I Have 50 Dollars http://ihave50dollars.com/ Tue, 30 Nov 2021 05:40:05 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 http://ihave50dollars.com/wp-content/uploads/2021/10/cropped-icon-32x32.png I Have 50 Dollars http://ihave50dollars.com/ 32 32 FM Nirmala Sitharaman, Marketing and Advertising News, ET BrandEquity http://ihave50dollars.com/fm-nirmala-sitharaman-marketing-and-advertising-news-et-brandequity/ Mon, 29 Nov 2021 07:50:00 +0000 http://ihave50dollars.com/fm-nirmala-sitharaman-marketing-and-advertising-news-et-brandequity/
Finance Minister Nirmala Sitharaman (file photo)

The government has no proposal to recognize Bitcoin as a currency in the country, Finance Minister Nirmala Sitharaman said on Monday in a response to the Lok Sabha. She also informed the House that the government does not collect data on Bitcoin transactions.

That the government has a proposal to recognize Bitcoin as the currency in the country, the Minister of Finance said “No sir”.

Bitcoin is a digital currency that allows people to buy goods and services and exchange money without involving banks, credit card issuers, or other third parties.

It was introduced in 2008 by an unidentified group of programmers as a cryptocurrency as well as an electronic payment system. It would be the first decentralized digital currency where peer-to-peer transactions take place without any intermediary.

Meanwhile, the government plans to introduce the Cryptocurrency and Official Digital Currency Regulation Bill 2021 during the current winter session of Parliament. The bill seeks to ban all but a few private cryptocurrencies to promote the underlying technologies while allowing official digital currency through RBI.

In response to another question, Sitharaman said, ministries and departments spent 2.29 lakh crore rupees as capital expenditure during the April-September period of the current fiscal year.

This represents 41% of the budget estimate (BE) of Rs 5.54 lakh crore for 2021-2022. Actual spending in the current fiscal year is about 38% higher than the corresponding spending in fiscal year 2020-21, she said.

The decision was made this week at a meeting held by the Blockchain and Crypto Asset Committee, a branch of the industry body Internet and Mobile Association of India, said two people familiar with the development.

To accelerate capital spending for the creation and upgrading of infrastructure in the economy, the Indian government launched the National Infrastructure Pipeline (NIP) with a projected infrastructure investment of Rs 111 lakh crore during the period 2020-2025 to provide world-class infrastructure across the country. , and improve the quality of life of all citizens. The NIP was launched with 6,835 projects, which has grown to over 9,000 projects covering 34 sub-sectors. The NIP is expected to improve project preparation, attract investment in infrastructure and play a central role in economic growth, she said.

The National Monetization Pipeline (NMP) was also launched on August 23, 2021 to unlock the value of investments in public sector assets by harnessing the capital and efficiency of the private sector for the provision of infrastructure services, a- she said, adding that the monetization proceeds should be reinvested. increase existing infrastructure / create new infrastructure to stimulate the economy.

Subsequently, she said, Gati Shakti (National Master Plan for Infrastructure Development) was launched on October 13, 2021 as a digital platform to bring together ministries / departments for integrated planning and implementation. coordinated implementation of infrastructure connectivity projects. It will also facilitate last mile connectivity of infrastructure and also reduce travel time for people, she added.

Regarding inflation, the finance minister said that the price situation of major commodities is monitored regularly by the government and corrective actions are taken from time to time.

“The upward trend in inflation has been largely driven by exogenous factors, namely the increase in international prices of crude oil and edible oils which have an impact on domestic inflation due to the dependence of the ‘India with regard to imports of these items, ”she said.

The rise in WPI inflation is also mainly due to the inflation of ‘fuels and electricity’ and manufactures, once again driven by rising world crude oil prices and rising prices. commodities / inputs, she said.

Several measures on the supply side have been taken by the government to curb inflationary pressures, she said.

To check gasoline and diesel prices, Sitharaman said, the central government reduced the central excise tax on gasoline and diesel by Rs 5 and Rs 10 respectively from November 4, 2021.

“In response, the governments of many states have also reduced the value-added tax on gasoline and diesel. As a result, retail gasoline and diesel prices have come down,” she said. .

As a further measure to control prices, India has agreed to release 5 million barrels of crude oil from its strategic oil reserves, she said, adding that this release will take place in parallel and in consultation with other major global energy consumers, including the United States, the People of the Republic of China, Japan and the Republic of Korea.

With limited information from the exchanges, the market is rife with unfounded rumors: the exchanges slow down trading to prevent massive sales; the exchanges manipulate the markets, the exchanges actively participate in trade, etc.

