Maurice G.’s Post

Central Bank of UAE 🇦🇪 approves first-ever regulated Dirham (AED) stablecoin! Big news from Central Bank of The UAE! We have approval of first-ever Dirham-backed stablecoin, and it’s a game-changer for entire crypto industry. Here’s why this is HUGE: 1. Regulated AED stablecoins are now officially recognized, giving businesses and individuals a secure, stable digital currency. 2. Central Bank approved AED stablecoins are pegged to fiat and 1:1 backed by transparent reserves and regular audits, creating trust and security. 3. Approval opens the door for instant, low-cost transactions across the UAE’s growing digital economy. It’s the future of payments. 4. Tether, the world’s largest stablecoin issuer, is now looking to get next approval from UAE Central Bank for their Dirham-pegged stablecoin. You will witness a wave of stablecoin adoption in the UAE! Everyone will benefit! Exchanges, merchants, investors, market makers, traders and retail will all benefit! While UAE is making big moves, Swiss 🇨🇭 regulator FINMA is crushing stablecoin innovation with impossible regulations. Swiss regulator demands a banking license or a bank guarantee just to issue a stablecoin. This will kill any new projects before they even start. But UAE? UAE is creating a pathway for crypto innovation, while countries like Switzerland are pushing talent away. UAE’s vision proves it’s ready to lead the global crypto space while others are left behind. I’m incredibly bullish on the UAE’s and can’t wait to see more Dirham-backed stablecoins hitting the market! You want to be part of the next wave of crypto innovation? Come to UAE Habibi! I moved to Dubai recently and it was my best decision ever ❤️! Share your thoughts on this breakthrough in the comments below 👇 Follow 👉 Anton Golub & share ♻️ with your network.

Wow, big news from the UAE. Been following macroeconomics in a big way. Did you know, the BRICS countries overtook the G7 countries share of the world's total gross domestic product (GDP) in terms of purchasing power parity (PPP) in 2018. By 2024, the difference had increased even further, the BRICS now holding a total 35 percent of the world's GDP compared to 30 percent held by the G7 countries. 1 BRICS 18.64 USD It’s still early in this global economic shift to move away from the USD dominant currency reserve, as there are greater risks involved with BRICS. Volatility tends to be higher because of political instability, slower growth, and currency fluctuations. Also, the BRICS countries face challenges with corruption, infrastructure gaps, and economic reforms. Interesting times!

For more than three years, the Bank of International Settlements (BIS) and the central banks of China, Hong Kong, Thailand and the United Arab Emirates (UAE) have been working on a cross-border central bank digital currency (CBDC) project known as mBridge. In a nutshell, the project aims to improve efficiency, speed and transparency in cross-border payments. A key part of the rationale behind mBridge is the observation that traditional correspondent banking is often slow, expensive and complex. The project aims to solve these problems with its purpose-developed permissioned distributed ledger technology (DLT) called the mBridge ledger, or mBL, that supports instant peer-to-peer and atomic cross-border payments and FX transactions using wholesale CBDCs. MBridge recently took an important step forward with the completion of its minimal viable product (MVP) stage and the decision by Saudi Arabia to join the project. While the participating countries in mBridge have attracted a lot of attention, the private sector has a crucial role to play in the project. Having entered the MVP stage, mBridge is now inviting private sector firms to offer use cases and solutions to develop the platform and maximize its potential. It has invited them to apply on its official website. When it comes to digital payments, whether in traditional fiat currency or with a CBDC, China has plenty of experience, and given its leading role in mBridge, Chinese companies are likely to play an active role in the project. While MBridge has made clear progress, some important questions remain about its viability. First, one has to wonder if the benefits that mBridge purports to offer are significant enough to offset the costs of building and maintaining new payments infrastructure. Additionally, the BIS has not committed to a timeline for mBridge’s formal launch, which suggests some uncertainty on the part of the Switzerland-based organization. #mbridge #cdbc #china #payments #fintech #blockchain https://hubs.li/Q02H1tdG0

