HKMA is also looking at the potential of the retail CBDC in addressing the volatility in the cryptocurrency space and providing stability to the emerging decentralized finance (DeFi) ecosystem. According to the announcement, part of the regulator's steps in laying the foundation for Retail CBDC would be to conduct an in-depth study and pilots for the implementation and application of rCBDC.<\/p>\n\n\n\n
According to the market consultations conducted by the HKMA, the respondents proposed having rCBDC running in a permissionless blockchain, a different stance from that of the regulator said to explore a permissioned blockchain for the e-HKD with private banks handling implementation.<\/p>\n\n\n\n
HKMA is also looking at the potential of the retail CBDC in addressing the volatility in the cryptocurrency space and providing stability to the emerging decentralized finance (DeFi) ecosystem. According to the announcement, part of the regulator's steps in laying the foundation for Retail CBDC would be to conduct an in-depth study and pilots for the implementation and application of rCBDC.<\/p>\n\n\n\n
The Next Steps in e-HKD\u2019s Implementation<\/h2>\n\n\n\n
According to the market consultations conducted by the HKMA, the respondents proposed having rCBDC running in a permissionless blockchain, a different stance from that of the regulator said to explore a permissioned blockchain for the e-HKD with private banks handling implementation.<\/p>\n\n\n\n
HKMA is also looking at the potential of the retail CBDC in addressing the volatility in the cryptocurrency space and providing stability to the emerging decentralized finance (DeFi) ecosystem. According to the announcement, part of the regulator's steps in laying the foundation for Retail CBDC would be to conduct an in-depth study and pilots for the implementation and application of rCBDC.<\/p>\n\n\n\n
\"While it appears that e-HKD might not have an imminent role to play in the current retail payment market, we believe prospective use cases for e-HKD can emerge quickly out of the rapid evolution, or even revolution, in the digital economy,\" <\/em>HKMA said.<\/p>\n\n\n\n
The Next Steps in e-HKD\u2019s Implementation<\/h2>\n\n\n\n
According to the market consultations conducted by the HKMA, the respondents proposed having rCBDC running in a permissionless blockchain, a different stance from that of the regulator said to explore a permissioned blockchain for the e-HKD with private banks handling implementation.<\/p>\n\n\n\n
HKMA is also looking at the potential of the retail CBDC in addressing the volatility in the cryptocurrency space and providing stability to the emerging decentralized finance (DeFi) ecosystem. According to the announcement, part of the regulator's steps in laying the foundation for Retail CBDC would be to conduct an in-depth study and pilots for the implementation and application of rCBDC.<\/p>\n\n\n\n
Dubbed e-HKD, the statement said the step toward implementing the currency follows recent findings from two rounds of market consultations on the viability of the retail CBDC. Unlike wholesale CBDCs, a digital alternative to the fiat currencies issued by central banks, retail CBDCs (rCBDCs) targets the general public.<\/p>\n\n\n\n
\"While it appears that e-HKD might not have an imminent role to play in the current retail payment market, we believe prospective use cases for e-HKD can emerge quickly out of the rapid evolution, or even revolution, in the digital economy,\" <\/em>HKMA said.<\/p>\n\n\n\n
The Next Steps in e-HKD\u2019s Implementation<\/h2>\n\n\n\n
According to the market consultations conducted by the HKMA, the respondents proposed having rCBDC running in a permissionless blockchain, a different stance from that of the regulator said to explore a permissioned blockchain for the e-HKD with private banks handling implementation.<\/p>\n\n\n\n
HKMA is also looking at the potential of the retail CBDC in addressing the volatility in the cryptocurrency space and providing stability to the emerging decentralized finance (DeFi) ecosystem. According to the announcement, part of the regulator's steps in laying the foundation for Retail CBDC would be to conduct an in-depth study and pilots for the implementation and application of rCBDC.<\/p>\n\n\n\n
The next Fed meeting is scheduled for July 25-26, but it is still unclear how long rates could stay at the 5% plus level. For the next 12 months, or even 24 months, the reality is that Fed Chair Jerome Powell said that nearly all Fed officials expect more rate rises this year. Because of this, many analysts expect a significant economic contraction which will impact corporate earnings and financial markets. Wells Fargo analysts said that over the next 3-5 months, they expect a 10% correction on the U.S. stock market. If this happens, it will certainly negatively influence the cryptocurrency market.<\/p>\n","post_title":"The U.S. Central Bank Left Its Benchmark Lending Rate Unchanged This Wednesday","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"the-u-s-central-bank-left-its-benchmark-lending-rate-unchanged-this-wednesday","to_ping":"","pinged":"","post_modified":"2023-06-18 20:53:01","post_modified_gmt":"2023-06-18 10:53:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12031","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11945,"post_author":"1","post_date":"2023-06-11 16:43:30","post_date_gmt":"2023-06-11 06:43:30","post_content":"\n
