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On March 15th, Matt Reed, Vice President of the geopolitical and energy consultancy Foreign Reports, stated that an attack on Kharg Island could trigger Iranian retaliation against Gulf oil-producing countries. He said, "Iran will retaliate in kind." The United States warned on Friday that if Iran continues to block the Strait of Hormuz, Kharg Islands oil facilities could become the next target. Reed warned that the longer the conflict continues, the harder it will be to find alternative energy supplies. "At least 10 million barrels of oil are trapped in the Gulf every day, plus more than 4 million barrels of refined petroleum products and tens of billions of cubic feet of liquefied natural gas, with no easy alternatives." The International Energy Agency has announced the largest emergency oil reserve release in history, with 32 member countries planning to release approximately 400 million barrels of oil. However, Reed believes this measure will have limited effect, stating, "By the time the oil gets to the market, it may be too little, too late." He described it as nothing more than a "band-aid."On March 15th, local time, the Iranian Islamic Revolutionary Guard Corps issued a statement saying that in the past 48 hours, the US and Israel had launched attacks on several civilian industrial facilities in Iran, resulting in the deaths of several workers. The statement said that after setbacks in its confrontation with Iran, the US and Israel have turned to attacking non-military industrial facilities. Iran warned that US companies in the region should withdraw from their facilities and urged nearby residents to stay away from industrial areas with US capital involvement to avoid potential attacks.The Swiss government has discussed the US request for military overflight. In accordance with the principle of neutrality, the Federal Council rejected two requests related to the war with Iran.Local officials said operations at the Lanaz refinery in Iraq’s Erbil province have been suspended until the fire is extinguished and the damage is assessed.On March 15th, Colombian Energy Minister Edwin Palma posted on the X platform that Venezuelas state-owned oil company PDVSA intends to terminate its contract with Colombias state-owned oil company Ecopetrol regarding the Antonio Ricardo pipeline, citing insufficient investment in its maintenance. Palma stated that the Colombian government plans to meet with the US government next Monday to discuss lifting sanctions in an effort to normalize commercial relations with Venezuela. Palma also indicated that Colombia has approved a license to resume imports of liquefied petroleum gas (LPG) from Venezuela at a rate of 1.26 million gallons per month.

Privately issued but regulated digital currencies have benefits -cbank chiefs

Skylar Shaw

Jul 18, 2022 15:03

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If the firms can be properly regulated, consumer-focused digital tokens issued by private enterprises may be preferable to tokens issued by central banks, according to the governor of the Australian central bank on Sunday.


At a panel discussion that was live broadcast online at the G20 finance officials' summit in Indonesia, Phillip Lowe participated. Greater examination of these tokens, according to the head of the Hong Kong Monetary Authority (HKMA), might also assist lower risks associated with initiatives using decentralized financing (DeFi), a component of the cryptocurrency ecosystem.


So-called central bank digital currencies (CBDCs), which may be either retail tokens used directly by customers or wholesale tokens used by banks in the financial system, are being developed by several central banks across the globe.


This is in part a reaction to the emergence of so-called stablecoins, privately-issued tokens like Tether and USDC, whose value is tied to that of a conventional asset, often the U.S. dollar, and which are generally used as a store of value and for payment purposes.


When one stablecoin, TerraUSD, and its linked token, Luna, collapsed in May, it brought home the danger these tokens pose to financial institutions even if they were only used to support a network of DeFi apps and not for actual transactions.


If these tokens are going to be extensively utilized by the community, the state will need to support them or control them similarly to how we regulate bank deposits, according to Lowe.


The private sector is better than the central bank at innovating and designing features for these tokens, and there are also likely to be very significant costs for the central bank setting up a digital token system, he said. "I tend to think that the private solution is going to be better - if we can get the regulatory arrangements right," he said.


In order to develop a robust enough regulatory structure for such tokens, Lowe and the other panelists agreed that more work needed to be done.


More examination of stablecoins, according to HKMA CEO Eddie Yue, might also assist lower dangers from DeFi, which intends to employ computer code to do away with the need for financial intermediaries in lending, investing, and other financial operations.


DeFi initiatives are accessed via stablecoins and cryptocurrency exchanges, and according to Yue, their regulation is simpler than that of the actual items.


The technology and business innovation underlying these breakthroughs are probably going to be vital for our future financial system, thus Yue believes that crypto and DeFi won't vanish despite the Terra-Luna tragedy, even if they could be delayed.

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