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French government spokesman: (Regarding Trumps tariff measures) We are ready for this trade war.French government spokesman: France will respond to Trumps tariffs together with Europe and reiterate that it will take reciprocal measures against digital services.On April 3, Anhui Provincial Governor Wang Qingxian presided over the 66th executive meeting of the provincial government on the afternoon of April 2 to review the "Opinions on Promoting the "Double Recruitment and Double Introduction" of Emerging Industries and Improving the Quality and Efficiency of Industrial Cultivation (Version 2.0)". The meeting pointed out that promoting the "double recruitment and double introduction" of emerging industries and improving the quality and efficiency of industrial cultivation is an important measure to create an emerging industry gathering place. We should focus on optimizing the industrial ecology, promoting the coordinated advancement of investment promotion and talent attraction, deepening the integrated development of "government, industry, academia, research, finance and services", and driving the integration of science and technology, industry and talents to land and empower each other. We must adhere to cutting-edge thinking, cutting-edge observation and cutting-edge action, further improve the quality and efficiency of the operation of the industry special team, constantly launch new offensives and achieve new results, and provide more powerful support for the provinces high-quality development.On April 3, Trump announced on April 2 that he would impose a 24% reciprocal tariff on Japan. In terms of details, the United States accused Japan of imposing a 700% tariff on American rice. Given that Japan imposed a "46%" tariff on the United States, a "24%" reciprocal tariff was imposed on Japan. Japans Minister of Agriculture, Forestry and Fisheries Taku Eto responded on April 3: "Even if you calculate logically, you wont get such a number. Its incomprehensible."Euro Stoxx 50 futures fell 2.08%, Germanys DAX futures fell 2.12% and Britains FTSE 100 futures fell 1.48%.

Privately issued but regulated digital currencies have benefits -cbank chiefs

Skylar Shaw

Jul 18, 2022 15:03

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If the firms can be properly regulated, consumer-focused digital tokens issued by private enterprises may be preferable to tokens issued by central banks, according to the governor of the Australian central bank on Sunday.


At a panel discussion that was live broadcast online at the G20 finance officials' summit in Indonesia, Phillip Lowe participated. Greater examination of these tokens, according to the head of the Hong Kong Monetary Authority (HKMA), might also assist lower risks associated with initiatives using decentralized financing (DeFi), a component of the cryptocurrency ecosystem.


So-called central bank digital currencies (CBDCs), which may be either retail tokens used directly by customers or wholesale tokens used by banks in the financial system, are being developed by several central banks across the globe.


This is in part a reaction to the emergence of so-called stablecoins, privately-issued tokens like Tether and USDC, whose value is tied to that of a conventional asset, often the U.S. dollar, and which are generally used as a store of value and for payment purposes.


When one stablecoin, TerraUSD, and its linked token, Luna, collapsed in May, it brought home the danger these tokens pose to financial institutions even if they were only used to support a network of DeFi apps and not for actual transactions.


If these tokens are going to be extensively utilized by the community, the state will need to support them or control them similarly to how we regulate bank deposits, according to Lowe.


The private sector is better than the central bank at innovating and designing features for these tokens, and there are also likely to be very significant costs for the central bank setting up a digital token system, he said. "I tend to think that the private solution is going to be better - if we can get the regulatory arrangements right," he said.


In order to develop a robust enough regulatory structure for such tokens, Lowe and the other panelists agreed that more work needed to be done.


More examination of stablecoins, according to HKMA CEO Eddie Yue, might also assist lower dangers from DeFi, which intends to employ computer code to do away with the need for financial intermediaries in lending, investing, and other financial operations.


DeFi initiatives are accessed via stablecoins and cryptocurrency exchanges, and according to Yue, their regulation is simpler than that of the actual items.


The technology and business innovation underlying these breakthroughs are probably going to be vital for our future financial system, thus Yue believes that crypto and DeFi won't vanish despite the Terra-Luna tragedy, even if they could be delayed.