TheDinarian
News • Business • Investing & Finance
? The Dinarian on Locals brings you the latest in news, interviews, in-depth conversations, and stories from across the blockchain and global communities—within and beyond cryptocurrency ?. Experts delve into how blockchain technology is reshaping industries, enhancing business networks ?, transforming transaction workflows, and advancing distributed ledger systems ??. We also explore intriguing topics that may venture into the realm of conspiracies—and so much more!
Interested? Want to learn more about the community?
Opening Remarks at Peer-Learning Series on Digital Money/Technology: Central Bank Digital Currency and the Case of China

Krishna Srinivasan, Asia and Pacific Department Director, IMF

July 7, 2022

Good morning, everyone, and good evening if you’re in the Western Hemisphere. Thank you for joining in today’s event on Central Bank Digital Currency and the Case of China. As Alfred indicated, this is the second event in our new series of events on digital money and technology in the Asia-Pacific region.

Digital money and technologies can significantly change the landscape for financial systems and bring important benefits to the public at large. Among other things, they could foster financial inclusion, create new value-added in the economy, and reduce transaction costs, including across borders. The digital money/technology series covers a broad range of topics, and so allow me to make a few general points.

As with any innovation, the challenge is to find the right balance between fostering innovation and maintaining stability and protection for consumers and investors. We will hear about CBDCs in greater detail today, but let me also highlight the critical point we find ourselves in for crypto assets. For example, the recent crypto market crash— triggered by the de-pegging of a large algorithmic stablecoin and exacerbated by the collapse of over‑leveraged financial institutions in digital asset banking and trading—highlights the risks created by regulatory shortcomings. As the size of digital assets grow, without proper regulation, the systemic risks that the sector poses will increase.

The stakes are particularly high for Asia and the Pacific, where many people see digital finance as an opportunity to build and exploit new drivers of growth and innovation. Several countries in the region are at the cutting edge of new developments stemming from the rise of private and public digital assets. New crypto assets and associated products and services proliferated in the region with transaction volumes of crypto assets in many countries among the highest in the world.

Policy makers are keen to monitor the risks emanating from the digital finance sector, with many activities still unregulated but expected to have broader impact. We can and should learn from each other’s experiences. This peer-learning series thus highlights the experiences of countries in the region in regulatory guidance for the development of digital finance. Today’s event focuses on China’s experience with central bank digital currency, the e-CNY.

The IMF has set out an ambitious agenda for understanding the implications of fintech and digital assets for the global economy. For the Asia and Pacific Department, our goal will be to monitor and advise on these rapidly evolving areas for our member countries, and establish much closer interaction with member countries and key stakeholders. In particular, we’ll strive to provide timely advice and capacity development assistance to small states, low-income countries, and emerging markets and developing countries in coordination with the IMF’s Monetary and Capital Market Department.

As such, a lot of analytical work is underway on a broad set of issues. As it related to CBDCs, I want to highlight a survey of 36 Asian economies we conducted earlier this year to help us understand the steps countries have taken in their consideration of CBDCs and how crypto falls into this landscape. The note summarizing the survey will be released later this year, but for now let me share four key findings with you:

Finally, while there is a significant interest in CBDCs, very few countries are actually likely to issue them in the near to medium terms. Most countries in the region have shown interest, with work ranging from preliminary research and development to launching live pilots.

Third, the decision to adopt or explore CBDCs is closely linked with the rapid increase in the use of crypto assets in the economy, as well as attempts at regulation. For example, in Indonesia, the Philippines, and Vietnam, the uptick in crypto usage for remittances and investment among individuals has policymakers considering the tangible benefits of technological innovation, including lower cost and improvements in payment systems.

Second, several factors drive CBDC interest: The higher income countries seek to enhance the efficiency and safety of the payment system, while emerging market economies are looking to promote financial inclusion and financial stability. Some countries simply do not want to fall behind the curve, either because of regional peers or the private sector.

