Goldilocks’ Comments and Global Economic News Monday Evening 10-23-23
Good evening
“The majority of cross-border payments are currently carried out via telegraphic transfers supported by SWIFT’s network of correspondent banks. These transfers are often criticized for being slow and expensive. A transfer can take several days to complete, while the World Bank estimates the average cost of a transaction to be about 6% of the transfer value.”
We are currently at T+ 1 settlements and moving towards T+ 0 settlements. In other words, we are very close to seeing instant payments on cross-border international trading transactions.
This is very important to the Forex Market since foreign currency trades will happen around the world due to a changeover from a world Reserve Currency transaction to trading in local currencies.
“Atomic Settlements” are becoming possible through technology’s ability to simultaneously secure both sides of a trade at the same time through artificial intelligence (computer transactions).
Smart contracts will ensure both parties have the ability to pay for such services, and the efficient transactions between two countries involved in a trade create money velocity and security.
This is why Forex has been under currency reforms this year. This particular sector of the market is expected to grow by leaps and bounds due to the changeover of a Global Monetary Policy utilizing local currencies around the world.
© Goldilocks
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Instant Payments Force Banks to Examine Limitations of ‘Creaky’ Legacy Systems
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Qatar signs pact with WEF to set up Fourth Industrial Revolution centre
Qatar, represented by the Ministry of Finance, Sunday signed an agreement with the World Economic Forum (WEF) to establish a “Centre of Excellence for the Fourth Industrial Revolution” in Qatar.
The agreement was signed by HE the Minister of Finance, Ali bin Ahmed al-Kuwari, and WEF founder and executive chairman Prof Klaus Schwab, in Doha.
This strategic partnership paves the way for future collaboration, as the centre aims to promote technological progress, diversify the economy, and to promote sustainable development in Qatar, the Ministry of Finance said yesterday.
It provides resources and an appropriate environment for research and development and the application of modern technologies that include artificial intelligence, blockchain technology, advanced manufacturing, Internet of Things, renewable energy, and others.
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“India’s Central Bank Launches Groundbreaking Digital Currency Pilot Program”
Finally, India has embarked upon their pilot program of utilizing Central Bank Digital Currencies in place of Banknotes in cross-border international trading through the UPI or the Unified Payments Interface in computer terms.
CBDCs will represent a country’s currency going forward inside International Banking Systems.
A pilot program is the final phase of development. The next step will move towards implementation.
Do not forget. Iraq has already signed a contract to work with India on future trading transactions through the UPI. This will increase demand and value for the Iraqi Dinar through price pressure computations in the new digital banking system.
© Goldilocks
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High inflation triggers an alarming decline in bank deposits
https://www.observerbd.com/news.php?id=442802
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Biden moves to lift Venezuela oil sanctions meets criticism from Manchin, Republicans
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Iraqi Dinar✅CBI Governer Al Alaq Huge Announcement | Iraqi Dinar News Today 2023 / Iqd Dinar
https://youtu.be/XTKqayLvlHc?feature=shared
👆 We already talked about all of this during the last few weeks, but this is a good review.
@ Goldilocks
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We are now in a Currency Bubble.
© Goldilocks
