The SWIFT (Society for Worldwide Interbank Financial Telecommunication) system, which currently governs cross-border transactions between banks, may become obsolete. Depending on regulations, governments could also have direct visibility of financial transactions instead of having to ask banks to provide data. And the world’s 1.7 billion unbanked, including around 14 million U.S. adults, can be helped into the financial system. It’s the biggest change in money since the end of the gold standard.

https://www.msn.com/en-us/money/markets/how-china-e2-80-99s-digital-currency-could-challenge-the-almighty-dollar/ar-AANdMiy?pfr=1

A cyber espionage group from China masqueraded as Iranian hackers while breaking into and spying on Israeli government institutions, according to a new report by security researchers. The report from security company FireEye, which unmasked the group alongside Israeli defence agencies, says there is insufficient evidence to link the espionage group to the Chinese state. However, the company's threat analysts are confident that the espionage group is Chinese and that its targets "are of great interest to Beijing's financial, diplomatic, and strategic objectives".

https://news.sky.com/story/chinese-cyber-spies-posed-as-iranians-while-targeting-israeli-government-12377895

Rising prices for spaghetti, ravioli, penne and other pastas could increase again in France as a global wheat crisis continues. Heavy rain in Europe and unprecedented drought in Canada have damaged crops, causing a worldwide shortage of durum wheat, the main ingredient in most mainstream pasta products. Two-thirds of the worldwide production of the wheat comes from Canada, but the North American country has been badly hit by a record heatwave, which has ruined at least 30% of crops. Exceptionally heavy rain in Europe, including France, has not helped the global situation.

https://www.connexionfrance.com/French-news/Rush-on-ravioli-Pasta-prices-up-30-in-France-in-global-wheat-crisis

Due to the drought and unprecedented temperatures across Western Canada, her county of Wheatland has declared a state of emergency. On day five of this year’s wheat harvest at her family farm, Generation Land & Grain Co. Ltd., the effects were obvious. Their Canadian Prairie Spring, which yielded 65 bushels an acre in 2020, has dwindled to 12. Usually more drought-tolerant, their hard red spring is also suffering; as is their barley, yielding 10 to 15 bushels per acre compared to last year’s more than 100.

https://www.msn.com/en-ca/news/canada/worst-year-ive-ever-witnessed-drought-withers-western-canadas-spring-wheat/ar-AANv6cu

The U.S. State Department was recently hit by a cyber-attack and notifications of a “possible serious breach” were issued, a Fox News reporter tweeted on Saturday. It’s unclear when the breach was discovered, but it’s believed to have happened a couple of weeks ago, according to a series of tweets by reporter Jacqui Heinrich. The Department of Defense’s Cyber Command made the notifications, she said.

https://www.msn.com/en-us/news/us/us-state-department-hit-by-recent-cyber-attack-fox-says/ar-AANAdrl

JAMAICA’S central bank, called the Bank of Jamaica (BOJ), is reporting that pilot implementation of a local Central Bank Digital Currency (CBDC), which commenced in June, remains on schedule.

https://trinidadexpress.com/business/local/jamaica-to-roll-out-its-digital-currency-next-month/article_c026bdca-02dc-11ec-b261-5fcf6e6ae705.html?fbclid=IwAR21bgLs-SvlB3cfPM4nHgUdRqkwEF3LN1q0VFu4EYf2h6e5cdn47z6EGls#utm_campaign=blox&utm_source=facebook&utm_medium=social

It is hopefully clear from this brief primer what the digital currencies proposed by central banks are. In a word, they are the final evolution of fiat money: money totally under the control of the issuing government. While the language and some of the technology may be inspired by or borrowed from cryptocurrencies, don’t be deceived. Bitcoin is an attempt to preserve wealth by placing it outside the reach of government; CBDCs are intended to frustrate that end.

https://www.newswars.com/central-bank-digital-currency-what-theyre-not-telling-you/

Dryness over the next six months in Argentina is expected to reduce the size of the country's two main cash crops, corn and soy, while complicating navigation of grain cargo ships on the Parana River, analysts said.

https://www.msn.com/en-us/news/us/la-nina-seen-hurting-argentine-cornsoy-crops-export-logistics/ar-AANG77T?pfr=1

