The UK government has announced plans to launch a pilot program for a digital gilt instrument utilizing distributed ledger technology. This move aims to enhance transparency and efficiency in the issuance and trading of government bonds, marking a significant innovation in public finance.
The Bank for International Settlements (BIS) has appointed Pablo Hernández de Cos as its next General Manager, effective January 1, 2024. Hernández de Cos, currently the Governor of the Bank of Spain, will lead the BIS in advancing global monetary cooperation.
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Amidst expectations of easing U.S. debt costs, the Federal Reserve’s 0.75% rate cuts this year have yet to yield positive outcomes. Stay tuned for insights.
In response to a staggering 40% devaluation of its gold-backed currency against the US dollar, Zimbabwe’s central bank has injected $50 million into the economy. This move aims to stabilize the currency and restore confidence among investors and citizens.
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Senator Elizabeth Warren has criticized Citibank for its persistent failures in compliance and customer service. During a recent hearing, she proposed breaking up the bank, arguing that its size prevents accountability and poses risks to the financial system.
**China’s Digital Yuan: A Currency No One Wants to Use?**
Despite extensive government promotion, China’s digital yuan has failed to gain widespread adoption. Experts attribute this apathy to several factors.
Firstly, the digital yuan offers minimal advantages over traditional digital payment systems like Alipay and WeChat Pay, which are already widely used in China. Convenience and familiarity trump the minor benefits provided by the digital yuan.
Moreover, concerns over privacy and surveillance have deterred many potential users. The digital yuan’s central bank control allows the government to track transactions and identify individuals, raising concerns about financial privacy.
Skepticism towards the cryptocurrency market’s volatility and lack of anonymity have also contributed to the digital yuan’s lack of appeal. As a digital legal tender, the yuan’s value is tied to the Chinese economy, not a volatile asset like Bitcoin. Therefore, investors are not incentivized to use it as a store of value.