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SNP backs motion to speed up independent Scotland’s adoption of its own currency http://ihave50dollars.com/snp-backs-motion-to-speed-up-independent-scotlands-adoption-of-its-own-currency/ Sun, 28 Nov 2021 16:22:54 +0000 http://ihave50dollars.com/snp-backs-motion-to-speed-up-independent-scotlands-adoption-of-its-own-currency/ The SNP conference overwhelmingly supported measures to speed up the process of introducing Scotland’s own currency under independence.

Delegates backed an amended motion 481 to 37 that would see an enabling bill drafted ahead of a second referendum to create a Scottish Central Bank which would be responsible for issuing a new Scottish pound in anticipation of the creation of the new state .

The debate on the third day of the SNP’s online conference comes two and a half years after the party voted to use the pound but to introduce a new currency as soon as possible.

But the wording met with resistance with some party members fearing the process would take many years and wanted a faster transition to a new Scottish currency.

Left-wing party activists wanted six economic tests that “will guide” the exact timing of the removal of a new currency, although the measures were approved by the conference.

READ MORE: Nicola Sturgeon warns Omicron variant could delay second independence referendum

The currency debate has continued in the party since then with today’s resolution forwarded by activist Tim Rideout.

He told delegates that no advanced economy has ever sought to use another country’s currency and that attempting to do so would be to launch “possibly the most dangerous experiment in world monetary history.”

He added: “So we have to follow the safe and proven path that almost every country has taken to become independent, which is to have our own currency. We will use the Scottish pound – not the English pound.”

Rideout argued that having a central bank “is a key component” of any country with its own currency and was also a prerequisite for applying to join the European Union.

READ MORE: SNP MPs to vote no confidence in Boris Johnson

“The use of the British pound rules out any application for EU membership. So we have to plan that too,” he said.

“Planning is the key. After the Brexit vote, London was in a state of total “what do we do now” unpreparedness.

“We’ll have to be ready, so we’ve started running. Two years, or whatever, for a transition to Independence Day will go very quickly.”

Rideout added that the SNP could make some of those preparations, including drafting the bill to establish a Scottish Reserve Bank as Scotland’s new central bank.

Activist Tim Rideout

“This brings us to the point where we are ready to present this legislation the day after the vote. Keep in mind that it will probably take six months to be approved by Parliament,” he told the conference.

He said much of his original motion had been curtailed by the party conference committee and went on to describe what they were.

“The Reserve Bank will be owned and controlled by the Scottish government. It will be the monetary authority, which means it will create Scottish pounds. It will own the Scottish payments system and will be the state banker,” a- he declared.

“We have to make sure that he is under the control of Parliament and accountable at all times to us and our elected representatives. This means things like US-style confirmation hearings for the governor’s appointment, annual reports, and parliamentary committee appearances. This is the key.

“This is because as the monetary authority it will establish and issue the new Scottish currency. It will also set the interest rates for loans to commercial banks, and it will work in conjunction with other international central banks .

“This means that he will hold and manage our foreign exchange reserves on behalf of the Ministry of Finance.

The National:

Chris Hanlon, SNP Policy Officer

“With us he will keep the Scottish Government’s accounts and provide the lending and overdraft facilities necessary to achieve government fiscal policies such as full employment and the Green New Deal.

“Finally, as MP Douglas Chapman envisions, he could manage a Scottish Sovereign Wealth Fund.”

An amendment to the resolution called for the establishment of a party forum to discuss the principles of the establishment of the bank and the establishment of the new currency.

He said a national assembly is expected to be held before the party’s spring conference, which will give members time to consider all the details and evidence on how best to create a central bank and reach agreement on The law project.

READ MORE: SNP conference: Former MP Roger Mullin denounces corruption in UK

Amendment activist Chris Hanlon, who is the party’s policy-maker, told members: “This will be a critical first step on the road to independence.”

He said: “As we fight the campaign ahead, it will be important that those we ask to trust us to protect their livelihoods as we build our new nation believe that we know what we are doing, that we have planned and are planning for all the practicalities that will be necessary as we take back the reins of power.

“Many voters will look at us from a different perspective than they saw in the 2014 referendum.

“They will see us as the group that is likely to win this referendum and they will want to be assured that they will not see a repeat of 2016 when a group of night cowboys won a referendum that they had absolutely no idea about. of how to implement. ”

He added: “There will be difficult and detailed questions on a lot of topics that were not asked last time.

“Topics like strengthening the civil service, or operating a border with the rest of the UK, what our relationship with the EU will look like, how long it will take to negotiate and what action can we take to speed up our return to the single market.

“It is important that we look credible as a government for a newly independent nation that prepares to manage this transition in a way that will minimize disruption and maximize the economic benefits of withdrawing from the political union that has brought us to life. was imposed in 1707.

“We have to start planning what we will do when we gain our independence.”

The currency issue is seen as one of the key policies in which the SNP wants to have absolute confidence in order to win a second independence referendum.

