There are rumours that the leases have been given to a Chinese firm
Perhaps relevant going forward for the Gold Mining bugs. (Me included)
From a Market Announcement by Sundance Resources https://www.sundanceresources.com.au/irm/PDF/c67e99f9-3ea4-4394-8dae-99b33e7a86ee/MarketUpdateonCongoDispute
MARKET UPDATE ON CONGO DISPUTE Sundance Resources Limited (“Sundance” or “the Company”) (ASX Code: SDL) advised on 16 December 2020 it had become aware that the Republic of Congo (“Congo”) had issued a decree on 30 November 2020, which purported to withdraw the mining permit from Sundance’s subsidiary Congo Iron (“Congo Iron”). This decree has now been confirmed as it has been published in the Official Journal of the Republic of Congo. The decree confirms the removal of the Nabeba mining permit from Congo Iron. A second decree, also in the Official Journal, has announced the issuance of a mining permit for Nabeba to Sangha Mining Development Sasu (“Sangha Mining”). The Official Journal also contains decrees affecting the permits and licences of iron ore projects held by other companies, including: • Removal of the mining permit for the Avima iron ore project; and • Issuance of mining permits for Avima and the Badondo exploration license to Sangha Mining. Sundance does not know who or what Sangha Mining is or who Sangha Mining’s beneficial owners are
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There are rumours that the leases have been given to a Chinese firm
The Stablecoin Tethering and Bank Licensing Enforcement (STABLE) Act was introduced in U.S. Congress by Michigan Democrat Rep. Rashida Tlaib, along with Reps. Jesús Garcia and Stephen Lynch. In a press release, the lawmakers said they were seeking to protect consumers from risks posed by emerging digital payment systems such as Facebook’s Libra and stablecoins.
The STABLE Act will require that any stablecoin issuer:
- Obtains a banking charter.
- Follows the appropriate banking regulations under the existing regulatory jurisdictions.
- Notify and obtain approval from the Federal Reserve, the Federal Deposit Insurance Corporation and other banking regulator six months prior to issuing the stablecoin.
- Obtain FDIC insurance or maintain reserves at the Fed to ensure that its stablecoins can be readily converted into USD on demand.
Tlaib described the Act as “getting ahead of the curve” in protecting consumers against digital currency crimes. She believes that because of the pandemic, U.S. citizens have been making riskier financial decisions. As such, it’s the responsibility of Congress to shield them from dangers that can stem from unregulated stablecoin issuance.
Garcia reiterated the stance, adding, “That’s why I’m proud to introduce the STABLE Act […] to ensure that new financial tools like stablecoins have proper oversight and protections. Congress must ensure that new financial technologies and payment tools do not prey on vulnerable users. The STABLE Act does just that—it embraces innovation while also protecting consumers.”
The legislators singled out Facebook’s Libra as one of the stablecoins that pose great danger if left unregulated. They stated that Facebook has attempted to take advantage of the financial exclusion and gap in the market. As CoinGeek reported, Facebook intends on launching Libra in 2021 despite the continued regulatory hurdles.
The three also cited JP Morgan, Apple and PayPal/Venmo as some of the other players who have dipped their feet into the stablecoin industry.
Many in the digital currency industry have voiced their criticism at the STABLE Act. Jeremy Allaire, the CEO of Circle Internet Financial took to Twitter where he termed the Act as “a huge step backwards.” Allaire’s company is the issuer of the USD Coin (USDC) stablecoin, the second largest after Tether.
See also: U.S. Rep. Darren Soto’s keynote talk at CoinGeek Live on Balancing Innovation & Regulation for Growth of Blockchain Technology
I don't understand comments regarding "Unbanked", at least not in the context of the USA.
In Australia the poor all get government payments and theses payments all come through the banking system, to the best of my knowledge. So they all have bank accounts and debit cards.
How does it work in the USA and other countries?
Or am I missing another nuance of the term 'unbanked'?
Washington | The Trump administration on Thursday (Friday AEDT) unveiled an executive order prohibiting US investments in Chinese companies Washington says are owned or controlled by the Chinese military, ramping up pressure on Beijing after the US election.
The order could hit some of China's biggest companies, including telecoms firms China Telecom Corp Ltd, China Mobile Ltd and surveillance equipment maker Hikvision.
The move is designed to deter US investment firms, pension funds and others from buying and selling shares of 31 Chinese companies that were designated by the Defence Department as backed by the Chinese military earlier this year.
Starting on January 11, the order will prohibit any transaction by US investors in the securities of those companies. It also bans Americans from buying and selling securities in a Chinese company 60 days after it is designated as a Chinese military company.
"China is increasingly exploiting United States capital to resource and to enable the development and modernization of its military, intelligence, and other security apparatuses," said the order released by the White House.
The Chinese embassy in Washington did not immediately respond to a request for comment.
Full statement here. https://www.rba.gov.au/media-releases/2020/mr-20-28.html
The elements of today's package are as follows:
- a reduction in the cash rate target to 0.1 per cent
- a reduction in the target for the yield on the 3-year Australian Government bond to around 0.1 per cent
- a reduction in the interest rate on new drawings under the Term Funding Facility to 0.1 per cent
- a reduction in the interest rate on Exchange Settlement balances to zero
- the purchase of $100 billion of government bonds of maturities of around 5 to 10 years over the next six months.
Date2 November 2020
The Reserve Bank today announced that it is partnering with Commonwealth Bank, National Australia Bank, Perpetual and ConsenSys Software, a blockchain technology company, on a collaborative project to explore the potential use and implications of a wholesale form of central bank digital currency (CBDC) using distributed ledger technology (DLT). This is part of ongoing research at the Reserve Bank on wholesale CBDC.
The project will involve the development of a proof-of-concept (POC) for the issuance of a tokenised form of CBDC that can be used by wholesale market participants for the funding, settlement and repayment of a tokenised syndicated loan on an Ethereum-based DLT platform. The POC will be used to explore the implications of ‘atomic’ delivery-versus-payment settlement on a DLT platform as well as other potential programmability and automation features of tokenised CBDC and financial assets.
Assistant Governor (Financial System) Michele Bullock said ‘With this project we are aiming to explore the implications of a CBDC for efficiency, risk management and innovation in wholesale financial market transactions. While the case for the use of a CBDC in these markets remains an open question, we are pleased to be collaborating with industry partners to explore if there is a future role for a wholesale CBDC in the Australian payments system.’
The project is expected to be completed around the end of 2020 and the parties intend to publish a report on the project and its main findings during the first half of 2021.
A "proof-of-concept" test of a central bank digital currency backed by the Bank for International Settlements and the Swiss central bank is scheduled to get underway by the end of this year, said BIS official Benoit Coeure. That test will be the basis for testing a retail central bank digital currency, he said.
People’s Bank of China stipulates for the first time that the digital yuan will be allowed to circulate and be converted like physical currency
Head of central bank’s digital currency research institute admits potential problems with digital yuan, but says they reinforce need for central bank oversight
USD/CNY Daily. The last 6 of 7 'bars' are the holidays
ECB urges eurozone banks to act ahead of losses
Eurozone banks must accept that they are likely to experience a significant profit downturn and that they must increase loan-loss provisioning, European Central Bank supervisor Andrea Enria says. Some regulatory concessions and loan-forbearance measures are due to expire, so "it is time for banks to brace for the impact that will likely materialize as the systemwide moratoria are lifted," Enria says
Analysts predict profit drop for US banks
Major US banks are expected to post a 30% to 60% decline in third-quarter profit compared with Q3 of 2019, analysts say. The downturn reflects the impact of record-low interest rates and the recession triggered by the coronavirus pandemic.