So far this year, China's demand for corn continues unabated. After buying a record 11.3 million metric tons of corn in 2020, this marketing year's total could reach as much as 26 million metric tons according to the (USDA). In response, global corn prices have continued to climb, now above $6 a bushel — a near eight-year high.

https://www.msn.com/en-us/money/markets/chinas-appetite-for-corn-and-soybeans-continues-to-grow/ar-AANGdZ7

Specifically, retail account-based CBDCs provide government and central banks with the ability to install totalitarian supervisory and control systems, enabling: the monitoring of all economic and financial transactions within their jurisdiction; the collection of bulk data, the implementation of social management policies such as social credit scores and the confiscation of CBDCs held at the central bank, either through negative nominal interest rates, specific fees and charges or by outright confiscation.

https://www.adamseconomics.com/post/the-potential-orwellian-horror-of-central-bank-digital-currencies

The CEO of UK grocer The Co-op has amplified concerns over UK food shortages as post-Brexit immigration rules and a lack of qualified haulage drivers has led to empty shelves for some products.

https://www.just-food.com/news/uk-food-shortages-worst-ive-seen-co-op-ceo/

China's central bank-backed digital yuan was used by the Dalian Commodity Exchange to pay for storage charges in a local warehouse on Tuesday, marking the first time that the sovereign digital currency has been applied in the futures market.

https://www.globaltimes.cn/page/202108/1232348.shtml

Crypto exchange Liquid, one Japan’s most popular exchanges, is now short $97 million in total assets after a cyber attack that pulled funds directly from the wallets of some of its customers.

https://www.cpomagazine.com/cyber-security/cyber-attack-on-crypto-exchange-liquid-results-in-loss-of-97-million-in-ethereum-tokens-and-other-assets/

China's gold reserves have grown every year for 15 consecutive years, reaching 14,727.16 tons by 2020, according to a yearbook issued by China Gold Association (CGA)

https://ukranews.com/en/news/796027-china-s-gold-reserves-scale-up-for-15-consecutive-years-by-2020-report

The Reserve Bank of India (RBI) is planning to launch its first central bank digital currency (CBDC) trials by the end of this year, Being an emerging market, India is one of the fastest-growing crypto destinations in the world. The adoption of cryptocurrency assets has increased rapidly in India during the last 12 months.

https://www.financemagnates.com/cryptocurrency/news/india-plans-to-launch-cbdc-pilot-by-december-2021/

Russia’s gold and foreign currency holdings grew by another $1.8 billion in the week through August 20. Forex reserves totaled $595.6 billion compared to $593.8 billion a week earlier. Russia’s international reserves are highly liquid foreign assets consisting of monetary gold, foreign currencies and Special Drawing Rights, which are at the disposal of the Central Bank of Russia and the government.

https://www.rt.com/business/533144-russia-foreign-currency-reserves/

Belarus has imposed a six-month grain export ban because of a poor, weather-hit harvest, the government said on Thursday. The country has completed the 2021 harvest, threshing 6.2 million tonnes of grain compared with 7.2 million tonnes in 2020. The government resolution said the ban applies to wheat, rye, corn and other types of grain and cereals.

https://www.hellenicshippingnews.com/belarus-suspends-grain-exports-after-poor-harvest/

North American fertilizer prices are nearing a decade high this week. The fertilizer industry is experiencing supply-side constraints while demand is rising. https://www.zerohedge.com/commodities/fertilizer-prices-hit-near-decade-high-farm-demand-increases

The Monetary Authority of Singapore (MAS) has shortlisted 15 “Global CBDC Challenge” participants to help build an in-house retail central bank digital currency (CBDC). https://www.investing.com/news/cryptocurrency-news/singapore-central-bank-shortlists-15-companies-to-develop-retail-cbdc-2604122

Statistics Canada in this season’s first crop production report issued Aug. 30 forecast Canadian wheat production at a 14-year low, canola outturn at a nine-year low and most other crops also down sharply due to drought and hot weather across major growing areas. https://www.foodbusinessnews.net/articles/19470-drought-takes-toll-on-canadian-crops

Australia, Malaysia, Singapore and South Africa unveiled a joint central bank digital payment pilot on Thursday.
https://www.msn.com/en-us/money/other/australia-malaysia-singapore-and-south-africa-will-trial-cross-border-central-bank-digital-payments/ar-AAO1byS?pfr=1