Some supporters of independence believe that the policy proposed by the party in 2014 was the cause of the defeat of the Yes camp.

The advanced position then was for Scotland to continue to use the pound sterling in a monetary union with the United Kingdom.

However, politics were hit when former Chancellor George Osborne said he would not agree to a monetary union with the new state.

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Commercial bank loans to private sector up $ 6.42 billion in October http://ihave50dollars.com/commercial-bank-loans-to-private-sector-up-6-42-billion-in-october/ Sun, 28 Nov 2021 15:59:13 +0000 http://ihave50dollars.com/commercial-bank-loans-to-private-sector-up-6-42-billion-in-october/

MADRID: The coronavirus pandemic will cost the global tourism sector $ 2 trillion in lost revenue in 2021, the UN tourism body said on Monday, calling the sector’s recovery “fragile” and “slow “.
Predictions from the Madrid-based World Tourism Organization come as Europe grapples with an increase in infections and a new, highly mutated Covid-19 variant dubbed Omicron spreads across the world .
International tourist arrivals this year will remain 70 to 75% lower than the 1.5 billion arrivals recorded in 2019 before the pandemic, a drop similar to that of 2020, according to the organization.
The global tourism sector has already lost $ 2.0 trillion (€ 1.78 trillion) in revenue last year due to the pandemic, according to the UNWTO, making it one of the most hardest hit by the health crisis.
Although the United Nations agency responsible for promoting tourism does not have an estimate of how the sector will perform next year, its medium-term outlook is not encouraging.
“Despite recent improvements, uneven vaccination rates around the world and new strains of Covid-19” such as the Delta variant and Omicron “could impact the already slow and fragile recovery,” he said in a press release.
The introduction of new restrictions and virus lockdowns in several countries in recent weeks shows how “it is a very unpredictable situation,” UNWTO chief Zurab Pololikashvili told AFP.
“This is a historic crisis in the tourism industry, but once again, tourism has the power to recover quite quickly,” he added before the start of the UNWTO’s annual general meeting. in Madrid on Tuesday.
“I really hope 2022 will be a lot better than 2021.”

While international tourism has been affected by the disease outbreak in the past, the coronavirus is unprecedented in its geographic spread.
In addition to travel restrictions linked to the virus, the industry is also grappling with economic pressure from the pandemic, soaring oil prices and disruption of supply chains, UNWTO said.
Pololikashvili urged nations to harmonize their virus protocols and restrictions because tourists “are confused and they don’t know how to travel.”
International tourist arrivals “rebounded” during the summer season in the northern hemisphere thanks to increased confidence in travel, rapid vaccination and the easing of entry restrictions in many countries, UNWTO said.
“Despite the improvement in the third quarter, the pace of the recovery remains uneven across regions of the world due to varying degrees of mobility restrictions, vaccination rates and traveler confidence,” he added.
Arrivals to some islands in the Caribbean and South Asia, as well as some destinations in southern Europe, have approached or even exceeded pre-pandemic levels in the third quarter.
However, other countries saw little sight of tourists, especially in Asia and the Pacific, where arrivals were down 95% from 2019 as many destinations remained closed to non-essential travel.

A total of 46 destinations – 21% of all destinations in the world – currently have their borders completely closed to tourists, according to UNWTO.
Another 55 have their borders partially closed to foreign visitors, while only four countries have lifted all restrictions related to the virus – Colombia, Costa Rica, the Dominican Republic and Mexico.
The future of the travel industry will be the focus of attention at the WTO’s annual general meeting, which runs through Friday.
The event – which brings together representatives of 159 member states of the United Nations body – was originally scheduled to be held in Marrakech.
But Morocco decided at the end of October not to host the event due to the increase in Covid-19 cases in many countries.
Before the pandemic, the tourism sector accounted for around 10% of gross domestic product and jobs worldwide.

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Japanese Banks Prepare to Test Digital Currency • NFCW http://ihave50dollars.com/japanese-banks-prepare-to-test-digital-currency-nfcw/ Fri, 26 Nov 2021 10:07:49 +0000 http://ihave50dollars.com/japanese-banks-prepare-to-test-digital-currency-nfcw/
DIGITAL CURRENCY: The forum offers a linked infrastructure at two levels including a common area and a business process area

A consortium of more than 70 banks, financial service providers and other leading companies in Japan will conduct a series of proof of concept (PoC) trials of a digital currency supported by commercial banks across a range specific use cases with the goal of expanding the currency by the end of fiscal 2022.

The Digital Currency Forum began researching digital currency issuance and settlement options in Japan in November 2020 and has now posted a progress report and a white paper with a ‘draft scenario’ for a digital currency – currently known as DCJPY – and a two-tier interoperable digital currency infrastructure.

