Seeds of Wisdom RV and Economic Updates Monday Afternoon 8-19-24

Good Afternoon Dinar Recaps,

US federal agencies are planning to redefine 'money' to include crypto in reporting rules

Federal regulators aim to treat crypto and traditional currency equally for financial institution reporting.

Key Takeaways
▪️US agencies aim to treat cryptocurrencies as traditional money for reporting purposes.
▪️Final rulemaking on crypto as money expected by September 2025.

Several top US federal agencies are collaborating to revise the definition of “money” to strengthen reporting requirements for financial institutions handling domestic and cross-border cryptocurrency transactions.

The US Department of the Treasury’s semiannual regulatory agenda, released on August 16, reveals an upcoming federal effort to level the regulatory playing field for cryptocurrencies and traditional fiat currency.

The Board of Governors of the Federal Reserve System and the Financial Crimes Enforcement Network intend to revise the meaning of “money” used in the Bank Secrecy Act.

According to the agenda, the agencies aim to ensure that the rules apply to transactions involving convertible virtual currency, defined as a medium of exchange that either has an equivalent value as currency or acts as a substitute for currency, but lacks legal tender status.

The proposal will also extend reporting requirements to digital assets with legal tender status, including central bank digital currencies.

The final notice of proposed rulemaking is currently scheduled for September 2025, subject to clearance. This move comes as the US government recently shifted approximately 10,000 Bitcoin linked to a dated Silk Road raid on August 14.

In addition to crypto, the Department of Justice is actively amending regulations and legal mandates for artificial intelligence.

On August 7, the DOJ asked the United States Sentencing Commission to update its guidelines to provide additional penalties for crimes committed with the aid of AI. These recommendations seek to expand beyond established guidelines and apply to any crime aided or abetted by simple algorithms.

In June, the US Supreme Court overturned the Chevron doctrine, significantly affecting the SEC’s regulatory authority over crypto policies.

In May, the US Treasury and IRS introduced new tax regulations for crypto brokers, requiring transaction reporting and record-keeping of token costs starting in 2026.

Earlier this month, Senators Wyden and Lummis criticized the DOJ’s treatment of crypto software services as equivalent to unlicensed money-transmitting businesses, highlighting potential conflicts with the First Amendment.

This regulatory push reflects the growing recognition of crypto and digital assets as significant components of the financial system. By aligning reporting requirements for crypto with those of traditional currency, regulators aim to enhance transparency and combat potential illicit activities in the crypto space.

@ Newshounds News™

Source: CryptoBriefing and Federal Register

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IOTA News: Tangle Treasury Implements New Anti-Fraud Measures to Protect Grant Distribution

▪️ The Tangle Treasury has implemented significant improvements in data and financial security, introducing a new anti-money laundering (AML) and counter-terrorist financing (CTF) policy.

▪️ Nicole O’Brien will lead as the AML/CTF officer for IOTA’s Tangle Treasury, overseeing adherence to best practices, improving internal protocols, and training staff.

The IOTA and Shimmer communities received an important update from the Tangle Treasury regarding the enhanced backend improvements. The latest advancements currently focus on boosting data and financial security while refining proposal reviews and grant management processes.

Thus, in an effort to mitigate risks associated with fund allocations, the Tangle Treasury unveiled a new counter-terrorist financing (CTF) and anti-money laundering (AML) policy. 

The broader goal here is to safeguard the Treasury’s primary mission of issuing grants to other promising projects while minimizing the risk of the funds falling into the hands of scammers and other malicious players.

These improved screening features will further enhance the Treasury’s operational efficiency while protecting community investments. As we know, the Tangle Treasury has made significant strides in enhancing internal processes while ensuring community funds’ safety.

With its AML and CTF policy, Tangle DAO has also implemented additional protective measures such as conducting rigorous background checks and enhanced know-your-customer (KYC) procedures for all the proponents as well as grant recipients such as proof-of-address, proof of identity, screening against sanction lists from major countries and blocs, as well as checks for politically exposed persons (PEP).

IOTA Tangle Treasury Appoints Nicole O’Brien

In order to oversee all these processes, IOTA’s Tangle Treasury has appointed Nicole O’Brien as its CTF/AML officer. In her role, O’Brien will ensure adherence to best practices, enhance internal protocols and provide training for staff members.

These advancements, along with improved data security, bookkeeping, and the introduction of standard operating procedures (SOPs) for finance administration and grant management, will help boost the Tangle Treasury’s efficiency and professionalism. Further updates, including a call for new proposals, will likely come in the coming weeks.

The IOTA Tangle is an innovative form of Distributed Ledger Technology (DLT) specifically created for Web3 while using a unique structure based on directed acyclic graphs (DAG) instead of the conventional blockchain model, per the CNF report.

Recently, IOTA has put a major focus on enhancing trust and security, especially for its Identity wallets, per the CNF report.

Also, the European Identity Wallet seeks to transform the Identity verification process by allowing users to log into websites without passwords while securely sharing verified information with simplicity.

In collaboration with the European Commission, IOTA has introduced a new prototype solution using distributed ledger technology (DLT) in order to boost the management of the intellectual property rights marketplace while allowing users to utilize automated, transparent digital contracts, eliminating the need for traditional negotiations, reported CNF.

@ Newshounds News™

Source:  Crypto News Flash

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Cardano Founder Charles Hoskinson Launches $1 Million Bug Bounty Challenge Ahead of the Chang Hard Fork

▪️ Charles Hoskinson, Cardano’s co-founder, has announced a $1 million prize for hackers who successfully breach its newly introduced Lace Paper Wallet.

▪️ At the Rare Evo 2024 event, Hoskinson highlighted the upcoming Chang hard fork and the transition to the Voltaire Era.

Cardano’s (ADA) Charles Hoskinson has announced a $1 million bug bounty challenge to the ADA community pending the implementation of the long-awaited Chang Hard Fork.

Speaking at the recent Rare Evo 2024 event, Hoskinson announced that the newly introduced Lace Paper Wallet would be the object at the center of this challenge, with participants expected to breach its defense.

 The Lace Paper Wallet Bug Bounty Program would run until the end of 2024, or someone successfully breaches its security and retrieves the Non-Fungible Tokens (NFT) inside.

The Web3 wallet was developed by Cardano’s (ADA) parent company, Input Output Global (IOG), with Paper Wallet integrated to beef up its security. According to reports, the added features would enable users possessing PGP keys to use a single encrypted QR code to restore their wallet.

This is, I think, the most secure paper wallet ever generated in the history of our industry.

In a video posted on X on August 17, Hoskinson expressed confidence in the wallet, boasting of its protection against attacks that encourage malicious actors to gain control of private keys to facilitate an authorized transaction.

