Swift has partnered with three central banks to conduct beta testing of its central bank digital currency (CBDC) connector solution in an effort to advance cross-border payments using CBDCs. In a recent press release, the global financial messaging network said that the Hong Kong Monetary Authority and the Central Bank of Kazakhstan are among the three central banks currently integrating its solution with…
Read more
A new report unveils a surge in gold acquisitions by Eastern nations, challenging the West’s long-standing dominance in gold pricing and altering the power equation in the global arena. Research Highlights East’s Rise as Challenger to West’s Gold Pricing Tradition In a comprehensive exposé on Seeking Alpha, Gainesville Coins’ gold analyst Jan Nieuwenhuijs emphasizes the…
Read more
Central banks ramped up gold purchases in June, according to statistics from the International Monetary Fund (IMF). In this period, central banks added 55 tonnes of gold to their reserves after three months of net selling, with China purchasing the most gold (21 tonnes). Central Banks Back to Purchasing Gold in June The world’s central…
Read more
If central banks control all uses of money, this is not democracy, Coinbase’s ex-tech chief Balaji Srinivasan is convinced. The entrepreneur commented on statements by the head of the Bank of International Settlements during an IMF meeting devoted to cross-border payments. Balaji Srinivasan Speaks Out Against Centralized Control Over Money Through CBDCs Former chief technology…
Read more
The Bank for International Settlements (BIS), an organization that seeks to support the international cooperation of the world’s central banks, has released the results of its 2022 survey on central bank digital currencies (CBDC) and crypto. The survey found that 93% of the 86 banks surveyed were involved in CBDC-related work at different levels. BIS:…
Read more
On July 6, 2023, the World Gold Council (WGC) released its 2023 Mid-Year Outlook, revealing that a “strong first half for gold is likely to give way to a more neutral H2.” According to WGC researchers and market strategists, central banks are “nearing the end of their tightening cycles,” and the market consensus indicates “a…
Read more
After the Covid-19 pandemic, many people believe the implementation of extensive stimulus measures and quantitative easing (QE) policies resulted in an overwhelming surge of inflation that has burdened millions across the globe. While certain individuals attribute this economic turmoil to the actions of central banks, Andrew Bailey, the governor of the Bank of England, firmly…
Read more
Central banks, particularly those in emerging economies, are ramping up their gold reserves in preparation for a new monetary regime, signaling a potential loss of reserve currency status for the U.S. dollar, according to the investment management firm Goehring & Rozencwajg. The company’s managing partner Leigh Goehring explained in a recent interview that gold will…
Read more
Steve Hanke, an economist and professor of Applied Economics at Johns Hopkins University, as well as a former member of Ronald Reagan’s Council of Economic Advisors, recently expressed his belief that the U.S. Federal Reserve is lacking direction and “doesn’t know what it is doing.” Hanke further predicts a bleak economic downturn in 2024, referring…
Read more
People in Turkey have been seeking refuge in stablecoins as their national fiat continues to depreciate against the greenback. The Turkish lira saw a record drop in its exchange rate with the U.S. dollar when the country’s central bank halted intervention after the recent presidential vote. Turkish Investors Seek Safe Haven in Stablecoin Tether Despite…
Read more
