Tin Foil Hats, Economic Reality and the Total Perspective Vortex

pmbug · Nov 17, 2023

Lulz... BIS spends time and money to do a study that confirms what everyone already knows:

...
We use the randomised survey experiment of a nationally representative sample of over 3,500 participants from Korea. We measure how willingness to use CBDC changes with the degree of anonymity and privacy protection. We also measure whether willingness to use CBDC increases with the provision of information on the potential privacy benefits of using CBDC. Our results indicate that the public's willingness to use CBDC greatly depends on the privacy-preserving aspects of CBDC.
...

Central Bank Digital Currency and Privacy: A Randomized Survey Experiment

Privacy protection is among the key features to consider in the design of central bank digital currency (CBDC). Using a nationally representative sample of over 3,500 participants, we conduct a randomized online survey experiment to examine how the willingness to use CBDC as a means of payment...

www.bis.org

There is a 61 page PDF for this report at the link. I didn't think it was worth linking directly.

searcher · Nov 17, 2023

From the link:

As regular readers know, the IMF has been playing a significant behind-the-scenes role advising governments and central banks on how to prepare for/usher in a cashless future. The Fund is deeply involved in the development of central bank digital currencies (CBDCs), mainly by providing technical assistance to its members, much as its sister Bretton Woods institution, the World Bank, is deeply involved in the roll out across the Global South of digital identity systems, which are essentially a prerequisite for CBDCs.

At an event in Morocco in June, the IMF’s Managing Director Kirstalina Georgieva said the Fund is working on developing a global CBDC platform, to ensure interoperability between the different CBDC systems under development across dozens of jurisdictions:

Oh, the Irony: IMF Chief Touts Benefits of Cashless Future In Singapore, Just Weeks After a Major Payments Outage

chieftain · Nov 17, 2023

I love how these cretins think that they will be able to abolish physical currency.

Have they not heard about the black market...?

Casey Jones · Nov 17, 2023

chieftain said:
I love how these cretins think that they will be able to abolish physical currency.

Have they not heard about the black market...?

They think they're able to hack and re-engineer human genetics, too.

How's that first try looking.

chieftain · Nov 17, 2023

Casey Jones said:
They think they're able to hack and re-engineer human genetics, too.

How's that first try looking.

What first try?

(brainfarting hard today)

Casey Jones · Nov 17, 2023

chieftain said:
What first try?

(brainfarting hard today)

The Notavaxx.

With patented mRNA...and various other techniques to prevent the immune system from turning on the spike protein that cells were being DNA-hacked into producing. To what end, I don't know. It seems to be a deliberate slow-death, but somehow there had to have been a cover-story on proposal to various funding groups; and there had to be a benevolent reason WHY.

But. To get the spike protein in production, the immune system had to be disabled. Once that was done, both the weaponized virus, other viruses, and cancers, all came on, raging.

Big-time fail. If Depopulation were the aim, it would have been cheaper and easier to manufacture a series of truck-mounted nukes and detonate them in urban centers.

searcher · Nov 22, 2023

Central Bank Digital Currency Development Enters the Next Phase

November 20, 2023

Central bank digital currencies can improve payment systems as well as financial inclusion—if they are appropriately designed. If not, they could pose risks.

While not all countries may see an immediate case to deploy a CBDC, many countries are exploring CBDCs so they will have the option to introduce one in the future if it becomes pertinent for them. Benefits are more likely to come in time, following the policies pursued by countries and the private sector’s response, as well as the evolution of technology.

In most cases, it would be useful for countries to continue exploring CBDC, carefully and systematically, as IMF Managing Director Kristalina Georgieva noted in her recent speech at the Singapore Fintech Festival.

Read the rest and check out the cool links here:

Central Bank Digital Currency Development Enters the Next Phase

Many of the world’s monetary authorities are seeking more guidance on how best to pursue digital forms of central bank money

www.imf.org

searcher · Nov 22, 2023

Interesting how they word some things in the vid.

