The Central Bank of Zimbabwe stated on Monday that it would soon begin issuing gold coins in an effort to reduce inflation, which hit 191 percent in June. The Harare government thinks that this will decrease demand for US dollars and at the very least slow down the further depreciation of the local currency.
In the near future, central banks will need to introduce some sort of alternative system in order to preserve economic authority as many conventional currencies begin to lose public confidence due to inflation. Towards this end, the BIS is set to allow member banks to hold 1% of their reserves in Bitcoin.
The most dangerous words in monetary policy and economics are “this time is different.” The big mistake of politicians in Argentina is to believe that inflation is multicausal and that everything is solved with increasing doses of interventionism.
A new RBI report said that there is an over 100% increase in fake Rs 500 notes and below. Here is how to check their authenticity.
In criminal law, fraud is associated with deception and trickery; nonetheless, banks consider any diversion of funds to be fraud. In consideration of this, there is an ongoing discussion about a change in definition of ‘fraud.'
Even though it's still too premature to predict how the US dollar will fare during this economic shift, it is almost certain that it will emerge weaker and less dominant than before. This comes as a result of the gold backed ruble which is the new paradigm shift for the global economy.
A joint project between the Central Bank of Canada and the Massachusetts Institute of Technology will be researching the possibility of an entirely digital Canadian dollar, it was announced yesterday.
Jamaica, Bahamas and the Caribbean have all sunk their toes into the virtual currency market by launching the Central Bank Digital Currency. The country's CBDC is called the Jam-Dex and it carries with it a tagline as relaxed as the nation's reputation: "No cash, no problem".