Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 7-31-24

July 31, 2024 DINARRECAPS8

Good Afternoon Dinar Recaps,

RUSSIA LEGALIZES BITCOIN AND CRYPTO TRANSACTIONS FOR GOVERNMENT AND BUSINESSES

"In a significant legislative move, Russian lawmakers have passed a bill permitting businesses to use Bitcoin and other cryptocurrencies in international trade, according to a report by Retuers.

This development is part of Russia's strategy to circumvent Western sanctions imposed following the invasion of Ukraine. The new law, expected to take effect in September, aims to address delays in international payments, particularly with key trading partners like China, India, and the UAE."

"Central bank Governor Elvira Nabiullina, a proponent of the law, announced that the first cryptocurrency transactions will occur before the year's end. The central bank will establish an "experimental" infrastructure for these payments, with further details pending."

"The legislation also includes regulations on cryptocurrency mining and the circulation of other digital assets but maintains the ban on cryptocurrency payments within Russia. The central bank highlighted that payment delays have caused an 8% drop in Russian imports in the second quarter of 2024.

"Despite efforts to shift to trading partners' currencies and develop an alternative BRICS payment system, many transactions still rely on dollars and euros via the SWIFT system, risking secondary sanctions. Nabiullina emphasized that these sanctions have complicated import payments, extending supply chains and increasing costs."

" Anatoly Aksakov, the head of the Duma lower house of parliament, reportedly told lawmakers, "We are taking a historic decision in the financial sphere" by passing this legislation. "

@ Newshounds News™

Read more: Bitcoin Magazine

~~~~~~~~~

DIGITAL RUSSIAN RUBLE SET FOR MASS DISTRIBUTION JULY 2025

"MOSCOW, July 30. /TASS/. If the digital ruble is successfully tested its mass introduction is possible starting July 2025, Russian Central Bank Governor Elvira Nabiullina said addressing the Federation Council (upper house of the parliament)."

"Now I can say that if everything goes as we plan further on, with pilots implemented successfully, we will be able to shift from tests to massively introducing the digital ruble from July 2025. We target those dates, though it will be a gradual process, a gradual process of using digital rubles," she said.

"Russian President Vladimir Putin said earlier that the platform of digital ruble showed efficiency and reliability as it was tested."

"The Bank of Russia has been implementing a pilot project with real digital rubles since August 15, 2023. At the first stage, active operations are tested, such as opening wallets in digital rubles for banks and clients (individuals and legal entities), transferring digital rubles between clients, and payments at trade and service enterprises."

@ Newshounds News™

Read more: TASS

~~~~~~~~~

Statement of Commissioner Caroline D. Pham in Support of Foreign Boards of Trade Final Rule
July 29, 2024

I support the Foreign Boards of Trade (FBOT) Final Rule because it promotes access to markets for U.S. participants, competition, and liquidity. I would like to thank Maura Dundon, Roger Smith, and Alexandros Stamoulis in the CFTC’s Division of Market Oversight for their work on this rulemaking.

I will reiterate key points from my statement on the FBOT proposed rule. [1] As a CFTC Commissioner, I have made it clear that I believe in good policy that enables growth, progress, and access to markets.[2]

Accordingly, I am pleased to support Commission efforts that take a pragmatic approach to issues that hinder market access and cross-border activity. I continue to believe that this rulemaking exemplifies policy that ensures a level playing field, and I applaud this step in the right direction for market structure.

FBOTs have been a critical piece of the CFTC’s markets for decades and provide access for U.S. market participants to non-U.S. markets in realization of the global economy and international business.[3]

The main substantive amendment in the FBOT Final Rule is to Regulation 48.4, which will now include

1. introducing brokers (IBs)[4] as a permissible intermediary, in addition to
2. futures commission merchants (FCMs),
3. commodity pool operators (CPOs), and
4. commodity trading advisors (CTAs),

to enter orders on behalf of customers or commodity pools via direct access on a registered FBOT.[5]

I believe that the FBOT Final Rule will provide more choice in brokers and broker arrangements for U.S. market participants that trade foreign futures and ensure that appropriate customer protections are in place.

As sponsor of the CFTC’s Global Markets Advisory Committee (GMAC),[6] I have devoted a significant part of my Commissionership to supporting solutions that will enhance the resiliency and efficiency of global markets.[7] The FBOT Final Rule is policy that mitigates market fragmentation and the associated impact on liquidity, and promotes the overall competitiveness of our derivatives markets. I am pleased to support the FBOT Final Rule.

