{"id":51306,"date":"2020-02-23T10:48:02","date_gmt":"2020-02-23T15:48:02","guid":{"rendered":"https:\/\/olduvai.ca\/?p=51306"},"modified":"2020-02-23T10:48:06","modified_gmt":"2020-02-23T15:48:06","slug":"mapping-out-the-banking-elites-goal-for-a-cashless-monetary-system-part-two","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=51306","title":{"rendered":"Mapping out the Banking Elite\u2019s Goal for a Cashless Monetary System \u2013 Part Two"},"content":{"rendered":"\n

Mapping out the Banking Elite\u2019s Goal for a Cashless Monetary System \u2013 Part\u00a0Two<\/a><\/h3>\n\n\n\n
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In the first part of this article<\/a> we traced the development of the \u2018Utility Settlement Coin<\/em>\u2018 \u2013 a project that began in 2015 and which has now evolved through the inception of a consortium called Fnality International. Fnality are comprised of a number of the world\u2019s biggest banks including Barclays and UBS, all of whom are shareholders in the scheme. Their objective as stated on the company\u2019s website reads:<\/p>\n\n\n\n

Fnality International has been founded to create a network of decentralised Financial Market Infrastructures (dFMIs) to deliver the means of payment-on-chain in tomorrow\u2019s wholesale banking markets.<\/strong><\/p><\/blockquote>\n\n\n\n

In practice, what Fnality are seeking to deliver is the construction of a distributed ledger technology based global payment system<\/a>, one that can \u2018facilitate tokenised, peer-to-peer markets<\/strong><\/em>\u2018.<\/p>\n\n\n\n

Before we look into this more, let\u2019s examine some of the key figureheads behind the project. First there is the CEO Rhomaios Ram, who for the best part of two decades worked for Deutsche Bank in roles that included European Head of Currencies & Commodities and Head of Transaction Banking in the UK and Ireland. The Chairman of Fnality, Jim Turley, has also worked at Deutsche Bank in various different positions. Outside of commercial banking, Turley once served on the board of the New York Fed Foreign Exchange Committee.<\/p>\n\n\n\n

But perhaps the standout name on Fnality\u2019s management team is Daniel Heller, the firm\u2019s advisor on regulatory affairs. Described as an expert in financial sector regulation and financial stability,\u00a0Heller has a track record of having served at both the Bank for International Settlements and the International Monetary Fund<\/a>. At the BIS he was head of the Secretariat of the Committee on Payment and Settlement Systems, whilst at the IMF he was the executive director for Switzerland, Poland, Serbia, Azerbaijan, and four Central Asian republics.\u00a0<\/p>\n\n\n\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"

Mapping out the Banking Elite\u2019s Goal for a Cashless Monetary System \u2013 Part\u00a0Two In the first part of this article we traced the development of the \u2018Utility Settlement Coin\u2018 \u2013 a project that began in 2015 and which has now evolved through the inception of a consortium called Fnality International. Fnality are comprised of a number […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,6],"tags":[61,27278,1035,1034,536,23719],"class_list":["post-51306","post","type-post","status-publish","format-standard","hentry","category-economics","category-liberty","tag-banking","tag-banking-elite","tag-cash","tag-cashless-society","tag-money","tag-steven-guinness"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/51306","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=51306"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/51306\/revisions"}],"predecessor-version":[{"id":51307,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/51306\/revisions\/51307"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51306"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51306"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51306"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}