Seeds of Wisdom RV and Economics Updates Saturday Afternoon 7-13-24
Good Afternoon Dinar Recaps,
NIGERIAN MINISTER URGES SEC TO TACKLE CRYPTO REGULATION CHALLENGES
Nigeria’s cryptocurrency regulations are currently being updated.
The Nigerian Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has called on the newly inaugurated Securities and Exchange Commission (SEC) board to address the complexities of cryptocurrency regulation.
According to local media, Edun emphasized the need to ensure stringent oversight, especially in fast-moving and complex areas such as cryptocurrencies, to maintain market integrity in Nigeria’s capital market during the board’s inauguration in Abuja.
Minimal registration requirements
Edun warned that companies might exploit minimal registration requirements to falsely claim they are licensed, undermining market integrity. Highlighting the potential for regulatory arbitrage, he urged the SEC to implement top-notch corporate governance practices, swiftly identify and disclose conflicts and adhere to global best practices.
The minister also encouraged the newly inaugurated SEC board members to adopt innovative strategies to regulate the country’s capital market effectively. He stressed the importance of staying informed and proactive amid rapid developments in artificial intelligence, digital currency and overall digital transitions.
“Unlike basic industries with settled technologies, the financial sector is rapidly evolving with innovations in fintech, AI and crypto. To provide necessary approvals and guidance, the SEC must stay informed and adaptable.”
SEC pledges innovation and growth
In response, the Chairman of the SEC board, Mairiga Katuka, assured the minister that the board would leverage its collective expertise, innovation and passion to drive growth.
@ Newshounds News™
Read more: CoinTelegraph
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RIPPLE's APPEAL TO CENTRAL BANKS: SPEED, SECURITY, AND DIGITAL INNOVATION
—Ripple’s appeal to central banks lies in its promise of speed, security, and digital innovation, challenging traditional banking methods with blockchain technology for instant global transfers.
—Ripple positions itself as a key player in CBDC solutions, offering infrastructure for governments to deploy their digital currencies.
For many decades, the global central banks have maintained unchallenged control of the global economy by following traditional banking methods. However, with blockchain seeing rising adoption, players like Ripple have come to the forefront offering instant settlement solutions for global transfers.
Last year, Ripple unveiled its own CBDC platform that serves as a one-stop solution allowing governments to deploy their CBDCs providing all the necessary infrastructure for deploying and maintaining the currencies.
Central banks are considering Ripple for its speed, security, and modern appeal. Traditional transfer methods, once slow and cumbersome, can now be transformed into swift, secure blockchain transactions. Moreover, Ripple enables transaction settlements in fractions of a second instead of days, with cryptographic security ensuring maximum protection. This innovation has even the most conservative bankers excited about the possibilities Ripple brings to the table.
By adopting Ripple solutions, central banks have the opportunity to transition into new-age technological platforms instead of being perceived as outdated institutions. This could bring a fundamental change in the way we conduct global transactions more efficiently and securely.
The adoption of CBDCs on Ripple’s platform has the potential to revolutionize the financial industry. Central banks now stand at a crossroads, with the opportunity to lead the digital transformation of finance.
@ Newshounds News™
Read more: Currency Insider
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HEDRA HASHGRAPH LEADS BLOCKCHAIN INNOVATION WITH NEW SCALABILITY BREAKTHROUGH
—The Hedera Foundation has launched two pilot Request for Proposals (RFPs) aimed at addressing specific ecosystem needs, inviting global developers to apply for grants.
—The initiative aims to enhance transparency and collaboration, providing up to 10 million HBAR in support, to accelerate the growth and development of the Hedera ecosystem.
On Thursday, July 11, the HBAR Foundation announced its pilot Request for Proposal (RFP) to deliver a more transparent and community-supported element to grant giving. Hedera stated that they are piloting two separate RFPs for building solutions thereby meeting specific ecosystem needs. Besides, this development comes as Hedera has been leading in crypto development activity, per the CNF update.
The Hedera Foundation is launching two pilot RFPs aimed at addressing specific needs within the ecosystem. they have also invited developers from across the globe to apply for these grants, with the selection process incorporating open and public community input.
The goal of this pilot is to gather insights from the initial RFPs to enhance and formalize the foundation’s grant program. This would ultimately accelerate the growth and development of the Hedera ecosystem.
We’re excited to announce the launch of our pilot Request For Proposal (RFP) process to to deliver a more transparent, #Hedera community-supported element to grant giving 🤝 pic.twitter.com/VNnatTK5GY
— HBAR Foundation (@HBAR_foundation) July 11, 2024
Hedera Targets Lending Markets With RFP Pilots
The pilot initiative will include two distinct RFPs designed to meet specific requirements:
Credit Market Development: This grant will follow the structure of a standard THF development grant, with funding allocated based on the completion of well-defined development milestones.
Credit Market Liquidity: This grant will be modeled after a network utilization incentive pool. The incentive pool will be evergreen and may be replenished based on ecosystem needs.
The Foundation is initially committing up to 10 million HBAR in support, available to eligible teams. Given the evergreen nature of the pool, project teams can apply multiple times depending on their liquidity needs. Each proposal must align with specific growth objectives, and applicants are required to outline milestones and goal KPIs. The Hedera Foundation also mentioned some of the benefits of conducting the pilot which include:
Increased Transparency and Clarity: By clearly outlining funding intentions, the Hedera Foundation (THF) can provide more timely updates to the community about key priorities. This approach offers further clarity to teams who may not qualify for a grant, not due to inadequacy but because their proposals might not align with the network’s most pressing needs.
