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originally posted by: carewemust
originally posted by: crankyoldman
Q Insurance Policy
Q Grassley
Do you think the "Deep State" got to Oversight Committee Chairman James Comer? He saw the same FBI interview form 1023 that Chuck Grassley is referring to. Why didn't Comer mention the 17 Audio Recordings of Hunter/Joe cutting illegal deals?
originally posted by: hangedman13
a reply to: crankyoldman
Actually Cranky I think it has more to do with arrogance. They never thought they could fail. Every attempt at course correction just buried them more. If not for the media being in bed with the d party they would not have gotten away with it. Even with that their holier than thou attitude turned off actual thinkers.
I am one of those high IQ folks that never bothered with college. But I have had the luxury of meeting people smarter than myself and having enough self-awareness to realize they were. I get the impression that our "leaders" have never considered they are not as clever as they believe they are. Too much time spent in their bubbles.
Hopefully time will reveal which of our perspectives is correct or reveal the one we missed.
Cryptocurrency asset management platform Finblox is bringing tokenized US Treasurys to emerging markets across Southeast Asia.
The Singapore-based startup’s self proclaimed “superapp” will be partnering with OpenEden to bring a smart contract vault that provides 24/7 access to tokenized Treasury bills.
The plan is for the product to be made available to customers in the Philippines, Indonesia, India and Vietnam.
Hoang said tokenized Treasurys will give international investors the opportunity and flexibility to invest in safe and secure assets at smaller clips.
OpenEden’s Treasury bill vault will be integrated with Chainlink and will provide on-chain evidence that its tokens are backed by actual assets.
The U.S. Treasury Department has been studying how it might keep retail transactions in a potential digital dollar as private and anonymous as possible, said Graham Steele, the assistant secretary for financial institutions, though he said the U.S. hasn’t yet decided whether to move forward on a central bank digital currency (CBDC).
It is important that we consider the extent to which privacy and anonymity might be preserved and explore the technologies and methods available, including Privacy Enhancing Technologies (PETs), to enable such protections in the design of any potential retail CBDC,” Steele said Tuesday at the Transform Payments USA 2023 Conference in Texas. “Such technologies could play a crucial role in maintaining transactional privacy while also ensuring transparency and traceability.”
While Steele delivered those remarks, Treasury Secretary Janet Yellen testified Tuesday in the House Financial Services Committee, telling lawmakers that she’s still wary of regulatory gaps in the oversight of the spot market in non-securities digital assets and in stablecoins. She said the crypto sector needs “a comprehensive federal prudential framework, and we'll be pleased to work with Congress to see if we can develop such a framework.”
With the goal of expanding the crypto market from $1 trillion to $10 trillion, this partnership aims to seamlessly connect financial institutions' systems with various blockchain networks using Chainlink's Cross-Chain Interoperability Protocol (CCIP).
Several major financial institutions, including ANZ, BNP Paribas, Citi, and Lloyds Banking Group, will participate in trials to test the transfer of tokenized value over public and private blockchain networks.
During the trials, SWIFT's infrastructure will demonstrate how it facilitates interoperability by allowing tokenized assets to be transferred within public blockchain wallets, between public and permissioned blockchains, and from Ethereum to other public blockchains. Chainlink will act as an enterprise abstraction layer, connecting the SWIFT network to the Ethereum Sepolia network, while Chainlink's Cross-Chain Interoperability Protocol ensures interoperability between source and destination blockchains.
Having a single interface for accessing the various blockchains that banks will have to transact on is both more secure and more efficient for their interaction with this new way of transacting among themselves and their clients. The connectivity between banks and blockchains created by CCIP can also enable the growth of DeFi, as banks will find it increasingly easy to interact with public blockchains and move value to and from them using their existing systems,” Sergey Nazarov, Co-Founder of Chainlink, told BSC News.
FedNow, a creation of the United States Federal Reserve, aims to provide a seamless platform for banks to conduct immediate, 24/7 payments among themselves. American citizens can only execute such fast domestic transactions through alternative services such as PayPal, Venmo, or cryptocurrency wallets. The highly anticipated FedNow system is set to be introduced in July.
Metal Blockchain, a crypto network created by Metallicus, is based on a fork of Avalanche’s code and was developed to provide compliance-friendly options for decentralized finance (DeFi) developers. The network is reportedly built on the foundation of Bank Secrecy Act (BSA) compliance, suggesting it has integrated identity verification and Anti-Money Laundering features.