Hoskinson Highlights Other Updates in the Cardano

At the Rare Evo 2024 event , Hoskinson highlighted the demonstration of the powerful scaling solution, Hydra, featuring the classic game “Doom”.

According to experts, this underscores its capabilities of handling high-throughput, real-time applications. Also, the expected Voltaire Era, which the Chang Hard Fork would introduce, was highlighted.

As we explained earlier, this upgrade would transfer governance controls to the community. According to Cardano’s Emurgo, the first phase was initiated in July 2024 with the next part expected in the fourth quarter of 2024 (Q4 2024).

The Chang Hard Fork is a technical component of the Voltaire era of the Cardano roadmap, which focuses on implementing a sustainable and distributed governance framework. With the first part set to be initiated in July 2024, the next part of the Hard Fork upgrade is set to happen by Q4 of this year.

The second phase would mark the full-force decentralized governance and an exit from the technical bootstrapping phase. The Delegate Representatives (DReps) are also expected to be introduced as a governance body.

In addition to the possibility of the SPOs voting on governance actions, a Constitutional Committee would be online to grow membership above the seven of the interim committee.

Finally, the community will take charge of the Treasury withdrawal.

Cardano users will be able to propose treasury debits via governance actions. The three bodies (Constitutional Committee, DReps, and SPOs) will vote on them, and if approved, ADA will be moved out of the treasury. 

From that point forward, the future of the Cardano blockchain will be in the hands of its community, along with its power to draft and ratify the Cardano Constitution. 

This will mark a monumental step not only for the network but also for the blockchain industry as a whole, as Cardano will be the first truly distributed and community-run blockchain network.

At press time, ADA was trading at $0.33, having declined by 2% in the last 24 hours.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Monday Morning 8-19-24

Good Morning Dinar Recaps,

U.S. Government’s Crypto Holdings: Everything You Must Know

Arkham Intelligence shows that a wallet tied to the U.S. government is sitting on a hefty stash of cryptocurrency. A massive fortune can heavily influence the markets, and we have previously seen how the German Government’s Bitcoin sell-off affected the markets. Amid the political drama and crypto confusion, let’s find out how much the U.S. Government holds.

When we say hefty, think 203,200 BTC, which clocks in at roughly $12 billion, along with 50,200 ETH, worth around $130 million. On top of that, the address holds 750.7 wBTC, valued at about $44.41 million, plus a variety of other tokens. Altogether, the total value of the assets is estimated to be around $12.4 billion.

Jackson Hole Symposium

@ Newshounds News™

Read More:  https://telegra.ph/Jackson-Hole-Symposium-08-19

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Mastercard to cut around 1000 jobs - Bloomberg

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Source:  https://telegra.ph/Mastercard-to-cut-around-1000-jobs---Bloomberg-08-19

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Jackson Hole Economic Policy Symposium The 2024 Economic Policy Symposium. "Reassessing the Effectiveness and Transmission of Monetary Policy," will be held Aug. 22-24.

@ Newshounds News™

Source:   https://telegra.ph/Jackson-Hole-Addressing-policy-challenges-and-marking-milestones-08-19

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Crypto Market Jitters Amid Political Drama

This discovery comes at a rather tense time, with the U.S. political landscape adding more fuel to the already unpredictable crypto market. Vice President Kamala Harris has thrown her support behind the digital currencies, echoing the vision of the Democratic President-Elect.

But here’s the kicker: the current administration doesn’t seem to be on the same page. The government’s recent $2 billion crypto sell-off has stirred the pot, contradicting the pro-crypto stance many expected.

@ Newshounds News™

Source:  Crypto News

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Dubai court recognizes crypto as a valid salary payment

UAE lawyer Irina Heaver said the ruling shows the growing acceptance of crypto in employment contracts, recognizing the evolving nature of Web3 financial transactions.

In a significant update to the United Arab Emirates’ judiciary approach to crypto, the Dubai Court of First Instance recognizes salary payments in crypto as valid under employment contracts.

Irina Heaver, a partner at UAE law firm NeosLegal, explained that the ruling in case number 1739 of 2024 shows a shift from the court’s earlier stance in 2023, where a similar claim was denied because the crypto involved lacked precise valuation.

Heaver believes this shows a “progressive approach” to integrating digital currencies into the country’s legal and economic framework.

Dubai court recognizes inclusion of tokens in salary

Heaver said that the case involved an employee who filed a lawsuit claiming that the employer had not paid their wages, wrongful termination compensation and other benefits.

The worker’s employment contract stipulated a monthly salary in fiat and 5,250 in EcoWatt tokens. The dispute stems from the employer’s inability to pay the tokens portion of the employee’s salary in six months.

In 2023, the court acknowledged the inclusion of the EcoWatts tokens in the contract. Still, it did not enforce the payment in crypto, as the employee failed to provide a clear method for valuing the currency in fiat terms.

“This decision reflected a traditional viewpoint, emphasizing the need for concrete evidence when dealing with unconventional payment forms,” Heaver said.

However, the lawyer said that in 2024, the court “took a step forward,” ruling in favor of the employee and ordering the payment of the crypto salary as per the employment contract without converting it into fiat. Heaver said:

“This decision reflects a broader acceptance of cryptocurrency in employment contracts and highlights the court’s recognition of the evolving nature of financial transactions within the Web3 economy.”

Heaver added that the court’s reliance on the UAE Civil Transactions Law and Federal Decree-Law No. 33 of 2021 in both judgments shows the consistent application of legal principles in wage determination. 🍳

Far-reaching implications for UAE crypto adoption

According to Heaver, the decision also sets a positive precedent that encourages the further integration of digital currencies in everyday financial transactions. The lawyer believes that this fosters a more inclusive and innovative business environment. Heaver said:

“This ruling affirms that if an employment contract includes such terms, both the company and the employee must honor them. It is reassuring to see the court recognize that wages, whether paid in fiat or cryptocurrency, are the rightful entitlement of the employee for their agreed-upon work.”

Heaver added that it’s a win for employees and a significant step forward in the UAE’s journey toward becoming a digital economy leader.

@ Newshounds News™

Source:  CoinTelegraph

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Seeds of Wisdom RV and Economic Updates Sunday Afternoon 8-18-24

Good Afternoon Dinar Recaps,

Colorado Church group tokenizes $2.5M chapel

This may be the first tokenized church in the world.YEP

A network of affiliated church groups called the “Colorado House of Prayer” has tokenized its main chapel in an effort to purchase the $2.5 million building. 

The pastor heading the project, Blake Bush, says he was compelled by a higher power to use blockchain technology as a tool for advancing the group’s mission.

Tokenize the building

According to a report from Forbes, Bush’s congregation and other church groups had been renting the building from its owner, a local businessperson who also owns a car dealership.

