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(Note: If you’re looking for more news regarding cryptocurrency, please visit our website Bitcoin Commando. All crypto news will be posted there. ~ Dinar Chronicles)
Goldilocks and Seeds of Wisdom
Why the French and UK elections matter for investors
As two of Europe’s three largest economies head to the polls, what are markets telling us about the political landscape? Goldman Sachs Research’s Sharon Bell and George Cole explain how France’s looming parliamentary elections are affecting French stocks and bonds, while UK financial markets have been relatively stable ahead of the country’s general election.
Read more:Goldman Sachs
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China’s currency is not as influential as once imagined Its share of international reserves has stalled
Chinese officials seem pleased with the yuan’s recent progress as a global currency. The international monetary system is diversifying at an accelerating pace, said Pan Gongsheng, the governor of China’s central bank, in March. The yuan has become the fourth-most active currency in global payments, he noted. In trade finance, it now ranks third. And according to the central bank’s data, about half of China’s transactions with the rest of the world (for financial assets, as well as goods) are now settled in yuan.
Read more:Economist
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India digital currency transactions slump after reaching initial c.bank target, sources say
Usage of India’s digital currency, the e-rupee, has slumped to just a tenth of the peak hit in December, four sources said, reflecting the struggles several countries have experienced in trying to generate public support for digital currencies.
The achievement came only after banks were asked to push up transactions by offering incentives to retail users and disbursing a portion of bank employees’ salaries using the e-rupee.
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But now that the push has diminished, daily transaction numbers have fallen to about 100,000, said two of the sources, who are directly involved in the pilot.
This shows there is little organic demand to use the e-rupee, said a third source, a banker involved in the project.
Read more:Reuters
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Fed’s Bowman ready to hike interest rates again if inflation disappoints
A rate-setter at the US Federal Reserve raised the possibility that interest rates could be raised even higher if progress on defeating inflation was not maintained.
At an event in London, Michelle Bowman, a rate-setter at the Fed, said she was “willing to raise” interest rates again “should progress on inflation stall or even reverse”.
Read more:City AM
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Central Banks Urged to Adapt Rapidly to AI Advances, Says BIS Report
The Bank for International Settlements (BIS) has emphasized the urgent need for central banks to elevate their efforts in addressing the transformative impacts of artificial intelligence on global economies and financial systems. This comes from a detailed report published by BIS, highlighting the rapid advancements and potential disruptions brought about by generative AI technologies, such as large language models like ChatGPT.
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The report, from the Financial Times, underscores the awareness among global financial authorities about the necessity to keep pace with the innovations driven by AI. According to the BIS, which provides banking services to central banks worldwide, AI is poised to be a “game changer” across various activities, significantly influencing the broader economy and financial landscape.
Read more:PYMNTS
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Source: Dinar Recaps
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CBDC is future of money; no competition with UPI: RBI Governor
“The future of money is CBDC and it’s not in competition with UPI. CBDC and UPI will coexist,” Das said during his address at the 188th Annual General Meeting of the Bombay Chamber of Commerce and Industry.
The bank has started incorporating new features into the new currency so that one can program even the conditions of their CBDC transfers.
Read more:Currency Insider
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CBDCs can improve cross-border payments, financial inclusion in the Middle East: IMF
Cross-border payments are one of the key areas CBDCs can improve, the Washington-based lender of last resort says. Oil exporters in the region have been grappling with cross-border inefficiencies for decades. Existing solutions like Buna, a multi-currency cross-border payment system, have failed to make the expected impact.
“CBDCs that address these inefficiencies could significantly cut transaction costs,”the IMF said.
The most advanced cross-border CBDC project in the Middle East is mBridge, which includes the UAE and, as of this month, Saudi Arabia. mBridge, which also includes China, Hong Kong, and Thailand, entered the MVP stage recently.
Read more:Currency Insider
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Dollar inches up against dong
Globally, the dollar was firm on Wednesday and trading on the precipice of the 160 yen barrier as investors turned cautious and counted down to the release of U.S. price data at the end of the week, Reuters reported.
At 159.78 per dollar, the yen’s level has markets on alert for intervention since that is only a whisker shy of where Japanese authorities likely stepped in to buy yen in April.
The dollar index, which measures the U.S. unit against six peers, was steady at 105.64, while the euro was at $1.0715.
Read more:Vietnam Express
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What It Means to Be Regulated by FINRA
Have you ever wondered who protects investors—and how? If you invest, it can pay to know about FINRA, the Financial Industry Regulatory Authority. FINRA is a not-for-profit organization authorized under the federal securities laws and registered with the Securities and Exchange Commission (SEC). Alongside the SEC, FINRA oversees U.S. member broker-dealers and their personnel, including individuals who recommend or sell securities products to the public. FINRA’s mission is protecting you, the investor, and ensuring the integrity of our country’s securities markets.
Read more:FINRA
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XRP Bullish Cues Could Help Token Rally 91% In July
One of the bullish cues in XRP’s favor was Ripple receiving approval from the Dubai Financial Services Authority (DFSA) for use in the Dubai International Financial Centre (DIFC).
This milestone enhances the DIFC’s digital asset ecosystem by enabling licensed virtual asset companies to integrate XRP into their services.
Dubai’s Regulatory Advancement
As the first external virtual asset to gain regulatory clearance within DIFC’s framework, the approval marks a crucial step in the global adoption of XRP.
Read more:CoinChapter
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Markets in Crypto-Assets Regulation (MiCA) |ESMA Europa
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Source: Dinar Recaps
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