Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 11-13-24
Good Afternoon Dinar Recaps,
UK LIKELY TO ISSUE DIGITAL GILTS WITHIN THE NEXT TWO YEARS – REPORT
Yesterday, state-owned French development bank Caisse des Dépôts et Consignations (CDC) issued a €100m ($108m) digital bond settled using the Banque de France’s DL3S DLT platform using its pilot wholesale central bank digital currency (wCBDC).
The transaction formed part of the European Central Bank’s wholesale DLT settlement trials which are due to end this month.
The Banque de France avoids using the term wholesale CBDC, instead referring to it as a tokenized representation of central bank money.
For the CDC issuance, it required synchronizing the issuance of the digitally native note (DNN) on Euroclear’s D-FMI platform with the settlement on the central bank’s DL3S. The DNN was issued in bearer form under French law.
“Choosing (the) Banque de France’s full DLT interoperability solution for settling the cash leg of this issuance stresses the importance of tokenised Central Bank Money for the development of the tokenisation of finance,” said Emmanuelle Assouan, Director General Financial Stability and Operations at Banque de France.
“The operation, performed under CSDR, allowed (the) Banque de France to enrich its connectivity solutions by setting-up a new interoperability link between the 2 DLTs, on top of the HTLC and SWIFT protocols.”
HTLC refers to a Hashed Timelock Contract which is an escrow-like mechanism in which the money is locked on one DLT, and the asset on the other. If the money is not claimed during the timelock period, the locks can be released.
Euroclear and the central bank worked together on the interoperability solution.
BNP Paribas’ Securities Services was the issuing agent for the transaction, with Crédit Agricole CIB and Natixis CIB as dealers.
Paris Europlace, the French association that supports the Paris financial market, created a working group of banks and asset managers to help in coordination.
ECB trials and France’s DL3S
Meanwhile, the French pilot CBDC solution has been used for some other digital bond issuances. They include a €30 million sovereign bond issued by Slovenia and a small ABN AMRO commercial paper issuance. There were also several other DL3S experiments that involved simulations.
@ Newshounds News™
Source: Ledger Insights
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SEC APPROVES COINCHECK AS FIRST JAPANESE CRYPTO EXCHANGE ON NASDAQ
Coincheck is set to make history as the first Japanese crypto exchange to list on Nasdaq, following SEC approval.
Coincheck, a cryptocurrency exchange headquartered in Tokyo and a subsidiary of Monex Group, is expected to become the first to debut on the Nasdaq Global Market as early as Dec. 10.
On Nov. 13, the United States Securities and Exchange Commission approved the exchange’s application to list on the Nasdaq.
The move, set to occur through a merger with Thunder Bridge Capital Partners (TBCP), marks the first time a Japanese crypto exchange will be listed on a US stock exchange.
The merger with TBCP, a special acquisition purpose company (SPAC), will enable Coincheck to remain a consolidated subsidiary of Monex Group after the listing. It could also encourage other Japanese exchanges to pursue similar moves.
SEC application approval
The SEC’s approval follows the Japanese crypto exchange’s filing of a Form F-4 registration statement on Nov. 7, which became effective on Nov. 12.
With the SEC green light, TBCP can now proceed to hold a shareholder vote on Dec. 5 to approve and finalize the business combination, a necessary step for the listing to proceed.
If the shareholders vote in favor, the merger with TBCP will close, and Coincheck is set to be officially listed on the Nasdaq as soon as Dec. 10, trading under the ticket CNCK.
Nasdaq listing implications
The planned Nasdaq listing would be a significant development for Japan and the US. If the merger is finalized, it will deepen global market integration, potentially inspiring other Japanese crypto exchanges to pursue listings in international markets.
The listing could attract more international crypto firms to American markets for the US, reinforcing the country’s expected pro-crypto regulatory stance under President-elect Donald Trump’s incoming administration.
SEC influence over crypto
The SEC has shaped crypto in the US through its rigorous oversight of digital assets, exchanges and firms, including issuing multiple Wells notices.
Consensys CEO Joe Lubin, in an interview with Cointelegraph at Devcon 2024 in Thailand, criticized the SEC for restricting innovation in the crypto industry.
Consensys also issued an open letter to the next US president, calling for supportive regulations for crypto and Web3 — a sentiment Lubin echoed at Devcon 2024, where he expressed hope for a smooth transition in SEC leadership.
@ Newshounds News™
Source: CoinTelegraph
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@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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