Good evening Dinar Recaps,

XRP ETF Expected as Ripple Partner SBI Enters US ETF Market SBI Holdings plans to enter the US ETF market, sparking speculation of an XRP ETF due to its strong partnership with Ripple and digital asset focus.

Ripple partner SBI Holdings is making headlines as it prepares to enter the ETF market. This move has led to speculation about a potential XRP ETF, given SBI’s strong partnership and association with Ripple, a company that holds the largest share of XRP.

For instance, on July 1, SBI Holdings began minting non-fungible tokens (NFTs) for the upcoming 2025 World Expo in Osaka, Japan. SBI leaders have also consistently endorsed XRP.

Now, a local report reveals that SBI Holdings plans to establish an investment management company with Franklin Templeton, a major US investment firm. This new venture will focus on digital assets, with SBI holding a 51% stake and Franklin Templeton 49%.

Good Evening Dinar Recaps,

XRP WHALES Go On $84 MILLION Buying Spree To Lock Down 140 Million Tokens

"XRP whales look to have regained their confidence in the XRP token, with recent data showing an accumulation trend among these investors. This is significant as XRP eyes the $1 mark and as these XRP whales could play a role in facilitating such a price rally.

" "Crypto analyst Ali Martinez recently shared data from the on-chain analytics platform Santiment, which shows that XRP whales bought over 140 million XRP ($84 million) this past week."

"This increase in whale accumulation is also a factor that could contribute to such a rally, as these investors could use their market influence to push XRP’s price to new highs. Santiment recently noted that XRP’s impressive rebound is supported by the rising level of coins held by xrp whales and sharks with over 100,000 tokens. According to Santiment, this category of investors now holds over 51 billion XRP tokens, a new all-time high (ATH). "

Good Afternoon Dinar Recaps,

PUTIN WANTS RUSSIA TO EMBRACE THE DIGITAL RUBLE "The digital ruble has proven its viability and it is time to move on to a wider use of the currency, Russian President Vladimir Putin said at a meeting about the economy." "Digital currency works much the same way as national currencies used by central banks of various countries, making transactions more transparent and easier to track. 

Russia is not the first country to think about going digital; the leader in this sphere is China, which was among the first nations to widely introduce digital currency with the digital yuan, Natalya Milchakova, lead analyst at Freedom Finance Global, explained to Izvestia. Only a few countries have fully switched over to using digital currencies, mostly countries in the Caribbean, such as the Bahamas and Jamaica."

""Russia wants to be at the cutting edge of modern technologies, including financial services. The DFA (tokens) market is already taking off in the country, including those issued by major industrial enterprises in order to inject money into promising projects," Milchakova explained.

Good Evening Dinar Recaps,

BRICS IS MAKING PREPARATIONS FOR A US DOLLAR COLLAPSE

"According to a Russian IMF representative, BRICS is ready to offer an alternative to the US Dollar amid the currency’s collapse, and the bloc must prepare for such an instance. The alliance, consisting of Russia; India, China; Brazil; South Africa; and supporting nations, has been working to abandon the US Dollar for some time."

"The BRICS bloc is working to develop a new BRICS currency to replace the US dollar, alongside local currencies between nations. In an interview with RIA Novosti published on Friday, Russian IMF rep Alexey Mozhin noted that the shortcomings of the current financial system are becoming more apparent.

Furthermore, he points out that many publications have started to mention BRICS as a group that will offer a successful alternative to the greenback."

Good Afternoon Dinar Recaps,

Seven-State Coalition Opposes SEC’s Cryptocurrency Regulation

The Office of the Attorney General of Iowa announced earlier this month that Iowa Attorney General Brenna Bird led a seven-state coalition in filing an amicus brief opposing the U.S. Securities and Exchange Commission’s (SEC) attempt to regulate cryptocurrencies. The amicus brief, supported by Arkansas, Indiana, Kansas, Montana, Nebraska, and Oklahoma, was filed on July 10 to challenge the SEC’s overreach.

“SEC’s power grab may stop states from protecting their citizens from scams, and it hurts the free market,” the announcement details, adding: SEC’s policing of cryptocurrency will stifle innovation and devastate the cryptocurrency industry.

States like Iowa, which have been at the forefront of protecting scam victims and prosecuting scammers, view the SEC’s actions as a significant overreach.

Good Afternoon Dinar Recaps,

SOUTH KOREA'S STRICT LAWS ON CRYPTO EXCHANGES COME INTO FORCE

The new regulations issued by South Korea’s watchdog to protect user assets on crypto exchanges went into effect on July 19.

The much-talked-about new regulations from South Korea’s financial security regulator, designed to protect users buying and storing crypto assets with virtual asset service providers (VASPs), came into force on July 19.

Titled the “Virtual Asset User Protection Act,” VASPs must take several steps to ensure the protection of user’s crypto, according to a July 17 statement from South Korea’s Financial Services Commission (FSC).