\n
The digital currency, dubbed e-HKD, targets the general public.<\/li>\n<\/ul>\n\n\n\n
\n
e-HKD aims to address the volatility in decentralized finance (DeFi).<\/li>\n<\/ul>\n\n\n\n
Easing inflation, signs of economic resilience, and a better-than-expected earnings season lifted U.S. stocks, and it is important to say that the benchmark S&P 500 and Nasdaq advanced this week to 14-month highs. Fed officials said they now expect a 1% gain in 2023 real gross domestic product, up from 0.4% projected in March. However, Fed officials lowered their 2024 growth projection to 1.1% from 1.2% and the 2025 outlook to 1.8% from 1.9%.<\/p>\n\n\n\n
The next Fed meeting is scheduled for July 25-26, but it is still unclear how long rates could stay at the 5% plus level. For the next 12 months, or even 24 months, the reality is that Fed Chair Jerome Powell said that nearly all Fed officials expect more rate rises this year. Because of this, many analysts expect a significant economic contraction which will impact corporate earnings and financial markets. Wells Fargo analysts said that over the next 3-5 months, they expect a 10% correction on the U.S. stock market. If this happens, it will certainly negatively influence the cryptocurrency market.<\/p>\n","post_title":"The U.S. Central Bank Left Its Benchmark Lending Rate Unchanged This Wednesday","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"the-u-s-central-bank-left-its-benchmark-lending-rate-unchanged-this-wednesday","to_ping":"","pinged":"","post_modified":"2023-06-18 20:53:01","post_modified_gmt":"2023-06-18 10:53:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12031","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11945,"post_author":"1","post_date":"2023-06-11 16:43:30","post_date_gmt":"2023-06-11 06:43:30","post_content":"\n
\n
The digital currency, dubbed e-HKD, targets the general public.<\/li>\n<\/ul>\n\n\n\n
\n
e-HKD aims to address the volatility in decentralized finance (DeFi).<\/li>\n<\/ul>\n\n\n\n
Positive information is that the U.S. Labor Department's consumer price index (CPI) reading showed this week that inflation rose only 0.1% in May compared with a 0.4% jump in April, confirming that the Fed's restrictive policy rate is working. On Wednesday, the U.S. Bureau of Labor Statistics also reported that annual producer prices cooled more than projected in May, which supported the Fed to pause rate hikes at Wednesday's meeting.<\/p>\n\n\n\n
Easing inflation, signs of economic resilience, and a better-than-expected earnings season lifted U.S. stocks, and it is important to say that the benchmark S&P 500 and Nasdaq advanced this week to 14-month highs. Fed officials said they now expect a 1% gain in 2023 real gross domestic product, up from 0.4% projected in March. However, Fed officials lowered their 2024 growth projection to 1.1% from 1.2% and the 2025 outlook to 1.8% from 1.9%.<\/p>\n\n\n\n
The next Fed meeting is scheduled for July 25-26, but it is still unclear how long rates could stay at the 5% plus level. For the next 12 months, or even 24 months, the reality is that Fed Chair Jerome Powell said that nearly all Fed officials expect more rate rises this year. Because of this, many analysts expect a significant economic contraction which will impact corporate earnings and financial markets. Wells Fargo analysts said that over the next 3-5 months, they expect a 10% correction on the U.S. stock market. If this happens, it will certainly negatively influence the cryptocurrency market.<\/p>\n","post_title":"The U.S. Central Bank Left Its Benchmark Lending Rate Unchanged This Wednesday","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"the-u-s-central-bank-left-its-benchmark-lending-rate-unchanged-this-wednesday","to_ping":"","pinged":"","post_modified":"2023-06-18 20:53:01","post_modified_gmt":"2023-06-18 10:53:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12031","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11945,"post_author":"1","post_date":"2023-06-11 16:43:30","post_date_gmt":"2023-06-11 06:43:30","post_content":"\n
\n
The digital currency, dubbed e-HKD, targets the general public.<\/li>\n<\/ul>\n\n\n\n
\n
e-HKD aims to address the volatility in decentralized finance (DeFi).<\/li>\n<\/ul>\n\n\n\n
According to the central bank's Federal Open Market Committee, the U.S. banking system is sound and resilient; job gains have been strong, while the unemployment rate has remained low. Despite this, tighter credit conditions for households and businesses will likely weigh on economic activity and hiring in the second half of 2023.<\/p>\n\n\n\n
