Seeds of Wisdom RV and Economic Updates Tuesday Morning 2-18-25

Good morning Dinar Recaps,

FEDERAL RESERVE CHAIR BACKS BITCOIN AS ‘DIGITAL GOLD’—A TURNING POINT FOR CRYPTO?

Despite the challenging macroeconomic environment, Federal Reserve chairman Jerome Powell has revised his stance on Bitcoin, which has given investors cautious hope for cryptocurrencies.

Comparing Bitcoin to gold during an appearance at the New York Times DealBook Summit, Powell characterized the flagship crypto as a “speculative asset” rather than a direct competitor to the US dollar.

This is a significant departure from his previous dismissive stance toward the world’s largest cryptocurrency, which has a market capitalization of approximately $1.4 trillion.

Powell’s Changing Viewpoint On Bitcoin

Binance founder Changpeng Zhao (CZ) promptly emphasized this development as “an improvement to the previous narrative,” indicating that industry leaders were aware of Powell’s rhetorical shift.

@ Newshounds News™

Source:  Boiitcoinist

Powell Interview, Audio:  X . Com

~~~~~~~~~

TEXAS SENATE’S BITCOIN RESERVE HEARING FEBRUARY 18: A GAME CHANGER OR SYMBOLIC MOVE?

The Texas Senate is all set to hold a public hearing, Tuesday, to discuss creating a Bitcoin reserve. However, market analysts believe that the move may be symbolic unless the state announces a clear investment plan.

The first public hearing for the establishment of a potential strategic Bitcoin reserve in Texas is scheduled for Feb. 18, less than a week after the bill was received by the Secretary of the Senate, as per the Texas government’s website.

“A Symbolic Move”

Despite being a positive step for Bitcoin adoption, the hearing may only represent a ‘symbolic move’ for cryptocurrency markets, according to Iliya Kalchev, dispatch analyst at Nexo.

“Texas considering Bitcoin as a reserve asset is another chess move in BTC’s march toward institutional legitimacy, but state-level initiatives often make ripples, not waves, compared to ETF inflows or corporate treasury allocations,” Kalchev noted.

Kalchev pointed out that unless Texas announces specific actions, like buying Bitcoin soon or a major policy shift, the market won’t react strongly. This is because Texas is already known for its pro-crypto stance, and hence the news itself won’t be surprising.

Lately, Bitcoin has lacked upside momentum, trading under the $100,000 for over nine days since Feb. 7. COO of Bitget, believes that Bitcoin will continue to face pressure in the short term due to the ongoing trade tensions between the US and China.

Upcoming Events Could Reignite Interest

Nevertheless, Key events this week like the upcoming FOMC minutes could reignite the markets. The Federal Reserve will release the minutes from its January meeting on Wednesday, where it decided to keep interest rates steady. Besides, Trump’s tariffs are also adding inflationary pressure.

While the positive developments surrounding Bitcoin reserve legislation signal growing institutional adoption, Kalchev noted that macro forces like fed policy and regulatory shifts will ultimately shape Bitcoin’s trajectory.

Texas’ push for a Bitcoin reserve marks a significant shift in both economic and political landscapes, with other states following suit. Kentucky, for example, has become the 16th state to propose legislation that would allocate up to 10% of excess state reserves into digital assets. These moves highlight the growing trend toward crypto adoption across the U.S.

@ Newshounds News™

Source:  Coinpedia

~~~~~~~~~

FED GOVERNOR CALLS FOR REGULATORY FRAMEWORK ALLOWING BANKS AND INSTITUTIONS TO ISSUE STABLECOINS

A member of The Board of Governors of the U.S. Federal Reserve is calling for laws that would allow banks and institutions to issue dollar-pegged digital assets.

In a speech given by Christopher J. Waller at a recent conference in San Francisco, the Fed governor argues for a regulatory framework that would allow blue-chip financial institutions to issue regulated stablecoins.

According to Waller, stablecoins could be extremely beneficial to the financial system because they have numerous use cases such as broadening access to US dollars, easy cross-border payments and retail payments.

“The first theme I will explore is one that I have discussed in the past – the safety and soundness of stablecoins and the need for a clear regulatory regime for stablecoins in the United States…

This framework should allow both non-banks and banks to issue regulated stablecoins and should consider the effects of regulation on the payments landscape, including competing payment instruments.”

However, Waller says there are potential risks associated with stablecoins, including the possibility that they could become de-pegged from the fiat currency they are linked to.

“Stablecoins are forms of private money and, like any form of private money, are subject to run risk, and we have seen ‘de-pegs’ of some stablecoins in recent years. Additionally, all payment systems face the risk of failure, and stablecoins are subject to clearing, settlement, and other payment system risks as well.”

Earlier this month, Republican Senator Bill Hagerty of Tennessee proposed the GENIUS Act, a bill to regulate and define stablecoins as well as establish licensing and reserve requirements for issuer.

@ Newshounds News™

Source:  DailyHodl

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Seeds of Wisdom Team™ Newsletter

Thank you Dinar Recaps

Seeds of Wisdom RV and Economic Updates Friday Afternoon 1-17-25

Good afternoon Dinar Recaps,

CRYPTO DEVELOPER SUES US ATTORNEY GENERAL, WANTS SOFTWARE DEEMED LEGAL

Michael Lewellen has asked a Texas federal court to determine that his crypto startup is within the law and to block the Department of Justice from prosecuting him.

A crypto developer has sued the head of the US Justice Department and asked a court to rule that the crypto software he wants to publish is legal and to block any possible future prosecution.

Michael Lewellen, a fellow of the crypto advocacy group Coin Center, sued Attorney General Merrick Garland on Jan. 16 in a Texas federal court, saying he plans to publish new non-custodial crypto software focusing on crowdfunding campaigns called Pharos.

“The problem? The federal government has begun criminally prosecuting people for publishing similar cryptocurrency software, calling it unlicensed ‘money transmitting,’” the complaint reads.

Lewellen claimed the Department of Justice extended its interpretation of money-transmitting laws “beyond what the Constitution allows” in violation of the First and Fifth Amendments — rights protecting speech and limiting government powers in criminal proceedings, respectively.

Coin Center is supporting the suit and comes amid the crypto industry’s heightened concern over the prosecution of crypto software devs.

The complaint mentions the US government’s cases against Tornado Cash founder Roman Storm and Samourai Wallet co-founder Keonne Rodriguez, both of who ran crypto mixers and are pinned on unlicensed money-transmitting business and money laundering charges.

In the complaint, Lewellen’s lawyers argued his software would not give him “any control, possession, or direction over the cryptocurrency that users put through the software” and claimed that “money transmission requires control over the money being moved, which is not present when someone publishes non-custodial software like Lewellen’s.”

“The DOJ’s broad interpretation of money transmission laws threatens the ability to build freely,” Lewellen wrote in a Jan. 16 X post. “This isn’t just about Pharos; it’s about the future of cryptocurrency innovation in America.”

Lewellen asked the court to declare that his crypto business doesn’t violate money-transmitting laws and block the DOJ from using those laws to prosecute him, along with an order to pay his legal fees alongside any other relief the court wishes to grant.

The complaint follows recent similar preemptive lawsuits filed by plaintiffs who claim current laws and regulations aren’t purpose fit for crypto.

In April last year, software development company Consensys sued the Securities and Exchange Commission, wanting a court to rule that Ether “is not a security,” which was later thrown out.

In March, the clothing company Beba also sued the SEC to get a court to determine that Beba’s self-titled token it had given away was not a security, which the agency had asked to be dismissed in November.

A month earlier, in February, the SEC was sued by crypto startup Lejilex, who was seeking a ruling that its planned crypto exchange wouldn’t violate securities laws. The SEC similarly asked for the case to be tossed in October.

Attorney General Garland is set to step down from his role with President-elect Donald Trump set to re-take the White House, and the incoming president’s pick for the job, Pam Bondi, is in congressional confirmation hearings.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

TETHER INTRODUCES USDT0 FOR CROSS-CHAIN TOKEN TRANSFERS

Tether has launched USDT0, a new cross-chain stablecoin on Kraken's Layer-2 network, designed to simplify USDT transfers across different blockchain platforms, with planned expansion to Berachain and MegaETH.

Tether has launched USDT0, a new cross-chain stablecoin developed with Kraken, aimed at simplifying USDT transfers across different blockchains
The stablecoin debuted on Kraken’s Layer-2 network Ink, with plans to expand to Berachain and MegaETH platforms
Tether currently leads the stablecoin market with 109 million wallets in Q4 2024
The company has relocated to El Salvador and made $700 million in Bitcoin reserve investments
USDT0 is positioned to enhance institutional liquidity and DeFi functionality across blockchain ecosystems

Tether, the leading stablecoin provider, has launched USDT0, a new cross-chain stablecoin developed in partnership with cryptocurrency exchange Kraken. The launch took place on January 17, 2025, marking Tether’s latest move to improve token transfer capabilities across different blockchain networks.

USDT0 made its initial debut on Ink, Kraken’s Layer-2 network. The new stablecoin aims to make it easier for users to move USDT between different blockchain platforms, addressing a common challenge in the cryptocurrency space.

Recent data shows Tether’s strong market position, with 109 million wallets holding USDT in the fourth quarter of 2024. This user base represents the largest in the stablecoin sector, highlighting Tether’s market leadership.