The forum examines “methods of issuing and settling private sector digital currencies denominated in yen” and states that it also seeks to create an infrastructure that supports central bank digital currencies (CBDCs) and “instruments cross-border ”.

Two-tier infrastructure

“It is assumed that the DCJPY digital currency will be issued by commercial banks as liabilities, which are similar to bank deposits,” the white paper explains.

“The Digital Currency Forum also envisions that digital currency, DCJPY, can organically connect with other digital platforms.

In other words, the forum aims to realize a form of ‘digital payment as a service’, in which various economic activities and businesses can add payment and settlement functions as one of their far-reaching services. by incorporating the scheme of digital currency in accordance with their own business needs.

“The activities of the Digital Currency Forum do not conflict with ongoing discussions regarding stablecoins and CBDCs. On the contrary, they are complementary to each other, ”adds the forum.

The two-tier infrastructure consists of a “common area” – “a structure shared by all digital currencies issued under the program and will contain value information and be charged for issuance and burning” – and a “Zone commercial process […] responsible for the distribution of digital currency ”.

“So far, we have created a draft scenario for PPSS that straddles the common area and the business process area and the possible goals and objectives that digital currency is expected to achieve,” the forum said.

“In the field of technology, we are actively promoting verification from various angles towards the realization of digital currency issued by private entities, including the exchange of opinions between engineers from various fields and the mutual use of a sandbox environment for digital currency platforms.

Use case

According to the forum, some of the 10 subcommittees investigating individual use cases will be ready to implement PoC trials “by the end of 2021”. Use cases that could be tested include retail payments, supply chain transactions, industry regulations, value and peer-to-peer exchanges, non-fungible tokens, electronic money, and regional currencies.

“Based on the outcome of the PoC, the sub-committees will continue their efforts to commercialize the DCJPY digital currency and the platform that supports its operation by the end of fiscal year 2022,” the forum said.

The Digital Currency Forum is led by the cryptocurrency exchange DeCurret with members including MUFG Bank, Sumitomo Mitsui Banking Company, Mizuho Bank, Seven Bank, NTT, East Japan Railway Company, Kansai Electricity Company and Hitachi.

The Bank of Japan, Japan Ministry of Finance and a number of other government agencies act as “observers”.

The Bank of Japan announced that it would begin testing the concept of a CBDC in October 2020, but said in October of this year that “there is no change in the bank’s position that it “does not currently intend to issue CBDC” “.

“However, while ‘to issue a CBDC’ is an important decision, ‘not to issue a CBDC’ is also an important decision as an initiative to seriously explore the potential for issuing CBDCs is underway around the world.

“If the CBDC is not to be issued, we need to think about how to create payment and settlement systems suitable for an increasingly digital society. In either case, maintaining the status quo is not an option.

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Is cryptocurrency the currency of the future? http://ihave50dollars.com/is-cryptocurrency-the-currency-of-the-future/ Thu, 25 Nov 2021 14:20:00 +0000 http://ihave50dollars.com/is-cryptocurrency-the-currency-of-the-future/

For many blacks, cryptocurrency has been seen as one of the tenants of true economic liberation

In this news cycle, cryptocurrency seems to be the one thing everyone is talking about. It looks like society is suddenly being propelled into the future as we have seen nations begin to embrace a phenomenon known to many as crypto – the world’s newest medium of exchange.

The best way to describe cryptocurrency is digital currency, considering the many types of cryptocurrency as currencies with different uses. The one quality they all share is that they help create a richer digital experience.

The Bitcoin logo appears on the display screen of a cryptocurrency ATM at Smoker’s Choice store in Salem, NH (AP Photo / Charles Krupa, File)

The difficult part is understanding that cryptocurrency fluctuates quickly and can be volatile, attracting interest from investors and micro-investors around the world who are looking for ways to diversify their portfolios. Some experts think cryptocurrency is all about timing and crypto believers argue that silver and USD are archaic and really the inferior form of money… but are these investors right?

It is impossible to demystify the secret of cryptocurrency without answering the famous question: what is blockchain? Often discussed in tandem, many confuse the idea of ​​cryptocurrency with blockchain, and others just don’t know the difference.

Blockchain is an incredibly secure decentralized technology (think of the root word crypto – as in encryption). The advantage of blockchains is that their technology is spread over many different computer operating systems, which arguably makes them more secure than existing payment systems.

Easily accessible crypto-wallets like Coinbase, Robinhood and Gemini, have facilitated the buying and selling of over 50 different cryptocurrencies. Gemini is particularly interesting because of its founders, Tyler and Cameron Winklevoss, who created the company in 2014.

If you’ve ever watched Social networkk, you will remember the Winklevoss Twins – the two brothers who infamously founded HarvardConnection, a Harvard campus social media network that predated Facebook. Although the Winklevoss brothers seemed to have lost the Facebook war, they continue to prove formidable opponents to Mark Zuckerberg in the “Metaverse” – to found one of the leading cryptocurrency exchanges.