The 11,457-square-foot building, called “Old Stone Church” due to its stone exterior, was purchased by its current owner in 2022 at a cost of $2.2 million. Reportedly, Bush and the Colorado House of Prayer group intend to purchase the building for $2.5 million

Bush says he came up with the idea of tokenizing the building — putting it on the blockchain as a digital asset that can be split into shares — after a spiritual experience.

“I heard the Lord say, ‘tokenize the building,'" Bush told Forbes, later adding that he had been “praying for this for years” and that God had told him to “go get my house.”

Blockchain and real estate

In order to accomplish his holy mission, Bush and the group created “Stone Coin,” a digital asset used to raise money for the purchase of Old Stone Church. The coin is tied to a real estate token created by REtokens and running on the Polymesh private blockchain.

Like any tokenization project, the results will depend on the amount of positive token-flow and reactive value. The project is reportedly seeking investors after having raised about half of its goal.

In the future the token’s board, which includes Bush and other religious leaders as well as the mayor of a nearby town, plans to open up token sales to non-parishioners. While this could potentially put the digital asset ownership at risk of an outsider takeover, Bush doesn’t appear to be too concerned about that.

When presented with the notion that, for example, Satanists could end up making a run on the church’s tokens, Bush quipped that he’d be grateful, “let’s introduce you to Jesus.”

@ Newshounds News™

Source:  CoinTelegraph

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“How does the ILP have global scalability?”

Because it is based on the internet.🎯  The internet is technology that is already global, has unlimited volume, and unlimited scalability..  And can reach any Human with an internet connection.💯

Now, overlay the internet with the ILP, and you have an international payments routing system that finds that most efficient route online to facilitate transactions between payment systems.  

Powered by the XRPL🧩

Ripple’s solution is a hybrid solution that combines the ILP and the XRPL, as illustrated below as well.✅

@ Newshounds News™

Source:  SMQKE (@SMQKEQG) on X  ,   Nth Exception

☝️☝️☝️ THIS IS THE QFS ☝️☝️☝️

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Newly Released Map Illustrates XRP’s Role as a Future World Reserve and Bridge Currency

▪️ XRP may play a top role in bridging different countries’ CBDC in a possible global monetary reset.

▪️The cryptocurrency is best suited for this purpose owing to its cross-border settlement capabilities.

XRP will likely serve as a world reserve and bridge currency in the future. Per a recently published Map, this proposition comes amid heightened discussions of a potential restructuring of the international monetary system.

XRP’s Role as Global Reserve and Bridge Currency

Crypto enthusiast Edward Farina highlighted the map in a post on the social media platform X. The map describes how coins like XRP can serve as a global reserve asset, with gold as an essential anchor.

As a result, it challenges the long-running discussion surrounding gold as the cornerstone of a stable monetary system.

A map presents how $XRP could act as a World Reserve Currency and Bridge Currency 🔥  

See Twitter Link Below for entire map

Gold has historically been seen as a reliable store of value and a hedge against inflation. However, its role in modern finance is increasingly being viewed through the lens of digital transformation.

The map outlines a tiered structure for global currencies. At the top of the rank is the SDR, an international reserve asset developed by the International Monetary Fund (IMF). Next on the rank are Tier 1 currencies, which may include the U.S. Dollar, Euro, Japanese Yen, and others from top nations.

Beneath these are Tier 2 assets encompassing Central Bank Digital Currencies (CBDCs). These assets would be connected to the currencies of different countries and issued by their central banks.

 This means bridge currencies like XRP can facilitate conversions and transactions between these government-backed digital currencies, allowing them to interact seamlessly across national boundaries.

The map implies that XRP could help speed up the conversion of other CBDCs. This expectation is based on the digital asset’s ability to provide liquidity and reduce friction in international transactions.

XRP’s role as a bridge currency was accelerated during COVID-19 due to difficulties in making cross-border payments. At the time, Ripple’s head of global banking, Marjan Delatinne, said XRP is well positioned to bridge multiple or different CBDCs.

XRP’s role as a bridge currency is crucial due to the multiple digital currencies that are used globally. XRP can help ensure interoperability between these digital currencies for efficient global commerce.

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Read More:    Crypto News Flash  ,   Twitter

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Seeds of Wisdom RV and Economic Updates Saturday Afternoon 8-17-24

Good Afternoon Dinar Recaps,

Bank of Ghana unveils draft rules for cryptocurrency exchanges

The Bank of Ghana introduces draft guidelines to regulate digital assets, focusing on exchanges and consumer protection measures.

The Bank of Ghana (BoG) has proposed fresh regulatory measures for digital assets following an extensive internal review of Bitcoin, Tether, USDT, and other cryptocurrencies.

On Aug. 16, the central bank of the West African nation issued draft guidelines on digital assets while seeking feedback on the upcoming crypto regulations from the public and industry stakeholders.

According to the BoG, data collected over three years shows a significant increase in Ghana’s appetite for crypto. As a result, it intends to implement laws targeting risks related to money laundering and terrorism financing, fraud and other measures for consumer protection.

The central bank proposed an eight-pillar framework for crypto regulations, mainly intensifying the registration and reporting requirements of cryptocurrency exchanges or virtual asset service providers (VASPs).

Ghana pays special attention to crypto exchanges

If signed into law, the proposed regulations will require crypto exchanges to monitor and report suspicious transactions and comply with the Financial Action Task Force’s Travel Rule. Additionally, the bank plans to collaborate with external stakeholders such as commercial banks and offshore regulators.

“The Bank would collaborate with the Securities and Exchange Commission (SEC) to develop distinct complementary regulatory frameworks that encompass various applications or use cases of digital assets.”

Curating crypto laws based on public feedback

Exchanges will also need to register with the BOG and undergo sandbox testing before being allowed to provide trading services in Ghana. The bank is currently seeking recommendations from industry players, experts and the public until Aug. 31.

“The bank will consider these inputs in determining the next steps forward,” the draft proposal said.

@ Newshounds News™

Source:  CoinTelegraph

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XRP Ledger Sets New $1 Trillion Trust Limit in Ripple USD (RLUSD)

▪️A significant event on the XRP Ledger involved setting a $1 trillion trust limit for Ripple USD (RLUSD), though no actual issuance of RLUSD has occurred yet.

▪️This action serves as a preparatory framework for future transactions, reflecting the XRP Ledger’s scalability and users’ confidence in the ecosystem.

Popular crypto analyst Amelie has brought the XRP community’s attention to a significant event taking place on the XRP Ledger. As tweeted by Amelie, the XRP Ledger has set a new trust limit of $1 trillion in Ripple USD (RLUSD).

Let’s first understand the concept of Trust lines and Trust limits on the XRP Ledger. A trust line helps the user build a trusted relationship with the currency issuer on the XRP Ledger. After setting up the trust line, users enable the recei[t of the issuer’s currency up to a certain predefined limit also known as the trust limit. This limit basically safeguards users from receiving more of the currency than they are willing to trust.

