Goldilocks’ Comments and Global Economic News Saturday 2-17-2024
Good Evening
“Hong Kong has launched a public consultation on proposed legislation for regulating over-the-counter virtual asset trading, the jurisdiction’s website said on Thursday.”
The public consultation will give the public time to voice their concerns about the regulatory proposals of stablecoins.
The final step will be the implementation of government licensing for digital asset providers of OTC trading services.
The consultation will last until April 12, 2024. At that time, the rollout of the sandbox of many Global Stablecoins tested in their pilot program will be available for Global Trade. The Block
© Goldilocks
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There have been many debates about the use of XRP as a stablecoin as of late.
Many prominent institutions have been calling for a gold-backed stablecoin from institutions like the World Bank, International Monetary Fund (IMF), and World Gold Council.
These institutions have been encouraging the development of such a project so Central Banks could tokenize their gold reserves.
Nothing has been turned into a form of an announcement yet, but it sure does look like the IMF, the World Bank, and the World Gold Council would like to see this happen through XRP.
It would not be a surprise to this author that a Bretton Woods announcement including a gold-backed stablecoin such as Ripple would lead the way. CoinGape
© Goldilocks
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Trade Finance Poised for Digital Revolution Though Obstacles Remain – Fintech Singapore
“The trade finance industry has been aspiring for greater digitalization, striving to tap into potential benefits such as improved transparency, efficiency, risk mitigation and support for small and medium-sized enterprises (SMEs).
But despite some progress, advancements have been slow for the past few decades due to legal obstacles, the lack of standards, and the need for unifying technologies, a new paper by Deutsche Bank says.
The paper, titled “A Guide to Digital Trade Finance”, examines the progress that has been made so far, as well as what is still needed on the road ahead. The guide provides a practical toolkit for the industry, leveraging expert opinions from various stakeholders to explore the role of banks in digitalization initiatives, legal frameworks, international standards and innovative technologies.”
Watch what happens when Stablecoin clarity and Protocol 20 begin to expand. Fintech News
Watch the water.
© Goldilocks
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The world of cross-border payments continues to progress, building on the momentum gained in 2023, and is ready to navigate a new suite of products from Swift. According to The Bank of England, the value of cross-border payments is expected to grow from almost USD 150 trillion in 2017 to over USD 250 trillion by 2027, a spike of over USD 100 trillion in just 10 years.
Part of the process enabling that growth of course comes from Swift. It has recently focused on what could be seen as a reorganization and repackaging of its products into a suite called Swift Essentials. Swift believes the new package improves several important policies and processes including, but not limited to, the speed and reliability of cross-border transactions but also extending into compliance, integration, and corporate treasury management. www.bankofengland.co.uk