However, while the Winklevoss brothers used this and their other investments to propel them into the billionaire stratosphere with their rival Zuckerberg – cryptocurrency has always had a different meaning for blacks and browns.

For many blacks, cryptocurrency has been seen as one of the tenants of true economic liberation. In this case, it’s no surprise that black people were, by and large, at the head of the cryptocurrency boom. The National Opinion Research Center at the University of Chicago reports that 46% of cryptocurrency holders are people of color, with 18% of those holders being black. These numbers make sense given the deep-rooted mistrust in the black community of government regulations and the wealth gap.

The Bitcoin logo is displayed on the side of a Bitcoin ATM on November 10, 2021 in Los Angeles, California.  (Photo by Mario Tama / Getty Images)

The Bitcoin logo is displayed on the side of a Bitcoin ATM on November 10, 2021 in Los Angeles, California. (Photo by Mario Tama / Getty Images)

For many, cryptocurrency will serve as the great equalizer that education was once considered in this country. Accessibility is another reason for cryptocurrency’s success among the black community. Investors can buy cryptocurrency at an extremely low entry point – you only need a dollar to buy crypto, as you can invest fractionally in currencies like Bitcoin or Ethereum by buying a tiny fraction of the room.

This allows people with less disposable income to have fun when the stock market has traditionally excluded these population groups. But cryptocurrency has implications that extend far beyond just black America. Cryptocurrency has also become a force to be reckoned with at the forefront of the global community. This has made many economists wonder what crypto means for the global economy.

Akon may have been one of the first celebrities to openly discuss cryptocurrency and its ramifications, as early as 2018, when he declared his own cryptocurrency, Akoin. Akon noted that this cryptocurrency would guide Africa towards financial freedom and be the foundation on which its futuristic city would be built.

If Akon’s plan is successful, it would free the Senegalese people from the French-backed CFA (the national currency of Senegal and many French-speaking countries in West Africa). But Senegal is not the only African country interested in cryptocurrency. Nigeria quickly became the second largest market for crypto trading, after the United States.

Jingle Bell Ball 2010 Day 2 - Arrivals

Akon attends the Jingle Bell Ball at O2 Arena on December 5, 2010 in London, England. (Photo by Ian Gavan / Getty Images)

Many Nigerians have found the use of cryptocurrency as a creditworthy way to protect their money against the depreciation of the Naira (which is linked to the USD). live internationally) and minimize costs and fees. The issue of remittances is a phenomenon that can be observed across the African continent and across the Atlantic in the Caribbean and Latin America as well.

El Salvador has led the Latin American cryptocurrency community, becoming the first country to accept Bitcoin as legal tender. The two president Nayib bukele and Maria Luisa Hayem, Minister of the Economy of El Salvador, are proud to have led Latin America in this innovative economic revolution. Despite their efforts, adoption has been slow, with just 12% of consumers using cryptocurrency since the adoption of Bitcoin as legal tender in September.

Yet not all countries have joined the hype, with China banning all crypto-related transactions and deeming them illegal. Crypto economist and lawyer Jamar Montgomery thinks this is because “open source cryptocurrencies like Bitcoin and Ethereum are a threat to a government’s control over a monetary and financial system.”

As these governments desperately cling to what little financial control they have left, the rest of the world seems to be heading into a new era. Even though the infamous Los Angeles Staples Arena has been renamed and rebranded to reflect a new nickname, “crypto.com,” it certainly reflects the new era of cryptocurrency.

Wen-Kuni Ceant, theGrio.com

Wen-Kuni Ceant, theGrio.com

Wen-kuni Ceant is the CEO and co-founder of Politicking. She is a Fulbright scholar and thanks to the scholarship she has studied health infrastructure in Senegal for the past year. She received her Masters of Public Health in Health Policy and Management in 2016 from Drexel University. Prior to Drexel, she attended Howard University in Washington, DC, where she graduated from Phi Beta Kappa and with honors a Bachelor of Science in Biology.

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The digital reserve currency (DRC) will become fully http://ihave50dollars.com/the-digital-reserve-currency-drc-will-become-fully/ Wed, 24 Nov 2021 17:14:36 +0000 http://ihave50dollars.com/the-digital-reserve-currency-drc-will-become-fully/

NEW YORK, November 24, 2021 (GLOBE NEWSWIRE) – Maxim Nurov, founder of Digital Reserve Currency (DRC), published a Medium article in which he outlines his vision for the future of the DRC on October 15.

Maxim Nurov also discussed the current situation in the DRC and explained what sets it apart.