Project Mandala explores the feasibility of encoding jurisdiction-specific policy and regulatory requirements into a common protocol for cross-border transactions such as borrowing, foreign direct investment, or payments. Read more: https://www.bis.org/about/bisih/topics/cbdc/mandala.htm

1:58

pmbug · Nov 22, 2023

Restricting enconomic activity is a feature, not a bug to the overlords.

pmbug · Nov 22, 2023

Argentina is no longer joining Brics following the victory of self-proclaimed anarcho-capitalist Javier Milei in the country’s presidential election on Sunday, a top aide said on Monday.

Diana Mondino, Milei’s principal adviser on foreign affairs, said Argentina would not proceed with plans to join the association of leading emerging markets comprising Brazil, Russia, India, China and South Africa.

“We do not understand the interest” in the bloc, Mondino told Russian news agency Sputnik News. “We do not understand … what Argentina gets out of it at this moment. If later it turns out that there is an advantage, of course, we will analyse it.”

Argentina’s Brics candidacy was the only one in the Americas supported by the group’s founding members during its last summit in August. But Milei during his campaign pledged to decline membership, which should come into force from January 2024.
...

No Brics for Argentina, says top aide to presidential winner Milei

‘We do not understand the interest’ in the bloc of leading emerging markets including China, despite membership being poised to start from January.

www.scmp.com

...
Chinese foreign ministry spokesperson Mao Ning told a regular news briefing that the development of relations with Argentina had been showing good momentum, and it would be a "serious mistake" for Argentina to cut ties with countries such as China and Brazil.
...

https://www.msn.com/en-us/news/worl...ing-ties-would-be-serious-mistake/ar-AA1khhSL

searcher · Nov 22, 2023

I could be off base here but if you read between the lines it hints of a digital currency. My take, so dyodd.

LONDON, Nov 22 (Reuters) - Britain needs a "digital alternative" to relying on Visa and Mastercard for card payments regardless of steps being taken by regulators, a report commissioned by the government said on Wednesday.

The conclusions of the Future of Payments Review echo longstanding complaints across Europe about heavy reliance on the American duo for card payments, though calls and attempts to create a 'home grown' alternative have made little progress.

UK payments report calls for alternatives to Mastercard and Visa

Britain needs a "digital alternative" to relying on Visa and Mastercard for card payments regardless of steps being taken by regulators, a report commissioned by the government said on Wednesday.

www.reuters.com

pmbug · Nov 22, 2023

I will use my time to talk about the financial system of the future: what we want from it, what would comprise it and how we will go about building it.
...
Our fundamental trust in money stems from monetary systems built around central banks.
...
The financial system of the future should keep what works in the current system, and build on it. This calls for a tokenised form of central bank money – in other words, a wholesale CBDC for use among financial institutions – and a tokenised version of commercial bank deposits. ...

The future monetary system: from vision to reality

Keynote speech by Mr Agustín Carstens, General Manager of the BIS, at the CBDC & Future Monetary System Seminar, Seoul, Korea, 23 November 2023.

www.bis.org

BIS honcho extols virtues of crypto and then says the future needs central bank controlled wholesale CBDC to deliver what decentralized crypto is doing right now.

pmbug · Nov 26, 2023

... It was announced the other day that Saudi Arabia and China are opening a $7 billion local currency swap line.
...
... Swap lines are a precursor to intervention. My tweet was high concept but it goes like this:

1) Announce swap lines

2) Start taking real amounts of yuan for oil

3) This breaks the peg of the Riyal to the USD when oil is relatively strong, not in crisis mode

4) The substitution of the CNY for the USD is existential for the US who then attacks the KSA exchange rate, pulling money out of the country…

5) SANCTIONS ON KSA.

6) Expanded swaps to convert USD encumbered assets with Riyal assets, once USD are verboten in KSA.

7) China provides them, with loans repayable in CNY.

Moves that occurred 10 years ago are instructive of why we are where we are today and where we may be headed. ...

What Are the Saudis Really Preparing for? - Gold Goats 'n Guns

Call the roller of big cigars and bid him whip in kitchen cups concupiscent curds…… the only emperor is the emperor of ice cream— Wallace Stevens It was announced the other day that Saudi Arabia and China are opening a $7 billion local currency swap line. It prompted the highest-trafficked...

tomluongo.me

pmbug · Nov 28, 2023

The CBDC campaigning appears to be in full swing now using some surprising truths:

A digital euro, unlike bank deposits, is a safe asset and could help end bank crises or deregulate banks altogether, according to former Bank of Spain Governor Miguel Fernández Ordóñez.