In the case of Ripple, a trust line was created for RLUSD, setting up the trust limit of $1 million. This figure represents the maximum amount of RLUSD the account holder is willing to trust. However, there’s no RLUSD transfer or creation in the process. Instead, this action simply establishes the framework for future transactions involving RLUSD on the ledger.

Last week, Ripple started beta-testing the RLUSD stablecoin facilitating cross-border transactions between the XRP Ledger and Ethereum, reported CNF.

XRP Ledger Implications and Community Reaction

The $1 trillion trust limit even in the absence of the actual asset shows high flexibility and scalability of the XRP Ledger. Also, the ability of users t also prompts questions about the role trust lines play in the issuance and circulation of digital assets on the XRP Ledger.

With Ripple expanding its range of products and services including the introduction of the RLUSD stablecoin, it becomes increasingly crucial to understand the technical workings of the XRP Ledger.

RLUSD will compete in the highly competitive stablecoin landscape currently dominated by Tether’s USDT and Circle’s USDC, reported CNF.

Interestingly, this announcement of the $1 trillion trust limit has also sparked some reactions from the community. Many users were actually curious to under the purpose behind this trust limit.

One community member Aron Madarasz confused it with some illicit activity stating: “It means that this is a fake. RLUSD isn’t issued yet. This is a trustline on the XRPL everybody can create, and everybody can name it as wanted. RLUSD will be issued by Ripple on the ledger but not as a trustline thing.”

Madarasz clarified that while a trust line for RLUSD has been established, Ripple has not yet issued the asset. As a result, the substantial trust limit set does not represent an asset currently in circulation. Rather, it serves as a preparatory measure within the XRPL, while enabling users to set up trust lines in anticipation of RLUSD’s future issuance.

@ Newshounds News™

Source:  Crypto News Flash

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IMF Proposes Drastic 85% Electricity Tax Increase For Crypto Mining

Two IMF officials pitched for steep electricity taxation on cryptocurrency miners and recommended increasing their average global electricity cost by 85%.

The proposal has, in fact, called for a sharp rise in the electricity tax paid by crypto miners to drastically bring down carbon emissions from the mining of such cryptocurrencies, which have been rising and pose an environmental threat.

IMF: Over $5 Billion In Taxes

The International Monetary Fund says that a levy of $0.047 per kilowatt hour would bring in about $5.2 billion annually and trim global emissions by about 100 million tons, equivalent to current emissions of Belgium.

However, the actual reduction of emissions from such a tax is arguable, as miners have the tendency to shift operations to countries where electricity is cheap.

Here, IMF executives Shafik Hebous and Nate Vernon-Lin have used an astonishing figure for the consumption of energy used in cryptocurrency transactions. According to them, a single transaction in Bitcoin uses as much electricity as the average person in Pakistan uses over three years.

Crypto mining data centers, added to this, and the aggregate energy use for artificial intelligence will grow to a level comparable in use to Japan’s electricity in three years.

Though the proposed tax might provide incentives for miners to become more energy-efficient, the IMF acknowledges that global coordination is needed to avoid having miners simply move their bases of operation into countries and jurisdictions with lower standards.

Environmental Impact Of Crypto Mining

Thus, environmental considerations argue for crypto mining regulation. The IMF’s decision shows a rising awareness of the need to intervene in a fast-expanding polluter. Finding solutions is necessary because crypto mining and AI data centers account for almost 1% of global carbon emissions and 2% of global electricity usage. This tax could encourage miners to invest in greener technologies, making the sector more sustainable.

Economic Considerations

While the yield in tax from this proposal is huge, it opens up a Pandora’s box on the economic viability of crypto mining operations. Small miners—who are already hard hit by the reduction in profits after Bitcoin’s halving in April—may not survive easily if electricity costs rise even further.

That would mean consolidation in the industry, and only the large and more efficient miners able to survive would do so. The analysis by the IMF estimates that the tax may further drive innovations in energy-efficient mining technologies, but its immediate impact on smaller players could be quite destructive.

@ Newshounds News™

Source:  Bitcoinist

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EU Merchants Accept Ripple Payments; Buy Gold & More With XRP

It feels like we just pulled a shiny rabbit out of the hat; various merchants in Europe accept Ripple’s XRP as a payment method for gold and silver! Yes, you read that right—your favorite altcoin can now buy you some solid gold bars.

It’s not just gold and silver; they’ve thrown in platinum, palladium, and rhodium for good measure. Plus, they’ve got live pricing in XRP, so you can watch those rates in real time, like a hawk eyeing its prey.

Ripple’s XRP: Shaking Up the Financial Scene Like a Snow Globe

Suisse Gold, Swiss Bullion, W. Hamond, have jumped on the XRP bandwagon and it isn’t just a fluke; it’s a sign of the times. Ripple’s cryptocurrency, XRP, has been strutting its stuff lately, making waves that are hard to ignore.

Take this: (OPINION) previously, reports circulated that Russian President Vladimir Putin, of all people, confirmed that BRICS—think of them as the cool kids of emerging economies—are cooking up their own independent payment system. And guess what? XRP might just be the secret sauce for cross-border payments in this new setup. If that doesn’t get your financial radar pinging, I don’t know what will.

@ Newshounds News™

Source:  CryptoNewsz

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US Financial Services Committee leaders want ‘regulatory sandboxes’ for AI

In a letter signed only by republicans, the committee responded to a request for information sent by the Department of the Treasury.

US Financial Services Committee leaders want ‘regulatory sandboxes’ for AI News

Members of the United States House Financial Services Committee (FSC) responded to a request for feedback from the US Treasury concerning the regulation of artificial intelligence in an Aug. 16 letter addressed to Treasury Secretary Janet Yellen.

The letter, signed by the committee’s Republican leadership, calls for what amounts to a light-touch approach to regulation. “A one-size-fits-all approach will only stifle competition among financial institutions,” wrote the signatories, adding that “regulators must evaluate each institution’s use of AI technology on a case-by-case basis”

AI sandbox

The committee appeared bullish on the use of generative AI — which includes services and products such as OpenAI’s ChatGPT and Anthropic’s Claude — in the financial services sector. It highlighted the potential for these technologies to provide greater access to financial services, increasing both adoption and inclusion.

It also strongly recommended an organic approach to creating new regulations and laws. Describing a “regulatory sandbox” for AI, the FSC appears to be advocating maintaining a general focus on sustaining the status quo by applying existing rules to challenges as they arise.