First, we find that the Asia and Pacific region is at the forefront of the CBDC exploration, and interest in CBDCs continues to rise. Even though no Asian country has formally launched a CBDC yet, China and India—the world’s most populous countries—are frontrunners for doing so in the near future. Other economies, including Hong Kong Special Administrative Region and Singapore are relatively advanced in their work on CBDC, while some countries including Japan, Korea, and Australia have done extensive research.

Let me also use this forum to highlight that in addition to our work on CBDCs, we have done several studies on private digital assets, including empirical analyses on the drivers of crypto asset adoption across countries and the impact of policy actions.

Regarding the effect of policy on adoption, we find that crypto bans reduce crypto activities in the short term. However, because bans are difficult to enforce, the effect diminishes over the long term, even when regulations are strict. Also interesting, announcing a plan to issue a CBDC, likewise, dampens crypto activities.

Our research also shows that the crypto market can increase dollarization, as U.S. dollar stablecoins crowd out local currencies in crypto markets. This effect is stronger in countries with higher inflation and currency instability. The study points to regulated, local‑currency-backed stablecoins issued by the private sector as an alternative to retail CBDCs.

We find that the rate of crypto adoption is greater in countries with higher digital penetration and remittances as well as weaker macroeconomic fundamentals—such as high inflation. Informality, corruption and the degree of capital controls are also positively associated with higher crypto adoption. These highlight the importance of implementing proper tracking of crypto activities and improving regulations.

Looking forward, we have several analytical projects at various stages of execution.

We’re also planning a series of more technical CBDC research to our support our capacity development efforts. This includes CBDC infrastructure and design options for emerging markets and developing economies. It also includes a framework for deciding if and how to adopt a CBDC, and the implications for monetary policy and cross-border transmission of shocks.

For the Pacific Island countries, we are undertaking analytical work to examine the prospects for digital currencies (including CBDCs) and to set up a framework to help the countries assess the costs and benefits of digital currency adoption as well as potential policy implications.

Given the importance of these topics for our membership and the IMF, digitalization is now regularly discussed with the authorities during our annual Article IV dialogues and covered in corresponding IMF staff reports. In particular, the Article IV consultations will focus on digital money issues for countries at the forefront of these issues (such as some Pacific Island countries and we will continue to closely cover developments in China) and countries with the potential to adopt CBDCs and/or encounter other digital finance issues soon.

I am very pleased that today we can bring together colleagues and friends from the People’s Bank of China and the Hong Kong Monetary Authority, as a well as international experts on these issues. China’s experience and pilots with the e-CNY could hold useful lessons for other countries as they search for ways to navigate the fast-changing digital finance landscape.

I am sure that this series of events in general and today’s event on CBDC and the case of China in particular will be very useful for us all. Thank you.

Let me now pass the baton to the moderator Yiping Huang.

https://www.imf.org/en/News/Articles/2022/07/07/sp070722-central-bank-digital-currency-and-the-case-of-china

post photo preview
Interested? Want to learn more about the community?
What else you may like…
Videos
Podcasts
Posts
Articles
Trump just posted this about chemtrails 👀

“The enthusiasm for experiments that would pump pollutants into the high atmosphere has set off alarm bells here at the TRUMP EPA.”

00:02:52
The future of crypto = access, trust, transparency.

@evernorthxrp gives institutional + public investors simple, regulated, liquid exposure to XRP – and we’re compounding that value.

Watch below to learn how. 🎥👇

OP: @Ashgoblue

00:01:32
Coinbase CEO Brian Armstrong on CNBC: Crypto Market Structure Bill is CLOSE to passing 👀
00:00:39
👉 Coinbase just launched an AI agent for Crypto Trading

Custom AI assistants that print money in your sleep? 🔜

The future of Crypto x AI is about to go crazy.