Speaking at a public hearing hosted by the European Parliament's Committee on Economic and Monetary Affairs to discuss a potential central bank digital currency (CBDC), Ordóñez said that the last two major global economic crises arose from using risky assets like bank deposits, which aren't money but promises to return money.

"Digital euros are euros, but bank deposits are not euros. Deposits are just promises to pay euros, and if banks can't fulfill those promises, then you get crises emerging," he said, adding that a CBDC would have the benefit of stability, justifying the use of the digital euro instead of bank deposits.
...

Digital Euro Can End Bank Crises, Is Better Than Deposits, Ex-Bank of Spain Chief Says

A central bank digital currency (CBDC) could also be used to deregulate banking activities and help the banking sector grow, Miguel Fernández Ordóñez said during a European Parliament hearing on a digital euro.

www.coindesk.com

Bank credit <> money

It's almost like he's arguing the case for sound money.

pmbug · Nov 29, 2023

BIS 43 page .PDF:

...
Project Tourbillon shows that it is feasible to implement a design that provides payer anonymity. The project demonstrated that both prototypes are scalable and can handle a growing number of transactions. It also demonstrated that quantum-safe blind signatures, a cryptographic technique used to ensure anonymity, can be implemented. However, the implementation proved challenging. Quantum-safe cryptography exhibited slow performance and limited functionality, with throughput reduced by a factor of 200 compared to so-called classic cryptography, highlighting the need for further research and development. Finally, a comparison of the two prototypes illustrates the trade-offs between privacy and security: EC1 provides unconditional payer anonymity but EC2 has more resilient security features allowing for better protection against counterfeiting.

The Tourbillon project is a first step in exploring privacy, security and scalability in an eCash CBDC design. ...
...
Payer anonymity provides cash-like anonymity to payers in a payment, but not to payees. For example, a consumer who pays a merchant using CBDCs does not disclose personal information to anyone, including the merchant, banks and the central bank. However, the identity of the merchant is known to the payer and is only disclosed to the merchant’s bank (as part of the payment) where it is kept confidential. The central bank does not see any personal payment data but can monitor CBDC circulation at an aggregate level.
...