@ Newshounds News™

Read more:  CoinTelegraph

~~~~~~~~~

Newshound's Currency Facts Youtube

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Seeds of Wisdom RV and Economic Updates Saturday Morning 8-17-24

Good Morning Dinar Recaps,

XRP Ledger Sets New $1 Trillion Trust Limit in Ripple USD (RLUSD)

▪️A significant event on the XRP Ledger involved setting a $1 trillion trust limit for Ripple USD (RLUSD), though no actual issuance of RLUSD has occurred yet.

▪️This action serves as a preparatory framework for future transactions, reflecting the XRP Ledger’s scalability and users’ confidence in the ecosystem.

Popular crypto analyst Amelie has brought the XRP community’s attention to a significant event taking place on the XRP Ledger. As tweeted by Amelie, the XRP Ledger has set a new trust limit of $1 trillion in Ripple USD (RLUSD).

Let’s first understand the concept of Trust lines and Trust limits on the XRP Ledger. A trust line helps the user build a trusted relationship with the currency issuer on the XRP Ledger.

After setting up the trust line, users enable the recei[t of the issuer’s currency up to a certain predefined limit also known as the trust limit. This limit basically safeguards users from receiving more of the currency than they are willing to trust.

In the case of Ripple, a trust line was created for RLUSD, setting up the trust limit of $1 million. This figure represents the maximum amount of RLUSD the account holder is willing to trust.

However, there’s no RLUSD transfer or creation in the process. Instead, this action simply establishes the framework for future transactions involving RLUSD on the ledger.

Last week, Ripple started beta-testing the RLUSD stablecoin facilitating cross-border transactions between the XRP Ledger and Ethereum, reported CNF.

XRP Ledger Implications and Community Reaction

The $1 trillion trust limit even in the absence of the actual asset shows high flexibility and scalability of the XRP Ledger. Also, the ability of users t also prompts questions about the role trust lines play in the issuance and circulation of digital assets on the XRP Ledger.

With Ripple expanding its range of products and services including the introduction of the RLUSD stablecoin, it becomes increasingly crucial to understand the technical workings of the XRP Ledger.

RLUSD will compete in the highly competitive stablecoin landscape currently dominated by Tether’s USDT and Circle’s USDC, reported CNF.

Interestingly, this announcement of the $1 trillion trust limit has also sparked some reactions from the community. Many users were actually curious to under the purpose behind this trust limit. One community member Aron Madarasz confused it with some illicit activity stating: 

“It means that this is a fake. RLUSD isn’t issued yet. This is a trustline on the XRPL everybody can create, and everybody can name it as wanted. RLUSD will be issued by Ripple on the ledger but not as a trustline thing.”

Madarasz clarified that while a trust line for RLUSD has been established, Ripple has not yet issued the asset. As a result, the substantial trust limit set does not represent an asset currently in circulation.

Rather, it serves as a preparatory measure within the XRPL, while enabling users to set up trust lines in anticipation of RLUSD’s future issuance.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

Dubai court recognizes crypto as a valid salary payment

UAE lawyer Irina Heaver said the ruling shows the growing acceptance of crypto in employment contracts, recognizing the evolving nature of Web3 financial transactions.

In a significant update to the United Arab Emirates’ judiciary approach to crypto, the Dubai Court of First Instance recognizes salary payments in crypto as valid under employment contracts.

Irina Heaver, a partner at UAE law firm NeosLegal, explained that the ruling in case number 1739 of 2024 shows a shift from the court’s earlier stance in 2023, where a similar claim was denied because the crypto involved lacked precise valuation.

Heaver believes this shows a “progressive approach” to integrating digital currencies into the country’s legal and economic framework.

Dubai court recognizes inclusion of tokens in salary
Heaver said that the case involved an employee who filed a lawsuit claiming that the employer had not paid their wages, wrongful termination compensation and other benefits.

The worker’s employment contract stipulated a monthly salary in fiat and 5,250 in EcoWatt tokens. The dispute stems from the employer’s inability to pay the tokens portion of the employee’s salary in six months.

In 2023, the court acknowledged the inclusion of the EcoWatts tokens in the contract. Still, it did not enforce the payment in crypto, as the employee failed to provide a clear method for valuing the currency in fiat terms.

“This decision reflected a traditional viewpoint, emphasizing the need for concrete evidence when dealing with unconventional payment forms,” Heaver said.

However, the lawyer said that in 2024, the court “took a step forward,” ruling in favor of the employee and ordering the payment of the crypto salary as per the employment contract without converting it into fiat. Heaver said:

“This decision reflects a broader acceptance of cryptocurrency in employment contracts and highlights the court’s recognition of the evolving nature of financial transactions within the Web3 economy.”

Heaver added that the court’s reliance on the UAE Civil Transactions Law and Federal Decree-Law No. 33 of 2021 in both judgments shows the consistent application of legal principles in wage determination. 🍳

Far-reaching implications for UAE crypto adoption

According to Heaver, the decision also sets a positive precedent that encourages the further integration of digital currencies in everyday financial transactions. The lawyer believes that this fosters a more inclusive and innovative business environment. Heaver said:

“This ruling affirms that if an employment contract includes such terms, both the company and the employee must honor them. It is reassuring to see the court recognize that wages, whether paid in fiat or cryptocurrency, are the rightful entitlement of the employee for their agreed-upon work.”

Heaver added that it’s a win for employees and a significant step forward in the UAE’s journey toward becoming a digital economy leader.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

Bank of Ghana unveils draft rules for cryptocurrency exchanges

The Bank of Ghana introduces draft guidelines to regulate digital assets, focusing on exchanges and consumer protection measures.

The Bank of Ghana (BoG) has proposed fresh regulatory measures for digital assets following an extensive internal review of Bitcoin, Tether, USDT, and other cryptocurrencies.

On Aug. 16, the central bank of the West African nation issued draft guidelines on digital assets while seeking feedback on the upcoming crypto regulations from the public and industry stakeholders.

According to the BoG, data collected over three years shows a significant increase in Ghana’s appetite for crypto. As a result, it intends to implement laws targeting risks related to money laundering and terrorism financing, fraud and other measures for consumer protection.

The central bank proposed an eight-pillar framework for crypto regulations, mainly intensifying the registration and reporting requirements of cryptocurrency exchanges or virtual asset service providers (VASPs).

Ghana pays special attention to crypto exchanges

If signed into law, the proposed regulations will require crypto exchanges to monitor and report suspicious transactions and comply with the Financial Action Task Force’s Travel Rule. Additionally, the bank plans to collaborate with external stakeholders such as commercial banks and offshore regulators.

“The Bank would collaborate with the Securities and Exchange Commission (SEC) to develop distinct complementary regulatory frameworks that encompass various applications or use cases of digital assets.”

Curating crypto laws based on public feedback
Exchanges will also need to register with the BOG and undergo sandbox testing before being allowed to provide trading services in Ghana. The bank is currently seeking recommendations from industry players, experts and the public until Aug. 31.

“The bank will consider these inputs in determining the next steps forward,” the draft proposal said.

@ Newshounds News™

Read more:  CoinTelegraph

~~~~~~~~~

NEWS BRIEFS from the NEWSHOUNDS

▪️Trump Organization to launch crypto real estate initiative says Eric Trump | Crypto Briefing

▪️Xaman Wallet Partners with Mastercard’s Immersve to Roll out Self-Custody Web3 Cards  |  The Crypto Basics

▪️Cantor Fitzgerald CEO to co-lead Trump transition team |  Coin Telegraph

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Friday Afternoon 8-16-24

Good afternoon Dinar Recaps,

U.S. Crypto Bill Can Happen This Year, Senate's Schumer Tells Crypto Backers of Harris

At the opening Crypto4Harris event, industry supporters of the Democratic presidential candidate suggested Harris will lead a crypto surge, though she hasn't yet shared her view.“something passed out of the Senate.”

