Seeds of Wisdom RV and Economic Updates Sunday Morning 4-13-25
Seeds of Wisdom RV and Economic Updates Sunday Morning 4-13-25
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NEW YORK LAWMAKER INTRODUCES BILL THAT WOULD ALLOW STATE AGENCIES TO ACCEPT CRYPTO PAYMENTS
A new bill working its way through New York’s legislature would allow residents to pay state agencies with crypto.
New York State Assemblyman Clyde Vanel (D-Queens) introduced Assembly Bill A7788 on Thursday, and the potential legislation was referred to the Standing Committee on Governmental Operations.
If passed, the bill would enable all state agencies to enter into agreements with individuals to receive crypto payments for fines, civil penalties, rent, rates, taxes, fees, charges, revenue and/or financial obligations.
Other states have also taken similar steps. In 2022, Colorado became the first state to accept crypto for tax payments, and last September, Louisiana enabled its residents to pay for state services with digital assets. Similar bills have also bubbled up in California and Florida.
Vanel introduced similar bills in 2017, 2019, 2021 and 2023. The lawmaker, who has a long history of supporting crypto-related legislation, also recently introduced Assembly Bill 7716, which would direct the New York State Board of Elections to study and evaluate the use of blockchain technology to protect voter records and election results.
If passed, the bill would require the State Board of Elections to submit a report about blockchain technology to the governor and the legislature within a year of the legislation taking effect.
@ Newshounds News™
Source: DailyHodl
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WHAT HAPPENS IF BRICS DITCHES THE US DOLLAR?
The US dollar is the most important currency in the markets that controls and dominates the world’s financial sector. Almost all cross-border transactions, trade settlements, and foreign exchange conversions are conducted using the USD. Local currencies are far behind with little to no chance of becoming the global reserve currency.
This gives the White House the power to weaponize the currency and control the world’s trade and finances. BRICS has decided to put an end to the US dollar domination by giving local currencies a chance to compete against the greenback.
Here’s What Will Happen If BRICS Ends US Dollar Reliance
The BRICS alliance is scheming to replace the US dollar with either a new currency or their local currencies. The bloc is divided in the prospects but is united to achieve the goal by hook or crook. They also confirmed that despite slow progress, the alliance’s long-term goal is to bring the US dollar down.
America imports the USD to other countries and using it for transactions leads to surplus. However, ending reliance on the greenback will lead to a deficit allowing the economy to face a crisis.
Top 3 US sectors that could decline if BRICS ditches the dollar for trade:
1. Banking and Finance
2. Technology and Fintech
3. International Trade and Investment
These three sectors will be the hardest hit and lose control if BRICS officially ditches the US dollar for trade. All three sectors are closely linked to the American economy and the financial markets as we know it will fall apart.
Turbulence in the banking and investment sector will spill over to other markets eventually bringing the US economy down. It could lead to hyperinflation in the homeland making the costs of daily essentials skyrocket. Consumer spending could decline and eat into revenues of American corporations eventually leading to job losses.
@ Newshounds News™
Source: Watcher Guru
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