Paolo Ardoino, Tether’s CEO, explained the purpose behind USDT0’s creation. “USDT0 introduces a much-needed solution for seamless USDT movement across ecosystems,” he stated during the launch announcement. The focus remains on improving user experience and meeting market demands.

The company has outlined plans to expand USDT0’s availability to additional platforms. Berachain, a blockchain focused on liquidity, and MegaETH, an Ethereum-based project, are among the first partners scheduled to integrate the new stablecoin.

Tether has branded USDT0 with the tagline “Your USDT, Anywhere,” emphasizing its goal of universal accessibility. The stablecoin is designed to serve both retail users and institutional investors who need to move assets between different blockchain networks.

In preparation for this launch, Tether has made several strategic moves. The company relocated its headquarters to El Salvador, a decision influenced by regulatory considerations, particularly the European Union’s MiCA legislation.

Financial preparations included a $700 million investment in Bitcoin reserves. Tether also invested in Rumble, a decentralized platform, showing its commitment to expanding its presence in the blockchain ecosystem.

The development of USDT0 addresses specific technical challenges in cross-chain transfers. Users previously faced complications when moving USDT between different blockchain networks, often requiring multiple steps and increasing transaction costs.

Ethereum’s established infrastructure plays a key role in USDT0’s functionality. The platform’s robust decentralized finance (DeFi) ecosystem provides essential support for cross-chain token movements, making it a natural fit for USDT0’s operations.

Market data at the time of launch shows Ethereum trading at $3,373.45. This represents a 0.26% decrease over 24 hours and a 2.24% increase over the past week, according to CoinMarketCap.

USDT0’s launch comes as demand for cross-chain solutions continues to grow. The stablecoin sector has seen increased interest in tools that simplify asset movement between different blockchain networks.

Tether’s market position includes partnerships with various blockchain platforms. These relationships help expand USDT0’s reach and utility across the cryptocurrency ecosystem.

Technical features of USDT0 include enhanced security measures and streamlined transfer protocols. These improvements aim to reduce friction in cross-chain transactions while maintaining stable value across different networks.

The latest data shows immediate adoption of USDT0 on Kraken’s Ink network, with plans for additional platform integrations in the coming months.

@ Newshounds News™

Source:  Blockonomi

~~~~~~~~~

THE FEDERAL RESERVE HAS WITHDRAWN FROM THE GLOBAL CLIMATE COALITION

@ Newshounds News™

Source:  Gold Telegraph  and  X . com

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Seeds of Wisdom Team™ Newsletter

Thank you Dinar Recaps

Happy New Year from Dinar Recaps

All of us at Dinar Recaps wish all of our readers a 

Happy, Healthy and Safe New Year.

May all your dreams and wishes come true in the New Year.

Due to the holiday, we plan to have new posts off and on Tuesday and Wednesday. Please check our Early Access BLOG PAGE  for any new posts. 

On New Years Eve we plan to have 11am and 6pm (ET) email Newsletters (no 10pm (ET)).

On Wednesday New Years Day, we plan to have a 11am (ET) and 6pm email Newsletter (no 10pm).

Please scroll down for new posts.

Merry Christmas from The Dinar Recaps Team

All of us at Dinar Recaps would like to wish all our Readers a Very Merry Christmas.

We wish that all your dreams and wishes come true this coming year. 

Due to the holiday, we plan to have new posts off and on both Tuesday and Wednesday.

Please check our Early Access  BLOG PAGE  for all new posts. 

On (Tuesday) Christmas Eve, we plan to have 10am and 6pm email Newsletters (no 10pm (ET)

On (Wednesday) Christmas Day we plan to have 11am and 6pm (ET) email Newsletters (no 10pm (ET). 

Have a happy and safe holiday.  The Dinar Recaps Team

Picture from Viktor Hanacek at Picjumbo.com

Today is Giving Tuesday, Celebrated in 90 Countries!

Today is Giving Tuesday, Celebrated in 90 Countries!

The Dinar Recaps Team believes in giving back to the helpers who make our world a better place, one community at a time. Nonprofit (NPO) and Nongovernmental (NGO) organizations work on the front lines every day, to make a difference for those in need, to celebrate arts, culture, healthy living, and education for all, among many other causes.

This year, Dinar Recaps has chosen Rise and Share (an IRS-recognized 501(c)(3) charity) as our 2024 Giving Tuesday charity of choice!

As a charitable organization that serves other nonprofits, all donations to Rise and Share will support their expansion campaign to serve 100 additional nonprofits by the end of 2025. A gift to Rise and Share is a great choice for our readers who care about multiple causes, from animal welfare to youth service, from chronic illness to the arts, from the military to programs for the aging and in underserved communities.

To maximize a matching gift offer from an anonymous donor, we humbly invite our Dinar Recaps family to join us in supporting Rise and Share this Giving Tuesday. Any donation, no matter how small or large, is invaluable and very much appreciated. And to keep you updated on cause-related news, look for #GivingEveryTuesday posts throughout the new year. Donations may be made at this link: CLICK HERE (or use this QR code on your phone.)

While we wait... let’s think about other ways each of us can help in our local communities, volunteering or donating goods and funds, sharing our talents and championing the causes we care about.

What is Giving Tuesday?

GivingTuesday is a global generosity movement that unleashes the power of radical generosity around the world.

GivingTuesday was created in 2012 as a simple idea: a day that encourages people to do good. Over the past nine years, this idea has grown into a global movement that inspires hundreds of millions of people to give, collaborate, and celebrate generosity.

GivingTuesday strives to build a world in which the catalytic power of generosity is at the heart of the society we build together, unlocking dignity, opportunity, and equity around the globe.

GivingTuesday’s global network collaborates year-round to inspire generosity around the world, with a common mission to build a world where generosity is part of everyday life.

What is radical generosity?

While many call on philanthropists, policymakers and grantmakers to repair broken systems, GivingTuesday recognizes that we each can drive an enormous amount of positive change by rooting our everyday actions, decisions and behavior in radical generosity—the concept that the suffering of others should be as intolerable to us as our own suffering. Radical generosity invites people in to give what they can to create systemic change.

When is Giving Tuesday?

Every day, although the annual celebration event will take place this year on December 3, 2024!

Who organizes GivingTuesday?

GivingTuesday is an independent nonprofit organization that is dedicated to unleashing the power of people and organizations to transform their communities and the world. The movement is organized in partnership with GivingTuesday’s global network of leaders, partners, communities and generous individuals.

Giving Tuesday’s ultimate goal is to create a more just and generous world, one where generosity is at the heart of the society we build together, unlocking dignity, opportunity, and equity around the globe.

What is a GivingTuesday COUNTRY movement?

GivingTuesday is hosted in 90 countries by leaders who are passionate about growing radical generosity. They rally nonprofits, businesses, and individuals throughout their countries. To get involved in GivingTuesday in your country, CLICK HERE https://www.givingtuesday.org/global/.

What is a GivingTuesday COMMUNITY movement?

GivingTuesday Communities come together around a common geography (e.g., city, state, region) or issue area (e.g., Military, Women/Girls) to collaborate, innovate, transform, and inspire their communities to make a difference. These Community campaigns find creative ways to mobilize their networks, host volunteer events, raise funds for their local nonprofits, spark waves of kindness, and much more. CLICK HERE to find and connect with a local GivingTuesday community group where you live.

Who can participate?

Everyone! GivingTuesday has been built by a broad coalition of partners, including individuals, families, nonprofits, schools, religious organizations, small businesses and corporations. There are people and organizations participating in GivingTuesday in every country in the world.

Participating in GivingTuesday is about joining a movement for generosity, and there are so many ways to do that. Whether you give your voice, goods, your time, or your money, being generous is a way to fight for the causes you care about and help people in need.

What do you do on GivingTuesday?

On GivingTuesday, millions of people all around the world, use their power of radical generosity to change the world. They volunteer at homeless shelters, organize food drives, fill their community fridges, donate to mutual aid funds, spread messages of solidarity and hope.

Here are some ideas you might consider:

·      Give your voice to a cause that matters to you - sign and share a petition, send an email to your elected officials

·      Volunteer virtually or share your talents

·      Give your voice to a cause that matters to you

·      Discover a local fundraiser, community drive or coordinated event to join others in your area or with your same interests in giving back — they need your help.

·      Give to your favorite cause or a fundraiser to help those in need.

·      Talk about giving and generosity using the hashtag #GivingTuesday - share local organizations doing good on your social media pages

So, how will YOU spread radical generosity in your community? Tell us in the comments below!

Share this post with your contacts to spread the word about GivingTuesday!!

Happy Thanksgiving from Dinar Recaps

Happy Thanksgiving from Dinar Recaps

​​Note: we will not be doing a 10pm ET email Newsletter today, Thursday.

Our 6pm Newsletter will likely be sent between 6-7pm (ET).

Please check our EAP BLOG PAGE throughout the day for any new posts.

All of the Dinar Recaps Team Wish You and Your Family a Happy and Safe Thanksgiving

Seeds of Wisdom RV and Economic Updates Monday Afternoon 10-7-24

Good afternoon Dinar Recaps,

THE CRYPTO EXECUTIVE WHO COULD SOON BE RUNNING THE SEC

Wall Street’s top cop is headed for a clash with the trendy online brokerage firm Robinhood.

The regulator could be picking a fight with its next boss, too.

Robinhood Chief Legal Officer Dan Gallagher is emerging as a leading contender to head the Securities and Exchange Commission should Donald Trump win back the presidency, according to a dozen former top regulators, lobbyists and securities lawyers.

“He’d be a natural choice,” one former senior SEC official told MM.

But Gallagher — a onetime SEC commissioner who is known for his affability and political chops — may find himself sparring with the agency first.

The SEC is weighing a lawsuit over Robinhood’s swelling cryptocurrency business in a case that would mark the latest salvo in Chair Gary Gensler‘s crackdown on the $2 trillion market. The SEC is looking into whether Robinhood is operating an unregistered broker-dealer and clearing agency in the crypto markets. Charges are not guaranteed, but if the agency does sue, the resulting legal battle could thrust a new and awkward spotlight onto Gallagher — just as the race for the chairmanship heats up.

For his part, Gallagher has a message for the SEC: Don’t do it.

“It’s a dog of a case,” he told MM. Robinhood, Gallagher said, offers trading in a fraction of crypto tokens compared to others that have hundreds on their platforms. And the company doesn’t have any crypto lending or staking products, he said.

“We’ve been forgoing revenue for the company by not going hog wild listing coins, and I think that puts us in a very, very unique position,” Gallagher said. “Shooting at the good guys is a really bad policy.”

An SEC spokesperson declined to comment.

Eight years ago, a rotating cast of characters from the financial, corporate and legal worlds swung through Trump Tower as they sought to join the then-incoming president’s administration. Now, as evidenced by Gallagher’s brewing candidacy, the revolving door between government and industry appears primed to start spinning once again if Trump wins.

“This is the name of the game: Get the fox in the henhouse,” said Richard Painter, who served as chief ethics lawyer for President George W. Bush.

Other names floating around K Street as potential SEC chairs under Trump include former Commodity Futures Trading Commission Chair Chris Giancarlo, who is known online as “CryptoDad"; former SEC General Counsel Robert Stebbins, now a partner at the law firm Willkie Farr & Gallagher; and current SEC Commissioner Hester Peirce, who occupies a Republican seat on the agency’s five-person commission.

Yet Gallagher’s ascendancy to the chair has long been a matter of when, not if, for some Republicans.

“Dan would be great,” Rep. Bill Huizenga (R-Mich.) told our Jasper Goodman following a House Financial Services Hearing where Gallagher testified last month. “I’ve had a great relationship working with him, even when we disagreed on some stuff.”

“Ultimately, you want someone who’s thoughtful, experienced, and not just ideologically politically driven,” the Michigan Republican said. “That’s been, I think, the problem with Gensler.”

Gallagher as a commissioner blasted the package of rules enacted in the wake of the 2008 financial crisis. He called for a sweeping review of trading in the U.S. stock market and was early to raise concern about the SEC’s internal courts, which have since been declared unconstitutional in certain cases by the Supreme Court. He was also a regular on Capitol Hill, briefing lawmakers on the wonky area of securities law.

If Trump did pick Gallagher, the Robinhood executive could face a contentious confirmation process. Democrats have long been wary of industry officials taking over federal regulators, and Robinhood has attracted a fair amount of congressional scrutiny over the years. (Remember GameStop — the bizarre market phenomenon of 2021 when Robinhood had to cut investors off from buying more shares in the beleaguered video game retailer’s stock, drawing the ire of lawmakers across Capitol Hill?)

But Gallagher argues that was then. The company has since overhauled its compliance and risk-management programs, he said. And as for any revolving-door concerns, he says having experience both in and out of government is a good thing.

Whether Gallagher would want to leave Robinhood is unclear. He told MM that he loves his job and that it’s “an honor to have my name included in any discussion of who may be the next SEC chairman.”

Make no mistake, though, Gallagher has clear issues with the SEC’s direction. Just ask him about crypto. He told MM that if he had been chair in the last few years, there would be tailored rules on the books already, as the industry has long been seeking, offering “a path forward for at least a baseline registration system” for crypto exchanges and brokers. And even then, Gallagher believes there would still need to be legislation.

“I would have done things differently,” he said. “I’ve known Gary for a long time and have a lot of respect for Gary, but, on this one, I disagree with him.”

@ Newshounds News™

Source:  Politico