▪️U.S. Senate Majority Leader Chuck Schumer came out guns-blazing during a Crypto4Harris event, saying what's been considered a longshot idea of getting some kind of crypto legislation out this year could really happen.

▪️Billionaire Mark Cuban said former President Donald Trump and his party are primarily interested in crypto to make rich digital assets investors richer.

▪️Sens. Debbie Stabenow and Kirsten Gillibrand joined nearly a dozen other Democratic lawmakers, as well as industry titans like Mark Cuban and Anthony Scaramucci, in a virtual event to garner crypto support for Vice President Kamala Harris's presidential bid.

U.S. crypto legislation can happen this year, Senate Majority Leader Chuck Schumer (D-N,Y,) said Wednesday at the first major event in which crypto insiders have come out for Vice President Kamala Harris as their favored presidential contender.

@ Newshounds News™

Read more: CoinDesk

~~~~~~~~~

Stablecoins Can Make the World a Safer Place. Regulators Should Encourage Them  - OPINION

The global financial system will be better off if stablecoins are fully adopted and foreign exchange risk goes the way of the dinosaurs, says Christopher Perkins, president of CoinFund.

In 1974, German regulators liquidated Herstatt Bank because it was unable to settle its foreign exchange obligations. Time zone differences and a lack of global settlement technology led to its demise. 

In the aftermath of this and other bank failures, central bankers formed the Basel Committee on Banking Supervision that same year to set standards for bank capital, liquidity and funding.

Fifty years later, “Herstatt” risk is synonymous with foreign exchange settlement risk, and the Basel Committee has become a powerful forum for global bank supervision because of the regulatory capital standards it sets. Its Basel Rules are designed to ensure that banks are sufficiently capitalized based on the underlying risks of their activities.

However, across the $7.5 trillion a day global foreign exchange markets, Herstatt risk remains. While the financial services industry has sought to modernize its infrastructure, many currencies still take as long as two days to settle. 

And across the $700 trillion derivatives market, lumbering daily batch settlement processes fail to keep pace with the real time volatility of the markets that they seek to collateralize.

But breakthroughs in technology have the potential to banish settlement risk to a thing of the past. There’s a crucial role for blockchain technology to play. Stablecoins, tokens designed to be pegged to an underlying currency and settled on blockchains, can now reduce currency settlement latency from days to a matter of seconds.

The global financial system will be better off if stablecoins are fully adopted and Herstatt risk goes the way of the dinosaurs

Stablecoins, a form of cryptocurrency, are not without risk. Unregulated stablecoins have “de-pegged” in the past because of design flaws or the failure of traditional banks that held their fiat reserves.  

But, strong policies and thoughtful regulations that require transparency and minimum reserve asset standards mitigate these risks. Bank insolvency risk — an issue stemming from traditional, not cryptocurrency markets — can be reduced through more effective capital standards, diversification or policies that allow for the bankruptcy remoteness of stablecoin reserves. or policies that allow for the bankruptcy remoteness of stablecoin reserves.

Properly regulated and backed by quality reserves, stablecoins — with their instant and simultaneous settlement on blockchains — reduce counterparty risk because obligations are satisfied immediately. 

From payments to collateral to foreign exchange markets, this undoubtedly improves the safety and soundness of the global financial system. Clearly, today’s foreign-exchange settlement system is in dire need of a technology overhaul, and regulations should incentivize the adoption of technologies, like stablecoins, that mitigate risk.

Last month, the Basel Committee published a framework describing how stablecoins can achieve “preferential” capital treatment. But, to the Basel Committee, this means that projects achieving these standards will simply receive the same capital treatment as the underlying fiat currency tokenized by the stablecoin.

The banking sector and the global financial system will be better off if stablecoins, settled over blockchains, are fully adopted and Herstatt risk goes the way of the dinosaurs. It’s time for regulators to actually incentivize their use.

@ Newshounds News™

Read more:  Coin Desk,  BIS

~~~~~~~~~

PIC

INTERVIEW WITH BOB LOCK on his new book, " MANAGING SUDDEN WEALTH THROUGH SMART TEAM BUILDING A Guide For The Post-RV World  ".  

Listen on Youtube Currency Facts

~~~~~~~~~

NEWS BRIEFS from the NEWSHOUNDS

▪️Donald Trump Holds Over $1M in Ether, Also Receives NFT Licensing Fees  |  CoinDesk 

▪️Bitcoin, Ether Held in BlackRock ETFs Cross Those of Grayscale’s for the First Time  |  CoinDesk

▪️Dubai court recognizes crypto as a valid salary payment  |  CoinTelegraph 

▪️Coinbase, KuCoin join list of crypto exchanges seeking licenses in Turkey | Crypto . News

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Thursday Evening 8-15-24

Good Evening Dinar Recaps,

XRP Adoption in Japan: A Comprehensive List of Banks Embracing Ripple’s Technology

▪️Leading banks in Japan are tirelessly working towards shifting how Cross-border transactions are handled by integrating the XRP ecosystem.

▪️Banks like SBI Holdings and Mizuho Bank, part of a 61-member consortium, are working towards worldwide cryptocurrency adoption, especially XRP.

Ripple is emerging as a dominant force in the crypto sphere. The token is rapidly gaining traction, and Japan is at the forefront of this trend by wholeheartedly embracing XRP. Additionally, Japan is also at the front line, particularly in the realm of cross-border payments.

As per a recent CNF report, Ripple has formed strong alliances with leading financial institutions. Notably, 80% of Japanese banks have collaborated with this crypto titan.

List of Japanese Banks set to use #XRP.

1️⃣ SBI Holdings – Tokyo
2️⃣ Mizuho Bank – Tokyo
3️⃣ Sumitomo Mitsui Trust Bank – Tokyo
4️⃣ Resona Bank – Osaka
5️⃣ Bank of Yokohama – Yokohama
6️⃣ The Chugoku Bank – Okayama
7️⃣ The Tokyo Star Bank – Tokyo
8️⃣ The Toho Bank – Fukushima
9️⃣… pic.twitter.com/BCoK3Df41f

— Jack Straw (@JackStr42679640) August 12, 2024

@ Newshounds News™

Source:  Crypto News

~~~~~~~~~

Cardano’s Hoskinson Names AI-Blockchain Use Cases—Is ADA Ready to Seize the Moment?

