International Monetary Fund Managing Director Kristalina Georgieva stated that the IMF is "working hard" on a global central bank digital currency platform.
The International Monetary Fund (IMF) is “working...
Sir Evelyn De Rothschild, who was knighted by the Queen in 1989 for his contributions to banking and finance and is largely regarded as one of the top financiers and philanthropists of his time, has died at the age of 91.
After the Chinese digital Yuan prototype garnered attention, the number of countries where central banks have issued digital currencies has increased.
UMU, the Central Bank Digital Currency, has been launched. Although the IMF has not officially endorsed UMU, George Walker, a partner at Practus, LLP, noted that the organization had not raised objections to its foreign exchange premium rates or its monetary sovereignty approach.
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.
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".
A cashless society would be the nail in the coffin for liberty and freedom, offering centralization, the likes of which Marx could only dream. The existence of a government backdoor or spyware becomes a real possibility, and given the State’s track record, a real likelihood. Then, of course, the ability to track, freeze, and even set expiry dates on money, will be marketed as “features” to protect the public.
Credit Suisse shares fell five percent to an all-time low in early trading and in Europe on Tuesday after the bank confirmed material weaknesses and an $8billion loss in 2022, just hours after a financial expert claimed it would be the next institution to fall following SVB.
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.
The chairman of Switzerland’s largest bank received an urgent call last week. On the other end were three top Swiss officials who delivered an ultimatum dressed up as a proposal. UBS Group AG needed to rescue its failing rival, Credit Suisse Group AG.