👉 Here’s what you need to know:

💠 'Based Agent' enables creation of custom AI agents
💠 Users set up personalized agents in < 3 minutes
💠 Equipped w/ crypto wallet and on-chain functions
💠 Capable of completing trades, swaps, and staking
💠 Integrates with Coinbase’s SDK, OpenAI, & Replit

👉 What this means for the future of Crypto:

1. Open Access: Democratized access to advanced trading
2. Automated Txns: Complex trades + streamlined on-chain activity
3. AI Dominance: Est ~80% of crypto 👉txns done by AI agents by 2025

🚨 I personally wouldn't bet against Brian Armstrong and Jesse Pollak.

👉 Coinbase just launched an AI agent for Crypto Trading

The first multi-asset crypto fund in the U.S., now listed on NYSE Arca.

Welcome Grayscale CoinDesk Crypto 5 ETF! $GDLC.

https://x.com/NYSE/status/1981705231055433831

The International Asteroid Warning Network Initiated a Campaign to Monitor 3I/ATLAS

The closest approach to Earth is Dec 19 2025.

By Christmas, we’ll know whether 3I/ATLAS was just another comet or something that came looking back.

https://avi-loeb.medium.com/the-international-asteroid-warning-network-initiated-a-campaign-to-monitor-3i-atlas-d2a698859747

EpicX, the first perpetuals exchange purpose-built for the XRP economy

A fresh look at EpicX, the first perpetuals exchange purpose-built for the XRP economy.

EpicX transforms the XRP economy into a global trading venue that combines institutional-grade liquidity with frictionless usability, making pro-level trading accessible to everyone.

What EpicX brings:

⚫ One-tap onboarding via social login (MPC-secured), no wallet setup or gas friction

⚫ Ultra-fast trade execution with up to 40x leverage and composable margin

⚫ Multi-asset markets spanning crypto, stocks, and other RWAs

⚫ A self-funding loop: all fees directed to referrals, $EPIC buybacks, and grants

Beta next.

Register here → trade.epicchain.io

https://x.com/EpicOnChain/status/1978431421456019519

post photo preview
New Human Force
Join this Now! YOU have what it takes!

They are in our solar system, and in our event-stream in this Eternal Now.

Officialdom is clueless.

They think we are going to be at WAR with the Aliens.

Officialdom is very stupid.

Aliens is here. It’s not WAR. It’s Contention.

There is a difference.

Officialdom is clueless, still living in the last Millennium.

Aliens is here.

The Field in which we contend is This Eternal Now.

ALL HUMANS LIVE HERE, and ONLY HERE, in this

ETERNAL NOW.

It’s a Field of potentials, of pending Manifestation, this continuous event-stream of karma in which we have always lived our body’s Life.

This Eternal Now has always been our body’s Field of Contention.

The Aliens is here, in our Eternal Now.

Our common, shared, reality that we all continuously co-create now has Aliens.

It’s getting very complex in here.

Officialdom is clueless. They see the Aliens. They are freaking out. They think you are children, when it is their small minds, trapped in a reality that is only grit, mud, and ‘random chance’ who are childish.

Officialdom is stupid. They will and are reacting badly. As is their way, they are trying to hide shit from you. Silly grit bound minds don’t realize you can see everything from within the Eternal Now. They have yet to grasp that what they perceive as this Matterium, filled with ‘matter’, is but a hardening of our previous (past) internal states of being.

WAR happens in the Matterium.

Contention occurs within this Eternal Now where Consciousness shapes the manifesting event-stream.

YOU know this to be fact. You are a co-creator.

Contention with Aliens is happening in this instant in this Eternal Now.

Officialdom ain’t doing shit. They are still stuck in trying to move matter around to affect unfolding circumstances. That’s redoing the mirror trying to affect the reflection. Dumb fucks….

It’s up to US. To the New Humans. Those of us who live in this Eternal Now. Those of us who see that our body’s Lives (the Chain that cannot be broken) are expressions of the Ontology revealing itself to itself. It’s up to us guys.

