Goldilocks’ Global Economic News Thursday 6-13-24
“Singapore Consults on Implementation of Global Minimum Tax”
The Organisation for Economic Co-operation and Development has a 15% tax on multinational enterprises.
Singapore is the latest country to propose the implementation of this tax upon their companies.
This is a market-based collaboration between Global economies designed to develop policy standards that promote sustainable economic growth.
This Capital requirement for the banking system on a global scale comes under pillar 2 banking procedures. Pillar 2 banking supports pillar 1 banking to cover the needs of capital requirements that are not covered in pillar 1. Pillar 3 deals with the open banking system allowing changes to be determined as needed. Below is an article if you would like to do further study on this announcement.
Its purpose is to level the playing field between economies and their opportunities for growth. A unified approach will give countries’ currencies the ability to compete with demands for their money based on their own merits and ability to operate a business through the new Basel 3 requirements. Orbitax StateGov Acodez
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HSBC Announcement | Finance Feeds
“HSBC China has become one of the first foreign banks in the country to provide digital yuan services to both corporate and retail customers.”
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Fortune 500 Announcement | DailyHodl
Currently, over half of the Fortune 500 companies listed on the market are currently in process of interfacing their goods and services on the blockchain.
This means that they have currently begun the process of moving into the new QFS and operating their tokenized asset opportunities through the new digital asset-based trading system.
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Zimbabwe is taking an exciting step into the future by launching a public consultation to get opinions on regulating cryptocurrency operations in the country, Bloomberg reports. This is a big change for a nation that has historically struggled with currency issues.
By asking for feedback from the public and talking to industry experts, Zimbabwe aims to balance encouraging innovation in the growing crypto sector with making sure it’s done responsibly and in line with international standards. Bitcoinist
Quant ISO 20022 Token utilized on the Shanghai Exchange Announcement:
“Chinese regulators’ prompt supervision of quantitative trading will help narrow the gap between programs and individual investors in terms of technology, access to information and speed, thereby boosting the confidence of A-share investors and sustaining the stability of the market in the long run, according to market mavens.
The mainland’s three major stock exchanges in Shanghai, Shenzhen and Beijing released on Friday rules on quant trading, or program trading, and solicited public feedback till June 14.
The rules cover six major areas — the management over reporting, trading activities, information systems, high-frequency trading, quant trading via the stock connect program linking the Shanghai, Shenzhen and Hong Kong bourses, as well as supervision.”
Quant is a ISO 20022 Network. Quant is a network that connects existing distributed ledger networks such as the Shanghai Exchange to the new digital asset based trading system.
Through the adoption of this ISO 20022 Standard, Quant brings compatibility with traditional financial systems and streamlines secure exchanges of data across several networks simultaneously such as the Shanghai Exchange. ChinaDaily CoinCheckup
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Bank of Thailand opens DLT programmable payment testing in sandbox – Ledger Insights – blockchain for enterprise
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