Positive information is that the U.S. Labor Department's consumer price index (CPI) reading showed this week that inflation rose only 0.1% in May compared with a 0.4% jump in April, confirming that the Fed's restrictive policy rate is working. On Wednesday, the U.S. Bureau of Labor Statistics also reported that annual producer prices cooled more than projected in May, which supported the Fed to pause rate hikes at Wednesday's meeting.<\/p>\n\n\n\n
Easing inflation, signs of economic resilience, and a better-than-expected earnings season lifted U.S. stocks, and it is important to say that the benchmark S&P 500 and Nasdaq advanced this week to 14-month highs. Fed officials said they now expect a 1% gain in 2023 real gross domestic product, up from 0.4% projected in March. However, Fed officials lowered their 2024 growth projection to 1.1% from 1.2% and the 2025 outlook to 1.8% from 1.9%.<\/p>\n\n\n\n
The next Fed meeting is scheduled for July 25-26, but it is still unclear how long rates could stay at the 5% plus level. For the next 12 months, or even 24 months, the reality is that Fed Chair Jerome Powell said that nearly all Fed officials expect more rate rises this year. Because of this, many analysts expect a significant economic contraction which will impact corporate earnings and financial markets. Wells Fargo analysts said that over the next 3-5 months, they expect a 10% correction on the U.S. stock market. If this happens, it will certainly negatively influence the cryptocurrency market.<\/p>\n","post_title":"The U.S. Central Bank Left Its Benchmark Lending Rate Unchanged This Wednesday","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"the-u-s-central-bank-left-its-benchmark-lending-rate-unchanged-this-wednesday","to_ping":"","pinged":"","post_modified":"2023-06-18 20:53:01","post_modified_gmt":"2023-06-18 10:53:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12031","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11945,"post_author":"1","post_date":"2023-06-11 16:43:30","post_date_gmt":"2023-06-11 06:43:30","post_content":"\n
\n
The digital currency, dubbed e-HKD, targets the general public.<\/li>\n<\/ul>\n\n\n\n
\n
e-HKD aims to address the volatility in decentralized finance (DeFi).<\/li>\n<\/ul>\n\n\n\n
According to the central bank's Federal Open Market Committee, the U.S. banking system is sound and resilient; job gains have been strong, while the unemployment rate has remained low. Despite this, tighter credit conditions for households and businesses will likely weigh on economic activity and hiring in the second half of 2023.<\/p>\n\n\n\n
Positive information is that the U.S. Labor Department's consumer price index (CPI) reading showed this week that inflation rose only 0.1% in May compared with a 0.4% jump in April, confirming that the Fed's restrictive policy rate is working. On Wednesday, the U.S. Bureau of Labor Statistics also reported that annual producer prices cooled more than projected in May, which supported the Fed to pause rate hikes at Wednesday's meeting.<\/p>\n\n\n\n
Easing inflation, signs of economic resilience, and a better-than-expected earnings season lifted U.S. stocks, and it is important to say that the benchmark S&P 500 and Nasdaq advanced this week to 14-month highs. Fed officials said they now expect a 1% gain in 2023 real gross domestic product, up from 0.4% projected in March. However, Fed officials lowered their 2024 growth projection to 1.1% from 1.2% and the 2025 outlook to 1.8% from 1.9%.<\/p>\n\n\n\n
The next Fed meeting is scheduled for July 25-26, but it is still unclear how long rates could stay at the 5% plus level. For the next 12 months, or even 24 months, the reality is that Fed Chair Jerome Powell said that nearly all Fed officials expect more rate rises this year. Because of this, many analysts expect a significant economic contraction which will impact corporate earnings and financial markets. Wells Fargo analysts said that over the next 3-5 months, they expect a 10% correction on the U.S. stock market. If this happens, it will certainly negatively influence the cryptocurrency market.<\/p>\n","post_title":"The U.S. Central Bank Left Its Benchmark Lending Rate Unchanged This Wednesday","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"the-u-s-central-bank-left-its-benchmark-lending-rate-unchanged-this-wednesday","to_ping":"","pinged":"","post_modified":"2023-06-18 20:53:01","post_modified_gmt":"2023-06-18 10:53:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12031","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11945,"post_author":"1","post_date":"2023-06-11 16:43:30","post_date_gmt":"2023-06-11 06:43:30","post_content":"\n
\n
The digital currency, dubbed e-HKD, targets the general public.<\/li>\n<\/ul>\n\n\n\n
\n
e-HKD aims to address the volatility in decentralized finance (DeFi).<\/li>\n<\/ul>\n\n\n\n
