Friday☕️

21 Jul 2023 — 4 min read

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FedNow:

The US Federal Reserve has rolled out 'FedNow', an instant payment system, as of yesterday. The system is designed to facilitate immediate money transfers for banking customers at any time of day, any day of the year.
At its launch, 35 banks and credit unions have adopted this service. FedNow is expected to enhance convenience in everyday financial transactions, providing immediate access to funds such as paychecks or payments against invoices.
The Treasury’s Bureau of the Fiscal Service is also utilizing this service, with 16 service providers on standby to support payment processing. To broaden the reach of FedNow, the Federal Reserve is planning to collaborate with more than 9,000 US banks and credit unions.

UK Surveillance Laws:

Apple warns that proposed changes to UK surveillance laws could compel it to remove services like iMessage and FaceTime due to user privacy concerns.
The changes involve the Investigatory Powers Act 2016, allowing the UK government access to encrypted content and giving it potential global control over encryption updates. Additionally, the government could block new security features pending a technical review.
If enforced, Apple may have to withdraw security features from the UK market, presenting a dilemma between implementing security vulnerabilities or not developing new technologies.
Critics warn that if these changes proceed, tech companies might leave the UK, increasing user insecurity. The legislation may also impact other encrypted platforms like WhatsApp and Signal. The UK government maintains that the Act is for public protection and is continually reviewed.

China's Foreign Minister Missing?

China's Foreign Minister, Qin Gang, has been absent from the public eye for three weeks. His last known public engagement was an international meeting on June 25th.
Since then, he has missed key meetings, including those with US officials. The Chinese government, initially silent, later suggested health issues as a possible reason for his absence. Currently, Qin's exact location remains unknown.

Brazilian CBDC:

The Brazilian Central Bank is introducing a digital currency based on the ERC20 protocol.
Notably, the smart contract for this Central Bank Digital Currency (CBDC) is designed with various control features. The government will have the authority to freely transfer, burn, or freeze funds associated with the CBDC. Additionally, the control mechanism extends to determining who can transfer these digital funds.
This sets the CBDC apart from traditional cryptocurrencies. While cryptocurrencies like Bitcoin are decentralized and free from any single controlling authority, this CBDC, in contrast, is under the direct control and regulation of the Brazilian Central Bank.

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