~~~~~~~~~

NASDAQ PUBLISHED APPLICATION TO BEGIN THE PROCEDURE FOR LISTING AND TRADING SHARES OF HASHDEX NASDAQ CRYPTO INDEX US ETF.

@ Newshounds News™

Source:   Crypto World 

NASDAQ-2024-028_Order_Instituting_Proceedings

SEN. ELIZABETH WARREN WILL DEBATE LAWYER JOHN DEATON TWICE IN OCTOBER

Many crypto proponents suggested the race could be a referendum on digital asset policy in the US Senate, with polls showing Warren leading by at least 20 points.

Massachusetts news outlets are reporting that Democratic Senator Elizabeth Warren and Republican candidate John Deaton will debate each other twice before the 2024 election, on Oct. 15 and Oct. 17.

According to an Oct. 7 notice from New England Public Media, the outlet and GBH News will host a debate in Springfield between the two senatorial candidates on Oct. 17, moderated by political reporters Adam Reilly and Saraya Wintersmith. Sen. Warren and Deaton will also appear in Boston to debate on Oct. 15 on WSBK-TV.

It’s unclear if digital assets will be a topic between the two candidates at either debate. Cointelegraph contacted GBH News, who said it would not share the topics in advance.

Future of crypto policy in US Senate?
During her time in office, Sen. Warren has been outspoken about her criticism of cryptocurrency, associating digital assets with funding illicit activities. Deaton, a lawyer, has backed Ripple and other crypto firms facing litigation from the United States Securities and Exchange Commission (SEC).

Several September polls showed Sen. Warren with more than a 20-point lead over Deaton in an election many expect to be a referendum on crypto policy. The Republican candidate claimed on social media that the SEC is “pursuing an anti-crypto agenda” through its enforcement actions and criticized chair Gary Gensler.

Many Democratic lawmakers and candidates have called on members of the party to change their “hostility” toward the crypto industry as presidential candidate Kamala Harris runs against Republican Donald Trump in November. After announcing her candidacy in July, Vice President Harris made her first public statement on digital assets in September, pledging support for the industry.

Commonwealth Unity Fund, a political action committee backed by many crypto proponents, and Gemini co-founders Cameron and Tyler Winklevoss have supported Deaton’s campaign through contributions or media buys.

According to Federal Election Commission records, as of Aug. 14, Deaton had raised roughly $1.8 million in his bid for the US Senate in 2024, with roughly $830,000 in cash on hand. Senator Warren had raised roughly $19 million since January 2019 and had roughly $5.3 million in cash on hand as of Aug. 14.  (WARREN REPRESENTS THE BIG BANKS)

@ Newshounds News™

Source:   CoinTelegraph

~~~~~~~~~

‘THE SEC IS LIVING IN PAST’: TIM DRAPER SLAMS GARY GENSLER, DISCUSSES RIPPLE CASE

With the recent Ripple appeal, the SEC and its chair Gary Gensler are back in the spotlight as the XRP community voices strong opposition to the agency. This new twist has extended the already delayed case timeline, with some speculating it could now stretch until 2026. American venture capital investor Tim Draper appeared on the Thinking Crypto podcast and discussed SEC’s recent actions and their impact.

Ongoing Challenges for the SEC
Draper noted that Gary Gensler, the SEC chair, has faced losses in court, not just with Ripple but also with the Grayscale lawsuit and others. This raises questions about the SEC’s strategy and effectiveness in regulating the crypto industry.

Predictions for the Future
One of Draper’s key predictions is that eventually, the incumbents currently fighting against cryptocurrency will begin to adopt it. He expressed optimism about the political landscape, mentioning that at least one, if not both, presidential candidates are starting to embrace Bitcoin and other cryptocurrencies as tools for innovation.

Innovation Beyond Borders
Draper brought to attention a critical issue: many innovative American companies are geofencing their products, meaning they are limiting their operations to outside the U.S. due to the restrictive regulatory environment. He said that while innovation thrives globally, American companies are at a disadvantage because of the SEC’s outdated regulations.

The Need for Change
Draper argued that the SEC is operating under an “80-year-old set of laws,” which are no longer relevant in today’s fast-evolving tech landscape. He stressed that if the U.S. wants to maintain its competitive edge, particularly in Silicon Valley, it must embrace the innovation happening in the cryptocurrency sector.

Political Encouragement
Draper said  that both presidential candidates appear to recognize the importance of cryptocurrencies. He noted that Donald Trump has positioned himself as the “crypto president,” even stating he would fire Gary Gensler. Similarly, Kamala Harris seems to share these sentiments, which Draper finds encouraging.

@ Newshounds News™
Source:  Coinpedia

~~~~~~~~~

Crypto's Role in the GCR RV  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Seeds of Wisdom RV and Economic Updates Friday Morning 9-27-24

Good morning Dinar Recaps,

Ripple President Shares Bold Plans for RLUSD and Ethereum

Along with XRP’s function in smaller transactions, Ripple’s RLUSD aims to improve international transactions backed by dollars.