🌍 Project mBridge: Central Banks are officially advancing with Cross-Border CBDCs 🌐 Is it good or bad? 👇 Big developments are underway in the world of digital finance with the progress of Project mBridge, a cross-border Central Bank Digital Currency (CBDC) initiative. As detailed in a recent Forbes article, this project has huge plans and aims to revolutionize international transactions by enhancing speed, reducing costs, and improving transparency. 🌍 Global Collaboration for a Seamless Financial Future Project mBridge represents a collaborative effort among multiple central banks, including those of Hong Kong, Thailand, the UAE, and China. This partnership is exploring the potential of CBDCs to streamline cross-border payments, which have traditionally been slow and costly. By leveraging blockchain technology, mBridge aims to create a more efficient and secure framework for international transactions. 💡 The Potential Impact on Global Trade The successful implementation of Project mBridge could transform global trade and finance. By reducing transaction times and costs, businesses could operate more efficiently, ultimately benefiting economies worldwide. The project's emphasis on transparency also ensures that transactions are more secure and less susceptible to fraud. 📊 Innovations in Digital Currency This initiative is not just about improving existing systems but also about setting the stage for future innovations in digital currency. The insights gained from Project mBridge will likely inform the development of other CBDC projects globally, contributing to a more connected and efficient financial system. 🔗 Read More For a deeper dive into Project mBridge and its implications for the future of cross-border payments, check out the full Forbes article: https://lnkd.in/ebNpKNUs #DigitalFinance #CBDC #Blockchain #CrossBorderPayments #FinancialInnovation #GlobalTrade

UAE Central Bank approves the launch of AE Coin, a stablecoin pegged to the UAE Dirham Key Points Approval Granted: UAE Central Bank approves the launch of AE Coin. Dirham-Pegged: AE Coin will be pegged to the UAE Dirham and fully backed by cash reserves. Regulatory Milestone: Marks a significant step in the UAE’s regulatory framework for stablecoins. Digital Economy Boost: Expected to enhance the UAE’s digital economy and financial services. Introduction The Central Bank of the UAE has granted in-principle approval to AED Stablecoin LLC to launch AE Coin, a stablecoin pegged to the UAE Dirham. This approval is a landmark in the UAE’s journey towards integrating digital currencies into its financial system. AE Coin […] https://lnkd.in/gDQyyF8D

2024 might be remembered as a turning point for central bank digital currencies (CBDCs) – the year when interest in them began to significantly wane. In the case of India, while the government seems determined to push forward with the digital rupee, retail users are more circumspect. The Reserve Bank of India (RBI) highlights its estimation of 5 million digital rupee users. If we consider that India has more than 1.4 billion people, then less than ½ of 1% of the population is not a particularly strong adoption rate – especially for something that has such strong government backing. It seemed that perhaps the digital rupee was gaining traction when the RBI said in January that transactions had reached 1 million a day in December 2023. However, after taking a closer look at those numbers, it becomes clear that the 1 million milestone was only reached in a single day in December (Dec. 27), rather than being the average of daily transactions that month. Further since then, transactions have settled at around 100,000 to 200,000 a day. When considering the viability of the digital rupee, it is important to remember the context in which the project was developed. Several years, the RBI was concerned about threats to its sovereignty posed by cryptocurrency. It observed how China launched the digital renminbi while simultaneously cracking down on crypto. It reasoned that a well-designed CBDC could increase financial inclusion while reasserting the monetary sovereignty of the central bank. However, it is unclear if India’s financial authorities sufficiently considered the question of demand. Existing digital payments infrastructure in the subcontinent is comprehensive. The state-run Unified Payments Interface (UPI) system is extraordinarily successful. A recent survey found that about 2/3 of Indians use UPI. That’s about 924 million people, compared to the 5 million using the digital rupee. If India’s financial regulators remain committed to rolling out a CBDC, it might be in their interest to dedicate more resources to a wholesale version. Financial institutions could conceivably find more practical use cases for a digital rupee than the broader public. The cross-border CBDC project that has shown the most promise to date, the Bank of International Settlements and China-led mBridge, focuses exclusively on cross-border wholesale transactions. Yet thus far, India has not dedicated substantial resources to the wholesale segment. Pilot projects involving secondary market transactions for government bonds and interbank lending in the call money markets do not seem to have been especially fruitful. #india #cbdc #blockchain #digitalassets #cryptocurrency #bitcoin https://hubs.li/Q02P2GBv0

Do you know what Central Bank Digital Curreny (CBDC) is? 🧐 What we currently use to pay is a fiat currency, which is legal tender money issued by a government or central monetary authority. This physical money in bills and coins does not have intrinsic value, but rather its value is based on the trust and support of the issuing entity. It has certain characteristics such as: sovereign issuance, legal tender (acceptance), institutional support, a denomination, exclusive design, etc.💶 Now, a CBDC is the purely digital representation of that same physical fiat currency. 🤯 The CBDC would maintain the same properties and support as physical fiat currency, since it would be issued and regulated by the same central bank. The difference is that it would exist only in digital/electronic format, without a physical counterpart.📲 It is a transition from the public trust currency to the purely digital realm, taking advantage of technologies such as blockchain/DLT for its issuance, distribution and traceability of transactions.🔐 Below you will find the results of the survey carried out by the Bank for International Settlements – BIS carried out in 2022 on CBDC and cryptos, where it is highlighted that "more than 93% of the central banks surveyed (Banco de la República - Colombia was one of them) are advancing or have already carried out studies on the issuance of CBDC. Some have even already taken the theoretical study to a practical phase: around 60% of central banks are carrying out experiments or proofs of concept and 22% have decided to start pilots to test the technology they would support. transactions carried out with CBDC. Bahamas, with its sand dollar, became the first country in the world to issue CBDC, as an alternative to cashiv, and some countries such as the United States of America, China and the European Union have announced short projects, medium and long term with digital currencies of their jurisdiction." Will this be the future of the issuer? Control the issuance of CBDCs? ⏳ https://lnkd.in/eba5NYYa https://lnkd.in/eXPWMhuV

