Goldilocks' Comments and Global Economic News Wednesday Evening 3-6-24

Good evening Dinar Recaps,

Today, the Global Markets Advisory Committee Meeting subcommittee of the CFTC is meeting to make 3 recommendations for the markets going forward:  

* The first-ever digital asset taxonomy. It is designed to promote regulatory clarity and international alignment.
* Basel 3 end game proposal.
* Transition to T+1 securities settlement and Treasury ETFs.

The role of this committee is to take a look at the legislative process and make recommendations for a bill to move it forward in Congress. Although committees only have the authority to advise, their recommendations go a long way in determining the contents of what goes on a legislative bill.

These three proposals are already in process. This committee is designed to focus attention on the details of what has already been introduced to Congress.  These recommendations will provide more clarity for Congress to understand and work with current legislative bills already on the table.

The Financial Stability Board will be present at this meeting along with other prominent Global Financial Advisors. A vote will be taken today to move these legislative bills forward.   CFTC

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Take a look at the top listing on Citibank bank rate inside Iraq. It is important to note that the US dollar conversion rate still remains the same, but it is listed as a currency that can be exchanged with the dinar.

Scroll all the way to the far right of the dinar listing at Citibank, and you will find that one US dollar still buys 1,300 dinar.

You might want to save this page to look at currency rates inside Iraq along with cbi.iq.  Credit Bank of Iraq

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Gold prices hit a record high. There’s a gold rush on Wall Street | CNN Business

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In simple terms, a unit of account is defined as a standard unit of measurement of market/economic value for an asset, goods, services, and other transactions. https://3commas.io/blog/unit-of-account

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Our Global Economy is in process of redefining and recalculating currency values. Specifically, we are undergoing pilot programs to determine regulations on the use and the amount needed to level the playing field in trade among countries.

These are measured in units of account in the banking world. Each unit of account currently has a digital value and a commodity value inside what we are currently calling a tokenized asset going forward.

These new pending prices are what many are calling a Global Currency Reset. This is why new laws have been coming into effect on our new digital economy the last two and almost a half years to solidify real values going forward.

Real values are necessary for the new Quantum Financial System to calculate with precision and speeds we have never seen before in history, and not, artificial values controlled and determined by a single country.

This is the year to determine these new values going forward that will affect our Global Economy for generations to come.   Finance Magnates

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The Stellar Development Foundation (SDF) recently submitted a letter in response to a Request for Information on Financial Inclusion (RFI) issued by the U.S. Department of the Treasury (Treasury). 

This response blends our work on financial access with our continued efforts to advocate for open systems. By combining these two focus areas, SDF aims to inform Treasury’s development of a national strategy for financial inclusion from a technological perspective – emphasizing that tools to further financial access and inclusion can benefit from open-source and transparent technology.

In our response, we address two key points: the importance of access when defining financial inclusion and how to leverage technology to advance financial inclusion efforts.

SDF defines access as a core tenet for the advancement of financial inclusion. Access to formal financial systems, such as bank accounts, is crucial for individuals, households, and small businesses to participate in the increasingly digital economy and unlock advanced services like savings and lending.

We propose that consumers should have access to free or low-cost products that support everyday financial transactions in today’s cashless economy. Services that leverage digital wallets and blockchain technology can address traditional barriers like minimum account balances and account fees that preclude participation in the formal economy.

As a public and freely accessible blockchain, the Stellar network provides a rich environment and set of technical tools for such everyday financial services.   Stellar

👆 The Stellar Development Foundation is a Committee member of the Global Markets Advisory Committee Meeting subcommittee.

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A China-Russia geopolitical alignment was long the Kremlin’s dream

The war in Ukraine has brought the two autocratic powers much closer

The axis is emerging just as the West is preoccupied with domestic issues  GIS Reports Online

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The United Arab Emirates demonstrated its commitment to financial sector innovation last week when it undertook the first cross-border transfer of its central bank digital currency (CBDC), the digital dirham. 

On January 29, the chairman of the UAE Central Bank sent 50 million digital dirhams - the equivalent of approximately $13 million - from the UAE to China over mBridge, a platform that allows countries and financial institutions to experiment with using CBDCs for cross-border wholesale payments. 

The transfer forms part of the UAE’s efforts on developing a CBDC that can drive the the country’s digital transformation, and is the first in a series of pilot programs the UAE intends to run with CBDCs, with future projects to focus on establishing CBDC bridges with India, and a proof of concept for a CBDCs use in domestic retail and wholesale payments. Jointly these efforts comprise part of the UAE’s CBDC Strategy, which the Central Bank announced in March 2023.     Elliptic

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Fast payments have achieved mass adoption in some jurisdictions but not in others – with adoption likely depending on the design characteristics of different fast payment systems (FPS).

Adoption of fast payments tends to be more widespread when the central bank owns the FPS, when non-banks participate and when the number of use cases and cross-border connections is greater.

These insights can help inform the design and development of FPS and other payment infrastructures.
YouTube

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Digital Ruble Announcement:

At a meeting of the Association of Banks of Russia, both the central bank governor and deputy governor gave an update on the digital ruble. Trials for the central bank digital currency (CBDC) started in August last year after the passage of legislation. It started with a dozen banks, 600 end users and 30 merchants across 11 cities. The plan is to begin to roll out the CBDC next year.Ledger Insights  

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Nikki Haley gives speech addressing her future in 2024 presidential race – watch live

👆 This speech will give you insight into what is about to happen the rest of this year. It is a short speech. Please listen carefully.

She talks about the transition of our economy in October, Term limits for politicians, a smaller Government, and more...

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Take a look at the top listing on Citibank bank rate inside Iraq. It is important to note that the US dollar conversion rate still remains the same, but it is listed as a currency that can be exchanged with the dinar.

Scroll all the way to the far right of the dinar listing at Citibank, and you will find that one US dollar still buys 1,300 dinar.   Credit Bank of Iraq

© Goldilocks

👆 You might want to save this page to look at currency rates inside Iraq along with CBI.iq.

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What have we learned the last few days about the Iraqi Dinar?

Yes, a rate has been on the back screen for years, but it is not tradable until it goes to the front screen for you and me.

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In simple terms, a unit of account is defined as a standard unit of measurement of market/economic value for an asset, goods, services, and other transactions.

https://3commas.io/blog/unit-of-account

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In the future, you will hold "units of account" for the currencies you hold or one single currency. Each of these units of account (currency) will be instilled with values that come from a digital asset.

Are you beginning to see how power will be given back to the people? You will literally be holding a real asset in your hand(s) going forward. You will own gold, and gold belongs to the people.

All roads lead to gold, and gold will set us free.

© Goldilocks

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UK regulations will allow stablecoins and CBDCs to coexist, says former BoE fintech lead

United Kingdom policymakers are adopting a coordinated approach to establish regulations allowing cryptocurrencies, stablecoins and CBDCs to coexist.   CoinTelegraph

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