Goldilocks’ Comments and Global Economic News Thursday Evening 10-26-23
Good evening
China is dumping U.S. Treasuries to buy gold – FX Empire’s Zernov
https://headtopics.com/ca/china-is-dumping-u-s-treasuries-to-buy-gold-fx-empire-s-47582077
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The European Payments Council has postponed the migration of Sepa payment schemes to the 2019 version of ISO 20022 by four months, to March, after concluding that “at least two large Sepa countries” couldn’t be guaranteed to make the original November deadline. Therefore, while being “fully aware of the implications of this decision,” a new migration date has been set for 17 March 2024.
FinExtra Link
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There are a number of payment systems on the rise capable of moving money across borders. We touched on one a few months ago, but I want to get back to it again.
JP Morgan’s coin (onyx) is a deposit token. It has the potential of being a payment system that goes across borders. This coin was first designed for corporate entities, but it can also be traded from bank to bank.
When this coin first came out it processed over $300 billion dollars worth of trade to test its potential. JP Morgan tells us that the JPM coin is currently handling 1 billion worth of transactions daily at the present time. They expect this system to grow.
If you remember a while back, Iraq utilized JP Morgan to set up their banks with the Onyx Network for foreign exchange trades. This is one of many payment setups that have been made in the Middle East through JP Morgan who is considered (two years ago) as the lead Bank in setting up the new digital banking system under Web 3.
“Deposit tokens refer to transferable tokens issued on a blockchain by a licensed depository institution which evidence a deposit claim against the issuer.”
As you can see, there are many ways to the same place going forward in an open banking system that allows cross-border international trading to take place.
© Goldilocks
HeadTopics Link
Bloomberg Tax News Link
BusinessTimes Link
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The Japanese yen has dropped to its lowest level against the dollar in a year.
Gold is right around record highs measured against the yen.
Here we go.
https://twitter.com/GoldTelegraph_/status/1717436705459032324?t=tVEGk-a1yrJYEflN8JkxjQ&s=09
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The JP Morgan coin (onyx) and Ripple are now competitors.
@ Goldilocks
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Onyx by J.P. Morgan continues to forge a path for blockchain innovation, and news of the Onyx Digital Assets platform’s first transaction using tokenized assets as collateral further cements its trailblazer reputation.
https://www.jpmorgan.com/onyx/content-hub/onyx-digital-assets-overview.htm
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Economics of Payments XII Conference, October 26, 2023
https://www.youtube.com/live/UcR4ukw6dHA?feature=shared
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FTX Considering 3 Bids to Restart the Crypto Exchange
https://www.businessinsider.com/ftx-considering-3-bids-to-restart-the-crypto-exchange-2023-10
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The Evictions Have Begun ( Housing Crisis 2.0 )
https://www.youtube.com/live/uA3lnspNhik?feature=shared
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Look for the US to have an increase in exports going forward. It is one of many ways for other countries to get rid of their dollars through buying our products.
@ Goldilocks
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Modern Treasury Joins U.S. Bank’s Network
https://www.financemagnates.com/trending/modern-treasury-joins-us-banks-network/
