Good Afternoon Dinar Recaps,

Gold (XAU) Forecast: Dollar Weakness and Falling Yields Set Stage for Continued Rally

Key Points: ▪️ Gold surges 2.32% weekly despite Friday pullback, settling at $2442.50 amid geopolitical tensions and Fed rate cut expectations. ▪️ Middle East conflicts, including Hamas leader assassinations, boost safe-haven demand for gold as geopolitical hedge. ▪️ Powell's comments spark surge in trader bets for September rate cut, CME FedWatch tool shows 28.5% chance of 50-basis-point cut. ▪️ Weaker-than-expected U.S. jobs report strengthens case for gold: Only 114,000 jobs added, unemployment rises to 4.3% ▪️ Analysts eye $2,500 year-end target for gold, potentially arriving sooner if current bullish trends persist in the market.

@ Newshounds News™

Read more:  FX Empire

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Good Morning Dinar Recaps,

OpenEden Introduces Tokenized US Treasury Bills onto the XRP Ledger

"Tokenization platform OpenEden has announced that it will bring tokenized US Treasury bills (T-bills), a short-term US government debt obligation backed by the US Department of the Treasury, to the XRP Ledger (XRPL) and its users for the first time."

"The tokenization of T-bills onto the XRPL is a demonstration of how institutional access to decentralized finance (DeFi) is being driven by the tokenization of traditional real-world assets (RWAs).

The assets backing OpenEden’s TBILL tokens are invested in short-dated US T-bills and reverse repurchase agreements collateralized by US Treasuries. Minters are subject to stringent KYC and AML screening to ensure the highest security and regulatory compliance standards."

Good Afternoon Dinar Recaps,

WHAT IS THE STRATEGIC BITCOIN RESERVE?

"THE BITCOIN ACT of 2024, introduced by Senator Cynthia Lummis of Wyoming, seeks to firmly establish Bitcoin as a strategic asset in the United States’ financial arsenal. At its core, the Act proposes the creation of a Strategic Bitcoin Reserve (SBR) and a structured Bitcoin Purchase Program, and comprehensive national custody policy."

The Strategic Bitcoin Reserve (SBR) "The establishment of the SBR signifies a paradigm shift in how the United States government manages and custodies Bitcoin at the Federal level. The SBR creates a decentralized network of secure Bitcoin storage facilities across the United States."

Good Morning Dinar Recaps,

US REJECTS VIETNAM'S Request to Lift ‘Non-Market Economy’ Tag

THE QUESTION REMAINS HOW WILL THIS NEWS AFFECT THE VALUE OF THE VIETNAMESE DONG

" The Biden administration rejected Vietnam’s request to be classified officially as a “market economy,” a setback for the country’s efforts to boost exports to its most important market."

"The trade-dependent Southeast Asian economy has pressed the administration to revise the status since the upgrade in diplomatic ties during a visit by President Joe Biden to Vietnam in September last year."

Good Afternoon Dinar Recaps,

TOKENIZED US TREASURY BILLS ON XRP LEDGER "Tokenization platform OpenEden has announced that it will bring tokenized US Treasury bills (T-bills), a short-term US government debt obligation backed by the US Department of the Treasury, to the XRP Ledger (XRPL) and its users for the first time." "The tokenization of T-bills onto the XRPL is a demonstration of how institutional access to decentralized finance (DeFi) is being driven by the tokenization of traditional real-world assets (RWAs).

The assets backing OpenEden’s TBILL tokens are invested in short-dated US T-bills and reverse repurchase agreements collateralized by US Treasuries. Minters are subject to stringent KYC and AML screening to ensure the highest security and regulatory compliance standards."

Good Afternoon Dinar Recaps,

RUSSIA LEGALIZES BITCOIN AND CRYPTO TRANSACTIONS FOR GOVERNMENT AND BUSINESSES "In a significant legislative move, Russian lawmakers have passed a bill permitting businesses to use Bitcoin and other cryptocurrencies in international trade, according to a report by Retuers.

 This development is part of Russia's strategy to circumvent Western sanctions imposed following the invasion of Ukraine. The new law, expected to take effect in September, aims to address delays in international payments, particularly with key trading partners like China, India, and the UAE."

"Central bank Governor Elvira Nabiullina, a proponent of the law, announced that the first cryptocurrency transactions will occur before the year's end. The central bank will establish an "experimental" infrastructure for these payments, with further details pending."

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USDT= TETHER'S STABLECOIN IS THE BIGGEST CRYPTOCURRENCY BEHIND BITCOIN IN  EAST ASIA

"There’s arguably nothing special about Tether in itself, not least because the stablecoin still hasn’t undergone a full audit. However, it has become a lifeline in parts of the world where trading crypto with fiat currencies is either prohibited or very difficult, whereas it remains marginal in markets such as the United States."

"Tether may be viewed with a mixture of suspicion and bemusement in the West, but in East Asia it is the biggest cryptocurrency after Bitcoin."