@ Newshounds News™

Read more: CFTC

~~~~~~~~~

GOLD ON THE MOVE with Fed Rate Cut Speculation

"The latest economic data has sparked renewed optimism in the gold market, with prices climbing over $20 as investors digested signs of cooling inflation and robust economic growth"

"The central bank’s actions in the coming months could have far-reaching implications for gold prices and the broader financial landscape."

@ Newshounds News™

Read more: Dedollarize News

~~~~~~~~~

Bank of England seeks feedback for wholesale CBDC trials

Today the Bank of England published a discussion paper on innovation in money and payments. While it covers payments across the board, it aims to gather feedback for planned wholesale central bank money trials. This will include both a wholesale central bank digital currency (wCBDC) and a synchronization solution enabling DLT transactions to settle using the real-time gross settlement (RTGS) system.

The report states, “We judge that these risks are an order of magnitude greater than the risks posed by retail use cases.”

At a retail level, the UK is now testing tokenized deposits through the Regulated Liability Network initiative. However, the paper warns of the need for progress. “Commercial bank money needs to keep pace with the needs of consumers and so carry functionalities to deliver safe and sustainable innovation in payments,” wrote the authors. “Absent such innovation, central banks may be left as the only game in town insofar as retail payments innovation is concerned.”

Regarding the wholesale CBDC trials,
in conjunction with the BIS Innovation Hub, the Bank already ran Project Meridian, which enabled a digital real estate transaction to settle via connectivity with the RTGS. Currently it’s running Project Meridien FX with the European Central Bank.

The paper outlines a series of planned wholesale tests for both the wCBDC and the synchronization solution. It envisages the latter as being a third system that integrates between the RTGS and various DLTs. It wants to run the tests side-by-side so it can make comparisons between the wCBDC and synchronization risks and complexity.

The tests encompass delivery versus payment (DvP). Other uses cases will involve payment versus payment (PvP). Synchronization is already being trialed as part of Project Meridian FX, but it also wants to explore wCBDC.

Finally, it will test interoperability with global initiatives such as the BIS Project Agorá for cross-border payments in which the Bank is a participant.

@ Newshounds News™

Read more: Ledger Insights

~~~~~~~~~

UAE residents can now trade crypto directly with their bank accounts

The new integration enables the direct conversion of UAE dirhams into Bitcoin and Ether using M2’s spot market.

Crypto exchange M2 announced that it will allow residents in the United Arab Emirates to buy and sell Bitcoin and Ether directly using their bank accounts.

In an announcement shared with Cointelegraph, the digital asset custodian said that the new integration allows UAE residents to directly convert their dirhams into Bitcoin and Ether. Through trading pairs listed on M2’s spot markets, users can trade BTC and ETH for dirhams and vice versa. In addition, users can also deposit and withdraw dirhams.

The M2 team believes that the new integration enables users to “swiftly adapt to market changes,” allowing them to easily convert their local currency into crypto.

Wider accessibility of virtual assets in the UAE
According to M2, the new integration allows the exchange to expand its offerings amid a rapidly evolving landscape. The team also believes the new integration is a milestone for the “wider accessibility of virtual assets in the region.”

Kimmel told Cointelegraph that the new integration could also help everyday investors, especially those who are not “fully entrenched” in the nuances of the trading environment.

UAE is one of the world’s “strictest” in consumer protection. In addition, the executive highlighted that this move is also regulated by the UAE government, which he described as one of the world’s “strictest regulatory frameworks” that prioritizes consumer protection.

@ Newshounds News™

Read more: Coin Telegraph

~~~~~~~~~

HOW MUCH MONEY IS IN CRYPTO?
HAVE YOU EVER CONSIDERED THE MARKET CAP ON THE LARGEST CRYPTOCURRENCIES?

IT MIGHT SURPRISE YOU

1. BITCOIN 1.3 Trillion
2. ETHEREUM 398 Billion
3. TETHER-USDT 114 Billion
4. BNB 86 Billion
5. SOLANA 84 Billion
6. XRP 35 Billion
7. USDC    33 Billion
8. DOGE 18 Billion
9. TON    17 Billion
10. CARDANO ADA 18 Billion

@ Newshounds News™

Read more:  Coin Market Cap

~~~~~~~~~

What Is Market Capitalization?

"Market capitalization, or "market cap," represents the total dollar market value of a company's outstanding shares of stock. Investors use this figure to determine a company's size instead of sales or total asset value."

"Market capitalization estimates a company's value by extrapolating what the market thinks it is worth for publicly traded companies and multiplying the share price by the number of available shares. After a company goes public and begins trading on an exchange, its share price is determined by supply and demand. As market prices move, the market cap becomes a real-time estimate of the company's value. "

Market Cap and Digital Currency
Because new digital currency offerings theoretically thin the value of existing coins, tokens, or shares, a different market cap formula can be used to calculate the market cap for all authorized shares or tokens. Analysts use diluted market cap to understand potential changes to a security, token, or coin's price."