Ripple introduces Ethereum-compatible sidechains to XRPL, combining Ethereum’s programmability with XRP Ledger’s scalability and low costs.

Ripple has announced plans for its new stablecoin, Ripple USD (RLUSD), which will initially be available in countries or territories outside of the United States where Ripple has already obtained a license. Ripple President Monica Long made the statement during a recent interview with a Japanese media outlet.

She stated that after this initial launch, Ripple will look at entering more markets, with Japan being one of the possible targets due to its high adoption prospects for RLUSD.

Ripple’s Legal Victory Sets the Stage for RLUSD Global Expansion
Before establishing RLUSD, Ripple won a substantial legal struggle with the United States Securities and Exchange Commission (SEC), with the court ruling that XRP is not a security. This decision brought legal clarity to the cryptocurrency market, allowing Ripple to expand its services.

Monica Long hailed this triumph as a turning point moment for Ripple, allowing it to strengthen its footprint in the US market, despite the fact that the majority of its growth continues to come from outside the US, particularly in the Asia-Pacific area.

One of Ripple’s primary objectives is to include RLUSD as part of an effective cross-border settlement solution. A trustworthy and open stablecoin will result from the full backing of RLUSD by US dollars and their equivalents in other currencies.

Within the Ripple ecosystem, RLUSD is expected to play an important role in increasing transaction liquidity and efficiency. Monica Long stated:

“RLUSD is not intended to replace XRP, but to supplement it. While XRP will continue to be used for lower market-cap assets, RLUSD will be an effective vehicle for larger transactions.”

Ripple has lofty intentions to add Ethereum interoperability to the XRP Ledger. This means that Ethereum developers will be able to use XRP as a gas token on sidechains that are compatible with the Ethereum Virtual Machine (EVM).

This interface provides developers with additional chances to implement financial solutions and decentralized applications (DeFi) on the XRPL, using XRP’s scalability and efficiency.

Japan stands out as one of Ripple’s most potential markets, given to its long-standing cooperation with the SBI Group. As we previously reporeted, Ripple and SBI have worked together on a number of projects, including the creation of a digital NFT wallet for Expo 2025 in Osaka, which highlights Ripple’s potential acceptance in Japan’s corporate sector.

Furthermore, SBI Remit, a part of the SBI Group, has been providing international remittance services since 2017, using XRP as a bridge currency to enable quick and cost-efficient transactions.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

Republicans introduce bill forcing Gary Gensler to testify biannually

Senate Republicans have introduced legislation that would require the SEC chair, currently Gary Gensler, to testify before Congress twice a year.

This move comes amid mounting criticism of SEC Chair Gary Gensler’s leadership and the agency’s approach to regulating the digital asset sector.

As reported by Fox Business, the proposed bill, the “Empowering Main Street in America Act,” would extend provisions from the Dodd-Frank Act to include a mandate for the SEC chair’s biannual appearance.

This follows a postponed hearing originally scheduled for Gensler before the Senate Banking Committee.

The day before, the House Financial Services Committee scrutinized Gensler, with members of both parties questioning his approach to crypto regulation and the broader financial market.

Senate Banking Committee Ranking Member Tim Scott, a key advocate for the bill, criticized the postponement, viewing it as indicative of a lack of accountability under Gensler’s leadership, per Fox Business.

Scott and nine other Senate Republicans argued that more frequent testimony is essential to ensure the SEC maintains its mission of protecting investors, facilitating capital formation, and promoting fair and orderly markets.

Gensler vs. Crypto
Biden-appointed Gensler has vocally expressed skepticism toward crypto regulation. He came out forcefully against the FIT21 bill after it was passed in the House.

The crypto industry mostly views Gensler with skepticism and frustration. Many believe his strict enforcement approach and classifying most crypto assets as securities have stifled innovation and created legal uncertainty.

Gensler’s tenure has faced bipartisan pushback, particularly regarding the SEC’s handling of digital assets.

Critics argue that the agency’s aggressive enforcement actions have caused uncertainty in the crypto market. These concerns were recently highlighted during a congressional hearing in which all five SEC commissioners, including Gensler, were pressed on their stance on cryptocurrency oversight.

Senate Republicans are aiming for greater accountability and transparency in the SEC’s regulatory decisions with the Empowering Main Street in America Act. They want to ensure the SEC remains transparent as the financial landscape continues to evolve.

On Sept. 24, The SEC charged TrueCoin and TrustToken with securities violations over unregistered offerings of TUSD and TrueFi, resulting in a settlement with fines totaling over $500,000. The case adds to the SEC’s growing enforcement actions against crypto firms, with industry fines surpassing $7 billion since 2013.

@ Newshounds News™

Source:  Crypto News

~~~~~~~~~

DEBUNKING MYTHS: OPINIONS VS. FACTS | Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team Currency Facts

~~~~~~~~~

Seeds of Wisdom Team Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 9-5-24

EU UNIFIED LEDGER FOR TOKENIZATION PROPOSED BY BANQUE DE FRANCE GOVERNOR

It’s well known that the Banque de France is a fan of wholesale CBDC and tokenization. It started running wholesale CBDC trials in 2020. In a speech yesterday, Governor François Villeroy de Galhau outlined his vision for a Capital Markets Union (CMU) and a Banking Union within Europe. An EU Unified Ledger is one of his strategies to improve payments.

He described the Unified Ledger as “a new public-private infrastructure built around a distributed ledger that would include a wholesale central bank digital currency (CBDC), tokenised commercial bank money and tokenised financial instruments, and potentially the digital euro later on. This shared infrastructure would streamline transactions, reduce risks and costs, and thus foster CMU, while preserving the two-tier financial system.”

Rather than a “big-bang” migration he suggests a phased approach targeting specific market segments. Those that currently involve manual or domestic processes might be at the front of the queue. However, he envisions it expanding to a range of tokenized assets and cross border functionality.

While that’s on the wholesale side of payments, he also discussed retail payments. He noted that TIPS is a good backend solution, but that Europe lacks a common front-end payment solution such as in Brazil and India. He hopes that a digital euro might fit that role and envisions eventually integrating the digital euro with foreign faster payment systems.

Meanwhile, the Banque de France is one of the seven central banks involved in the BIS Project Agorá, the proposed unified ledger for cross border payments. Separately, the Banque de France’s DL3S wholesale CBDC platform is the only CBDC amongst three payment options in the European Central Bank’s current wholesale DLT settlement trials in central bank money. It was used to settle the first sovereign digital bond issued in EMEA by Slovenia.

