Good Afternoon Dinar Recaps,

ARE THE LARGEST BANKS IN THE WORLD STARTING TO INVEST IN CRYPTO?

“The largest investment banks in the world are rolling out crypto services and investing in crypto companies. JP Morgan. BNY Mellon. Goldman Sachs. They all foresee global adoption in the IMMEDIATE FUTURE From consumers to financial institutions the world is getting ready to use crypto as money."

@ Newshounds News™

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.

Good Afternoon Dinar Recaps,

CFTC CHAIRMAN TOLD AN ILLINOIS COURT THAT BITCOIN AND ETHEREUM ARE DIGITAL COMMODITIES

CFTC Chair Rustin Behnam says 70-80% of cryptos are not securities."

"(Kitco News) – The battle over digital asset regulation appears to be heating up as Commodity Futures Trading Commission (CFTC) Chair Rustin Behnam told an Illinois court that Bitcoin (BTC) and Ethereum (ETH) are digital commodities under the Commodity Exchange Act and that 70-80% of tokens in the cryptocurrency market are not securities. "

"Behnam made the comments while testifying before the U.S. Senate Committee on Agriculture, Nutrition and Forestry’s hearing on the oversight of digital commodities."

"Given the risks that this unregulated market poses to U.S. investors, I have consistently and publicly called for new legislative authority for the CFTC, including before this Committee. Congress must act quickly in order for regulators, like the CFTC, to provide basic customer protections that are core to U.S. financial markets.”

Good Afternoon Dinar Recaps,

BIOMETRIC PASSPORTS BY GOOGLE

"Google Wallet is rolling out support for American biometric passports. Users scan their passport with Google Wallet to add it as an ID pass, and can then perform identity verification by connecting their phone to an NFC scanner or scanning a QR code generated by the ID pass. They are still recommended to carry a physical copy of their passport, however."

"Google Wallet also added support for 29 more banks to its payment feature in June, and is up to 170 added this year alone, indicating the focus remains on payments, for now. Mobile driver’s licenses from several states are already available in Google Wallet."

Good Afternoon Dinar Recaps,

IS THE US MILITARY CONSIDERING BLOCKCHAIN ADOPTION?

"The United States Senate Committee on Armed Services has taken a significant step towards integrating advanced technology into national defense. As part of the fiscal year 2025 National Defense Authorization Act (NDAA) report, the committee has directed Secretary of Defense Lloyd Austin to investigate potential applications of blockchain technology within the military. This directive, issued on July 9, focuses particularly on enhancing supply chain management and strengthening national security."

"Secretary Austin is required to provide a briefing by April 1, 2025, outlining plans for blockchain integration in national security applications. The briefing must address pilot programs, benefits and risks, current adoption in industry and by foreign countries, and implementation feasibility."

Good Afternoon Dinar Recaps,

RUSSIA'S PROSPERITY INCREASES AFTER US SANCTIONS DE-DOLLARIZATION CONTINUES "Russia, one of the leading nations in the world, has now added one more feather to its cap. The nation’s GDP has reportedly exploded post-sanctions. Russia is now one of the most prosperous nations in the world, with its per capita income ranging from $14,250 annually. The nation is also spearheading efforts to derail the US Dollar by echoing the multipolar currency narrative." "It is particularly interesting to note, considering that the US has sanctioned Russia by cutting its access to the SWIFT payment system. Despite encountering a major financial blow, the Russian economy is projecting an upward ascent, displaying its mettle against global nations."

Good Afternoon Dinar Recaps,

PRESIDENT TRUMP POSITIONING HIMSELF TO BE A STRONG PROPONENT OF BITCOIN AND TOKENIZED ASSETS

In a Forbes article several lawmakers are described as offering pro-crypto advice to President Trump.

“We want all the remaining Bitcoin to be made in the USA!”

"In a Truth Social post last month, Republican presidential candidate Donald Trump expressed strong support for bitcoin. In the same post, he recognized the geopolitical significance of the world’s largest cryptocurrency, warning that any policy that seeks to hamper bitcoin “only helps China and Russia.” Trump’s statement not only positioned him as the first pro-bitcoin nominee of a major political party—it also put a spotlight on discussions about classifying bitcoin as a strategic reserve asset. "

Good Evening Dinar Recaps,

BRICS Coalition Eyes Ripple for New Financial Order, Is This the Awaited XRP Price Pump Trigger? ➖

BRICS coalition explores Ripple/crypto strategy to challenge US dollar dominance. ➖RippleNet could replace SWIFT for cross-border transactions. ➖XRP Ledger offers a decentralized platform for asset-backed currency.

The BRICS coalition, composed of Brazil, Russia, India, China, and South Africa, is considering a Ripple/crypto plan to challenge the US dollar’s global supremacy. This action, according to analysts, has the potential to change the present financial situation.

Leaders like Vladimir Putin and Xi Jinping are showing strong interest in cryptocurrency as a means of countering US financial dominance. An entirely new financial order based on real assets and blockchain technology might emerge from such a development, altering the current petrodollar system.

Good Evening Dinar Recaps,

WHAT CAN RLUSD STABLECOIN DO THAT XRP CANT DO?

"Ripple President Monica Long explains the dual role the forthcoming RLUSD stablecoin could play alongside XRP for developers and payment utilities."

1. Some customers will prefer to transact in USD, so the stablecoin is the better method. 2. Sometimes a bridge asset is unnecessary. 3. XRP is a neutral crypto FOR USE as a BRIDGE ASSET. 4. XRP can move more than just currency, RLUSD only moves US dollars.

Good Evening Dinar Recaps,

WHAT IS A TIER ONE BANK? "Banking regulations known as the Basel Accords require banks to have different types of capital on hand. These liquid and cash assets balance out the risk-weighted assets that banks hold. This increases banks' stability, which increases the stability of the overall financial system. " "Tier 1 capital is the primary funding source of the bank. Typically, it holds nearly all of the bank's accumulated funds. These funds are generated specifically to support banks when losses are absorbed so that regular business functions do not have to be shut down.  Under Basel III, the minimum tier 1 capital ratio is 10.5%."

Seeds of Wisdom RV and Economics Updates Wednesday Afternoon 7-3-24

Good Afternoon Dinar Recaps

Circle expects MiCA to squeeze other unregulated stablecoins "Circle EU expects a transformative year ahead for the European crypto market. Key implementation dates for MiCA include June 30 for stablecoins and December 30 for crypto asset service providers."

"Circle’s USDC and EURC stablecoins are now fully compliant with the new regulations, alleviating concerns that investors would need to redeem their stablecoins or transfer funds to other digital assets to remain compliant." © Newshounds News™

Good Evening Dinar Recaps,

WHAT EXACTLY IS A STABLECOIN

"Stablecoins are a type of cryptocurrency that seeks to maintain a stable value by pegging their market value to an external reference. This reference could be a fiat currency like the U.S. dollar, a commodity such as gold, or another financial instrument."

"Stablecoins play a crucial role in the cryptocurrency ecosystem due to their stability."

"They aim to provide the speed and security of a blockchain while eliminating the volatility that most cryptocurrencies endure. Initially used primarily to buy cryptocurrencies on trading platforms that did not offer fiat currency trading pairs, stablecoins have seen their adoption grow. They are now used in several blockchain-based financial services, such as lending platforms, and can even be used to pay for goods and services. © Newshounds News™