JP Koning
@jpkoning.bsky.social
monetary economics|history of money|central banking|financial privacy|payments|gold|financial inclusion|cryptocurrency|monetary law|financial crime
I write at www.moneyness.ca
I write at www.moneyness.ca
The U.S. Mint still hasn't stopped producing pennies. It minted 130 million of them in April.
May 21, 2025 at 3:43 PM
The U.S. Mint still hasn't stopped producing pennies. It minted 130 million of them in April.
The risk that Trump suddenly cuts off Europe's access to the Visa and MasterCard networks as a "pressure tactic" is something that Finland's central bank is preparing for:
www.reuters.com/business/fin...
www.reuters.com/business/fin...
May 21, 2025 at 11:48 AM
The risk that Trump suddenly cuts off Europe's access to the Visa and MasterCard networks as a "pressure tactic" is something that Finland's central bank is preparing for:
www.reuters.com/business/fin...
www.reuters.com/business/fin...
Funny enough, penny production hasn't actually stopped. The U.S. Mint pumped out 328 million new pennies in March, even though Trump has told his treasury secretary to stop minting them.
www.coinnews.net/2025/04/18/u...
www.coinnews.net/2025/04/18/u...
April 29, 2025 at 2:25 PM
Funny enough, penny production hasn't actually stopped. The U.S. Mint pumped out 328 million new pennies in March, even though Trump has told his treasury secretary to stop minting them.
www.coinnews.net/2025/04/18/u...
www.coinnews.net/2025/04/18/u...
It sounds like crypto platforms are now exempt from money laundering laws.
According to the Department of Justice, if criminals use digital asset platforms to conduct illegal activity, it will "not pursue actions" against these platforms.
According to the Department of Justice, if criminals use digital asset platforms to conduct illegal activity, it will "not pursue actions" against these platforms.
April 8, 2025 at 7:24 PM
It sounds like crypto platforms are now exempt from money laundering laws.
According to the Department of Justice, if criminals use digital asset platforms to conduct illegal activity, it will "not pursue actions" against these platforms.
According to the Department of Justice, if criminals use digital asset platforms to conduct illegal activity, it will "not pursue actions" against these platforms.
There's more: the Houthis tapped the Tether-Garantex nexus.
According to Chainalysis, millions in Tether were funneled through the Houthi network's eight newly-listed wallets to Garantex, a notorious Russian crypto exchange sanctioned in 2022.
via www.chainalysis.com/blog/ofac-sa...
According to Chainalysis, millions in Tether were funneled through the Houthi network's eight newly-listed wallets to Garantex, a notorious Russian crypto exchange sanctioned in 2022.
via www.chainalysis.com/blog/ofac-sa...
April 4, 2025 at 8:03 PM
There's more: the Houthis tapped the Tether-Garantex nexus.
According to Chainalysis, millions in Tether were funneled through the Houthi network's eight newly-listed wallets to Garantex, a notorious Russian crypto exchange sanctioned in 2022.
via www.chainalysis.com/blog/ofac-sa...
According to Chainalysis, millions in Tether were funneled through the Houthi network's eight newly-listed wallets to Garantex, a notorious Russian crypto exchange sanctioned in 2022.
via www.chainalysis.com/blog/ofac-sa...
Tether has been allowing Yemen's Houthi movement (a.k.a. Ansarallah) to make payments using its platform, as suggested by this week's addition of eight Tether wallets to OFAC's Ansarallah listing. OFAC originally sanctioned the group back in January 2024.
ofac.treasury.gov/recent-actio...
ofac.treasury.gov/recent-actio...
April 4, 2025 at 5:18 PM
Tether has been allowing Yemen's Houthi movement (a.k.a. Ansarallah) to make payments using its platform, as suggested by this week's addition of eight Tether wallets to OFAC's Ansarallah listing. OFAC originally sanctioned the group back in January 2024.
ofac.treasury.gov/recent-actio...
ofac.treasury.gov/recent-actio...
Sweden's chief central banker on the necessity of re-embracing cash as the risk of war rises:
"We now need to think about resilience. If everything break[s] down, we [need to] have cash."
www.thebanker.com/content/fe60...
"We now need to think about resilience. If everything break[s] down, we [need to] have cash."
www.thebanker.com/content/fe60...
March 27, 2025 at 6:09 PM
Sweden's chief central banker on the necessity of re-embracing cash as the risk of war rises:
"We now need to think about resilience. If everything break[s] down, we [need to] have cash."
www.thebanker.com/content/fe60...
"We now need to think about resilience. If everything break[s] down, we [need to] have cash."
www.thebanker.com/content/fe60...
An interesting asymmetry with respect to the Tornado Cash sanctions. Users fled in droves after Tornado was sanctioned in 2022, but last week's reversal isn't bringing them back to the mixing platform.
March 27, 2025 at 2:49 PM
An interesting asymmetry with respect to the Tornado Cash sanctions. Users fled in droves after Tornado was sanctioned in 2022, but last week's reversal isn't bringing them back to the mixing platform.
Crypto ownership in Switzerland is rising, but usage as a currency remains stagnant. The Swiss central bank says 9.5% of citizens now hold cryptocurrencies and stablecoins, up from 6% in 2022, yet almost no one pays with them.
via www.snb.ch/en/the-snb/m...
via www.snb.ch/en/the-snb/m...
March 26, 2025 at 11:52 AM
Crypto ownership in Switzerland is rising, but usage as a currency remains stagnant. The Swiss central bank says 9.5% of citizens now hold cryptocurrencies and stablecoins, up from 6% in 2022, yet almost no one pays with them.
via www.snb.ch/en/the-snb/m...
via www.snb.ch/en/the-snb/m...
The stablecoin double standard: If a bank openly platformed a sanctioned Russian entity for years, cut ties, then replatformed it a few days later, it would probably face fines or criminal charges. A stablecoin does it? Crickets.
March 25, 2025 at 5:00 PM
The stablecoin double standard: If a bank openly platformed a sanctioned Russian entity for years, cut ties, then replatformed it a few days later, it would probably face fines or criminal charges. A stablecoin does it? Crickets.
Mood in Sweden:
To cope with future crises, Swedes should maintain multiple bank accounts. Own both a MasterCard and Visa card. Keep cash on hand.
Pay with cash occasionally to keep the system alive—so it works when war comes.
via www.riksbank.se/globalassets...
To cope with future crises, Swedes should maintain multiple bank accounts. Own both a MasterCard and Visa card. Keep cash on hand.
Pay with cash occasionally to keep the system alive—so it works when war comes.
via www.riksbank.se/globalassets...
March 25, 2025 at 12:16 PM
Mood in Sweden:
To cope with future crises, Swedes should maintain multiple bank accounts. Own both a MasterCard and Visa card. Keep cash on hand.
Pay with cash occasionally to keep the system alive—so it works when war comes.
via www.riksbank.se/globalassets...
To cope with future crises, Swedes should maintain multiple bank accounts. Own both a MasterCard and Visa card. Keep cash on hand.
Pay with cash occasionally to keep the system alive—so it works when war comes.
via www.riksbank.se/globalassets...
The U.S. Mint produced 353 million pennies in February, up from 242 million in January, even though Trump instructed his treasury secretary to stop producing new pennies back on February 9.
table via www.coinnews.net/2025/03/14/u...
table via www.coinnews.net/2025/03/14/u...
March 20, 2025 at 5:09 PM
The U.S. Mint produced 353 million pennies in February, up from 242 million in January, even though Trump instructed his treasury secretary to stop producing new pennies back on February 9.
table via www.coinnews.net/2025/03/14/u...
table via www.coinnews.net/2025/03/14/u...
Fellow Canadians, if you want to buy 100% Canadian-made goods at the grocery store, please stop paying with your MasterCard/Visa credit cards, which are U.S.-made products. Use your debit card, which relies on the made-in-Canada Interac network.
March 11, 2025 at 4:06 PM
Fellow Canadians, if you want to buy 100% Canadian-made goods at the grocery store, please stop paying with your MasterCard/Visa credit cards, which are U.S.-made products. Use your debit card, which relies on the made-in-Canada Interac network.
Elon Musk has added 'expert on Canadian banking' to his repertoire.
(The claim that the rules prevent U.S. banks from competing in Canada is wrong. I wrote about this here: moneyness.ca/2025/02/trum...)
(The claim that the rules prevent U.S. banks from competing in Canada is wrong. I wrote about this here: moneyness.ca/2025/02/trum...)
March 6, 2025 at 1:08 PM
Elon Musk has added 'expert on Canadian banking' to his repertoire.
(The claim that the rules prevent U.S. banks from competing in Canada is wrong. I wrote about this here: moneyness.ca/2025/02/trum...)
(The claim that the rules prevent U.S. banks from competing in Canada is wrong. I wrote about this here: moneyness.ca/2025/02/trum...)
I don't know if memecoins are securities, but the SEC's new notion that memecoins are nothing more than "collectibles" that people buy for "entertainment, social interaction, and cultural purposes" is incredibly naive, even dangerous.
February 28, 2025 at 2:12 PM
I don't know if memecoins are securities, but the SEC's new notion that memecoins are nothing more than "collectibles" that people buy for "entertainment, social interaction, and cultural purposes" is incredibly naive, even dangerous.
CHIPS, the U.S.'s other large-value payments system (operated by privately-owned The Clearing House), processed $463.3 trillion worth of payments in 2024, most of which was related to cross-border flows.
www.theclearinghouse.org/-/media/New/...
www.theclearinghouse.org/-/media/New/...
February 22, 2025 at 5:29 PM
CHIPS, the U.S.'s other large-value payments system (operated by privately-owned The Clearing House), processed $463.3 trillion worth of payments in 2024, most of which was related to cross-border flows.
www.theclearinghouse.org/-/media/New/...
www.theclearinghouse.org/-/media/New/...
The numbers are in and Fedwire, the U.S.'s key large-value settlement system, processed $1.13 quadrillion worth of transactions in 2024.
www.frbservices.org/resources/fi...
www.frbservices.org/resources/fi...