▪️In his recent presentation at the Ai4 conference, Cardano co-founder Charles Hoskinson addressed the intricacies around the merging of blockchain technology and Artificial Intelligence (AI).
▪️According to him, AI’s reliance on huge computational resources could be offset by the existence of tokenomics.

The groundbreaking entry of Artificial Intelligence (AI) into the crypto or blockchain space was the focal point of the Ai4—Artificial Intelligence Conferences 2024, which featured Cardano’s (ADA) Charles Hoskinson as a speaker.

In his keynotes, Hoskinson delved into the ongoing situation of AI leveraging blockchain as an incentive and trust layer to create a decentralized marketplace for data, models, and inference.

Summarizing Hoskinson’s speech:

Merging blockchain and AI presents significant challenges but also opens up opportunities for innovation. From governance and data privacy to decentralized marketplaces and ethical concerns, the intersection of these technologies requires careful coordination and incentives alignment to unlock its full potential.

@ Newshounds News™

Read more:  Crypto News Flash

~~~~~~~~~

Member-countries of Eurasian banks council can agree upon common approaches in ESG sphere

Countries identified resolution of issues related to disclosure of reports in the sustainable development sphere and the expansion of the range of financial products in ESG among key tasks during the three next years

MOSCOW, August 15. /TASS/. All member-countries of the Eurasian Council of Central (National) Banks (ECB) informed about their involvement in the Environmental, Social and Governance (ESG) and climatic transition agenda, according to data of the poll held by the Bank of Russia.

Countries identified resolution of issues related to disclosure of reports in the sustainable development sphere and the expansion of the range of financial products in ESG among key tasks during the three next years.

"Several ECB countries issued regulatory legislative acts or documents of advisory nature, describing requirements/recommendations as regards the disclosure of information by public companies and financial institutions in the sustainable development sphere. 

The next step can be agreement of unified approaches to disclosure of information in sustainable development sphere in ECB space, which can provide in particular for development of the common capital market to finance sustainable development," the Bank of Russia said.

Furthermore, harmonization of approaches to sustainable (including green) kinds of activity and joint analysis of practices of assigning ESG ratings and their methodologies are possible over time, which will contribute to further development of the sustainable development financing market.

ECB countries noted significance of arising climatic risks and recognized the need to assess these risks and roll out approaches towards their recording and regulation. 

"The majority of countries considers over time the possibility of introducing regulation for banks in management of climatic risks within the framework of internal procedures of capital adequacy assessment and risk-sensitive stimulating regulation," the Bank of Russia said. 

@ Newshounds News™

Read more:  TASS

~~~~~~~~~

IOTA Enhances Trust and Security in European Identity Wallets for E-Commerce

▪️The European Identity Wallet is set to transform identity verification by allowing users to log in to websites without the need for passwords, while sharing verified information with ease.

▪️The integration of Self-Sovereign Identity (SSI) and decentralized identifiers (DIDs) is seen as a key step in combating these issues, with organizations like IOTA and Impierce Technologies leading efforts.

The implementation of the European Identity Wallet is nearing 2026, with several organizations exploring its potential while focusing on user authentication. 

This wallet will revolutionize identity verification by offering users a secure and seamless way to confirm their identity with greater certainty.

The IOTA Foundation is one of the key organizations working towards making the European Identity Wallet project a success.

Along with user authentication, Self-Sovereign Identity (SSI) has been gaining traction in the B2B sector, particularly in trade and finance. Furthermore, the European Identity Wallet currently lacks support for organizational identification. Thus, its correct usage can help restore trust in digital spaces by combating crypto scams and frauds.

With the upcoming eIDAS 2.0 regulations, users will be able to log in to any complaint website using the European Identity Wallet without having to create an account or password.

Furthermore, this Wallet will allow users to share verified information, including email, age, address, and contact numbers, just with a click of a button.

This helps reduce customer friction while streamlining the overall eCommerce experience. The mutual authentication enabled by this process benefits both the user and the website, helping to build trust on both sides.

A Proof-of-Concept project, UniMe, seeks to get certified as a European Identity Wallet after recently updating its login flow. The user has to do domain verification to validate the identity. Furthermore, UniMe employs other trust layers, giving the user confidence that they are logging into a secure website.

IOTA Helps to Build the Trust in Digital Identity

One of the biggest challenges today is establishing trust between users, websites, and businesses, especially in a B2B environment amid the rampant spread of scam emails, fraudulent invoices, fake social media accounts, and deceptive websites. With online space facing such threats, the concept of “don’t trust but verify” is becoming even more essential.

The upcoming eIDAS 2.0 regulation and the European Identity Wallet offer a promising solution to restore trust. This regulatory shift aims to provide companies with the necessary tools to protect users, customers, and clients from online fraud. 

Impierce Technologies is at the forefront of this initiative, developing core technology components that allow businesses to participate in a trusted information exchange ecosystem.

The solution uses the decentralized identifiers (DIDs) of the World Wide Web Consortium (W3C) to create unique identifiers for companies.

This system can operate either without blockchain using did: web or be published to blockchain platforms such as EBSI or IOTA, enhancing trust in the verified identity, as reported by CNF.

Furthermore, according to the CNF report, the European Sandbox Initiative selected IOTA’s Web3 ID solution earlier in June.