@ Newshounds News™

Sources:  
LedgerInsights
Project Agora 
Banque de France    
Wholesale DLT Settlement Trials   

~~~~~~~~~

IN TRUMP-BACKED CRYPTO PROJECT, INSIDERS ARE POISED FOR UNUSUALLY BIG TOKEN PAYOUTS

The team could get 70% of World Liberty Financial's tokens, a significantly higher-than-normal allocation from a project marketed as a solution to the “rigged” traditional finance system.

A whopping 70% of Trump-backed World Liberty Financial's WLFI tokens will be reserved for the project's insiders, according to a white paper draft obtained by CoinDesk.

Of the remaining 30% of the tokens distributed via a public sale, the founding team will also receive a portion of the proceeds.

When asked if a 70% allocation to insiders is high, one source who advises projects on such matters replied, "LMAO. Nice joke, ser."

World Liberty Financial, the new crypto lending platform promoted by former U.S. President Donald Trump and his sons, advertises itself as a way of "putting the power of finance back in the hands of the people" and a solution to the "rigged" traditional finance system.

CoinDesk has obtained a draft white paper for the project. It reveals that the vast majority of the power promised by World Liberty Financial will be concentrated in the hands of a select few insiders: 70% of WLFI, the project's "governance" crypto token, will be "held by the founders, team, and service providers."

The remaining 30%, according to the white paper, will be distributed "via public sale," with some of the money raised from that also going to project insiders – though some will be reserved in a treasury "to support World Liberty Financial's operations

A 70% allocation to insiders is unusually high. Ethereum's Genesis block reserved a combined 16.6% of ether (ETH) for the Ethereum Foundation and early contributors (though co-founder Vitalik Buterin later said they received even less). The three companies behind Cardano, another popular blockchain project, retained a combined 20% of ADA at its launch. Satoshi Nakamoto, the pseudonymous creator of Bitcoin, is estimated to hold a little over 5% of the total supply.

Asked if a 70% allocation to insiders is high, one source who advises early stage projects replied: "LMAO. nice joke ser."

World Liberty Financial has not finalized its plans yet, according to a person close to the project.

"The team is working with a lot of contributors, and we're not quite sure which version [of the white paper] you are referring to at the moment, but they have not finalized their tokenomics yet," according to a statement from World Liberty Financial. "All the information we've shared so far that is final/approved can be found on WLF's Twitter (X) and Telegram. Those will be the main channels for any announcements."

The token details from the draft white paper follow a CoinDesk report Tuesday about World Liberty Financial, which revealed that the project's team includes members of the Trump family plus people behind a recently hacked crypto app. CoinDesk also reported that World Liberty Financial will be built atop Aave, the popular Ethereum-based lending platform.

World Liberty Financial's allocation raises the question of whether the project is an attempt to cash in on the Trump family's fame rather than build a novel DeFi platform. Pre-sale proceeds have historically been largely invested back into projects, to grow them. If insiders plan to hoard most of the World Liberty Financial money for themselves, how will it deliver on its lofty promises?

One of those lofty promises is to make the U.S. the "crypto capital of the planet." In a Wednesday Telegram post, the World Liberty Financial team advised skeptics that its "plan will speak for itself. The brightest minds in crypto are backing us, and what's coming will make all doubters think twice."

"Our mission is crystal clear: Make crypto and America great by driving the mass adoption of stablecoins and decentralized finance," the post added. "We believe that DeFi is the future, and we're committed to making it accessible and secure for everyone.

In general, public token pre-sales are rare in today's crypto industry, largely because initial coin offerings (ICOs) – which were once the preferred method for crypto startups to raise funds by selling tokens directly to investors – have fallen out of favor. This shift occurred due to increasing regulatory scrutiny, widespread fraud and the emergence of alternative fundraising models that offer more oversight and investor protections.

World Liberty Financial's approach differs from a traditional ICO, however, because the WLFI token will be non-transferable, meaning it cannot be traded between users. This restriction is likely intended to protect World Liberty Financial from securities law violations.

WLFI token that can't be transferred
According to the white paper, "All $WLFI will be non-transferable and locked indefinitely in a wallet or smart contract until such time, if ever, $WLFI are unlocked through protocol governance procedures in a manner that does not contravene applicable law."

It continues: "Each purchaser of $WLFI will be screened to ensure that no specially designated nationals or other persons sanctioned by FinCen are permitted to purchase $WLFI." "FinCen" seems to be a mistaken reference to the Office of Foreign Assets Control, or OFAC, a U.S. Treasury Department office that's distinct from the Financial Crimes Enforcement Network (FinCEN).

Earlier this week, CoinDesk revealed World Liberty Financial's links to Dough Finance, a recently hacked lending app whose founders include Zak Folkman, a former pick-up artist and entrepreneur who is officially registered as the owner of World Liberty Financial LLC.

While Donald Trump appears to hope that World Liberty Financial could help him earn favor with the blockchain industry, even some of the former president's supporters in the industry are warning that the plan could backfire.

"Is there something that we, as crypto twitter, can collectively do to stop the launch of world liberty coin," Nic Carter, a prominent crypto industry figure and Trump supporter, asked on X (formerly Twitter).

He added: "I think it genuinely damages trump's electoral prospects, especially if it gets hacked (it'll be the juiciest DeFi target ever and it's forked from a protocol that itself was hacked). it's also an obvious target for the SEC. at best it's an unnecessary distraction, at worst it's a huge embarrassment and source of (additional) legal trouble. so are we signing a petition or what?"

Ahead of its launch, the project has attracted the attention of fraudsters and hackers. Yesterday, the X accounts of Eric Trump's wife Lara Trump and Trump's youngest daughter Tiffany Trump were hacked and used to promote a crypto scam crafted to look like World Liberty Financial.

Donald Trump is officially listed as the project's "Chief Crypto Advocate." His two oldest sons, Don Jr. and Eric, share the role of "Web 3 Ambassador." Barron Trump, the former president's 18-year-old son, is World Liberty Financial's "DeFi Visionary."

Though the Trump family appears to have been heavily involved in the promotion and inception of the project, the white paper takes pains to distance the project from any political affiliation, stating: "World Liberty Financial is not owned, managed, operated, or sold by Donald J. Trump, the Trump Organization, or any of their respective family members, affiliates, or principals. However, they may own $WLFI and receive compensation from World Liberty Financial and its developers. World Liberty Financial and $WLFI are not political and have no affiliation with any political campaign."

@ Newshounds News™

Source:  CoinDesk

~~~~~~~~~

XRP Lawsuit Update Today: Ripple Delays $125M Penalty as SEC Appeal Looms

Ripple has successfully delayed the $125 million penalty payment due to the SEC's potential appeal of the August 7 ruling.

Both Ripple and the SEC have the option to appeal the ruling, which could significantly delay the resolution of the case.

The uncertainty surrounding the case has negatively impacted XRP's price and trading volume.

With just 32 days left for the appeal and SEC’s silence post aug 7 is brewing the market with No appeal propaganda. Ripple Labs is hitting pause on the $125 million penalty as their legal battle with the SEC takes another twist. With the SEC hinting at a possible appeal of the August 7th ruling, Ripple’s legal team has successfully requested to delay the hefty payment.

Both sides are now eyeing their next move in what could be a game-changing showdown!

Ripple vs SEC Update
Judge Torres has approved Ripple’s request to keep the $125 million penalty in a bank account while the SEC decides its next move. This temporary hold gives both Ripple and the SEC time to appeal or respond to the important decision about XRP’s programmatic sales.

Ripple’s legal team, in a September 4 filing, secured approval from the SEC to delay paying the $125 million penalty until after September 6. The attorneys proposed depositing $139 million, representing 111% of the judgment amount, into a bank account for 30 days while both parties assess their next steps.

The Appeal Deadline Approaches
The court’s decision extends the time for potential appeals, allowing both Ripple and the SEC to file if they choose. If an appeal goes ahead, the case might drag on for years. Although Ripple had initially said they wouldn’t appeal, experts believe they might still need to do so to avoid accepting the $125 million penalty.

Fred Rispoli, a lawyer supporting XRP, suggested that a decision on the SEC’s appeal might not come until 2026. He noted that the SEC’s lawsuits against crypto exchanges have weakened its stance, making an appeal less likely. Rispoli also predicted an 80% chance that the SEC might drop the appeal if Hester Peirce becomes SEC Chair.

Despite the uncertainty, Ripple’s Chief Legal Officer, Stuart Alderoty, remains optimistic that an appeal won’t drastically change the case’s outcome. He believes the SEC has only a 10% chance of overturning the decision through an appeal.

XRP Price Analysis
The ongoing legal uncertainty has impacted XRP’s price, which has lost all of its recent gains. Currently trading at $0.55, XRP has seen a 15% drop in trading volume over the past 24 hours. Additionally, open interest in XRP futures has decreased by 0.67%, indicating reduced interest from derivatives traders.

Ripple and the SEC will need to decide on their legal strategies in the coming months. The crypto sector is watching closely as the possibility of an appeal looms. XRP holders are eager for a resolution that could significantly affect the crypto market. The SEC has until October 6 to challenge the August 7 ruling, and the XRP community remains on edge.

@ Newshounds News™

Source:  Coinpedia

~~~~~~~~~

Newshound's Currency Facts Youtube and Rumble
Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Seeds of Wisdom RV and Economic Updates Thursday Evening 8-22-24

Good Evening Dinar Recaps,

LIVE: Fed Chair Jerome Powell speaks at the 2024 Jackson Hole Economic Policy Symposium — 8/23/2024 AT 10:00 AM EDT

Federal Reserve Chair Jerome Powell speaks at the central bank’s annual Jackson Hole conference on the economic outlook on Friday. That will follow minutes from the Fed’s July gathering released Wednesday. They indicated that most participants at the central bank’s meeting said it would “likely” be appropriate to lower the fed funds rate from the current range of 5.25% to 5.5% at the September meeting — if data continues to come in as expected.

@ Newshounds News™

Watch Live Here: BENZINGA

~~~~~~~~~

Jackson Hole Preview: 5 Important Questions Ahead Of Jerome Powell's Fed Speech

Zinger Key Points

Investors anticipate insights on upcoming rate cuts, particularly in Powell’s Friday speech at 10 a.m. ET.
Analysts expect Powell to hint at rate cuts while emphasizing the Fed's data-driven approach to monetary policy.

Traders are anxiously awaiting the Federal Reserve’s annual Jackson Hole Symposium. This highly anticipated event could set the tone for the Fed’s future policy actions, especially as investors anticipate a rate cut at the upcoming September meeting.

All eyes are on Fed Chair Jerome Powell's pivotal speech on Friday at 10 a.m. ET, where he is expected to provide crucial insights into the economic outlook and the central bank’s rate-cut plans.

Here are five important questions answered about this year's Jackson Hole Symposium, scheduled for Thursday and Friday.

1. What Is Jackson Hole?

The Jackson Hole Symposium is a prominent late-summer economic conference hosted by the Federal Reserve Bank of Kansas City.

The event attracts central bankers, policymakers, academics and economists from around the world and takes place in Jackson Hole, Wyoming.

2. Why Should Investors Focus On Jackson Hole?
Generally, the Jackson Hole Symposium holds particular importance for two key reasons: it occurs during the longest gap between Federal Open Market Committee (FOMC) meetings, offering potential clues on future monetary policy. It also takes place in August, when market activity is typically quieter due to summer holidays and a scarcity of other significant events.

Regarding the 2024 event, while a rate cut at the Sept. 18 FOMC meeting is considered as a done deal by markets, investors are keenly focused on how quickly the Fed will proceed with additional cuts and what the economic outlook will be, with a special focus on inflation and the jobs market.

3. How Will Jackson Hole Be Covered?
Powell's speech at 10 a.m. ET Friday will be live-streamed, but the rest of the symposium's speeches will not be televised.

Although there isn't live coverage of the other sessions, major business networks typically feature a series of sideline interviews with key attendees, such as Fed officials, who could provide near-term views on monetary policy.