https://www.bis.org/publ/othp80.pdf

I'm still digesting this one. The paper describes the architecture and it appears as if it would protect anonymity but there are a few issues niggling at me. It definitely does not provide a more elegant solution than what decentralized crypto systems already offer as far as I can tell.

~~~

73 page .PDF at link:

Introducing a central bank digital currency (CBDC) will have far-reaching implications for the operations of the issuing central bank and the risk it faces. Both will depend mainly on the particular design adopted and on a large range of factors internal and external to the central bank. This report analyses the operating, technology, third-party and business continuity risks for the issuing central bank. It therefore provides a useful complement to other work on CBDCs, which tends to focus on their implications for financial stability, monetary policy and the wider economy.

The report proposes an integrated risk-management framework that can be applied to the entire life cycle of a CBDC, from the research and design stages to implementation and operation. It discusses the implications of many of the design choices that a central bank needs to take and suggests tools and processes to identify and mitigate the risks that a CBDC poses to the issuing institution. For CBDCs to be a reliable means of payments, central banks also need to address, among others, the risks of interruptions or disruptions and ensure integrity and confidentiality. A key risk are the potential gaps in central banks' internal capabilities and skills. While many of the CBDC-related activities could in principle be outsourced, doing so requires adequate capacity to select and supervise vendors.

The report is the outcome of the work conducted by BIS member central banks in the Americas within the Consultative Group on Risk Management (CGRM), which brings together representatives of the central banks of Brazil, Canada, Chile, Colombia, Mexico, Peru and the United States. The task force was led by Diego Ballivián from the Central Bank of Chile; subgroups were led by Antonieta Campa from the Bank of Mexico, María Jesús Orellana from the Central Bank of Chile and David Whyte from the BIS. The BIS Americas Office acted as the secretariat.

Central bank digital currency (CBDC) information security and operational risks to central banks

Report by the Consultative Group on Risk Management (CGRM) established at the BIS Representative Office for the Americas

www.bis.org

Sure looks like they are moving full steam ahead.

pmbug · Nov 30, 2023

The Bank of Canada (BoC) has released the results of a study conducted by Forum Research that shows Canadians have a high awareness of the idea of a digital Canadian dollar but little interest in adopting the central bank digital currency (CBDC) for daily use.

The online public consultation was conducted from May 8 to June 19 and included responses from 89,423 Canadian residents over the age of 18. All provinces and territories were represented in the survey, but the authors sought to clarify that “since the consultation was open to the public, participation is not representative of the Canadian population.”
...
“Privacy control features, such as controlling the use of personal information and transaction data, were considered more important by respondents than the ability to hold funds anonymously or recover them in case of loss or theft,” the report said. “This highlighted a clear prioritization of privacy. However, trust in the Bank of Canada and other institutions concerning privacy matters was notably low.”
...
Only one in five respondents “trust or somewhat trust the BoC to follow a strict and transparent process prior to accessing identity-related information and digital transactions,” the report said. “Trust in other organizations regarding privacy matters is similarly low, with only 12% expressing some degree of confidence in the Government of Canada and technology companies, and 27% in financial institutions.”
...

Bank of Canada survey finds high awareness of CBDC, but low interest in adoption

A survey conducted by the Bank of Canada found that there is a high level of awareness around a digital Canadian dollar, but 86% of Canadians are opposed to its release.

www.kitco.com

searcher · Dec 4, 2023

Has podcast, links on different subjects.

BIS Quarterly Review | 4 December 2023

BIS Quarterly Review, December 2023

Financial market fluctuations reflected investors' adjustment to the higher-for-longer monetary policy stance.

www.bis.org

pmbug · Dec 7, 2023

searcher said:
...
Project Mandala explores the feasibility of encoding jurisdiction-specific policy and regulatory requirements into a common protocol for cross-border transactions ...

Related tangent:

This consultative report - issued as part of the G20 cross-border payments programme - describes initial considerations on governance and oversight for fast payment system (FPS) interlinking across borders.

The interlinking of FPS is one of the most promising solutions for enhancing cross-border payments, offering the prospect of significantly faster, cheaper, more accessible and transparent cross-border payments. This is especially true when the interconnected payment systems provide real-time and 24/7 operational capabilities. However, agreeing on workable governance and oversight arrangements can be especially challenging due to the multi-jurisdictional, cross-border and/or cross-currency nature of these arrangements.