We are not an Army. That’s a concept from the past, from before the emergence of the New Humans. We are a Force. A self-organizing collective with leadership resident in each, and every participant.

We are the New Human Force. By the time officialdom starts to speak about the Aliens in near-factual terms, we will already be engaging them in this Eternal Now.

By the time officialdom begins to move matter around (space ships & such) thinking it’s War, we will already be suffering casualties in this Eternal Now. That part is inevitable. It’s how we learn.

By the time officialdom realizes that some shit is going on in places and ways beyond its conception, we will already be pushing our dominance onto our partners in this First Contention, the Aliens. Nage cannot train without Uke.

Just as officialdom is scrambling to research the Ontology, this Eternal Now, and the event-stream, we will be settling terms with our new partners, the Aliens.

Come, join with us. It’s going to be a hellacious Contention.

We ARE the NEW HUMANS!

Together we are the Force that cannot be defeated.

Start YOUR training in this instance of this Eternal NOW.

Consume Neville Goddard videos as though all of human existence depended on YOUR mind and YOUR active, effective, imaginings!

It’s not a question of Mind over Matter as there is only Mind and it cares not for Matter. That’s residue.

Source

🙏 Donations Accepted 🙏

If you find value in my content, consider showing your support via:

💳 PayPal: 
1) Simply scan the QR code below 📲
2) or visit https://www.paypal.me/thedinarian

🔗 Crypto Donations👇
XRP: r9pid4yrQgs6XSFWhMZ8NkxW3gkydWNyQX
XLM: GDMJF2OCHN3NNNX4T4F6POPBTXK23GTNSNQWUMIVKESTHMQM7XDYAIZT
XDC: xdcc2C02203C4f91375889d7AfADB09E207Edf809A6

Read full Article
post photo preview
The Great Onboarding: US Government Anchors Global Economy into Web3 via Pyth Network

For years, the crypto world speculated that the next major cycle would be driven by institutional adoption, with Wall Street finally legitimizing Bitcoin through vehicles like ETFs. While that prediction has indeed materialized, a recent development signifies a far more profound integration of Web3 into the global economic fabric, moving beyond mere financial products to the very infrastructure of data itself. The U.S. government has taken a monumental step, cementing Web3's role as a foundational layer for modern data distribution. This door, once opened, is poised to remain so indefinitely.

The U.S. Department of Commerce has officially partnered with leading blockchain oracle providers, Pyth Network and Chainlink, to distribute critical official economic data directly on-chain. This initiative marks a historic shift, bringing immutable, transparent, and auditable data from the federal government itself onto decentralized networks. This is not just a technological upgrade; it's a strategic move to enhance data accuracy, transparency, and accessibility for a global audience.

Specifically, Pyth Network has been selected to publish Gross Domestic Product (GDP) data, starting with quarterly releases going back five years, with plans to expand to a broader range of economic datasets. Chainlink, the other key partner, will provide data feeds from the Bureau of Economic Analysis (BEA), including Real Gross Domestic Product (GDP) and the Personal Consumption Expenditures (PCE) Price Index. This crucial economic information will be made available across a multitude of blockchain networks, including major ecosystems like Ethereum, Avalanche, Base, Bitcoin, Solana, Tron, Stellar, Arbitrum One, Polygon PoS, and Optimism.

This development is closer to science fiction than traditional finance. The same oracle network, Pyth, that secures data for over 350 decentralized applications (dApps) across more than 50 blockchains, processing over $2.5 trillion in total trading volume through its oracles, is now the system of record for the United States' core economic indicators. Pyth's extensive infrastructure, spanning over 107 blockchains and supporting more than 600 applications, positions it as a trusted source for on-chain data. This is not about speculative assets; it's about leveraging proven, robust technology for critical public services.

