timelets

timelets @ 2020-07-28T23:30:00

2020-07-29T06:33:25Z

The Bank of Japan will begin substantive testing of digital currency it might one day issue as fears rise in the government and ruling Liberal Democratic Party that China could debut one first, posing a national security threat.

http://www.asahi.com/ajw/articles/13587771

China is driving introduction of digital currencies in Asia. This is the biggest threat to the US dollar as thr world's reserve currency.

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timelets @ 2020-05-27T00:21:00

2020-05-27T07:23:48Z

How the Hammurabi Code and money (silver shekels) work together.

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timelets @ 2020-04-20T10:21:00

2020-04-20T17:27:24Z

BEIJING—China’s central bank has introduced a homegrown digital currency across four cities as part of a pilot program, marking a milestone on the path toward the first electronic payment system by a major central bank.

Internal tests of the digital currency are being conducted in four large cities around China—Shenzhen, Suzhou, Chengdu and Xiong’an, a satellite city of Beijing—to improve the currency’s functionality, the digital currency research institute under the People’s Bank of China confirmed Monday, in response to a request for comment.

https://www.wsj.com/articles/china-rolls-out-pilot-test-of-digital-currency-11587385339

Remarkably, the Chinese government did a full 180-degree turn on digital currencies. A complete transition to digital coins would be a major 21st century socioeconomic development accelerated by the pandemic.

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The Orange Swan

2019-11-20T00:51:47Z

At the time, the president said a final deal would be finished in three to five weeks.
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Trade negotiators had originally hoped a deal could be signed by Mr. Trump and China’s President Xi Jinping on the sidelines of an economic summit in Chile on Nov. 16-17. But that summit was canceled, effectively removing what had served as a de facto deadline.

Looming now are plans by the Trump administration to impose 15% tariffs on smartphones, toys and other products from China on Dec. 15. The levies are expected to directly hit consumers as Mr. Trump gears up for his 2020 re-election campaign.

https://www.wsj.com/articles/stalled-u-s-china-trade-talks-raise-threat-of-another-impasse-11574202440

Stalled negotiations would explain why Covfefe urgently needed to talk to Powell. They want a backstop if the market reacts negatively to new tariffs and no trade deal in sight.

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Quote of the Day: Xi endorses crypto

2019-10-31T07:58:34Z

Chinese President Xi Jinping has urged increased efforts to speed up development in this sector, underscoring the important role of blockchain technology in the new round of technological innovation and industrial transformation.
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Li Wei, director of the Science and Technology Department of the People's Bank of China, the country's central bank, called for an in-depth study of blockchain technology during the Bund Summit in Shanghai on Monday.

Blockchain has great potential to boost digital innovation, he said. "We need to promote the deep integration of blockchain and the real economy to resolve problems like small businesses having difficulty in obtaining loans, banks having difficulty in risk control and government agencies having difficulty in supervision," he said.

http://www.globaltimes.cn/content/1168159.shtml

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timelets @ 2019-03-07T12:44:00

2019-03-07T20:49:56Z

Funny how the government is aligned with tax evaders and money launderers on cash-based transactions.

Starting in July, Philadelphia’s new law will require most retail stores to accept cash. A New York City councilman is pushing similar legislation there, and New Jersey’s legislature recently passed a bill banning cashless stores statewide.

The Philadelphia law has several carve-outs. The cash requirement won’t apply to parking garages or lots; wholesale clubs like Costco that sell to consumers through a membership model; or rental-car companies or hotels where a credit-card deposit is often required for incidentals.

The law also has a provision meant to accommodate the Amazon Go model, an aide to Mr. Greenlee said. It exempts “transactions at retail stores selling consumer goods exclusively through a membership model that requires payment by means of an affiliated mobile device application.”

https://www.wsj.com/articles/philadelphia-is-first-u-s-city-to-ban-cashless-stores-11551967201

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