The G20 has thus identified the governance and oversight of cross-border payment system interlinking arrangements, in particular of FPS, as a priority in helping to achieve its 2027 targets for the cost, speed, access and transparency of cross-border payments.

The interim report describes 10 initial considerations, resulting from a series of workshops with global stakeholders that was undertaken by the CPMI to better understand the sensitivities, complexities and experiences in this area. Together with the additional insights to be gained from further engagement with stakeholders and their written feedback on this interim report, the CPMI will submit a final report to the G20 on governance and oversight of FPS interlinking arrangements.

Linking fast payment systems across borders: considerations for governance and oversight

This consultative report - issued as part of the G20 cross-border payments programme - describes initial considerations on governance and oversight for fast payment system (FPS) interlinking across borders.

www.bis.org

They published a 29 page PDF/paper on the subject. So much effort in trying to build a network of proprietary systems that would yield the same results as just using a decentralized crypto platform that can already deliver the desired benefits right now.

searcher · Dec 7, 2023

pmbug said:
a decentralized crypto platform

You mentioned decentralization.

I could be wrong, but they are talking about "governance and oversight." It's mentioned 5 different times in the posted link. I don't think they are into decentralization. Seems more like control to me.

pmbug · Dec 7, 2023

That's my point.

pmbug · Dec 12, 2023

BIS continues developing advice for nation states on building retail CBDCs:

This report by the CCA Consultative Group on Innovation and the Digital Economy (CGIDE) outlines high-level technical requirements for a retail central bank digital currency (CBDC) architecture. It is the culmination of a series of discussions among CGIDE members and observers on CBDC objectives, policy considerations and technological features. This collaborative effort outlines key technological features that will shape a future CGIDE proposal for a CBDC proof of concept. ...

High-level technical requirements for a functional central bank digital currency (CBDC) architecture

Report by the Consultative Group on Innovation and the Digital Economy (CGIDE) established at the BIS Representative Office for the Americas

www.bis.org

Skimming through the paper, I saw this:

,,,
Centralised settlement vs distributed permisionless model. The CGIDE members agree on the difficulties associated with decentralised permissionless models. For example, these models require a consensus mechanism to validate transactions. However, due to their distributed nature, there is the risk that participants involved in the network could collude to manipulate the system. In the absence of sufficient oversight, governance mechanisms or regulatory control, this could result in negative outcomes. For this reason, distributed permissionless models also require the definition of the incentive structure (technological, monetary or regulatory) to discourage collusion among participants, and a notary layer able to ban participants. ,,,

These people have zero self awareness. Not one decentralized permissionless model (pretty much all crypto platforms aside from stablecoins) has experienced a network attack since the inception of crypto platforms. The crypto ecosystem is hyper aware of the potential and has always worked to mitigate against that risk. Anyone care to hazard a guess whether the BIS brainiacs were concerned that a centralized model might enable an actor to manipulate their network? lol. It's a feature, not a bug. They are working so hard to develop a centralized model that can deliver the same features that decentralized systems are already offering. It's really comic and tragic when you understand the issues.

Goldhedge · Dec 12, 2023

The other shoe drops...

Casey Jones · Dec 12, 2023

Why do we let these freakish Pod People get this power?

pmbug · Dec 15, 2023

The Bretton Woods Committee has released a new call for the United States to launch a central bank digital currency, or CBDC. In fact, the report also calls for the Bank for International Settlements (BIS) and the Financial Stability Board (FSB) to take the lead on establishing CBDC rules and standards around the world.

But like other advocates, the Bretton Woods Committee fails to adequately explain why a CBDC is needed in the first place.
...

More:

https://www.cato.org/blog/bretton-woods-committee-calls-cbdcs-under-bis-fsb-standards

searcher · Dec 20, 2023

Press Release: IMF Board of Governors Approves Major Quota and Governance Reforms

December 16, 2010

The Board of Governors of the International Monetary Fund (IMF) has approved a package of far-reaching reforms of the Fund’s quotas and governance. When voting ended on December 15, 2010, Governors representing 95.32 percent of the total voting power had cast votes in favor of a Resolution on Quota and Reform of the Executive Board, exceeding the 85 percent required. Following the Board of Governors’ approval, the next step is for member countries to accept the proposed quota increases and the amendment to the Articles of Agreement. Members will make best efforts to complete this by the Annual Meeting of the Board of Governors in October 2012. In many cases this involves parliamentary approval.

