Byte Federal Logo Byte Federal
Bitcoin Cryptocurrency Blockchain Adoption ByteWallet Banking CBDC Politics AI Cryptography Conference Culture Celebrities China Computer Books Currency

Looking for "Currency"

Showing 1-10 of 16

johnd • Jun 7, 2024, 4:00 pm EDT

Has the End of the Petrodollar Arrived?

Rumors are swirling that Saudi Arabia’s will shift away from the petrodollar. Speculation is rife that the Kingdom may not renew the 50-year Petrodollar Agreement with the United States, set to expire this weekend on June 9, 2024. Established in 1974, the petrodollar was born out of a necessity following the U.S. abandonment of the gold standard in 1971. This agreement saw Saudi Arabia committing to sell oil exclusively in U.S. dollars in return for U.S. military, security, and economic development assistance. The arrangement cemented the dollar’s dominance in global oil markets and, by extension, international trade. Now, as the

2 minutes

johnd • Mar 7, 2024, 2:53 pm EST

Have U.S. Treasuries Shifted from “Risk-Free” to “Risky”?

The financial world is facing a paradox that many feel mirrors the 2008 crisis, where the once unassailable U.S. Treasuries, traditionally seen as the epitome of safety, are now perceived as potential liabilities. This profound change in perspective is evidenced by the International Swaps and Derivatives Association’s (ISDA) recent correspondence with key U.S. financial regulators, underscoring a deepening concern within the banking sector about the true risk of U.S. Treasuries. On March 5, 2024, the ISDA’s requested to exclude U.S. Treasuries from the supplementary leverage ratio (SLR) calculations reveals an uncomfortable truth. Banks, once reliant on these instruments for their

3 minutes

Kenneth Shortrede • Nov 20, 2023, 10:05 am EST

Milei Wins Argentine Presidency

In an unprecedented political upheaval, Javier Milei has clinched the Argentine presidency, marking the first time in history a candidate running on a liberal libertarian platform has achieved such a feat. His victory not only signifies a seismic shift in Argentina’s political landscape but also sends ripples across the global stage as a testimony to the rising appeal of libertarian ideals. Milei’s election is a historic event, not only for its ideological significance but also for the staggering number of votes he garnered – the highest ever recorded in Argentina. This accomplishment has dealt a crushing blow to the socialist

3 minutes

johnd • Aug 15, 2023, 2:48 pm EDT

Investigating the TSB Bank IT Meltdown: The Bank of England’s Ongoing Inquiry

The extensive IT failure at TSB Bank that occurred last year continues to be the subject of a meticulous investigation, as confirmed by Sam Woods, the Bank of England’s Deputy Governor. A Significant Operational Failure In a formal session with the Treasury Select Committee in Parliament this Wednesday, Woods detailed the TSB IT disaster as an “enormous inconvenience” and labelled it as a “very severe operational failing”. This statement highlights the significant impact of the event, which notably strained the bank’s standing and placed substantial stress on its clientele, disrupting services for nearly 2 million customers. Collaborative Examination The Bank

3 minutes

carlp • Aug 10, 2023, 3:33 pm EDT

President of Eritrea Calls for New Financial Architecture Beyond the Dollar and Euro

In a recent meeting during the second Russia-Africa Summit in Saint Petersburg, Eritrean President Isaias Afwerki expressed his concern about the established global financial system, emphasizing its weaponization by Western nations. President Afwerki, in an address to Russian President Vladimir Putin, underscored the need for a new global financial system, separate from the stronghold of dominant currencies such as the dollar and the euro. The Eritrean leader candidly remarked on the tactics of Western nations: “They are printing money. They are not manufacturing anything at all; it’s all about printing money.” President Afwerki His remarks touched upon a broader issue:

2 minutes

arusso • Aug 8, 2023, 10:46 am EDT

The Integration of CBDCs and Stablecoins Continues On: Japanese Startup Leads in Asian

Cash money, in its traditional paper form, is gradually becoming an artifact of the past. Leading the charge in Asia into the digital frontier is Soramitsu, a Japanese blockchain startup, is moving into the growing ecosystem of central bank digital currencies (CBDCs) and fiat-pegged stablecoins. Their latest endeavor aims to bridge the major economies of Asia, using Cambodia’s groundbreaking CBDC as the cornerstone. Pioneering an Asian Payment Network The project creates an ambitious goal: to knit together Japan, India, China, and Southeast Asia into a cohesive digital payment network. To achieve this, Soramitsu will harness the power of Cambodia’s CBDC

3 minutes

satoshin • Jul 21, 2023, 11:42 am EDT

Rising Net Interest Payments: Is the U.S. Economic Stability at Risk?

Is the ticking time bomb of rising net interest payments endangering U.S. economic stability? Explore the potential risks and delve into the intricate web of financial consequences as interest burdens grow, shedding light on the challenges that lie ahead for the nation’s fiscal health.

3 minutes

johnd • Jul 20, 2023, 4:13 pm EDT

Embracing FedNow: Unveiling the Centrally Controlled Instant Payment Infrastructure, a New Era Beyond CBDCs

Discover FedNow: A closer look at the centrally controlled instant payment infrastructure poised to transform transactions. Explore its implications beyond CBDCs, as real-time payments redefine the landscape of digital finance.

6 minutes

carlp • Jul 20, 2023, 11:01 am EDT

A Harrowing Credit Tale: American Credit Scores Plunge Amid Mounting Debt

In recent years, tens of millions of American consumers have witnessed a significant boost in their credit scores. Thanks to government stimulus checks, low interest rates, and a pause on student loan repayments, an economic reprieve seemed to be in sight. However, that all seems to be unravelling as the nation confronts the abrupt plunge of credit scores.

4 minutes

johnd • Jul 17, 2023, 3:52 pm EDT

A Historical Precedent for BRICs New Gold Backed Currency

After months of deliberation regarding multiple potential commodity and currency baskets, it appears a consortium led by China and Russia has finally settled on using gold as the foundation for a new international currency system. This system is poised to operate independently from the euro and the U.S. dollar, a remarkable shift in the global economic landscape. State-funded Russia Today recently hinted that the introduction of this initiative could be on the docket at an upcoming meeting of leaders from Brazil, Russia, India, and China this August. Such a development seems to echo the past, specifically the historic Bretton Woods

4 minutes