Standard Chartered Bank: A Pioneer in China's Digital Yuan Pilot
Standard Chartered Bank (China) has made history by becoming one of the first foreign banks to take part in China's central bank digital currency (CBDC) pilot. As a renowned international bank with a strong presence in the Chinese market for over 165 years, Standard Chartered is highly optimistic about the potential growth of the digital yuan.
Standard Chartered Bank Enables Digital Yuan Exchange
Standard Chartered Bank (China) Ltd. recently announced that it has commenced offering digital yuan exchange services to its customers, solidifying its position as one of the trailblazing foreign banks participating in China's CBDC pilot. With a rich heritage and long-standing reputation in China, the bank's CEO, Zhang Xiaolei, expressed his satisfaction with being part of the groundbreaking digital RMB initiative, stating:
"We are very pleased to participate in the pilot of the digital RMB business as one of the first foreign banks."
The bank will gain access to the digital renminbi interconnection platform through City Bank Clearing Services. People's Bank of China (PBOC) Governor Yi Gang revealed in July that transactions involving China's central bank digital currency, also known as e-CNY, had reached a staggering 1.8 trillion yuan ($250 billion) by the end of June.
Optimistic Outlook on the Digital Yuan
Zhang emphasized that with its longstanding presence in the Chinese market, Standard Chartered Bank holds a positive outlook on the future prospects of the digital yuan. The bank also anticipates the continued expansion of China's CBDC application scenarios, including cross-border merchant payments, trade financing, and supply chain financing.
China has been at the forefront of central bank digital currency research, conducting large-scale pilot projects. Since the launch of the digital renminbi pilot by the People's Bank of China, the scope of the pilot has consistently expanded. At present, there are 26 digital yuan pilot areas spread across China.
Standard Chartered Bank: A Key Contributor to the Digital Yuan Ecosystem
Standard Chartered Bank has been actively involved in the development of the digital yuan ecosystem and has been exploring innovative application scenarios for the Chinese CBDC. In September of last year, Standard Chartered Hong Kong participated in the "Multilateral Central Bank Digital Currency Bridge" proof-of-concept research project. This initiative aimed to facilitate cross-border payment settlement services for real transactions of actual companies through the infrastructure of the currency bridge.
What are your thoughts on Standard Chartered Bank's participation in the digital yuan pilot and its provision of exchange services for China's central bank digital currency? Share your opinions in the comments section below.
Frequently Asked Questions
Should You Buy or Sell Gold?
In the past, gold was considered a haven for investors during economic turmoil. Many people are now turning their backs on traditional investments like stocks and bonds, and instead look to precious metals like Gold.
Gold prices have been on an upward trend over recent years, but they remain relatively low compared to other commodities such as oil and silver.
Some experts believe that this could change very soon. Experts believe that gold prices could skyrocket in the face of another global financial crisis.
They also noted that gold is growing in popularity because of its perceived value as well as potential return.
These are some things you should consider when considering gold investing.
- The first thing to do is assess whether you actually need the money you're putting aside for retirement. You can save money for retirement even if you don't invest in gold. Gold does offer an extra layer of protection for those who reach retirement age.
- You should also be aware of what you are getting into before you buy gold. There are many types of gold IRA accounts. Each account offers different levels of security and flexibility.
- Remember that gold is not as safe as a bank account. If you lose your gold coins, you may never recover them.
Don't buy gold unless you have done your research. If you already have gold, make sure you protect it.
What are the fees associated with an IRA for gold?
The Individual Retirement Account (IRA), fee is $6 per monthly. This fee covers account maintenance fees, as well any investment costs that may be associated with your investments.
If you want to diversify, you may be required to pay extra fees. The type of IRA you choose will determine the fees. Some companies offer free checking, but charge monthly fees for IRAs.
Many providers also charge annual management fees. These fees are usually between 0% and 1%. The average rate is.25% per year. These rates can often be waived if a broker, such as TD Ameritrade, is involved.
Do You Need to Open a Precious Metal IRA
You should be aware that precious metals cannot be covered by insurance. If you lose money in your investment, nothing can be done to recover it. This includes losing all your investments due to theft, fire, flood, etc.
Investing in physical gold and silver coins is the best way to protect yourself from this type of loss. These items have been around for thousands of years and represent real value that cannot be lost. If you were to offer them for sale today, they would likely fetch you more than you paid when you bought them.
If you decide to open an IRA account, choose a reputable company that offers competitive rates and products. It is also a smart idea to use a third-party trustee who will help you have access to your assets at all times.
