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September 03, 2022
🌐What are central bank digital currencies?🌐

Money isn’t paper and coins any more.

It’s increasingly digital – and a growing number of central banks are considering issuing their own digital currencies.

Australia is the latest country to trial a central bank digital currency (CBDC).

Its central bank, the Reserve Bank of Australia, said the project would explore the potential economic benefits of introducing a CBDC.

The project will also look at how a digital currency from Australia’s central bank could be used to provide “innovative and value-added” ways for homes and businesses to make payments and transfer funds.

What is a central bank digital currency?

Digital currency is simply electronic, rather than physical, money.

Central bank digital currencies are digital versions of a country’s physical currency – for example, a digital dollar, euro, pound or yuan.

This means “£10 of a UK digital currency would always be worth the same as a £10 note,” explains the Bank of England in the United Kingdom.

The central banks issuing and managing these digital currencies are national financial authorities that oversee a country’s currency, supply of money and monetary policy – like setting interest rates, which change the cost of borrowing.

How safe are central bank digital currencies?
Central bank money is “a risk-free form of money that is guaranteed by the state,” according to the European Central Bank (ECB), which expects to introduce a digital euro across its 27 member states by mid-decade.

The Bank of England explains that CBDCs – because they’re pegged to a country’s national currency – don’t have the volatility of privately issued digital currencies like Bitcoin, Ether (Ethereum) and XRP.

America’s central bank, the Federal Reserve, says that if it introduced a CBDC, it would be “the safest digital asset available to the general public, with no associated credit or liquidity risk”.

How do central bank digital currencies work?
People are using cash less, and could use a CBDC to pay for things digitally, the Bank of England says.

They can hold the digital currency either in an account with the central bank, or as electronic tokens, the World Economic Forum explains in its Central Bank Digital Currency Policy‐Maker Toolkit. The electronic tokens could be held on mobile devices, prepaid cards or other forms of digital wallets.

Businesses and other financial institutions, like high-street banks, could also use CBDC.

A digital currency would complement, rather than replace, physical cash, according to the ECB.

Would society benefit from CBDCs?
The digital euro would be a “fast, easy and secure” way for people to make daily payments, the ECB says. It would give people more “choice about how to pay” and also increase financial inclusion.

About 1.7 billion adults globally don’t have access to a bank account, according to World Bank data. This is a barrier to reducing poverty. By making money easier and safer to access, central bank digital currencies could potentially improve financial inclusion, says the Atlantic Council, an American think tank.

The resilience of financial systems could also be boosted. If a natural disaster or the failure of a payments company made cash unavailable, a CBDC could provide a back-up, the International Monetary Fund says.

Reducing financial crime is another motivator. Cash is essentially untraceable and this helps to facilitate crime. Central bank digital currencies, on the other hand, can improve the transparency of money flows, says the Atlantic Council.

How many countries are considering central bank digital currencies?
More than 100 countries are exploring CBDCs, according to the Atlantic Council’s Central Bank Digital Currency Tracker, an interactive map tool.

Ten countries have already launched their own digital currency, including Nigeria in Africa and Jamaica in the Caribbean. The Bahamas in the West Indies was the first country in the world to roll out a national central bank digital currency, called the Sand Dollar, in October 2020. China is due to launch a CBDC in 2023. Nineteen countries in the G20 – which represents the world's largest economies – are exploring central bank digital currencies, including Japan, India, Russia and South Korea.

As mentioned above, the US and UK are researching CBDCs, but have not yet committed to introducing them.

What successes have CBDCs had?
In the Bahamas, introducing the Sand Dollar has made it easier for people to transact money across “an otherwise vast archipelago,” says Deloitte.

The island of Jamaica, which started rolling out its JAM-DEX digital currency earlier this year, expects savings of about $7 million a year on replacing, storing and handling cash, according to the Atlantic Council’s CBDC tracker tool.

And what are the challenges of central bank digital currencies?
For Ecuador in South America, low levels of trust in the central bank led to its digital currency being cancelled three years after launch in 2017.

Challenges for central banks exploring digital currencies include potential cybersecurity threats.

With digital money, risks from counterfeiting, theft and network failure could have “more catastrophic consequences” than for cash, the World Economic Forum warns.

Another challenge is how to make central bank digital currencies widely available enough in a country to ensure they improve – rather than worsen – financial inclusion, the Forum adds.

Countries also need to have suitable technical and legal frameworks in place before they can issue digital currencies.

https://www.weforum.org/agenda/2022/08/what-are-central-bank-digital-currencies

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

Watch below to learn how. 🎥👇

OP: @Ashgoblue

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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
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💠 Equipped w/ crypto wallet and on-chain functions
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👉 What this means for the future of Crypto:

1. Open Access: Democratized access to advanced trading
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🚨 I personally wouldn't bet against Brian Armstrong and Jesse Pollak.

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Pyth 🤝 Hyperliquid

The HIP-3 Ecosystem Map:

Full report and projection of year one HIP-3 volumes dropping tomorrow on @MessariCrypto

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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.

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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.

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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.

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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

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