The significance of this collaboration cannot be overstated. By bringing official statistics on-chain, the U.S. government is embracing cryptographic verifiability and immutable publication, setting a new precedent for how governments interact with decentralized technology. This initiative aligns with broader transparency goals and is supported by Secretary of Commerce Howard Lutnick, positioning the U.S. as a world leader in finance and blockchain innovation. The decision by a federal entity to trust decentralized oracles with sensitive economic data underscores the growing institutional confidence in these networks.

This is the cycle of the great onboarding. The distinction between "Web2" and "Web3" is rapidly becoming obsolete. When government data, institutional flows, and grassroots builders all operate on the same decentralized rails, we are simply talking about the internet—a new iteration, yes, but the internet nonetheless: an immutable internet where data is not only published but also verified and distributed in real-time.

Pyth Network stands as tangible proof that this technology serves a vital purpose. It demonstrates that the industry has moved beyond abstract "crypto tech" to offering solutions that address real-world needs and are now actively sought after and understood by traditional entities. Most importantly, it proves that Web3 is no longer seeking permission; it has received the highest validation a system can receive—the trust of governments and markets alike.

This is not merely a fleeting trend; it's a crowning moment in global adoption. The U.S. government has just validated what many in the Web3 space have been building towards for years: that Web3 is not a sideshow, but a foundational layer for the future. The current cycle will be remembered as the moment the world definitively crossed this threshold, marking the last great opportunity to truly say, "we were early."

🙏 Donations Accepted 🙏

If you find value in my content, consider showing your support via:

💳 PayPal: 
1) Simply scan the QR code below 📲
2) or visit https://www.paypal.me/thedinarian

🔗 Crypto Donations👇
XRP: r9pid4yrQgs6XSFWhMZ8NkxW3gkydWNyQX
XLM: GDMJF2OCHN3NNNX4T4F6POPBTXK23GTNSNQWUMIVKESTHMQM7XDYAIZT
XDC: xdcc2C02203C4f91375889d7AfADB09E207Edf809A6

Read full Article
post photo preview
US Dept of Commerce to publish GDP data on blockchain

On Tuesday during a televised White House cabinet meeting, Commerce Secretary Howard Lutnick announced the intention to publish GDP statistics on blockchains. Today Chainlink and Pyth said they were selected as the decentralized oracles to distribute the data.

Lutnick said, “The Department of Commerce is going to start issuing its statistics on the blockchain because you are the crypto President. And we are going to put out GDP on the blockchain, so people can use the blockchain for data distribution. And then we’re going to make that available to the entire government. So, all of you can do it. We’re just ironing out all the details.”

The data includes Real GDP and the PCE Price Index, which reflects changes in the prices of domestic consumer goods and services. The statistics are released monthly and quarterly. The biggest initial use will likely be by on-chain prediction markets. But as more data comes online, such as broader inflation data or interest rates from the Federal Reserve, it could be used to automate various financial instruments. Apart from using the data in smart contracts, sources of tamperproof data 👉will become increasingly important for generative AI.

While it would be possible to procure the data from third parties, it is always ideal to get it from the source to ensure its accuracy. Getting data directly from government sources makes it tamperproof, provided the original data feed has not been manipulated before it reaches the oracle.

Source

🙏 Donations Accepted 🙏

If you find value in my content, consider showing your support via:

💳 PayPal: 
1) Simply scan the QR code below 📲
2) or visit https://www.paypal.me/thedinarian

🔗 Crypto
XRP: r9pid4yrQgs6XSFWhMZ8NkxW3gkydWNyQX
XLM: GDMJF2OCHN3NNNX4T4F6POPBTXK23GTNSNQWUMIVKESTHMQM7XDYAIZT
XDC: xdcc2C02203C4f91375889d7AfADB09E207Edf809A6

Read full Article
See More
Available on mobile and TV devices
google store google store app store app store
google store google store app tv store app tv store amazon store amazon store roku store roku store
Powered by Locals