First of all, the DRC has a fixed supply and a deflationary economic model. The rarity of the DRC is built into the code and is essential to protect against the depreciation of symbolic value in the future. The entire supply of DRC tokens is currently in circulation and no new DRC tokens will ever be issued. The issuance of new tokens or any other modification of the token structure is limited by the DRC smart contract.

Second, the DRC is not managed or controlled by anyone. There are no big token holders who can manipulate the DRC market. No portfolio holds more than 2% of the DRC’s total supply. The allocation of tokens in the DRC is very well balanced and transparent.

It is important to note that the DRC has not made a token sale and has never received funds from investors. 100% of the total token supply was issued directly to the secondary market. The DRC’s network and governance structure are sufficiently decentralized. Nurov stressed that a project like the DRC should not be managed by a centralized team; stakeholders have confidence in the DRC and its sustainability because it is decentralized and resistant to censorship.

And finally, the DRC token has a unique use case as it provides access to the digital pool, a decentralized platform where DRC holders can securely store DRC and preserve their capital. Digital Reserve is not a commercial project and does not collect fees from users. It was created to help people hedge against inflation risks and preserve their capital efficiently and profitably.

Digital Reserve Currency has strong fundamentals and has captured a unique market niche in the Store of Value (SoV) segment of the crypto economy. The combination of a robust tokenomic and a unique value proposition indicates that the DRC is here to stay. However, to achieve global adoption, more people need to become familiar with DRC and Digital Reserve vaults.

The trajectory of a DRC from negligible awareness to global adoption is unlikely to be linear. Nurov mentioned that his concern is that some DRC token holders are focusing exclusively on price action. He hopes that over time, the perception of the DRC will focus more on the long-term value proposition and less on short-term performance.

The power of the DRC is that no one can overtake it, control it or change it. The DRC token is fully developed and operational. The DRC smart contract has been audited and cannot be changed. The decentralized digital reserve platform operates completely autonomously. Because of these unique characteristics, DRC may become one of the most decentralized and compliant projects in the crypto space.

Media contact

Brand: RDC Foundation

Email: info@drcglobal.org

Website: https://drcglobal.org/

THE SOURCE: RDC Foundation

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US region to get local digital currency powered by blockchain • NFCW http://ihave50dollars.com/us-region-to-get-local-digital-currency-powered-by-blockchain-nfcw/ Tue, 23 Nov 2021 11:48:37 +0000 http://ihave50dollars.com/us-region-to-get-local-digital-currency-powered-by-blockchain-nfcw/
LOCAL CURRENCY: To spend BerkShares, consumers add funds to a digital wallet through the mobile app

Consumers in the Berkshires, western Massachusetts, United States area will soon be able to shop in-store and online, and complete person-to-person transactions using a digital version of the BerkShares local currency.

Digital BerkShare users will be able to download a mobile app, link it to their bank account, then transfer funds to set up and load a digital wallet with the currency they can use to make purchases at the 400 companies that currently support BerkShares in paper form.

“With the app, they can use their phones or tablets to make purchases in BerkShares at participating businesses, much like they would use a commercial mobile payment system,” says BerkShares Inc, the non-profit organization. lucrative who issues and manages the currency.

“The merchant subtracts this amount from the buyer’s BerkShares account and transfers it to his own.

“To make sales, merchants can place a static QR code next to their cash register, which the customer scans, then enters the price and shows the cashier to confirm.

“Alternatively, a merchant can generate a unique QR code on their own device, which will automatically withdraw the amount from the customer’s BerkShares account.

“BerkShares can also be used to transfer money from one person to another or to an organization.

“Initially, such transfers will have to be made with both parties at the same location, but an option to do so from different locations is being planned.”

“Behind the scenes, digital BerkShares will use blockchain technology to facilitate ongoing transactions,” adds BerkShares Inc.

“The ongoing transactions will occur separately from the involvement of the two local banks where the deposit accounts are based.”

Local operations

BerkShare was launched in paper form in 2006 to support cash recirculation and reinvestment within the local community by facilitating local transactions without “sending money outside the Berkshires to distant head offices and financial institutions” .

It is being deployed in digital form to “improve the currency’s ability to support the Berkshire economy”.

The digital version should be deployed “after the holidays at the start of 2022”. The first 6,000 businesses and residents to download the app and create a digital wallet will receive 10 digital BerkShares as a reward.

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Afghan banking system on the brink of collapse, UN warns | Business | Economic and financial news from a German point of view | DW http://ihave50dollars.com/afghan-banking-system-on-the-brink-of-collapse-un-warns-business-economic-and-financial-news-from-a-german-point-of-view-dw/ Mon, 22 Nov 2021 13:55:48 +0000 http://ihave50dollars.com/afghan-banking-system-on-the-brink-of-collapse-un-warns-business-economic-and-financial-news-from-a-german-point-of-view-dw/

Afghanistan’s financial system set to collapse in months as it recovers from worsening liquidity shortages and rising bad debts, a new report from the United Nations Program said on Monday. for development (UNDP).