"According to Chainalysis’ 2020 Geography of Cryptocurrency Report, STABLECOINS account for 33% of all value traded on-chain in East Asia, as opposed to 21% or Western Europe and 17% for North America. And of the STABLECOINS traded in East Asia, 93% of the traded value comes from Tether."

Good morning Dinar Recaps,

EU and Singapore finalise Digital Trade Agreement

The European Union (EU) and Singapore have successfully concluded negotiations for a landmark Digital Trade Agreement (DTA), an initiative aimed at setting global standards for digital trade and cross-border data flows.

On 25 July 2024, the European Union (EU) and Singapore successfully concluded negotiations for a landmark Digital Trade Agreement (DTA), an initiative aimed at setting global standards for digital trade and cross-border data flows.

This agreement, the first of its kind for the EU, complements the existing 2019 EU-Singapore Free Trade Agreement (EUSFTA) and shows deepening economic relations between the two regions.

Good afternoon Dinar Recaps,

Worldwide, People Reject the Central Bank Digital Currency

"Do people want central bank digital currencies, better known as CBDCs? Countries that have experimented with or launched digital versions of their respective currencies have witnessed little fanfare for these endeavors. Put simply, they are not appealing to the general public. 

Yet governments are still foisting them onto their populations, perhaps because they might be the greatest surveillance tool known to man."

"At the onset of the coronavirus pandemic, the Bahamas became the first nation in the world to issue a central bank digital currency. Whether it was out of fear that touching physical cash would result in COVID is unclear.

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Financial Stability Implications of Emerging Market CURRENCY DEVELOPMENTS

"A global soft landing remains the base case, as the July World Economic Outlook update showed. The forecast for economic growth in emerging markets has changed little, with projections edging up to 4.3 percent for both this year and next. Inflation in most major emerging markets is forecast to ease further and reach target ranges, allowing monetary policy to ease in the foreseeable future."

"And yet, emerging market currencies have declined by about 4 percent year-to-date, on net, against the US dollar, even after partially recovering in recent weeks. Latin American currencies have dropped 5 percent, while currencies in Asian emerging markets are lower by 4 percent.

Central and Eastern European and African currencies saw milder depreciations. It’s important to assess whether further declines could have adverse consequences for financial stability."

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BRICS PROPOSAL TO LINK ALL MEMBER COUNTRY'S PAYMENT SYSTEMS

"The proposal aims to enhance BRICS countries’ financial sovereignty by establishing a resilient and sanctions-resistant payment infrastructure. Discussions include integrating financial markets, payments in national currencies, and new mechanisms for mutual financial settlements."

"Russian Deputy Foreign Minister Andrey Rudenko revealed in an interview with TASS this week. He noted Tehran’s suggestion to integrate the payment systems of BRICS countries, similar to the integration of Russia’s Mir and Iran’s Shetab electronic banking and automated payment systems."

"Rudenko emphasized that establishing a clearance and payment infrastructure independent and resilient to sanctions would significantly enhance the financial sovereignty of BRICS. However, Iran’s initiative remains under discussion, and it is premature to define any final parameters, the Russian diplomat clarified."

Good afternoon Dinar Recaps,

Cardano Launches Node 9.1.0: The Dawn of the Chang Hard Fork Era

▪️ Cardano’s Node 9.1.0 launch is pivotal for the Chang Hard Fork, marking significant progress in on-chain decision-making.

▪️ While ADA’s price hasn’t surged yet, the upgrade holds potential for a future rally similar to the Alonzo Hard Fork.

Following the innovative launch of Cardano Ogmios v6.4.0, we reported last month, Cardano has launched Node 9.1.0, which is crucial for the upcoming Chang Hard Fork upgrade. This node introduces the final version needed to implement on-chain decision-making within the Cardano ecosystem. The Dawn of the Chang Hard Fork Era is equipped with a crucial feature, the Conway genesis file, which differentiates it from the previous Node 9.0.0.

This launch was announced by Intersect on X and confirmed by Cardano founder Charles Hoskinson on his personal X account. The Chang Hard Fork upgrade, initially scheduled for the first half of 2024, is expected to significantly advance Cardano’s infrastructure and capabilities.

Good Afternoon Dinar Recaps,

UK travellers told to SWAP FOREIGN CURRENCY NOW ahead of coming SWITCH

"If you still have the notes from your travels you may find it hard to swap them back next year."

"UK holidaymakers are being advised to exchange any leftover Bulgarian Levs or Romanian Leu ahead of a significant financial shift which was due next year. Both nations are preparing to adopt the Euro, joining the eurozone, which will render their current native currencies obsolete and potentially complicate the process of converting them back into sterling."

"Bulgaria has been growing in popularity as a family holiday destination for UK travellers since 2018, with its beach resorts being named the most affordable in Europe. Hundreds of thousands of Brits now choose Bulgaria for their annual holiday each year."

"A similar situation is expected for the Lev and Leu, sparking concerns among tourists and expats. Mario Van Poppel, founder of Leftover Currency, said: "With Bulgaria and Romania joining the eurozone, British travellers holding onto Levs or Leu need to act promptly. "Once the Euro is adopted, it will become increasingly difficult and costly to convert these currencies back to sterling."