Press Release: IMF Board of Governors Approves Major Quota and Governance Reforms

www.imf.org

searcher · Dec 20, 2023

^^^^^^^

UPDATE 1-IMF governors approve 50% increase in lending resources with no shareholding changes

The International Monetary Fund's governing body has approved a 50% increase in quota resources to be contributed by member countries in proportion to their current IMF shareholding, bringing total quotas to $960 billion, the IMF said on Monday. The quota increase, which follows years of...

finance.yahoo.com

searcher · Dec 22, 2023

Fintech vs bank credit: How do they react to monetary policy?

Fintech credit, which includes peer-to-peer and marketplace lending as well as lending facilitated by major technology firms, is witnessing rapid growth worldwide.

www.bis.org

searcher · Dec 24, 2023

First $14M cross-border e-CNY gold purchase completed in Shanghai

The first-ever cross-border settlement for precious metals using the digital yuan central bank digital currency (CBDC), also known as the e-CNY, was recorded on Dec. 20.

According to local news reports, the Bank of China’s Shanghai branch successfully transferred a 100 million yuan ($14 million) e-CNY CBDC settlement received overseas for gold via the Shanghai Financial Exchange International Board.

More:

https://cointelegraph.com/news/first-14-million-cross-border-e-cny-gold-purchase-completed-shanghai

pmbug · Dec 30, 2023

...
Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates are due to enter on 1 January.

No name for the expanded group has been announced, but it is thought it might be "Brics +".

Argentina was invited to join but its new president, Javier Milei, has said it will not.
...
How will Russia use its 2024 Brics presidency?

Russia will host the Brics summit in Kazan in October.

Vladimir Putin has said he will use the presidency to:

* increase the role of Brics in the international financial system
...

Brics: What is the group and which countries are joining?

Brics aims to give emerging nations more power in world affairs, and more countries are joining.

www.bbc.com

Putin/Russia assumes leadership of the BRICS+ for 2024. They are driving the bus on the BRICS+ initiatives for a dollar alternative. I don't know how much enthusiasm for the project exists within the rest of the BRICS+ (aside from Iran and Brazil). China and India never seemed to release any statements on the issue. Nor have the new incoming members.

pmbug · Jan 1, 2024

The BRICS group, a key platform for emerging markets and developing countries, has officially welcomed five new members: Egypt, Iran, Saudi Arabia, the United Arab Emirates, and Ethiopia.

Their membership took effect on Monday, ...

Egypt, Iran, Saudi Arabia, UAE, Ethiopia Formally Join BRICS

The BRICS group, a key platform for emerging markets and developing countries, has officially welcomed five new members: Egypt, Iran, Sau

menafn.com

chieftain · Jan 1, 2024

What's in the welcome pack, a mug and a keychain?

Viking · Jan 1, 2024

chieftain said:
What's in the welcome pack, a mug and a keychain?

Future bombing/ color revolution

pmbug · Jan 2, 2024

Way back in April (post #748), I posted an analysis of the dollar's performance as the world's global reserve currency. Wolf has posted an update on the foreign exchange reserves:

...
The share of USD-denominated foreign exchange reserves dipped to 59.2%, according to the IMF’s COFER data released on December 31 for Q3 2023. ...

Status of US Dollar as Global Reserve Currency and USD Exchange Rates: Long, Slow, Uneven Decline Continues | Wolf Street

searcher · Jan 4, 2024

India's digital currency transactions top 1 mln/day in Dec -sources

MUMBAI, Jan 4 (Reuters) - Indian banks disbursed some employee benefits through the digital rupee in December, helping the Reserve Bank of India meet its target of one million daily transactions by end-2023, three sources directly familiar with the development said.

The central bank digital currency (CBDC), called the e-rupee, has been devised as a digital alternative to physical cash and has been built using distributed-ledger technology.

More:

https://www.reuters.com/business/finance/indias-digital-currency-transactions-top-1-mlnday-dec-sources-2024-01-04/

pmbug · Jan 9, 2024

SWIFT fully weaponized:

...
Both Russia and Iran were banned from SWIFT in 2022 after the US pressed sanctions against the two countries. However, both countries were allowed to partake in SWIFT for a few transactions but have now decided to abandon it. The Central Banks of both the BRICS countries, Iran and Russia, are now working towards smoothing the direct bank transfers.

The two BRICS members are now bypassing the US sanctions by completely sidelining SWIFT and engaging in direct bank transfers. ...

BRICS: Russia & Iran End SWIFT, Start Bank Transfers in Local Currency

BRICS: Iran and Russia ditch the SWIFT payment system and initiate direct bank transfers in local currencies.

watcher.guru

searcher · Jan 10, 2024

Bank of Canada Trademarks ‘Central Bank Digital Currency’ and ‘Digital Canadian Dollar’

