Goldilocks’ Comments and Global Economic News Friday 2-16-2024
Good Evening
New Delhi, Feb 09: “The call for institutional reforms resounded strongly from the United Nations headquarters as Secretary-General Antonio Guterres pressed for comprehensive changes, starting with a significant overhaul of the Security Council and the Bretton Woods Institutions – the World Bank and the International Monetary Fund (IMF).”
Just recently, Jerome Powell and Janet Yellen have been calling for a serious conversation about our 34 trillion dollar national debt. They are saying that the move toward a sustainable fiscal path is of most importance.
A sustainable fiscal policy happens when the ratio of debt held by the public to GDP is stable or declining over time.
It is no secret that the old Financial System is not going to get us to where we need to be anymore. For the past 2 years and almost a half, we have been working on tokenizing assets and creating legislation leading to laws that will govern our new digital asset-based trading system on the QFS.
In just 5 more days, Protocol 20 will be voted on and implemented. The process of expanding into our new digital banking system will commence.
Everything is going to be tokenized. Everything will be backed by a commodity. Everything will be run on a Quantum Technological Financial System.
The IMF and the World Bank have been working with countries around the world to change and implement new monetary policies through economic reforms designed to put us on a Sustainable Financial path.
These consultations have allowed countries to develop new digital mechanisms with the guidance of the IMF through Economic Reforms.
The World Bank is responsible for lending money to poorer countries. Their involvement along with the IMF is calling for movement forward inside a new digital asset-based trading system.
© Goldilocks
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Yahoo Finance
Fiscal Treasury
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NPCI to launch real-time payment link between India and US
…the National Payments Corporation of India (NPCI) is reportedly in discussions with Indian and US banks to establish a real-time payment link between the two countries, as per a report from the Economic Times. The initiative seeks to utilize NPCI’s expertise in cross-border payments. NPCI is said to be collaborating with Indian banks familar with the Unified Payments Interface (UPI) and foreign banks to develop models and conduct pilot tests.
Additionally, NPCI is engaging with FedNow, the real-time payment service launched by the US Federal Reserve in July last year, or its UPI equivalent. The proposed payment model between India and the United States is expected to focus initially on small consumer transactions due to the absence of a nationwide system similar to UPI in the US. Transactions under this model are likely to be limited in scale and value, with only modest payments permitted initially.
Under this model, transactions involving sending or receiving money from relatives would necessitate the involvement of a large Indian bank for Indian consumers, while in the US, individuals can use American banks for such transactions. The Paypers
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Jerome Powell highlighted CBDC and stablecoins in a meeting with Democrats from the House Financial Services Committee.
He talked about the requirement for stablecoin legislation in the US while sharing his views.
New York Community Bancorp. and Basel capital rules are other topics covered in the meeting.
Jerome Powell, the chairperson of the Federal Reserve, demonstrated the need for a stablecoin bill in a meeting with Democrats from the House Financial Services Committee on 12 February. Politico, a media company, confirmed the same. The Coin Republic
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The World Bank’s classification of XRP as a stablecoin in the context of its utility in the payment landscape has recently resurfaced in the crypto community.
World Bank Calls XRP Stablecoin.
Notably, the classification came in a November 2021 research paper titled “Central Bank Digital Currencies for Cross-Border Payments.”
The report considered the endeavors undertaken at the time to streamline cross-border payments for efficiency and cost-effectiveness.
It recognized stablecoins as a digital currency category that provides instantaneous processing and secure payments. In particular, the report laid emphasis on their stability concerning parity with fiat currencies.
Based on this premise, the World Bank identified two virtual assets that they believe fall into the stablecoin category: Ripple’s cross-border payment currency, XRP, and the native asset of the Stellar network, XLM.
The World Bank report also emphasized that XRP and XLM enable faster and more efficient cross-border payments than traditional correspondent banking methods. The Crypto Basic Crypto Politan
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Blockchain Technology For Verifying Election Data
More than 60 countries around the world will hold national and regional elections this year, making 2024 the biggest election year in history. But there are growing concerns that misinformation and disinformation driven largely by artificial intelligence (AI) will impact the elections.
An example of this recently occurred when an AI-enabled call using United States President Joe Biden’s voice phoned thousands of people across the U.S.
Findings from The World Economic Forum’s Global Risks Report 2024 further show that misinformation and disinformation are likely to be a top global risk in the next two years.
The report states that “foreign and domestic actors alike will leverage misinformation and disinformation to widen societal and political divides.”
The report also noted this risk will be even greater given that there will be a large number of elections in the near future, as more than 3 billion people are due to head to the polls in 2024 and 2025.
Cryptonews.com
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Crypto adoption is becoming mainstream. We’re seeing development in election blockchain integration, healthcare payment integration, and even seeing the payment classification of XRP and XLM by the World Bank. Our world is about to expand into a new digital age.
© Goldilocks