Good Afternoon Dinar Recaps,

JORDAN LAUNCHES NATIONAL TECHNOLOGY NETWORK

The Ministry of Digital Economy and Entrepreneurship in Jordan has launched a national blockchain technology network in partnership with Jordanian blockchain company Blockexe. The implementation of blockchain technology in Jordan’s government sector aligns with the Jordanian Digital Transformation Strategy (2021-2025).

Enhancing Trust in Government Services

On July 17, the Jordanian Ministry of Digital Economy and Entrepreneurship announced its partnership with local blockchain company Blockexe to launch a national blockchain technology network called Modee Dlt. This protocol aims to enhance trust and transparency in government services.

The blockchain network has been integrated with the Jordanian government portal, allowing for decentralized and verifiable digital records of all Sanad transactions. According to a report, this implementation aligns with the Middle Eastern nation’s Digital Transformation Strategy (2021-2025), which focuses on strengthening the country’s digital infrastructure.

Good Afternoon Dinar Recaps,

State Street Panning Tokenized Deposits and Stablecoin – Report

Today Bloomberg reported that State Street is exploring participating in various digital currency initiatives. The bank is already an investor in Fnality, the interbank DLT payment solution backed by 20 institutions. Bloomberg cited a source saying it was exploring participating in other DLT payment consortia, as well as tokenized deposits and a stablecoin.

While the mention of tokenized deposits is no surprise, it’s the stablecoin plans that stand out. It’s highly unlikely that U.S. banking regulators would sanction the bank issuing a stablecoin. However, State Street has a significant asset management subsidiary, so that could be a different story.

State Street Global Advisors (SSGA) recently partnered with Galaxy Asset Management to launch crypto-related ETFs. Notably, Galaxy is collaborating on the AllUnity Euro stablecoin with another bank-affiliated asset manager, Deutsche Bank’s DWS.

Good evening Dinar Recaps,

An Update on Vietnam’s Quest for Crypto Regulation

An article by Hudson Reporter dated April 21, 2024 titled:  Vietnam’s Path to Crypto Regulation by 2025:  A Governmental Necessity, gives an update on Vietnam's quest for Crypto Regulation. The article states that Vietnam plans to develop a legal framework for cryptocurrency regulation by May 2025 to address ownership risks and prevent illegal activities such as money laundering Key Takeaways from the article: 1.  Cryptocurrencies are not banned in Vietnam but regulation is urgently needed. 2.  The Finance Ministry has been tasked to draft a regulatory framework by May 2025. 3.  Measures against misuse, like money laundering, are also being studied. @ Newshounds News™

Good Afternoon Dinar Recaps,

OPEC Plus alliance agreement enhances the balance of the global oil market in the second half of 2024 Russia announced that the global oil market will be balanced in the second half of the year and beyond thanks to the OPEC Plus alliance agreement on production. Russian Deputy Prime Minister Alexander Novak said that the OPEC Plus alliance, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, has been implementing a series of production cuts since late 2022 to support the market. The Alliance agreed on June 2 to extend the previous cut of 2.2 million barrels per day until the end of September and gradually remove it starting in October.

The US Energy Information Administration said last week that global oil demand will exceed production by about 750,000 barrels per day in the second half of 2024 due to the decline in OPEC Plus production.

Good afternoon Dinar Recaps,

FIVE CENTRAL BANKS HAVE INTERCONNECTED THEIR INSTANT PAYMENT SYSTEMS "Five central banks have interconnected their instant payment systems, creating a framework for faster and more affordable cross-border payments globally. These include the central banks of India, Malaysia, the Philippines, Singapore, and Thailand." CLICK THE LINK TO WATCH THE SHORT VIDEO- VERY INFORMATIVE

While watching the video remember that Ripple is a member of the BIS cross-border Payments interoperability and Extention (PIE) taskforce. @ Newshounds News™

Good Evening Dinar Recaps,

UNITES STATES CONSULTING FIRM SIGNS CONTRACT FOR IRAQ DEVELOPMENT ROAD

"By John Lee. Iraq's Minister of Transport, Razzaq Muhibis Al-Saadawi, announced the signing of a contract with Oliver Wyman, a consultancy firm, to provide advisory services for the Development Road project. Al-Saadawi stated that the consultancy will assist the ministry in marketing the project and overseeing investment opportunities. The contract, signed by Younis Khalid Jawad."

@ Newshounds News™

(Due to some unforeseen new computer glitches this afternoon post was delayed)

Good Afternoon Dinar Recaps,

VND/USD EXCHSNGE RATE AS OF 7/15/24

"Reference exchange rate drops slightly at week’s beginning

The State Bank of Vietnam (SBV) set the daily reference exchange rate at 24,245 VND/USD on July 15, down 3 VND from July 13.

With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 25,457 VND/USD and the floor rate 23,033 VND/USD.

At commercial banks, the opening-hour rates also fluctuated slightly. At 8:20 am, Vietcombank listed the rates at 25,237 VND/USD (buying) and 25,457 VND/USD (selling), both down 3 VND from the rates two days ago.