISO20022 on a single day but said it has "serious concern" regarding the lack of detail about the plan.
They recommend that the Board and Reserve Banks provide test accounts for financial institutions to use during this process.
They also recommend The Board and Reserve Banks provide the detailed and final ISO standard for their messages on the SWIFT MyStandards site as soon as possible.
Source: www.aba.com

US Patent for Quantum computing in business problems

Accenture Awarded US Patent for Combining Classical and Quantum Computing with Potential to Address Previously Unsolvable Business Problems.
Quantum computing has the potential to solve complex business problems millions of times faster than classical computing by leveraging the properties of quantum physics to process multiple computing tasks in parallel.
Accenture new patent - U.S. Patent No. 10,095,981 - reveals how businesses could take advantage of the best aspects of both classical and quantum computing techniques to enable breakthrough solutions to problems that could not be solved before.
Sources: www.businesswire.com

Russia will abolish the VAT (tax) on bullion

The government will abolish the VAT (tax) on bullion.
This Bill will go to the State Duma on March 4.
Going forward - when purchasing gold bars or other precious metals from a bank, the 20% current tax on top of its value will not apply.
This is a way to ensure people can invest securely in something other than the dollar (usually people hold their cash in dollars as the ruble is volatile.)
PM advises foreign businesses that competitors will take their place.
This is a step toward treating gold and silver as money instead of as commodities.
Source: t.me