The UN body called for urgent “swift and decisive” action, warning that the economic cost of a collapse and the resulting social fallout would be “colossal”.

Afghans have faced a serious cash shortage since the Taliban took control of Kabul in August, which led to international sanctions. The latter saw the country’s international reserves frozen and most foreign subsidies suspended. The liquidity crisis has forced the Taliban regime to cap weekly withdrawals from bank deposits.

Abdallah al Dardari, head of UNDP in Afghanistan, said the collapse of the financial system was slowing the rapidly declining economic activity in the country and could undermine international aid efforts, because “the bank is also one of the most important connectors in the country for the outside world. “

“Without the banking sector, there is no humanitarian solution for Afghanistan,” he said in a statement. “Do we really want to see the Afghans completely isolated?

The banking system in “disarray”

Total banking system deposits in the country fell to 194 billion afghanis (1.8 billion euros, $ 2 billion) in September, from 268 billion afghanis at the end of 2020, according to the report. Deposits are expected to decline further to reach 165 billion afghanis by the end of 2021, a drop of around 40% from last year.

Bad debts have also increased in a relatively tight credit market. NPLs climbed to 57% in September, from around 30% at the end of 2020.

The current crisis has prompted banks to stop granting new loans, making the situation worse, especially for small businesses.

“In addition to declining economic activity, problems in the banking system will further reduce the likelihood of MSMEs surviving[Micro, Small & Medium Enterprises]which is essential for the Afghan economy and people, “the report says.[MicroSmall&MediumEnterprises)probabilityofsurvivalwhichiscriticalfortheAfghaneconomyandpeople”thereportsaid[MicroSmall&MediumEnterprises)probabilityofsurvivalwhichiscriticalfortheAfghaneconomyandpeople”thereportsaid

The International Monetary Fund (IMF) expects the Afghan economy to contract by up to 30% this year.

Risking two decades of progress

The Afghan financial system, although still underdeveloped, had grown steadily since the ousting of the Taliban in 2001, when the banking sector practically collapsed.

The banking sector has 12 commercial lenders, including six private commercial banks, one private Islamic bank, three public banks and two branches of foreign banks. National private banks accounted for around two-thirds of all banking sector assets at the end of 2020.

The majority of the more than 400 bank branches are located in the capital Kabul, Herat and Mazar-e-Sharif.

The banking system is heavily dependent on the dollar, with around 60% of bank deposits made in foreign currencies.

As the Taliban ordered the banks to reopen after weeks of closure after the Taliban victory, lenders are struggling to find enough money to serve their customers as dollar inflows have stopped and fear Afghans will hide money for even worse times.

Al Dardari told Reuters news agency that of the $ 4 billion Afghanis in the economy, only around $ 500,000 is in circulation.

“The rest are sitting under the mattress or under the pillow because people are afraid,” he said.

Prevent a collapse

Among the measures to prevent the collapse of the Afghan banking system, UNDP has proposed a deposit insurance system, adequate liquidity for the banking system to meet short and medium term needs and credit guarantees as well as options for late repayment of loans.

“The longer the delay in fully restoring the financial and banking systems, the longer the recovery period, due to the ensuing lack of confidence on the part of international markets,” the UNDP report said. “This erosion is difficult to repair and could take decades.”

Edited by Hardy Graupner

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MiamiCoin, a currency without sovereignty http://ihave50dollars.com/miamicoin-a-currency-without-sovereignty/ Sat, 20 Nov 2021 05:00:42 +0000 http://ihave50dollars.com/miamicoin-a-currency-without-sovereignty/

The author is a collaborating editor of FT

Earlier this month, Francis Suarez, mayor of Miami, announced that he take your next paycheck in bitcoin. New York’s new mayor replied that he would take his next three. This kind of good-natured buffoonery is the norm for American mayors.

And it’s not a bad idea to convert your salary into a appreciating asset, or at least convert it as soon as you can. When I’m done writing, for example, I consider asking my editor to pay me in real estate.

What Suarez and Adams are actually doing is announcing their good faith to crypto developers and investors. This week, crypto.com, a trading platform, agreed to pay $ 700 million for the naming rights to the arena where the Los Angeles Lakers play basketball. It could mark the top of a bubble or the start of the next industrial revolution, but any mayor would be foolish not to invite into a potential tax base while we all wait and see what happens next.

Behind Suarez’s announcement, however, also lurks a set of smarter actions designed to further anchor cryptocurrencies into Miami’s balance sheet. These include an alliance with the creators of a cryptocurrency called MiamiCoin. There is a long history of city-states producing their own money. But in the past, this production came with monetary sovereignty – the ability to control quality and volume. Miami launches an unprecedented experience: it lends its name to money it does not control.