4. What Do Wall Street Analysts Expect From Jackson Hole This Year?
“The easiest thing for Chair Powell would be to repeat his message from July. An evolution of the July FOMC language would suggest the committee is ‘very close’ or ‘close’ to the point where easing is likely to occur,” noted Bank of America economist Stephen Juneau.

Ed Yardeni, president of Yardeni Research, stated, “He is likely to support market expectations that the Fed will cut the federal funds rate by 25bps in September. But he is also likely to push back on expectations of cuts in November and December. He will repeat that the Fed’s decisions are data dependent.”

Goldman Sachs analysts “expect to hear more comments like those from Goolsbee earlier in August that the Fed’s job is not to react to a single data point.”

However, they also expect the Fed to reassure markets that it stands ready to act swiftly should the economy take a turn for the worse.

Greg Marcus, managing director, UBS Private Wealth Management, expects Jerome Powell “to hint strongly at rate cuts and try to calm the market. He'll make it clear that the Fed will be data dependent and won't commit to any one position but will continue to emphasize the importance of not forgetting that the Fed has a dual mandate.”

5. How Has the Stock Market Performed Historically During Jackson Hole?
Historically, the Jackson Hole Symposium has had a muted impact on the S&P 500's performance.

A Benzinga analysis of the past 10 events shows that the S&P 500 has generally remained flat during the symposium days (Thursday and Friday), with an average decline of 0.4% and a median return of 0%.

When extending the analysis to the entire week, the index shows a slightly better performance, with an average gain of 0.4% and a median return of 0.8%.

Over the past 10 events, the S&P 500 index, as tracked by the SPDR S&P 500 ETF Trust SPY, recorded positive returns in six instances during the symposium days and in seven instances over the entire week.

Notable market reactions to the Jackson Hole events included 2022, 2019 and 2015.

In 2022, Powell’s hawkish remarks at Jackson Hole triggered a 3.4% drop in the S&P 500 over two days, with the index down 4% for the week due to fears of prolonged high interest rates.

In 2019, uncertainty from Powell’s speech amid the U.S.-China trade war led to a 2.9% decline during the symposium days and a 1.4% loss for the week.

In contrast, 2015 saw the S&P 500 rise 2.43% during the symposium and 0.8% for the week, as markets were reassured by the Fed.

@ Newshounds News™

Source:  BENZINGA

~~~~~~~~

Latam ecommerce giant Mercado Libre launches MELI dollar stablecoin in Brazil

Mercado Libre, the Latin American ecommerce giant, has launched the MELI dollar stablecoin in Brazil via its digital bank, Mercado Pago. The parent company is the Latin American equivalent of Amazon.com and has the highest market capitalization of any company in the region.

It’s a big deal because the digital bank has 52 million monthly active users across the entire region. While the company doesn’t break out the users by country, its financial report for Q2 2024 said the digital bank users in Brazil had grown 46% year on year.

Users can access the stablecoin via the Mercado Pago app, which also supports cryptocurrencies. The company is currently waving stablecoin transaction fees, whereas other crypto attracts fees of 1.5%. It partnered with crypto firm Ripio, which is providing market making.

Ripio is also a distributor of the Lift stablecoin, a yield bearing dollar token targeted at Argentinians. Paxos issued it out of the Abu Dhabi Global Market (ADGM).

Meanwhile, the MELI stablecoin is issued by Meli Uruguay. Mercado Libre’s headquarters were originally in Argentina but moved to Uruguay, and its holding company is registered in Delaware.

The company has been interested in stablecoins for some time as it was a member of the Facebook-founded Diem stablecoin initiative.

In 2022 Mercado Libre launched the MercadoCoin as part of a loyalty program that started in Brazil.

@ Newshounds News™

Source: Ledger Insights

~~~~~~~~~

Newshound's Currency Facts Youtube and Rumble
Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Seeds of Wisdom RV and Economic Updates Thursday Afternoon/Evening 8-22-24

Good afternoon/evening Dinar Recaps,

XRP Goes Global: Research Reveals Institutional Use Across All 7 Continents

Ripple is rapidly expanding its international footprint through global partnerships and focusing on expanding the use of the XRP Ledger.

Ripple is advancing in South America with its CBDC platform, collaborating with the Bank of Colombia and Brazil’s Fenasbac.

Blockchain startup Ripple has been making every possible effort lately to promote the adoption of its XRP Ledger and the use of XRP in the global financial markets.

Tokenicer, an enterprise blockchain researcher, recently stated that despite Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), the company has been swiftly expanding its global partnerships and services in different regions outside the United States. As reported by Crypto News Flash, Ripple has signed 1,700 agreements with global financial players to boost XRP use.

Although America-based firms have been hesitant to partner with Ripple amid legal considerations, companies overseas have been quite flexible in adopting the Ripple technology. The XRP Ledger facilitates instant cross-border settlements by using Ripple’s native XRP cryptocurrency for settlements. As per the CNF report, Ripple is further expanding the use of XRP Ledger by working on stablecoin integration backed by Gold and Silver, moving beyond the boundaries of fiat settlements on XRPL.

Ripple Eyes Big Opportunity in South America and Europe
Ripple is seeing major advancements in the South American market, particularly with the release of the central bank’s digital currency (CBDC) platform. Last year, Ripple launched its CBDC platform, making it easy for central banks worldwide to quickly launch their CBDC, where Ripple does all the infrastructure-heavy lifting. As a result, the Bank of Colombia has been testing its CBDC on the Ripple platform.

Furthermore, Ripple has joined hands with Brazil’s National Federation of Associations of Central Bank Servers (Fenasbac), which seeks to boost the country’s financial sector through advancements in tokenization, payments, and treasury management.

Europe is another region where Ripple’s influence is growing gradually. Earlier this year, Ripple partnered with Clear Junction to facilitate instant cross-border settlements between the UK and the European Union, per the CNF report.  This partnership, regulated by the Financial Conduct Authority (FCA), positions Ripple as a compliant and trustworthy European partner.

On the other hand, the Central Bank of Montenegro is also testing its CBDC on the Ripple platform, while Germany’s DZ bank integrated with Metaco, Ripple’s acquired digital asset custody firm.

Expanding into Asia and the Middle East for XRP Use
Ripple has always maintained a stronghold in the Asian and Middle East markets by working with partners such as SBI Holdings since 2016. This collaboration has led to key advancements for the blockchain startup, such as the use of XRP for cross-border remittances across Vietnam, the Philippines, and Indonesia. These countries are currently the fastest-growing remittance markets globally.

Furthermore, Ripple also secured an MPI license from the Monetary Authority of Singapore (MAS), which allows it to expand its services in the region. Ripple has also expanded its presence in the Middle East through its strong connections in Dubai. The company’s partnership with the Dubai International Financial Centre aims to advance blockchain adoption in the United Arab Emirates (UAE).

@ Newshounds News™

Source: Crypto News Flash

~~~~~~~~~

India’s crypto future hinges on gov’t consultation paper

India’s Department of Economic Affairs’ consultation paper is expected to be a watershed moment for crypto regulation in the country, potentially setting the stage for future legislation.

India’s cryptocurrency landscape could be about to change as the Department of Economic Affairs (DEA) prepares a key consultation paper on cryptocurrency legislation.

According to local media, the paper, which is expected in September or October, will invite feedback from various stakeholders, with the government playing an active role in the direction of digital currencies in India.

India’s crypto conundrum
The paper, led by a panel chaired by the secretary of the DEA, represents a significant step in India’s ongoing effort to balance innovation and regulation in its rapidly evolving crypto sector.

The release comes at a time when global scrutiny of cryptocurrencies is intensifying, particularly in light of the G20 nations’ unified approach to regulation, as highlighted by Indian Finance Minister Nirmala Sitharaman at a meeting of the group of nations in October 2023.

India, which has already implemented a stringent tax regime on cryptocurrency transactions, has taken a cautious approach to regulation. The 30% tax on unrealized crypto gains and a 1% tax deducted at source implemented in April 2022 marked the government’s first major move toward imposing some control over the crypto market.

However, despite the measures, the Indian government has refrained from regulating the sale and purchase of cryptocurrencies, focusing instead on curbing crypto-related money laundering and terrorism financing.

DEA paper to address regulatory concerns
The DEA’s forthcoming paper is expected to address the broader concerns surrounding the regulation of crypto assets, including those raised by the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI).

In May, SEBI suggested a multi-regulatory approach, wherein different aspects of cryptocurrency trading would be overseen by various financial authorities. This fragmented approach underscores the complexity of regulating a technology that crosses traditional financial boundaries and poses unique challenges.

On the other hand, the RBI has consistently warned of the macroeconomic risks posed by digital currencies. The central bank’s stance reflects deep concerns about the potential impact of cryptocurrencies on India’s economic stability.

This caution is mirrored in the government’s recent actions against offshore crypto platforms and digital asset service providers, including a high-profile ban on Binance, the world’s largest cryptocurrency exchange.

Despite this, Binance managed to reestablish its presence in India by registering with the Financial Intelligence Unit, even as it faces a hefty $86 million tax demand from Indian authorities.

@ Newshounds News™

Source:   CoinTelegraph

~~~~~~~~~

ICMA updates repo agreement for digital assets

The International Capital Market Association (ICMA) has published a digital assets annex for its Global Master Repurchase (repo) Agreement (GMRA). The Annex follows work by ICMA and ISLA in the Digital Assets Legal Working Group, with Clifford Chance appointed as counsel.

