CariNet, also the Caribbean Digital Finance and Free Trade System has been officially launched, which is applying blockchain technology to help the Caribbean FTA member countries to build digital payment and digital financial infrastructures in order to build a platform for international trade. To meet the security demand of digital payment and financial system, the CariNet Main Net plans to introduce national nodes to supervise the whole blockchain network in order to develop in a credible and orderly direction. The national node supervision mechanism is not only of milestone significance for the development of the blockchain industry, but also a great progress to push the blockchain technology into the practical application stage.
The blockchain technology is considered to be the cornerstone of the next-generation value Internet as it entered the public eyes. But the brutal growth of the market also spawned a lot of negative effects, such as Bitcoin utilization in the black market, money laundering, terrorism and other crimes. It has become the consensus of all parties to introduce the supervision mechanism to guide the development of blockchain technology. As a supervision mechanism, the national nodes enter the blockchain network and lead the blockchain market from chaos to order and increase its credibility, so that the blockchain can realize the technology application in more important fields.
CariNet will first use blockchain technology for the Caribbean FTA member countries to create digital payment infrastructures, including mobile terminal payment software and ATM, and so on to address the lack of local electronic payment system. Subsequently, CariNet will assist countries to build digital financial infrastructures to help the world’s largest traditional offshore financial centre to complete the transition under the digital financial wave of the blockchain.
The operation of the CariNet Main Net is supported by the nodes. The 15 Caribbean FTA member countries will establish a data node respectively. In addition to participating in data storage and consensus, these 15 national nodes would also monitor all transactions that occurred in the clearing system and receive real-time transparent transaction data to avoid the use of the blockchain digital payment system for illegal transactions.
In order to meet the demand of supervision of the national nodes and the security demand of payment and finance, CariNet will introduce KYC authentication and connect the authoritative identity authentication system. All users on the chain is required to be multidimensional authenticated to ensure identity authenticity. And CariNet would ensure user privacy through changeable fake name and visitation control. CariNet Main Net has now realized the tracking and verification of the unique transaction serial number, identification of authentication, real-time processing of fund service guarantee, batch processing of automatic transaction, additional effective information of remittance instruction, multiple protocols utilization for information, real-time full settlement, SWIFT, trans-chain trading and other technologies.
Blockchain financial infrastructures would be constructed based on the CariNet Main Net to provide services for financial products and applications, which can effectively link the abstract expression of the blockchain with the specific traditional financial products such as bonds, futures, options and so on. The blockchain financial infrastructures will be combined with the original offshore financial products and services in the Caribbean FTA to eliminate some intermediate links in the original financial market and realize the peer-to-peer direct transaction, which is simplifying the business process, shortening the trading period, effectively reducing the risk, increasing the efficiency and saving the cost.
The establishment of CariNet, the Caribbean Digital Finance and Free Trade System will bring new development to the declining financial industry in the Caribbean through transforming the traditional tax-avoidance offshore finance to the blockchain digital finance which meets the development demand of the time. Finally, CariNet would make the Caribbean FTA the global blockchain digital financial industrial axis center.
Oil set for steady gains as economies shake off pandemic blues – Reuters poll
By Sumita Layek and Bharat Gautam
(Reuters) – Oil prices will stage a steady recovery this year as vaccines reach more people and speed an economic revival, with further impetus coming from stimulus and output discipline by top crude producers, a Reuters poll showed on Friday.
The survey of 55 participants forecast Brent crude would average $59.07 per barrel in 2021, up from last month’s $54.47 forecast.
Brent has averaged around $58.80 so far this year.
“Travel and leisure activity look set to catch up to buoyant manufacturing activity due to the mix of stimulus, confidence, vaccines, and more targeted pandemic measures,” said Norbert Ruecker of Julius Baer.
“Against these demand dynamics, the supply side is unlikely to catch up on time, leaving the oil market in tightening mode for months to come.”
Of the 41 respondents who participated in both the February and January polls, 32 raised their forecasts.
Most analysts said the Organization of Petroleum Exporting Countries and allies (OPEC+) may ease current output curbs when they meet on March 4, but would still agree to maintain supply discipline.
“With OPEC+ endeavouring to keep global oil production below demand, inventories should continue falling this year and allow prices to rise further,” said UBS analyst Giovanni Staunovo.
Oil demand was seen growing by 5-7 million barrels per day in 2021, as per the poll.
However, experts said any deterioration in the COVID-19 situation and the possible lifting of U.S. sanctions on Iran could hold back oil’s recovery.
The poll forecast U.S. crude to average $55.93 per barrel in 2021 versus January’s $51.42 consensus.
Analysts expect U.S. production to rise moderately this year, although new measures from U.S. President Joe Biden to tame the oil sector could curb output in the long run.
“A structural shift away from fossil fuels” may prevent oil from returning to the highs of previous decades, said Economist Intelligence Unit analyst Cailin Birch.
(Reporting by Sumita Layek and Bharat Govind Gautam in Bengaluru; Editing by Arpan Varghese, Noah Browning and Barbara Lewis)
Japan’s jobless rate seen up in January due to COVID-19 emergency measures – Reuters poll
TOKYO (Reuters) – Japan’s jobless rate is expected to have edged up in January as service industry businesses suffered renewed restrictions on movement to fight spread of the coronavirus in some areas, including Tokyo, a Reuters poll of economists showed on Friday.
While industrial production activity picked up in Japan, emergency curbs rolled out last month such as asking restaurants to close early and suspending the national travel campaign hurt the jobs market, analysts said.
The nation’s unemployment rate likely rose 3.0% in January, up from 2.9% in December, the poll of 15 economists found.
The jobs-to-applicants ratio, a gauge of the availability of jobs, was seen at 1.06 in January, unchanged from December, but stayed near September’s seven-year low of 1.03, the poll showed.
“As the impact from the coronavirus pandemic prolongs, it is hard for firms, especially the service sector, to expect their business profits to improve,” said Yusuke Shimoda, senior economist at Japan Research Institute.
“So, their willingness to hire employees appear to be subdued and it is difficult to see the jobs market recovering soon.”
Some analysts also said the government’s steps to support employment and existing labour shortages will likely prevent the jobless rate from worsening sharply.
The government will announce the labour market data at 8:30 a.m. Japan time on Tuesday (2330 GMT Monday).
Analysts expect the economy to contract in the current quarter due to the emergency measures to counter the spread of the disease.
(Reporting by Kaori Kaneko; Editing by Simon Cameron-Moore)
China’s economy could grow 8-9% this year from low base in 2020 – central bank adviser
BEIJING (Reuters) – China’s gross domestic product (GDP) could expand 8-9% in 2021 as it continues to rebound from the COVID-19 pandemic, Liu Shijin, a policy adviser to the People’s Bank of China, said on Friday.
This speed of recovery would not mean China has returned to a “high-growth” period, said Liu, as it would be from a low base in 2020, when China’s economy grew 2.3%.
Analysts from HSBC this week forecast that China would grow 8.5% this year, leading the global economic recovery from the pandemic.
If 2020 and 2021’s average GDP growth is around 5%, this would be a “not bad” outcome, said Liu, speaking at an online conference.
China is set to release a government work report on March 5 which typically includes a GDP growth target for the year.
Last year’s report did not include one due to uncertainties caused by the coronavirus. Reuters previously reported that 2021’s report will also not set a target.
(Reporting by Gabriel Crossley and Muyu Xu; Editing by Sam Holmes and Ana Nicolaci da Costa)
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