The Central Bank of Montenegro announced on April 11 that it had signed an agreement with Ripple for the development of a strategy and pilot program for a Montenegrin digital currency in the form of a central bank digital currency, or a stablecoin. The country has used the euro as its currency since its introduction in 2002, despite not being part of the Eurozone. “More details will be revealed later in the year,” RippleX’s vice president for central bank engagements and CBDCs, James Wallis, told Cointelegraph in a written interview. “The project will go through several stages, including identifying the practical application of a digital currency or national stablecoin.” Wallis indicated that a sandbox stage is planned to put the future digital currency “Into circulation under controlled conditions. […] We’ll work closely with the Central Bank to determine use cases, key success factors, and timelines.” The project will begin this month, he added. Related: Montenegro makes Vitalik a citizen, part of plans to promote it as a blockchain hub Central Bank of Montenegro Governor Radoje Žugić said in a statement that the central bank would work with the government and the academic community to “analyse the advantages and risks that CBDCs or national stablecoins could pose with respect to the availability of electronic means of payment, security, efficiency, compliance with regulations, and most importantly the protection of end users’ rights and privacy.” He added: “As a central bank committed to following modern national banking trends, the Central Bank of Montenegro is actively ensuring it maintains an efficient financial system.” Montenegrin Prime Minister Dritan Abazovic first disclosed the upcoming deal between Ripple and the Montenegrin Central Bank in a tweet from the World Economic Forum Davos in January. Produktivan sastanak sa CEO kompanije @Ripple @bgarlinghouse i VP za saradnju sa centralnim bankama #JamesWallis. Razgovarali smo o razvoju platne infrastrukture koja bi obezbijedila veću finansijsku dostupnost i inkluziju. Crna Gora otvorena za novu vrijednost i ulaganja. ⬇️ pic.twitter.com/YdPeWHUtCm — Dr Dritan Abazovic (@DritanAbazovic) January 18, 2023 Ripple has been touting its expansion in the CBDC space for months. Wallis said the company “has multiple CBDC projects ongoing around the world and is in dialogue with dozens of central banks globally.” Magazine: China’s 180M digital yuan airdrop, Devastation in Turkey, Laos’ CBDC: Asia Express Source link

Do you know what a CBDC is? CBDC stands for "Central Bank Digital Currency", which in New Zealand also goes by the name of "Digital Cash". According to the Human Rights Foundation (HRF): "CBDCs are digital national currencies that are liabilities of a nation’s central bank. Unlike traditional paper cash, CBDCs are digital, easily traceable, freezable, and subject to micro-control by public officials." Given their potential to shift the balance of power towards governments and away from citizens in areas such as payments, savings, commerce, and privacy, CBDCs demand the attention of human rights groups, geopolitical scholars, policymakers, and economic think tanks. You can learn more about CBDCs here: https://lnkd.in/d8F3F3bK In Aotearoa the Reserve Bank of New Zealand is exploring the development of a CBDC. However many are concerned that as an unelected entity with no direct responsibility to the voters of New Zealand nor clear communication around the implications of a CBDC that we may be on a slippery slope. 💁 Please share what you think! Do you support the development of a CBDC in New Zealand? What are your reasons? How do you define "money"? Do you see a mandate for this work to be developed by the RBNZ? Ian Woolford Paul Conway Naomi Mitchell Michelle Burke Susan Livengood The New Zealand Initiative Oliver Hartwich

I wrote about this [CBDC or Bitcoin] fork in the road four years ago: https://lnkd.in/geQCcAH6 Two antithetical systems: Complete control or total freedom Having to invest or the ability to save Infinite total supply or fixed total supply No control or complete control Permissions and censorship or sovereign I also created a DCA [dollar cost averaging] calculator to measure the financial reward for choosing to become sovereign. You can see the calculator here: www.amber.app/calculator/ If you purchased $21 NZD, daily, for the past four years, you would have spent $30,681 - this would have bought you 0.597595 Bitcoin, which is currently worth $71,956. That’s a savings percent increase of +134.5% We are financially rewarded to become sovereign, everyone gets the price they deserve. Including the Reserve bank, whose days are numbered, as they have been replaced by a monetary protocol.