Enhanced Ecosystem Collaboration and Diversification of Ideas: By inviting broader participation, THF aims to foster greater collaboration between itself, applicants, and the community, all working together to find better solutions. Additionally, creating more opportunities for builders to share their visions, ideas, and educational insights directly with the community before launching products or platforms will add significant value throughout the development cycle.
Moreover, the Hedera blockchain has been part of some key projects. As reported by Crypto News Flash, Sweden’s central bank tested its retail banking solutions on the Hedera network. Additionally, consulting giant Deloitte also joined hands with Hedera to build next-generation blockchain solutions, per the CNF update.
@ Newshounds News™
Read more: Crypto News Flash
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DWS MOVES TOWARD FIRST GERMAN-REGULATED EURO STABLECOIN
German asset management company DWS has launched a new company in a step towards creating the first German-regulated cryptocurrency.
Deutsche Bank-owned DWS announced the launch of the company as part of their wider plan to go live with the new euro stablecoin next year, marking a significant step for the European financial sector considering DWS manages assets worth €941 billion.
The cryptocurrency is set to be regulated by Germany’s Federal Financial Supervisory Authority (BaFin) as DWS looks to be the first company being granted a German e-money licence for a stablecoin.
The newly created company, AllUnity, is a collaboration between DWS, Flow Traders, and Galaxy Digital, working together to introduce the new stablecoin.
Stefan Hoops, CEO of DWS, commented that the stablecoin will gain interest from a broad range of clients, including digital asset investors and industrial applications.
“In the short term, we expect demand from investors in digital assets, but by the medium term we expect wider demand, for instance from industrial companies working with ‘internet of things’ continuous payments,” Hoops stated.
@ Newshounds News™
Read more: Currency Insider
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JAPAN'S CURRENCY HAS STEADILY LOST VALUE AGAINST THE USD OVER THE LAST 12 MONTHS
Japan likely conducted a $22 billion intervention yesterday to support its currency.
Japan spent a record $62 billion in May to prop up the yen.
@ Newshounds News™
Read more: Twitter
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Ripple’s Appeal to Central Banks: Speed, Security, and Digital Innovation
"Ripple positions itself as a key player in CBDC solutions, offering infrastructure for governments to deploy their digital currencies.
For many decades, the global central banks have maintained unchallenged control of the global economy by following traditional banking methods. However, with blockchain seeing rising adoption, players like Ripple have come to the forefront offering instant settlement solutions for global transfers."
"Last year, Ripple unveiled its own CBDC platform that serves as a one-stop solution allowing governments to deploy their CBDCs providing all the necessary infrastructure for deploying and maintaining the currencies."
@ Newshounds News™
Read more: Crypto News Flash
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CENTRAL BANKS ARE BUYING GOLD TO PREPARE FOR A NEW GOLD STANDARD
"Record buying of gold by central banks, which are matching their gold reserves relative to GDP with other countries, revived the debate about the possibility of a reboot of the current monetary system based on a new gold standard."
"Global central banks have been buying record amounts of gold since the beginning of 2022. The pace and regularity with which central banks accumulate gold is unprecedented, as they have been mostly sellers of the precious metal throughout history. This extraordinary demand for gold by central banks, the largest in 55 years, is attributed to a desire to diversify their reserves and reduce dependence on the dollar."
"But beyond the intrinsic capacity of physical gold to maintain its value in the face of economic uncertainty, some indicators suggest that this accumulation of gold by central banks is just the prelude to a restart of the international monetary system and a possible return to the gold standard."
"The bad monetary policies that caused the housing bubble and the way fiat currencies have been managed since the 2008 crisis, depreciating the dollar and exporting US domestic problems to the rest of the world, along with economic sanctions on countries not aligned with Western geopolitical and economic interests, have undermined the credibility of the international monetary system. An alternative based on a new, multipolar, more stable and less inflationary gold standard seems closer than ever, and global central banks want to be included."
@ Newshounds News™
Read more: 11onze
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JPMorgan Chase, Wells Fargo Suffer $3,500,000,000 in Losses As US Banks Report Massive Surge in Bad Debt
Two of the largest banks in the US are declaring a loss on a staggering $3.5 billion in debts that customers can’t pay back.
JPMorgan Chase says its net charge-offs, which are delinquent debts that banks do not expect to receive, hit $2.2 billion in the second quarter of the year.
That’s a $200 million increase from the previous quarter and an $800 million increase from Q2 of 2023.
Meanwhile, Wells Fargo says its net charge-offs surged from $764 billion in Q2 of 2023 to $1.3 billion last quarter – a 70% increase.
Although the pace of inflation has reduced, Wells Fargo’s chief financial officer Michael Santomassimo tells the New York Times that many customers are clearly struggling as their credit card balances rise and savings dwindle.
“[Inflation is] still cumulatively having a bit impact. The folks on the lower end of the wealth or income spectrum are struggling more than folks that are on the higher end.”
In addition to its charge-offs, JPMorgan declared an additional $500 million in losses from failing mortgage investments.
US banks have been sounding the alarm on its customers’ growing credit card balances and issues in the commercial real estate industry since last year.
In its new report, Wells Fargo says it earned a Q2 profit of $4.9 billion, although the bank’s shares tumbled 6% on Friday after net interest income fell short of estimates.
JPMorgan Chase reported a quarterly profit of $13.1 billion as its stock hovers near its all-time high.
@ Newshounds News™
Read more: DailyHodl
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