Repo involves the sale of collateral, usually securities, with an agreement to buy them back at a future date for a slightly higher amount representing interest.

There are already two significant intraday repo solutions with a third in progress. JP Morgan has an intraday solution for its clients, and technology firm Broadridge has its Distributed Ledger Repo (DLR) solution that processes $1.5 trillion in transactions monthly.

In Europe, HQLAᵡ has been running a DLT based solution for collateral mobility for a few years. It recently conducted end-to-end repo tests with Fnality, the institutional settlement system where the settlement tokens are backed by cash held in a central bank account. The goal is to support intraday repo for trades on the Eurex Repo F7 system. Fnality is awaiting regulatory approval for its participation and hopes to launch later this year.

By including the ICMA digital assets annex, transactions can include digital cash and/or digital securities.

The digital assets Annex
The GMRA Annex specifies various terms, such as an “Asset-backed Digital Asset” that includes a tokenized traditional security or contractual claim on an underlying asset. Digital cash could be central bank digital currency, tokenized deposits, electronic money tokens or other cryptographically secured representations of a single fiat currency.

If we’re not mistaken, the agreement might also account for HQLAᵡ, where custodians effectively lock conventional assets and DLT is used to transfer ownership. We guessed this from the reference to a “Platform Transferred Security” which is a conventional security that’s capable of being transferred cryptographically.

Support for intraday transactions
Until recently, conventional repo transactions have been constrained by the settlement delays for securities transactions. One of the key innovations of combining DLT with repo is the ability to settle instantly, which enables intraday repo where the repurchase happens at a precise time.

The existing agreement did not account for settlement at specific times, hence the Annex includes wording to support this. Additionally, there are adjustments to interest calculations given they need to account for hours rather than days.

“We hope the Digital Assets Annex will assist the further growth of the market by presenting a common approach that firms can leverage for transactions referencing the relevant categories of digital asset,” said Michael Brown, partner at Clifford Chance.

@ Newshounds News™

Source:  Ledger Insights

~~~~~~~~~

Newshound's Currency Facts Youtube and Rumble
Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Seeds of Wisdom RV and Economic Updates Thursday Morning 8-22-24

Good morning Dinar Recaps,

DBS Bank pilots blockchain-based government grants

The blockchain-based solution builds on DBS Bank’s participation in Project Orchid, an effort by the Monetary Authority of Singapore to test the benefits of tokenization.

Singapore’s DBS Bank launched a solution that uses blockchain technology to streamline the disbursement of government grants.

DBS Bank announced that in the pilot, it collaborated with Enterprise Singapore (ESG), a statutory board under the Ministry of Trade and Industry of the Government of Singapore and the Singapore Fintech Association (SFA), which promotes financial technology in the country.

DBS Bank uses smart contracts to disburse government grants
During the pilot, the SFA disbursed government grants to 27 members. DBS said that its pilot showed how blockchain-based programmable grants can improve efficiency, enhance governance and allow businesses to have faster access to government grants.

With DBS’ permissioned blockchain, ESG and its intermediaries, like the SFA, can determine the conditions of the programs and govern grant disbursements. According to DBS, this includes disbursements to approved recipients upon fulfilling certain business conditions.

Once the conditions are fulfilled, smart contracts will verify that they are met. After this process, the grants will be disbursed automatically to the beneficiaries.

According to DBS, the solution enhances governance control and reduces the need for intermediaries to manually process cash handling. This allows businesses to receive their cash payouts from the government much faster.

Furthermore, the bank’s permissioned blockchain gives full visibility of the process, giving greater transparency to the organizations involved.

Permissioned blockchains are networks with an access control layer that allows participants only a pre-approved level of authority. Even though they use distributed ledger technology, these blockchains are only partially decentralized.

Results of MAS-led Project Orchid
DBS Bank also noted that the programmable grants pilot applies what the firm has learned from participating in Project Orchid, a digital currency initiative led by the Monetary Authority of Singapore (MAS). The initiative tests the benefits of tokenization with local stakeholders.

DBS Bank also previously collaborated with digital payment provider Ant International on a blockchain-based treasury and liquidity management solution. On Aug. 13, DBS launched its treasury tokens, which Ant will use for liquidity and treasury management. The tokens are within the bank’s Ethereum Virtual Machine (EVM) permissioned blockchain.

The solution was created using systems developed during the company’s participation in another MAS-led effort on digital currencies, Project Guardian.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

Hong Kong’s crypto ambitions tested by licensing issues: report

Hong Kong’s crypto hub ambitions face hurdles as more than a dozen exchanges struggle to secure full licenses due to regulatory concerns.

Cryptocurrency exchanges in Hong Kong seem to be grappling with challenges in securing full licenses as the city pushes to become a crypto hub, per a Bloomberg report, which cites people familiar with the matter.

The city’s Securities and Futures Commission has reportedly identified unsatisfactory practices during on-site inspections of 11 “deemed-to-be-licensed” exchanges, raising doubts about their ability to meet full licensing requirements. The investigation revealed that some exchanges were overly reliant on a small number of executives to manage client asset custody, while others are not “properly guarding against cybercrime risks,” the report says.

The exchanges under scrutiny reportedly include big names such as Crypto.com and Bullish as well as local trading platforms like HKbitEX and PantherTrade.

So far, only two platforms — OSL and HashKey — hold full licenses in Hong Kong. While the SFC aims to issue additional licenses by the end of 2024. the process has already led to the withdrawal of 12 applications, including those from Bybit, Huobi HK, and OKX.

Hong Kong scrutinizes regulation for crypto exchanges
The SFC’s findings emerge as the regulator intensifies its efforts to enforce strict compliance among crypto platforms, with a particular focus on safeguarding client assets and enforcing robust know-your-client protocols.

This heightened scrutiny follows a scandal involving JPEX, an unlicensed crypto platform accused of defrauding over 2,600 victims of more than $200 million. The SFC previously reported that JPEX and crypto influencers had made false or misleading claims on social media, falsely suggesting that the exchange had applied for a virtual asset trading platform license in Hong Kong.

However, the regulator later highlighted that JPEX had not submitted any such application, despite its assertions of being a “licensed and recognized platform for facilitating the trading of digital assets and virtual currency.”

@ Newshounds News™

Source:   Crypto News

~~~~~~~~~

Can Tether’s Dirham Stablecoin Drive Crypto Adoption in UAE?

Word in the crypto world has it that the UAE is set to launch a Dirham-pegged stablecoin in partnership with Tether. According to a press release shared by Tether today, the new stablecoin will be launched in partnership with UAE-based Phoenix Group PLC and Green Acorn Investments Ltd.

Paolo Ardoino Tetser’s CEO says, “Tether’s Dirham-pegged stablecoin is set to become an essential tool for businesses and individuals looking for a secure and efficient means of transacting in the United Arab Emirates Dirham whether for cross-border payments, trading, or simply diversifying one’s digital assets.”

Tether’s Dirham Stablecoim sets stage in UAE
Since Gary Gensler took over the US SEC, many crypto businesses have left the United States. The UAE took that opportunity to rebrand the nation as the next crypto global hub. Since the start of 2023, the UAE has taken steps to ease crypto use in the country, with many crypto execs like CZ moving to Dubai.

In 2023, financial regulators in the UAE reached an agreement to officially allow and support crypto trading in an economic-free zone in Dubai. After that, on October 19, Ras Al Khaimah ruler Sheikh Saud bin Saqr Al Qasimi launched the new RAK Digital Assets Oasis (RAK DAO), an economic free zone committed to helping companies working in digital and virtual assets, blockchain, Web3, and artificial intelligence (AI).

Also recently, the UAE’s Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) issued consultation paper No. 7 of 2024, which contains proposals to improve its regulatory framework to allow the ADGM to issue fiat-referenced tokens (FRTs) and invites public feedback and comments on the proposals.

According to the statement, FRTs are a type of stablecoin that is backed by high-quality, liquid assets denominated in the same currency as the FRT and may be liquidated quickly with minimum negative price impact.

FRTs are designed to be used as a form of payment and share some similarities with Stored Value. In other news, on August 16, the Dubai Court of First Instance approved crypto as a legal salary payment method.

Irina Heaver, a partner at UAE law company NeosLegal, noted that the verdict in case 1739 of 2024 marks a shift in the court’s approach, which earlier disallowed recognizing cryptocurrencies as valid salary payments due to their lack of precise valuation.