February 22, 2025 at 5:27 PM
The numbers are in and Fedwire, the U.S.'s key large-value settlement system, processed $1.13 quadrillion worth of transactions in 2024.
www.frbservices.org/resources/fi...
www.frbservices.org/resources/fi...
If you're interested in the guts of the payments system, here's a neat insight. CHIPS and Fedwire, the U.S.'s two large-value settlement systems, seem like they'd be competitors, but they're actually complementary, meshing together to create a more efficient whole.
February 22, 2025 at 2:15 PM
If you're interested in the guts of the payments system, here's a neat insight. CHIPS and Fedwire, the U.S.'s two large-value settlement systems, seem like they'd be competitors, but they're actually complementary, meshing together to create a more efficient whole.
There’s a clear division of labor in U.S. settlement systems, though I’ve never seen a great explanation for why. Fedwire handles domestic payments while CHIPS handles cross-border payments—95% of payments settled via CHIPS begin or end outside the U.S.
February 22, 2025 at 2:47 AM
There’s a clear division of labor in U.S. settlement systems, though I’ve never seen a great explanation for why. Fedwire handles domestic payments while CHIPS handles cross-border payments—95% of payments settled via CHIPS begin or end outside the U.S.
Trump: CANADA DOESN'T EVEN ALLOW U.S. BANKS TO OPEN OR DO BUSINESS THERE
Canada: Here is a major U.S. bank with its regional head office in downtown Toronto, operating in Canada since 1919, with 1,700 Canadian employees...
Canada: Here is a major U.S. bank with its regional head office in downtown Toronto, operating in Canada since 1919, with 1,700 Canadian employees...
February 3, 2025 at 9:30 PM
Trump: CANADA DOESN'T EVEN ALLOW U.S. BANKS TO OPEN OR DO BUSINESS THERE
Canada: Here is a major U.S. bank with its regional head office in downtown Toronto, operating in Canada since 1919, with 1,700 Canadian employees...
Canada: Here is a major U.S. bank with its regional head office in downtown Toronto, operating in Canada since 1919, with 1,700 Canadian employees...
I charted El Salvador's cryptocurrency remittances from the passing of the "Bitcoin Law" in 2021, which granted bitcoin legal tender status, until its repeal this month.
The data speaks for itself.
The data speaks for itself.
January 31, 2025 at 2:23 PM
I charted El Salvador's cryptocurrency remittances from the passing of the "Bitcoin Law" in 2021, which granted bitcoin legal tender status, until its repeal this month.
The data speaks for itself.
The data speaks for itself.
Once they allowed the ETF-ization of bitcoin—the original memecoin—they lost the ability to deny all the others, since there's no logical difference between memecoins. Soon we'll have a Dogecoin ETF, next XRP, after that Shiba Inu, and eventually Pepe, TRUMP, and Fartcoin ETFs.
January 29, 2025 at 6:27 PM
Once they allowed the ETF-ization of bitcoin—the original memecoin—they lost the ability to deny all the others, since there's no logical difference between memecoins. Soon we'll have a Dogecoin ETF, next XRP, after that Shiba Inu, and eventually Pepe, TRUMP, and Fartcoin ETFs.
By the end of 2024, 32.9% of SWIFT traffic had shifted to the ISO 20022 messaging standard, one of the biggest upgrades to the global payments system in decades.
A key date ahead: March 10, when the Federal Reserve switches Fedwire over to ISO 20022.
A key date ahead: March 10, when the Federal Reserve switches Fedwire over to ISO 20022.
January 28, 2025 at 10:05 PM
By the end of 2024, 32.9% of SWIFT traffic had shifted to the ISO 20022 messaging standard, one of the biggest upgrades to the global payments system in decades.
A key date ahead: March 10, when the Federal Reserve switches Fedwire over to ISO 20022.
A key date ahead: March 10, when the Federal Reserve switches Fedwire over to ISO 20022.
A key way to speed up remittances is by giving payment providers direct access to central bank infrastructure. Wise now processes 65% of transfers instantly (up from 63%), thanks to direct access to the Philippine central bank's InstaPay system as well as its RTGS.
wise.com/gb/blog/q4-2...
wise.com/gb/blog/q4-2...
January 23, 2025 at 12:18 PM
A key way to speed up remittances is by giving payment providers direct access to central bank infrastructure. Wise now processes 65% of transfers instantly (up from 63%), thanks to direct access to the Philippine central bank's InstaPay system as well as its RTGS.
wise.com/gb/blog/q4-2...
wise.com/gb/blog/q4-2...
Yet another crypto use-case. Memecoins as a novel mechanism for facilitating bribery payments.
www.noahpinion.blog/p/your-memec...
www.noahpinion.blog/p/your-memec...
January 22, 2025 at 9:56 PM
Yet another crypto use-case. Memecoins as a novel mechanism for facilitating bribery payments.
www.noahpinion.blog/p/your-memec...
www.noahpinion.blog/p/your-memec...