Metallicus CEO and co-founder Marshall Hayner suggested that Metal’s integration with FedNow could facilitate the creation of interconnected “bank chains,” leading to a more extensive, secure blockchain ecosystem that does not depend on oracles.
This would enable banks to communicate and process payments and settlements while remaining connected to the FedNow system. Hayner also stated that the integration would help banks prepare for a potential central bank digital currency (CBDC) and enable “bank-issued stablecoins that can interact within a basket of stablecoin currencies.”
Partnering with the Thai Central Bank on this groundbreaking project are the Bank of Ayudhya (Krungsri), Siam Commercial Bank, and the Singapore-based payments service provider 2C2P. These organizations have introduced dedicated applications to a select group of users, featuring integrated wallets and QR code scanners.
Per Changsha Evening News, the city of Changsha, Hunan Province, has announced it will debut “elderly and children-friendly” digital yuan hard wallets.
The CBDC’s adoption drive could be hampered by the preponderance of non-smartphone-owning individuals, banks have explained.
Smartphone ownership is high in urban areas, but much lower in rural China.
But Chinese cities and state-run commercial banks have attempted to get around this by developing and distributing “hard” offline wallets.
The city authorities explained that Integrated Circuit (IC) cards, some 2G phones, wearable devices, and Internet of Things (IoT) devices could also be used as hard wallets.
The Central Bank of Russia’s (CBRs) digital ruble pilot was delayed from its planned start date of April 1, pending the passage of legislation at the State Duma. The delayed version was expected to pass by now, but according to the Russian state news agency TASS, the legal go ahead for the central bank digital currency (CBDC) has been pushed back to around the end of July. The pilot includes the clients of 13 banks.
The latest iteration of the legislation has several changes, particularly relating to non residents. Non residents have the right to carry out digital ruble transactions without restrictions. This contrasts with many other central banks that aim to limit foreign usage in the early stages. However, for Russia, a key driver is to enable an alternative payment system in the face of sanctions over its invasion of Ukraine.
In January, there were reports that the central bank was starting to experiment with cross border CBDC including through bilateral linkages as well as a shared platform. While there has been some talk about potential linkages with Iran, India and China, nothing has been formally announced. Instead, India announced cross border work with the UAE, which is also not unfriendly with Russia. And the UAE and China are both involved in the MBridge shared CBDC platform.
Besides using CBDC, Russia has also drafted a law to enable it to use digital assets such as tokenized precious metals for cross border payments.
Improving cross-border payments is a key priority for the G20. At the 2023 Digital Monetary Institute symposium in London, Tommaso Mancini-Griffol, deputy division chief of monetary and capital markets at the International Monetary Fund, said that Libra, Facebook’s attempt at a global currency, delivered a ‘collective shock’ to the public sector. He highlighted the inadequacies of cross-border payments: high costs, low speed and inadequate transparency.
One of the most promising solutions to these problems is the interconnection of central bank digital currency systems. This is an attractive concept because of the global surge in CBDC development. It is hoped that, as these state digital payments systems emerge, the work of creating a seamless cross-border payments system to bridge the gaps will already have been done.
Even within this approach, however, there are different strategies. Two projects with distinct philosophies were showcased at the DMI symposium. Project Icebreaker is a collaboration between the Bank of Israel, Norges Bank and Sveriges Riksbank, in coordination with the Bank for International Settlements Innovation Hub Nordic Centre, that aims to connect retail CBDC systems. Project mBridge is a multi-CBDC platform developed by the BIS Innovation Hub Hong Kong Centre, Hong Kong Monetary Authority, Bank of Thailand, People’s Bank of China and the Central Bank of the United Arab Emirates. It is the largest multi-CBDC project involving cross-border transactions.
So far, Icebreaker and mBridge have varied in architecture, technology and use of bridge currencies in the development of the two multi-CBDC cross-border payments systems Whether the two will converge or take different approaches to governance, foreign exchange liquidity provision and other factors remains to be seen.
Better than that she was arrested on Sunday.
