Seeds of Wisdom RV and Economics Updates Wednesday Afternoon 7-3-24
Good Afternoon Dinar Recaps
Circle expects MiCA to squeeze other unregulated stablecoins
"Circle EU expects a transformative year ahead for the European crypto market. Key implementation dates for MiCA include June 30 for stablecoins and December 30 for crypto asset service providers."
"Circle’s USDC and EURC stablecoins are now fully compliant with the new regulations, alleviating concerns that investors would need to redeem their stablecoins or transfer funds to other digital assets to remain compliant."
© Newshounds News™
Read more: Finance Feeds
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“Will the US set standards for stablecoins, or would we continue down the path of uncertainty?"
"Pointing to clear-cut laws in centralized finance, the company advocated for pro-stablecoin laws giving the country an edge. Describing stablecoins as the foundation for modern commerce, Circle added that it can do for finance what email did for communication. Furthermore, the company noted that stablecoin laws in the United States can help preserve the dollar as the world reserve currency."
"Circle issues the USDC and highlights its pathway to regulations. Per the release, its stablecoin reserves are public on its website calling on authorities to make broader rules to protect investors. The company added that the country is a massive opportunity to lead finance to the next internet wave."
CIRCLE SEEMS TO BE LEADING THE CHARGE IN THE US CALLING FOR CLEAR STABLECOIN REGULATION.
© Newshounds News™
Read more: Coin Gape
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WILL DIGITAL CURRENCIES BECOME THE NORM?
"A CBDC is not a new currency. It is a digital representation of an existing national currency. So an Australian CBDC would have exactly the same value as an Australian dollar. It would be legal tender."
"Like the banknotes in our wallets, the CBDC we could spend using our phones would be issued by the Reserve Bank. But it would enable more sophisticated and innovative types of financial transactions, such as 'smart contracts'. The wholesale version, by contrast, would only be available to financial institutions."
"While the BIS report shows 94% of central banks are considering CBDCs, with about one third running pilot projects, most are being cautious and do not expect to issue their own digital currency in the next few years.'
© Newshounds News™
Read more: Currency Insider
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WHAT ARE SMART CONTRACTS?
"A smart contract involves an instant payment made simultaneously with, and conditional on, the transfer of ownership of an asset."
Why are we discussing smart contracts when we don't even know what they are? Because we WILL be using them in our very near future. TRANSFER OF OWNERSHIP at the same time money changes hands through a digital platform.
"Vending machines provide a good analogy. If you insert $2 and press B4, then the machine dispenses the cookies in the B4 slot. In other words, if (and only if) the vending machine receives the required item of value, then it instantly performs the requested action."
© Newshounds News™
Read more: Currency Insider
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30 TRILLION IN TOKENIZED ASSETS BY 2034?
"A new study released today by Standard Chartered and Synpulse, estimates that the demand for tokenised assets could soar to $30.1 trillion by 2034. Global trade is expected to reach $32.6 trillion by 2030."
"“We see the next three years as a critical junction for tokenisation, with trade finance assets coming to the fore as a new asset class,” said Kai Fehr, Global Head of Trade, Standard Chartered. Banks need to increasingly take on the role of bridging the existing traditional financial markets with a newer and more open token-enabled market infrastructure."
© Newshounds News™
Read more: Trade Finance Global
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