The RMB Council (TRC), formerly called the Council for RMB Internationalization (CFRI), is a Hong Kong registered think-tank involved in the research of and support for improvements in the efficiency of settlements of global financial transactions.
Our particular area of interest has been and still is how commercial and non-commercial transactions can be settled securely, economically and efficiently in an ever-changing world driven by Financial Technology (FinTech).
This has naturally led us to focus on the role currencies have played in the settlement of global investments, trade and consumer purchasing decisions.
Recent developments in financial technology (FinTech) are creating significant challenges to the way investments, trade and consumer purchases of goods and services are settled.
The central role played by traditional settlement tokens of value like "cash" in various currencies is slowly being rendered unnecessary.
Digital tokens of value, that are acceptable to transacting parties, are increasingly replacing cash as a settlement medium.
Governments around the world are in a dilemma. On the one hand all sovereign nations want to cut off funding to terrorist, drug dealers and other criminals but find it impossible to do so as cash is being widely used.
Illegal transactions are most often settled in cash or cash equivalents because such transactions particularly those in cash are anonymous and untraceable. Exactly what criminals want.