Last week, the regulatory authority filed lawsuits against Binance, its CEO Changpeng “CZ” Zhao, and the operating company for Binance.US, citing alleged violations of federal securities laws. Shortly after, a similar lawsuit was brought against rival exchange Coinbase. These legal actions have intensified the need for U.S. legislators to swiftly establish a comprehensive regulatory framework within this year, as emphasized by JPMorgan.
The dollar is at a crossroads," Allaire said in written testimony, pointing to what he said are "rapidly evolving geo-economic and geo-political blocs" that are putting pressure on the dollar-based global financial system.
"Dollar primacy allows the US to weather economic and financial shocks (as the dollar strengthens in times of crisis) and exert global influence far more than other countries," he added.
Allaire pointed to strides China has been making with a digital yuan and said a stablecoin bill would be a crucial piece of legislation to keep the U.S. currency at the forefront of the global financial system.
"Delivering a bill to President Biden’s desk should be a national priority," Allaire said, noting recent efforts in European Union, Japan and Hong Kong to regulate U.S. dollar stablecoins. "Other nations are enacting laws to regulate the use of the US dollar."
Allaire said he believed there should be nationally-established standards for state and federally licensed issuers. He also called for "tailored and limited rights" for stablecoin issuers to access basic Federal Reserve account services.
Ripple CBDC advisor Anthony Welfare is excited about the use of XRPL for real-world assets and NFT verification.
NFTs function as a bridge connecting the physical and digital worlds. Welfare cited an artwork NFT with a scan verifying the "phygital" chip and the NFT QR code as an example of how XRPL could be used in the real world.
The XRP Ledger utility continues to grow. In a recent tweet, Welfare brought attention to how Hong Kong intends to test its digital dollar in the $229 billion mortgage market using XRPL and Ripple CBDC technology.
With AUDD now live on the XRPL, users can easily swap their fiat Australian dollar for AUDD tokens in a direct 1:1 conversion.
XRPL is an open-source, decentralized blockchain known for its energy efficiency and speed. Transactions conducted on the XRPL are fast, taking approximately 3-5 seconds, and cost just fractions of a cent in fees. The AUDD deployment comes two weeks after the XRPL hit the 80 million ledger milestone.
In an exciting development for the blockchain and crypto industry, the University of Toronto announced its partnership with Ripple’s University Blockchain Research Initiative (UBRI) on June 12.
As part of this collaboration, the university will launch an independent XRP Ledger (XRPL) validator, reinforcing its commitment to advancing research in blockchain and crypto technology.
Speaking today, US Treasury Secretary Janet Yellen said that there should be an expectation of a slow decline in the US dollar as a reserve currency. Moreover, the statements arrive amidst international de-dollarization efforts employed by a host of countries, including the BRICS economic bloc.
Yellen had previously stated her expectation that the US dollar would remain unchallenged as the global reserve currency. However, it appears as though recent developments have shifted her stance on the matter.
Economist and “Currency Wars” author Jim Rickards shared his predictions about a proposed BRICS currency in an opinion piece published by the Daily Reckoning earlier this week. The leaders of the BRICS nations (Brazil, Russia, India, China, and South Africa) are expected to discuss the proposed common currency at their next leaders’ summit in August.
“On Aug. 22, about 2½ months from today, the most significant development in international finance since 1971 will be unveiled,” Rickards wrote, elaborating:
It involves the rollout of a major new currency that could weaken the role of the dollar in global payments and ultimately displace the U.S. dollar as the leading payment currency and reserve currency. It could happen in just a few years.
“The process by which this will happen is unprecedented, and the world is unprepared for this geopolitical shock wave,” he opined.
According to the country’s supply minister, Ali Moselhy, Egypt is bonding the US dollar in its trade with the BRICS economic bloc. Moreover, the move follows similar actions taken by a host of countries. Aligning with the bloc’s de-dollarization efforts going into effect over the last several months.
JPMorgan said, on Monday, it expects Turkiye's Central Bank to hike interest rates to 25 per cent from the current 8.5 per cent at its June meeting, adding this could come with forward guidance suggesting smaller hikes ahead if needed, Reuters reports.
We maintain our year-end policy rate forecast at 30 per cent, with risks on the upside," Nicolaie Alexandru-Chidesciuc wrote in a note to clients.
"We forecast a recession in 2H23 (second half of 2023) on the back of a tightening in credit conditions."
The Wall Street bank confirmed it expected the country to tip into recession in the second half of the year due to tightening credit conditions.