A financial center is not just a place with a lot of capital. Finance is a set of tools. If you want them to work at all, you have to put a lot of people in one place who know how to use them. Fernand Braudel, who has written extensive economic histories of medieval Europe, described financial skills as a “legacy”, slowly accumulated through daily business practice.

In the 13th century, Leonardo Fibonacci brought the Arabic numerals and the abacus to Pisa. By the end of this century, merchants in northern Italy – probably in Florence – had developed double-entry bookkeeping. It spread in part through the publication in 1494 of Arithmetic sum, a text by Luca Pacioli, a Venetian. The city-states of Italy did not invent credit money. But they made it more efficient – easier to use and easier to create. This increase in efficiency did not happen by accident, however. Historian Peter Spufford recorded how lay teachers appeared in Florence and Venice to encourage literacy and numeracy. The city of Lucca has hired a abbachist, a professor of business accounting, specifically to help the city’s business houses.

In Miami, Suarez signage is basic economic development. If you think crypto is the future of finance, you want to make sure you invite Fibonaccis and Paciolis to your city. Miami is considering allowing city employees to collect their wages in bitcoin and Suarez has said he would like him to be able to collect taxes in bitcoin as well. All of this remains an economic development plan – trying to encourage the use of crypto, in hopes of attracting more crypto abbasistas.

The city also had the beginnings of its own monetary policy, although Renaissance Italy offered less of a model. In August, miners started producing MiamiCoin, currently trade like MIA. Minors are in no way linked to the city. MIA is sitting on Battery, a blockchain or an electronic register of transactions. Stacks uses bitcoin as a settlement and reserve asset, in the same way that commercial banks use reserves held at the US Fed. MIA-producing miners have offered the city of Miami a 30 percent share of their profits.

In September, Miami city commissioners voted to accept the share, valued last week at $ 21 million. It is a kind of seigniorage, the profit of the manufacture of money. The city gets a monetary profit, but no monetary control. It’s a start.

Bitcoin proponents like to point out that Italian city-states produced high-value gold guilders and ducats – hard money, just like bitcoin. This is only partly true. Gold was intended for long-distance trade, but Venice and Florence also maintained a supply of silver coins for small transactions in the home. Overtime, they made these rooms smaller, to keep prices stable while their own economies grew. Italian merchant towns were not hard money fetishists. They retained their own monetary sovereignty, carefully lowering the value of their own national currencies over time because they were growth fetishists.

Cryptocurrency is, at its core, a gamble that the production of money should be a purely private affair. The challenge with this idea is that, historically, different groups of people need different things from monetary policy. Hard money and tight credit are good for some people. Soft money and bulk credit are good for others. When countries – and cities – claim monetary sovereignty, they mediate between different interests. It is the basic work of any state.

If MiamiCoin grows and coin-denominated contracts become a part of daily city life, the city of Miami will eventually have to decide whether to claim not only a share of MIA’s profits, but some measure of control, too. .

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Cognizant predicts 8% to 11% constant currency revenue growth in 2022-24 http://ihave50dollars.com/cognizant-predicts-8-to-11-constant-currency-revenue-growth-in-2022-24/ Fri, 19 Nov 2021 14:56:00 +0000 http://ihave50dollars.com/cognizant-predicts-8-to-11-constant-currency-revenue-growth-in-2022-24/

US-based IT company Cognizant said it expects revenue to grow 8-11% in annual constant currencies over the 2022-24 period.

Discussing its growth strategy and outlook during an investor briefing, Cognizant said it expects to experience constant currency income growth of 8-11% annually during 2022-2024 and an increase in the annual operating margin of 20 to 40 basis points.

Cognizant expects to end 2021 with revenue of $ 18.5 billion. He said organic revenue is expected to generate over 75% of growth in 2022-24, and revenue growth in 2022 is expected to be towards the high end of the multi-year outlook.

“We continue to make great strides in positioning the business for sustained revenue growth and margin expansion,” said Brian Humphries, CEO of Cognizant.

By executing a growth strategy, which includes strengthening the digital portfolio, partnerships and business engine, while investing in a global distribution network, people and capabilities, Cognizant can help clients with their most strategic initiatives while along their journey of transformation, he added.

“I am excited about the global opportunities that present themselves to accelerate our growth, increase our margins and deliver long-term added value for shareholders,” he said.

It has invested $ 2.5 billion in digital M&A acquisitions since 2019.

As part of the event, CFO Jan Siegmund shared additional details on Cognizant’s updated financial framework and capital deployment priorities, including that 50% of free cash flow should be spent on acquisitions. strategic, 25% to share buybacks and 25% to dividends.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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