Seeds of Wisdom RV and Economic Updates Sunday Afternoon 3-30-25
Good Afternoon Dinar Recaps,
UK FREEZES MILLIONS IN CRYPTO SINCE IMPLEMENTING NEW POWERS
According to an investigation by MailOnline, UK authorities have frozen approximately £6 million ($7.7 million) in crypto since new enforcement powers came into effect last year.
The measures, introduced in April 2024, allow police, law enforcement agencies, and HMRC to freeze suspicious cryptocurrency wallets for up to three years.
Court documents reviewed over the past six months reveal the largest single freezing order was for £1.5 million worth of cryptocurrency held in a wallet hosted by US-based exchange Coinbase.
HMRC requested this order and issued it at Newcastle Upon Tyne Magistrates’ Court on March 18.
The total frozen amount could be higher, as court data from Courtsdesk only covers the past six months due to legal restrictions. The new powers were designed to address the growing use of digital currencies for money laundering, tax evasion, and terrorism financing.
Legal expert says £6 million is a modest amount
Legal experts offer differing perspectives on the importance of these seizures. Nick Barnard, a cryptocurrency legal specialist and partner at Corker Binning, described the £6 million figure as relatively modest “in the grand scheme.” Barnard noted that the new enforcement regime started from scratch last April and needs time to develop fully.
However, lawyer Siobhain Egan told MailOnline that the government is directing increased resources toward freezing cryptocurrency assets. This is part of an aggressive strategy to combat money laundering and terrorism financing, Egan adds.
The freezing process usually involves investigators applying for orders without notifying the alleged criminals. This prevents them from moving Bitcoin or other crypto.
“If police have a major investigation into organized criminals laundering money through crypto, they will go in and seize the assets before they finalize the investigation,” Egan explained.
The UK government is improving its cryptocurrency enforcement actions through the Crime and Policing Bill. The legislation includes provisions for valuing cryptocurrency, implementing procedures for courts to recover illicit funds, and granting the Crown Court expanded powers to issue seizure orders.
@ Newshounds News™
Source: Crypto News
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BRICS TO GREENLIGHT CROSS-BORDER PAYMENT SYSTEM TO COUNTER US DOLLAR?
One of the biggest storylines to develop this year has been the ongoing turmoil between the West and the global south. Since his arrival, US President Donald Trump has targeted the group in an effort to end its de-dollarization plans. However, those may be set to take a step forward as the BRICS are lining up a new cross-border payment system that could counter the US dollar.
The bloc has continued to stand by its hopes of diversifying global finance. Although it has not targeted the greenback directly, its moves have sought to lessen reliance on the currency as a global reserve asset. Now, their latest plan may be forwarding that effort, and Trump’s interpretation could have massive ramifications.
BRICS to Launch Cross-Border Payment System: How Will Trump Respond?
At the start of the year, US President Donald Trump threatened BRICS nations with 150% tariffs. Specifically, the move was seeking to counter its promotion of local currencies. This was primarily driven by that promotion, resulting in a lessening of the US dollar’s status.
Although the bloc has capitulated since the warning was issued, things may be changing. Indeed, the BRICS bloc may be nearing a green light for a cross-border payment system that could affect US dollar reliance. Now, all eyes are on what that could mean for the greenback and how Trump will respond.
According to a recent report, Russian Finance Minister Anton Siluanov discussed the development of the payment system on Friday. “At the BRICS platform, we are considering our various financial innovations,” he said.
Moreover, he added that this includes “a cross-border payment system, which can be based, in addition to bilateral settlements, on national currencies, taking into account digital technologies and digital financial assets.”
That highlights the system to be critically focused on alternative currencies to the US dollar. Moreover, that pursuit is nothing new to the BRICS members. It has long been subjected to harsh Western sanctions and has since sought to settle trades in alternative currencies. With the rising prominence of crypto, that could also be used in this new payment platform.
It will likely do what similar BRICS projects have done in the past: provide a key area of exploration for developing nations and align countries. It will threaten the US dollar, but not by much. The currency won’t be dethroned as the top global reserve asset. However, the question is now if President Trump will see it that way.
@ Newshounds News™
Source: Watcher Guru
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