A Brazilian state-owned bank is reportedly funding a documentary film through its own ether-based stablecoin, Cointelegraph Brazil reports on June 3. Brazil’s National Bank for Economic and Social Development (BNDES) will finance the production of a documentary in collaboration with local cinema producer Elo Company, whose movie “The Boy and the World” by Alê Abreu was nominated for an Oscar in 2016. According to the report, the funding for the project will be carried out through the national bank’s own cryptocurrency, BNDES token, a Brazilian real (BRL)-backed stablecoin that has been under development since 2018. BNDES’ stablecoin has reportedly had …
The Union Cabinet of India has approved a Memorandum of Understanding (MoU) on the collaborative research of distributed ledger technology (DLT), local news outlet ANI reported September 12. The Union Cabinet is the supreme decision-making body in India consisting of cabinet ministers and led by the prime minister, Narendra Modi. The MOU, which is a cooperative initiative under the BRICS Interbank Cooperation Mechanism, aims to foster better understanding of DLT and define areas where the technology can be deployed to improve operational efficiency. The research will be jointly conducted by the Export-Import Bank of India (Exim Bank) and banks from …
Brazil’s central bank has created a permissioned digital ledger platform that will enable data sharing among financial regulators, Finextra reports today, June 20. The ledger, called the Information Integration Platform for Regulators (Pier), will be used by regulators to exchange information on general authorization processes of financial institutions, ranging from administrative processes to the conduct of employees. Additional information not related to administrative sanctioning processes can also be shared if mutual interest is shown. Pier, developed by the Banco Central de Brasil’s IT department (Deinf), will connect the Securities and Exchange Commission of Brazil (CVM), and the National Pension Funds …
The last 13 years have seen blockchain technology evolve into numerous use cases — finance, data, logistics and security, among others. However, the idea of using blockchain’s immutable capabilities to ID humans got new life when Changpeng “CZ” Zhao visited the island country of Palau to kick off its digital residency program. The blockchain identity management market is estimated to grow by $3.58 billion in the span of five years from 2021 to 2025. Key factors include the rising demand for digitalization and privacy-respecting identity solutions. As a result, a myriad of solutions breached the market serving this need in …
What is monetary policy? Monetary policy refers to the actions taken by a central bank or monetary authority to manage the supply of money and interest rates in an economy, with the aim of promoting economic growth and stability. To affect the price and accessibility of credit, this may entail altering the money supply, setting interest rates or utilizing other instruments. The ultimate goal of monetary policy is to achieve and maintain a healthy economy. This usually involves balancing multiple objectives, such as: To ensure economic stability, lessen the effects of economic shocks and promote sustainable economic growth, central banks …