The Bank of Canada has taken discreet measures to secure trademarks for terms related to digital currency, as reported by

thedeepdive.ca

searcher · Jan 14, 2024

RE: Post 875

BRICS’ banks ramps up effort to completely ditch dollar

The BRICS nations, a coalition of five major emerging economies, are boldly steering towards a future less reliant on the US dollar. This move, characterized by the launch of substantial funding initiatives in local currencies, marks a significant pivot in the global financial landscape.

The New Development Bank (NDB), established by the BRICS countries, is spearheading this shift. The NDB’s recent announcement to raise a whopping $3 billion in local currencies over the next five years, instead of the US dollar, is not just a statement of intent but a strategic maneuver in the realm of international finance. This groundbreaking initiative is aimed at strengthening local economies and reducing the dependency on the US dollar.

Central to this development is the launch of the so-called ‘Maharaja Bonds’. Named with a flair for the dramatic, these bonds are designed to attract investments in local currencies, further sidelining the dollar. The NDB’s approach is clear: offer alternatives to the greenback and in the process, empower local currencies. This bold move could potentially reshape how developing countries finance infrastructural projects, offering them an escape route from the dollar’s dominance.

More:

MSN

pmbug · Jan 24, 2024

pmbug · Jan 25, 2024

After tossing around a few bad ideas, the BRICS countries have settled on using gold as the basis for international exchange, a role previously taken by dollars and euros. This does not mean today’s floating fiat ruble, real, or rand is going anywhere soon. Rather, just as the US dollar was used alongside those domestic currencies in the past, today and in the future gold will be more commonly used.
...
The next step would be to set up a foreign exchange market — that is, bids, asks, and some way to transact — using these gold checking accounts as the central unit, the role the USD usually takes today. Instead of RUB/USD and USD/INR, you would have RUB/BGD (”BRICS Gold”), and BGD/INR, probably hosted by an institution like Sberbank, here taking the role that Coinbase performs for cryptos. It seems, however, that Russians, Indians and so forth are not very good at financial engineering. They are awesomely good at aerospace and defense engineering, but this seems to leave them stumbling and bewildered. But, it’s not really that hard. If Sam Bankman-Fried can do it, one of those ace Chinese, Indian or Russian engineers can manage to set up a simple currency exchange market.
...

More:

BRICS Making Good Progress On Their Golden Path

Now that we have gold checking accounts, gold bonds are the next big advance. India has already started issuing them.

www.forbes.com

The article is mostly speculation but interesting to consider IMO.

searcher · Feb 1, 2024

India's Paytm plunges 20% after RBI halts payments bank business

February 1, 20247:40 AM EST Updated an hour ago

Paytm loses $1.2 bln in market value
RBI action to hit core business, credibility - analysts
Jefferies, JPMorgan slash Paytm rating, target price
Paytm expects normalcy by March - exec

BENGALURU/MUMBAI, Feb 1 (Reuters) - Indian digital payments firm Paytm (PAYT.NS), opens new tab lost a fifth of its market value on Thursday after the central bank ordered its payment bank to halt its business, threatening the company's path to profitability and the app it relies on.

The Reserve Bank of India (RBI) on Wednesday ordered Paytm Payments Bank to stop accepting fresh deposits in its accounts or popular digital wallets from March, raising worries over revenues from the company's main payments business.

The RBI's order could be a precursor to cancelling the bank's licence, a person familiar with the matter told Reuters.

The action against Paytm Payments Bank followed years of non-compliance with central bank rules, including on customer due diligence, use of funds and technology infrastructure, the source said.

Paytm, one of India's largest payment firms, and the RBI did not respond to requests for comment from Reuters.

More:

https://www.reuters.com/business/finance/indias-paytm-shares-set-tumble-after-cenbank-orders-banking-unit-stop-business-2024-02-01/

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Press Release: IMF Board of Governors Approves Major Quota and Governance Reforms​

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First $14M cross-border e-CNY gold purchase completed in Shanghai​

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India's digital currency transactions top 1 mln/day in Dec -sources​

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India's Paytm plunges 20% after RBI halts payments bank business​

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Oh, the Irony: IMF Chief Touts Benefits of Cashless Future In Singapore, Just Weeks After a Major Payments Outage

Central Bank Digital Currency Development Enters the Next Phase

Press Release: IMF Board of Governors Approves Major Quota and Governance Reforms

First $14M cross-border e-CNY gold purchase completed in Shanghai

India's digital currency transactions top 1 mln/day in Dec -sources

BRICS’ banks ramps up effort to completely ditch dollar

India's Paytm plunges 20% after RBI halts payments bank business