@ Newshounds News™

Source:  CryptoNewsz

~~~~~~~~~

IOTA Plays a Key Role in Preventing Data Breaches and Improving Efficiency in IoT Vehicles

According to a research paper, the Directed Acyclic Graph (DAG) ledger of IOTA could be tailored to meet the Internet of Vehicles (IoV) needs for effective traceability, throughput, and security.

IOTA is reported to be able to identify attacks and could be a “major fabric” in offsetting the issues of security breaches in IoV.

Internet of Vehicles (IoV) – a network of connected autonomous vehicles that share data over the internet for secured and efficient means of transportation. Data breaches have threatened their growth in recent times. This is confirmed by a report by a non-profit organization, Consumer Watchdog, disclosing that most connected vehicles share similar vulnerabilities.

In the report titled “Kill Switch: Why Connected Cars Can Be Killing Machines And How To Turn Them Off,” researchers alleged that automakers reveal high risks of such breaches to investors while keeping them away from the public. This is evident in Ford’s disclosure in a 10K filing to the Securities Exchange Commission, citing that its suppliers have been victims of malicious attacks.

In another research report titled “Malicious Data Traceability and Throughput Optimization Using Blockchain (IOTA Smart Contracts) for Next Generation Internet of Vehicles,” it was stated emphatically that traditional centralized networks fail to contain these attacks due to their limitations in scalability, latency, and security.

Fascinatingly, the author, Malka N. Halgamuge, at the Department of Information Systems and Business Analytics, RMIT University, Australia, noted that the decentralized blockchain architecture could be the best alternative.

More on the Role of IOTA in IoV and Other Use Cases
Admitting that conventional blockchains also have limitations, the research suggested the need to develop an architecture based on the IOTA’s Directed Acyclic Graph (DAG) ledger. According to the study, this can be tailored to the IoV’s needs for advanced traceability, throughput, and security.

We propose an IOTA-based model using smart contracts for malicious data/user tracing and timing side channels for attack detection. We adaptively schedule data to optimize throughput based on traffic conditions. Our simulations compare throughput, latency, and attack detection across varied scenarios. Our results demonstrate that the architecture enables automated security via decentralized consensus, avoiding centralized failures.

The research paper explained further that smart contracts facilitate real-time threat tracing and mitigation. With that, IOTA’s ability to identify attacks through a low latency fluctuation is revealed in timing analysis. The research paper also mentions that resorting to IOTA’s innovation, smart contract, and integrating reputation systems would boost security, scalability, and efficiency compared to centralized and blockchain IoV networks.

This work advances IoV security by outlining a comprehensive blockchain solution leveraging IOTA’s unique capabilities. The decentralized mechanisms enhance traceability and trust while optimizing performance tailored to vehicular demands. This establishes a foundation for reliable and safe autonomous driving through innovations in distributed ledger technology.

As we previously reported, outside the framework of IoV, IOTA has also become an important part of music and film. It recently launched a solution prototype that is revolutionizing the industry by leveraging DLT to streamline intellectual property rights management.

At press time, IOTA was trading at $0.134 after surging by 0.55% in the last 24 hours. However, the price had declined by 21% in the 30 days and 41% in the last 90 days.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

Newshound's Currency Facts Youtube and Rumble
Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Seeds of Wisdom RV and Economics Updates Thursday Evening 8-8-24

Good evening Dinar Recaps,

Economist Jim Rickards Highlights Gold's Opportunity During Market Meltdowns

"Gold is being profiled as a relevant investment option in economic uncertainty and market instability times. Jim Rickards, a U.S. economist and best-selling author of books like “Currency Wars” and an opinion contributor to several newspapers and publications including The New York Times and The Washington Post, has referred to the investment opportunity that gold presents during acute market setbacks."

"In social media, Rickards reinforced its solid opinion of gold as a hedge against market instability, predicting the price movement of the precious metal during these events."

Rickards says, "In a stock market meltdown, gold goes down due to selling by weak hands who need cash for margin calls. The strong hands take a beat, wait for a bottom. Then they jump in with both feet because they know it’s way up from there."

"Rickards has been analyzing gold’s position in today’s economy, stating that the metal might be used in case of a global currency meltdown to re-establish the gold standard, with many countries, including the U.S., purchasing gold to support the value of their currency."

"Nonetheless, while some markets rebounded after Monday’s meltdown, gold continued to trade down, losing the $2,400 mark. Even after slipping down, gold prices are still almost 15% up during 2024, reaching historic high levels just some days ago."

"According to the World Gold Council, demand is expected to maintain the next year supported by central bank gold purchases for portfolio diversification and protection purposes."

@ Newshounds News™

Source:  Bitcoin

~~~~~~~~~

BREAKING: Victory for Ripple as XRP Is Not a Security in the US; $125M Fine for the Truth

 Ripple’s decisive victory over the SEC has officially ruled XRP a non-security.
 Judge Torres reduced the SEC’s demanded fine from $2 billion to $125 million.

Ripple has exciting news following its recent victory over the US Securities and Exchange Commission (SEC). XRP has been officially classified as a non-security, a designation that was highly disputed during Ripple’s litigation against the Commission.

Court Significantly Reduces SEC Penalties for Ripple’s Institutional XRP Sales

In addition, as Ripple CEO Brad Garlinghouse noted in his most recent tweet, the court has reduced the SEC’s penalties for institutional XRP sales that violate federal securities laws.

"The SEC asked for $2B, and the Court reduced their demand by ~94% recognizing that they had overplayed their hand. We respect the Court’s decision and have clarity to continue growing our company.

This is a victory for Ripple, the industry and the rule of law. The SEC’s headwinds against the whole of the XRP community are gone."

Judge Torres of the Southern District of New York levied the penalties after concluding that Ripple’s 1,278 institutional sales transactions breached securities regulations.

Previously, Judge Torres decided in July 2023 that Ripple violated federal securities laws by selling XRP directly to institutional clients. However, automated sales of XRP to retail clients through exchanges did not violate securities regulations.

Recently, the SEC failed to appeal a portion of the order that excused Ripple from securities law violations in programmatic sales.

Furthermore, Judge Torres has forbidden Ripple from future violations of federal securities laws, signaling that any violations will necessitate the issue of a court order. Ripple must file a registration statement if it intends to sell securities in the future.

Interestingly, Ripple’s convincing triumph has generated a surge in demand for XRP. At the time of writing, XRP was up 17.88% over the last 24 hours to $0.6055. Its daily trade volume has risen more than 200% to $5.05 billion. The price of XRP has quickly risen to pass crucial levels, $0.50 and $0.60.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

Solana ETF Approved by Brazilian SEC

Following its approval by the Brazilian regulator, the ETF is in a pre-operational phase, awaiting approval by Brazilian stock exchange B3.

Brazil's Securities and Exchange Commission (CVM) has approved a spot Solana exchange-traded fund (ETF).

According to local business publication exame, the ETF, created by Brazilian asset manager QR Asset and operated by fund administrator Vortx, is in a pre-operational phase, pending approval by Brazilian stock exchange B3.

The ETF will reference the CME CF Solana Dollar Reference Rate, created by CF Benchmarks and the Chicago Mercantile Exchange (CME).

Speaking to exame, QR Asset manager and chief investment officer Theodoro Fleury described the firm as a "global pioneer in this segment, consolidating Brazil's position as a leading market for regulated investments in crypto assets."

Solana ETFs around the world

With the CVM's approval, Brazil has outpaced the U.S. in the race to bring a spot Solana ETF to market. Following the surprise approval of multiple U.S. spot Ethereum ETFs, firms including VanEck and 21Shares have filed S-1 registration forms with the U.S. Securities and Exchange Commission (SEC) in the hope of securing approval.

In May, British bank Standard Chartered predicted in a research note that Solana and XRP ETFs are on the horizon, "albeit this is likely a 2025 story not a 2024 one."

Last month, VanEck's head of digital assets predicted that approval of a U.S. Solana ETF hinges on the outcome of the U.S. presidential election, dubbing the lack of a regulated futures market for Solana a "Psyop" by SEC chair Gary Gensler.

However, asset manager BlackRock has sat out the race, taking a skeptical position and predicting that "it will be a while before we see anything else" beyond Bitcoin and Ethereum ETFs.

Meanwhile,  to the north, investment fund manager 3iQ has filed for a Solana ETF in Canada, aiming to be the first to market in North America. Interestingly, 3iQ has said from the outset that the fund would stake the SOL it buys to back shares. “The Solana Fund offers easy exposure to SOL without technical complexity,” the company wrote at the time. “As part of our investment strategy, the Solana Fund will stake SOL to earn rewards.”

@ Newshounds News™

Source:  Decrypt

~~~~~~~~~

BRICS: Russia Officially Legalizes Bitcoin and Crypto Mining

"In another important sign of BRICS development in digital currencies, Russia has officially legalized Bitcoin and crypto mining in the country. Indeed, Moscow’s president, Vladimir Putin signed a law Thursday that legalizes the cryptocurrency process to specified persons."

The legislation will only allow “legal entities and individual entrepreneurs included in a register,” to mine crypto, Russian state media reports. However, it also legalizes mining for any individuals who “do not exceed the energy consumption limits,” proposed by the government.

"The past several months have seen BRICS embrace digital assets in a massive way. The group is reportedly considering the creation of a native currency using blockchain technology. It could be set to use these digital assets as a way to move further from the US dollar. Recent legal actions taken by one of its leading nations certainly support that assertion."

"As BRICS develops its digital currency infrastructure, Russia has officially legalized Bitcoin and crypto mining. The law will reportedly allow cryptocurrencies to be traded on native blockchain platforms. Moreover, it will go into effect in just ten days."

"This isn’t the first pro-crypto law Russia has passed this year. In late July, the country moved to allow crypto payments in international trade. The decision was made to combat Western sanctions."

@ Newshounds News™

Source:  Watcher Guru

~~~~~~~~~

Newshound's Daily Breakdown Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps