Author: Milan Ignjatovic

Reserve Bank of India (RBI) has launched a pilot for deposit tokenization on Wednesday, October 8, 2025. The pilot finds its initial application in tokenization of Certificates of Deposit (CDs), which are bank-issued money market instruments of short tenure that are negotiable. The aim is to digitally represent these financial products on a blockchain. The pilot focuses on institutional/wholesale business (bank-to-bank transactions) and not on retail consumers. The RBI has also shown it is testing tokenization with other money market products, such as commercial papers (CPs). This program is derived from India's Central Bank Digital Currency (CBDC) wholesale segment, referred to as e₹-W. The Reserve Bank of India (RBI) is using a permissioned, in-house-developed Distributed Ledger Technology (DLT) platform for its Central Bank Digital Currency (CBDC) pilots, including the wholesale…

Nigeria's need to borrow $2.8 billion or other enormous amounts of money is driven by long-standing, deep-rooted economic problems, which do indicate the country is in severe fiscal pain, despite the government's contention that the overall situation is getting better. The fundamental reason for the continuous borrowing is to allow the government to finance its annual budget deficit. Nigeria has for a long time been unable to generate enough non-oil revenues (via taxes, etc.) to finance its spending. While tax-to-GDP ratios are slowly rising, they are low compared to peer countries. Being a big oil producer, government revenue is heavily vulnerable to global oil price fluctuations and domestic production issues (like oil theft). Each time prices fall or production reduces, there is a massive revenue gap. Yet, government expenditure, particularly…

Fasset company wants to use cryptocurrency technology (specifically stablecoins) to create a fully digital bank that operates according to Islamic law (Shariah). Their new provisional Malaysian license is a green light to start testing this new model, introducing modern, zero-interest, and ethical financial services to tens of millions of individuals in Asia and Africa. The act is seen as a major step toward bridging the old world of ethical Islamic finance and the new world of digital assets. About Fasset? Fasset is a global fintech company, also referred to as a "financial super-app." It started out as a digital asset exchange (i.e., an online platform where one can buy, sell, and trade cryptocurrencies and other digital tokens). With the aim to encourage financial inclusion and allow people to build their…

Russian Deputy Foreign Minister Sergey Ryabkov has expressed interest in extending the BRICS cross-border payment initiative into South America. While an exact recent quote is unavailable, the overall context from various BRICS reports and interviews supports the validity of this strategic goal. Ryabkov is the key official focused on bilateral ties with the Americas and Russia's participation in BRICS. He has repeatedly asserted that interest in BRICS is gaining momentum among Global South nations, including those in Latin America, and that BRICS aims to be a network for regional processes in Asia, Africa, and Latin America. BRICS Cross-Border Payment Initiative on the Roll The BRICS Cross-Border Payments Initiative remains a high priority. This includes developing a payment system (frequently referred to as "BRICS Pay" in discussions) capable of offering an…

The major economic event that has taken place in Zimbabwe is the introduction of a new national currency known as the Zimbabwe Gold (ZiG). The Reserve Bank of Zimbabwe (RBZ) introduced the ZiG on 5 April 2024, to take over from the rapidly depreciating Zimbabwean dollar (ZWL). This launch is Zimbabwe's sixth attempt to build a solid national currency since 2008. The key objective is to correct severe currency volatility, hyperinflation, and destruction of public trust in the old currency. The ZiG is currently in a multi-currency environment, with the US dollar and other foreign currencies remaining legal tender and widely accepted for most transactions. The long-term, official strategy is for the ZiG to be the only legal tender in the country by 2030, replacing the US dollar over time…

The Ripple Labs application for a U.S. national trust bank charter by the Office of the Comptroller of the Currency (OCC) remains top of mind for the crypto space, especially as the deadline draws closer. Ripple Labs is seeking to charter Ripple National Trust Bank, a new (de novo) limited-purpose national trust bank. The charter is primarily for non-depository activities like custody, fiduciary, and reserve management. The main stated purpose of the bank is to offer supportive activities for Ripple's stablecoin (RLUSD) and other payment businesses, including stablecoin reserve management and related fiduciary services for institutional customers. The application was filed in July 2025 and made available in early August 2025, and the legislative 30-day public comment period has lapsed. However, much of the submission (about ≈90%) was marked confidential.…

Goldman Sachs CEO David Solomon spoke at Italian Tech Week in Turin, Italy, on Friday, October 3, 2025. He predicted a market drawdown. His warning of a "drawdown with respect to equity markets" in the coming 12 to 24 months (i.e., between October 2026 and October 2027) is a professional prognosis based on previous market history after significant technological leaps fueled by the current frenzy and investment of capital in Artificial Intelligence (AI). He likened it specifically to previous cycles of technology, like the Dotcom Bubble, where the market is prone to "run ahead of the potential" and a lot of the invested money "will prove not to deliver returns." He was careful not to outright label it as a "bubble" but noted that investors are "out on the risk…

The central bank of South Korea intervened in the FX market by selling $800 million US dollars (or other currencies) and buying Korean won (KRW) to support the value of the won. This is typically done to suppress volatility or alleviate the depreciation of the local currency. We accept the facts that US Dollar is the most common currency for South Korea's trade and financial transactions. The depreciation problem is almost always the Won-Dollar exchange rate (USD/KRW). That is not the only matter The Bank of Korea (BOK) has significantly increased its foreign exchange intervention in recent years by selling US dollars and buying Korean won with the aim of stabilizing its economy. Intervention PeriodNet Sale AmountContextJuly 2023 to June 2024$9 Billion (Net Sale)Total amount net-sold by the Korean government…