You won't get any returns until you retire if you open an account. So, don't forget about the future!
How can you withdraw from an IRA of Precious Metals?
First, determine if you would like to withdraw money directly from an IRA. You should also ensure that you have enough money to cover any fees and penalties associated with withdrawing funds.
If you are willing to pay a penalty for early withdrawal, you should consider opening a taxable brokerage account instead of an IRA. You will also have to account for taxes due on any amount you withdraw if you choose this option.
Next, you need to determine how much money is going to be taken out from your IRA. The calculation is influenced by several factors such as your age at withdrawal, the length of time you have owned the account and whether or not you plan to continue contributing to retirement plans.
Once you know what percentage of your total savings you'd like to convert into cash, you'll need to determine which type of IRA you want to use. Traditional IRAs allow for you to withdraw funds without tax when you turn 59 1/2. Roth IRAs, on the other hand, charge income taxes upfront but you can access your earnings later and pay no additional taxes.
Finally, you'll need to open a brokerage account once these calculations are completed. Most brokers offer free signup bonuses and other promotions to entice people to open accounts. It is better to open an account with a debit than a creditcard in order to avoid any unnecessary fees.
When it's time to make withdrawals from your precious-metal IRA, you'll need a place to keep your coins safe. Some storage facilities will take bullion bars while others require you only to purchase individual coins. Before choosing one, consider the pros and disadvantages of each.
Bullion bars require less space, as they don't contain individual coins. However, each coin will need to be counted individually. However, you can easily track the value of individual coins by storing them in separate containers.
Some prefer to store their coins in a vault. Some prefer to keep them in a vault. Whatever method you choose to store your bullion, you should ensure it is safe and secure so you can enjoy its many benefits for many years.
Who is entitled to the gold in a IRA that holds gold?
The IRS considers any individual who holds gold “a form of income” that is subject to taxation.
This tax-free status is only available to those who have owned at least $10,000 of gold and have kept it for at minimum five years.
The purchase of gold can protect you from inflation and price volatility. But it's not smart to hold it if your only intention is to use it.
You will need to declare the value of gold if you intend on selling it one day. This could impact how capital gains taxes you owe for cash investments.
You should consult a financial planner or accountant to see what options are available to you.
Statistics
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
External Links
investopedia.com
irs.gov
bbb.org
law.cornell.edu
- 7 U.S. Code SS7 – Designation board of trade as contract marketplaces
- 26 U.S. Code SS 408 – Individual retirement accounts
How To
Online buying gold and silver is the best way to purchase it.
You must first understand the workings of gold before you can purchase it. Gold is a precious metallic similar to Platinum. It's very rare, and it is often used as money for its durability and resistance. It is difficult to use so people prefer to buy jewelry made from it to gold bars.
There are two types currently available: legal tender and bullion. Legal tender coins are designed for circulation in a country. They often have denominations like $1 or $5 or $10.
Bullion coins can only be used as investment currency. They increase in value due to inflation.
They cannot be used in currency exchanges. One example is that if someone buys $100 worth gold, they get 100 grams with a $100 value. The buyer receives 1 gram of gold for every dollar spent.
You should also know where to buy your gold. There are a few options if you wish to buy gold directly from a dealer. You can start by visiting your local coin shop. You might also consider going through a reputable online seller like eBay. Finally, you can look into purchasing gold through private sellers online.
Private sellers are individuals that offer gold at wholesale or retail prices. Private sellers typically charge 10% to 15% commission on each transaction. Private sellers will typically get you less than a coin shop, eBay or other online retailers. This option is often a great choice for investing gold as it allows you more control over its price.
The other option is to purchase physical gold. You can store physical gold much more easily than you can with paper certificates. However, it still needs to be safe. To ensure that your physical gold remains safe, you need to secure it in an impenetrable container such as a vault or safety deposit box.
To purchase gold by yourself, you can visit a bank and a pawnshop. A bank can provide you with a loan to cover the amount you wish to invest in gold. These are small businesses that let customers borrow money against the items they bring to them. Banks charge higher interest rates than those offered by pawn shops.
A third way to buy gold? Simply ask someone else! Selling gold can also be done easily. You can contact a company like GoldMoney.com to set up an account and receive payments right away.
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By: Kevin Helms
Title: Standard Chartered Bank Begins Offering Digital Yuan Exchange Services in China
Sourced From: news.bitcoin.com/standard-chartered-bank-begins-offering-digital-yuan-exchange-services-in-china-2/
Published Date: Wed, 29 Nov 2023 05:00:04 +0000
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