The following report is a press release by the Bank of International Settlements:
Improving cross-border payments is an explicit international policy goal and a priority of the G20. FX is a key component of cross-border payments but currently, the FX services facilitated by correspondent banks can be costly, slow and complex, and they expose participants in the payments chain to liquidity, credit, and settlement risks.
Decentralised solutions, CBDC and interlinked payment infrastructures are considered promising avenues to improve cross-border payments. How they interact has not yet been explored and could yield answers that advance cross-border payments globally.
Project Rialto is a collaboration of the BIS Innovation Hub Eurosystem and Singapore Centres in partnership with several central banks. It explores a new automatic FX settlement layer solution using wCBDC as a safe settlement asset that could be deployed for interlinked instant payment systems or digital asset systems.
Rialto in Venice is both a bridge connecting the two sides of the Grand Canal (symbolising the cross-border payment infrastructure), and a marketplace (symbolising the automatic FX settlement using wCBDC).
AUTHOR COMMENTARY
This announcement a just a couple of days before the BIS revealed they were moving into the next stage of their mBridge project to create and facilitate CBDC transactions, with Saudi Arabia joining the project, around the same time the original petrodollar deal expired without renewal, allowing the Saudis to trade their oil in other currencies outside of the dollar; though the Saudis were already starting to do this with China, and with their admission to BRICS as proof of that. SEE: Saudi Arabia Joins Bank Of International Settlements’ mBridge CBDC Project In Yet Another Threat To Dollar
The BIS is described as “the central bank of central banks.” They are working in the shadows with other central banks to bring into fruition a new financial system – a completely digital, tokenized and CBDC economy. We are not returning to any kind of gold standard: don’t grifters and sensualists online beguile you into thinking otherwise. SEE: SWIFT Banking System To Launch CBDC And Tokenized Platform, Expected To Be Released By 2025 Or 2026
Proverbs 22:7 The rich ruleth over the poor, and the borrower is servant to the lender.
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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