\"In determining the extent of additional policy firming that may be appropriate to return inflation to 2% over time, the committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments.\"<\/em><\/p>\n\n\n\n<\/figure>\n\n\n\n
According to the central bank's Federal Open Market Committee, the U.S. banking system is sound and resilient; job gains have been strong, while the unemployment rate has remained low. Despite this, tighter credit conditions for households and businesses will likely weigh on economic activity and hiring in the second half of 2023.<\/p>\n\n\n\n
Positive information is that the U.S. Labor Department's consumer price index (CPI) reading showed this week that inflation rose only 0.1% in May compared with a 0.4% jump in April, confirming that the Fed's restrictive policy rate is working. On Wednesday, the U.S. Bureau of Labor Statistics also reported that annual producer prices cooled more than projected in May, which supported the Fed to pause rate hikes at Wednesday's meeting.<\/p>\n\n\n\n
Easing inflation, signs of economic resilience, and a better-than-expected earnings season lifted U.S. stocks, and it is important to say that the benchmark S&P 500 and Nasdaq advanced this week to 14-month highs. Fed officials said they now expect a 1% gain in 2023 real gross domestic product, up from 0.4% projected in March. However, Fed officials lowered their 2024 growth projection to 1.1% from 1.2% and the 2025 outlook to 1.8% from 1.9%.<\/p>\n\n\n\n
The next Fed meeting is scheduled for July 25-26, but it is still unclear how long rates could stay at the 5% plus level. For the next 12 months, or even 24 months, the reality is that Fed Chair Jerome Powell said that nearly all Fed officials expect more rate rises this year. Because of this, many analysts expect a significant economic contraction which will impact corporate earnings and financial markets. Wells Fargo analysts said that over the next 3-5 months, they expect a 10% correction on the U.S. stock market. If this happens, it will certainly negatively influence the cryptocurrency market.<\/p>\n","post_title":"The U.S. Central Bank Left Its Benchmark Lending Rate Unchanged This Wednesday","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"the-u-s-central-bank-left-its-benchmark-lending-rate-unchanged-this-wednesday","to_ping":"","pinged":"","post_modified":"2023-06-18 20:53:01","post_modified_gmt":"2023-06-18 10:53:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12031","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11945,"post_author":"1","post_date":"2023-06-11 16:43:30","post_date_gmt":"2023-06-11 06:43:30","post_content":"\n
\n
The digital currency, dubbed e-HKD, targets the general public.<\/li>\n<\/ul>\n\n\n\n
\n
e-HKD aims to address the volatility in decentralized finance (DeFi).<\/li>\n<\/ul>\n\n\n\n
The U.S. Central Bank signalled that interest rates would likely rise by another half of a percentage point by the end of this year, bringing the benchmark overnight interest rate rising from the 5.00%-5.25% range to a 5.50%-5.75% range. The U.S. Central Bank reported<\/a>:<\/p>\n\n\n\n
As widely expected, the U.S. Central Bank left its interest rate unchanged this Wednesday after a two-day meeting but warned that inflation is still elevated. <\/p>\n\n\n\n
The U.S. Central Bank signalled that interest rates would likely rise by another half of a percentage point by the end of this year, bringing the benchmark overnight interest rate rising from the 5.00%-5.25% range to a 5.50%-5.75% range. The U.S. Central Bank reported<\/a>:<\/p>\n\n\n\n
Some of the challenges identified by the committee include the risk of state surveillance of people's spending choices and an increase in the powers vested with the central banks. The legislators also pointed out that there is the risk of creating a centralized point of failure that can be a target for criminals. <\/p>\n\n\n\n
\"Active collaboration with the public and private sectors to identify and explore these use cases has been at the heart of this. We believe that Rosalind can make a significant contribution to how organizations across the globe are thinking about and engaging with the design of retail CBDC system,\"<\/em> she added.<\/p>\n\n\n\n
\"The Rosalind experiment has advanced central bank innovation in two key areas: by exploring how an API layer could support a retail CBDC system and how It could facilitate safe and secure CBDC payments through a range of different use cases\"<\/em>, said Francesca Hopwood Road, Head of the BIS Innovation Hub London Centre.<\/p>\n\n\n\n
\"Active collaboration with the public and private sectors to identify and explore these use cases has been at the heart of this. We believe that Rosalind can make a significant contribution to how organizations across the globe are thinking about and engaging with the design of retail CBDC system,\"<\/em> she added.<\/p>\n\n\n\n
![\"Federal](\"https:\/\/www.thedistributed.co\/wp-content\/uploads\/2023\/06\/FED-rates.jpg\")
<\/figure>\n\n\n\n