@ Newshounds News™

Source:  CryptoNews

~~~~~~~~~

Telegram mini-app TON Turbo allegedly an exit scam

After many users raised concerns about withdrawals, a Telegram mini-app called TON Turbo began scrubbing its digital footprint.

TON Turbo, a project built atop The Open Network, offers users so-called Toncoin mining rigs to generate profits by depositing crypto via a Telegram chat box. The mining rigs promised nearly doubled returns on the initial capital, with an opportunity to earn TON and prominent memecoin Shiba Inu .

However, several aspiring miners using the platform reported withdrawal difficulties. Replies on the project’s Telegram channel suggested its deposit mechanism was a one-way corridor.

Additionally, TON is a proof-of-stake blockchain where validators are the key network contributors. Mining typically refers to proof-of-work networks like Bitcoin, which relies on participants called miners to validate transactions and discover new coins.

Once users sent crypto to the virtual mining rig, it seemingly churned profits over time, but withdrawing rewards was impossible. When users pointed out the issue, TON Turbo disabled customer support and locked its chat rooms.

The protocol closed replies between July 27 and Aug. 5, but the team continued to post promotional updates on X and Telegram.

TON Turbo ghosts customers

TON Turbo claimed to have secured several marquee partnerships, including with The Open Network, Tonkeeper, Telegram mini-game Dogs, and Shiba Inu.

These claims were unverified, and crypto.news could not find proof of said partnerships outside of TON Turbo’s announcements. Requests for comments sent to TON Turbo admins were unanswered at press time.

Project admins had deleted their Telegram accounts, and the private social network tagged updates on TON Turbo’s channel as a “scam.”

Social media and the project’s Telegram channel signaled that hundreds to thousands of investors tried using the supposed Telegram mining rig. How many users may have suffered losses is unknown, and how much was lost to this apparent exit scam remains to be seen.

 @ Newshounds News™

Source:  Crypto . News

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 8-14-24

Good Afternoon Dinar Recaps,

NON-MARKET ECONOMY STATUS FOR VIETNAM:  'opportunities amid danger'

RECENTLY THE US COMMERCE DEPT REFUSED TO RECOGNIZE VIETNAM AS A "MARKET ECONOMY". THIS ARTICLE FROM A VIETNAMESE NEWSPAPER REVEALS THE REASONS BEHIND THIS STATUS

"The US Department of Commerce's decision to continue classifying Vietnam as a non-market economy was disappointing news. However, this gives Vietnam the chance to accelerate reform towards a market economy."

"This is the driving force for the Ministry of Industry and Trade (MOIT) to implement the commitment that it will research and analyze the US Department of Commerce’s (DOC) report about Vietnam’s economy, to supplement and complete arguments before submitting dossiers to DOC on granting market economy status, a step to concretize the Vietnam-US comprehensive strategic partnership."

"After doi moi (renovation), Vietnam has been consistent in carrying out a reform to turn the single-sectoral economy into multi-sectoral economy. The economy has been liberated from the state’s strict and rigid control, while people have freedom to trade and do business.

In addition, Vietnam has signed 16 new-generation FTAs (free trade agreements), becoming one of the most open economies in the world."

"Thanks to economic reform, Vietnam has become an example in hunger elimination and poverty reduction, with the hunger and poverty rate falling from nearly 60 percent in early 1990s to 3 percent now. Private domestic invested enterprises with official registrations have been growing steadfastly. "

"Vietnam has finished the underdevelopment period, becoming an average income country with a dynamic market economy which is integrating deeply into the global economy."

"There is no doubt that the reforms and considerable progress in recent years are why 73 economies have recognized Vietnam as a market economy."

"Economic Freedom of the World Index by Canadian Frazer Institute released late last year showed that Vietnam ranked 106th among 165 countries and territories. The position represented a four-grade promotion compared with the year before, a relatively big improvement compared with other regional countries."

"After 40 years of doi moi, Vietnam’s economy is still undergoing the transition with some shortcomings as follows:

1. First, the pricing mechanism of some products, such as petroleum, electricity, airfare and healthcare services still bears administrative intervention.

2. Second, the protection of ownership and property rights still cannot be carried out thoroughly. In some places, land is recovered by the state at non-market prices.

3. Third, the state-owned economic sector still accounts for a large proportion of the national economy.

"A report of the World Bank shows that the state still participates in many economic activities through SOEs, while the land and capital allocation bear the impact of administrative commands rather than market conditions."

Costa Rica recognizes Vietnam as market economy

@ Newshounds News™

Source:  Vietnam Net

~~~~~~~~~

INDIA's CENTRAL BANK: the impact of tokenized deposits, CBDC on deposit insurance

Yesterday during a speech, Reserve Bank of India (RBI) Deputy Governor MD Patra discussed how tokenized deposits and central bank digital currency (CBDC) might impact deposit insurance.

Tokenized deposits are a digital version of bank deposits using blockchain infrastructure to process programmable payments 24/7. In a digital world, they compete with stablecoins and CBDCs, although the design is quite different.

From a deposit insurance perspective, most tokenized deposit infrastructures aim to maintain the same deposit insurance coverage as a conventional bank deposit. However, Mr Patra noted that tokenization potentially can amplify bank runs in times of stress.

Hence, the risks posed by tokenized deposits need to be modelled to determine the insurance fund size and premium rates.

If there’s a bank failure, compensating clients might be less straightforward. “With different banks using different technologies there’s also the possibility that tokenised deposits could be held by depositors who are not KYC compliant and not clients of issuing banks,” said Mar Patra. “Consequently, verification of the authenticity and genuineness of claims may prove to be a testing challenge.”

Like the United States, India has a recent history of failing banks. In 2020 YES Bank started experiencing a run and the central bank took it over for a while. It restructured the bank with several other Indian banks taking equity stakes. Subsequently, YES Bank raised additional capital and is still operational today.

CBDC impact on deposit insurance
In an economy with a retail CBDC, if a bank fails, those with uninsured deposits will quickly try to transfer the money elsewhere. 

The advantage of a CBDC its low risk because it is the liability of the central bank. On the one hand, depositors could just transfer the money to another commercial bank. Alternatively, they could switch to a CBDC.

Hence, the Deputy Governor observed that “particularly uninsured deposits, (would be) more prone to withdrawal and hence the risk of bank runs. Given the inherent links between such systems and the objectives and operations of deposit insurers, it is expected that the topic of CBDC will continue to grow in relevance for deposit insurers.”

In other words, if CBDCs encourage bank runs, that makes a bank more likely to fail and hence there’s a higher probability of drawing down the insurance fund.

“The impact of CBDC on deposits and hence deposit insurance is largely unknown as of today,” said Mr Patra. “The operating models and design features of each individual jurisdiction’s CBDC will be a crucial factor in expanding our understanding of the balance of risks.”

@ Newshounds News™

Source:  Ledger Insights

~~~~~~~~~

Canada needs to overhaul crypto regulations — Coinbase exec

The Canadian government has previously come under fire for undermining the economic freedom of its citizens and freezing crypto donations.

Coinbase country director for Canada Lucas Matheson took the stage at the Blockchain Futurist Conference on Aug. 13 to discuss the state of Canadian digital asset regulation and promote the newly expanded Stand With Crypto initiative.

Matheson argued that although Canada’s regulatory framework is already robust, the country still needs to modernize crypto regulation.

The director noted that 85% of countries will be adopting comprehensive regulatory frameworks for digital assets over the next year and urged the importance of public dialogue in educating public officials about the importance of cryptocurrencies. Coinbase’s Canadian director summed up the long-term goal for Stand With Crypto’s advocacy:

“Canada frankly has a lot of work to do to change laws, and the goal is to change laws in Canada so that we can increase economic freedom and update the financial system in Canada.”

Matheson concluded his presentation by directing audience members to sign up for the advocacy group.

Coinbase launches Stand With Crypto in Canada

Coinbase launched the Stand With Crypto initiative in Canada in July of 2024, following the success of the political advocacy group in the United States.

When the advocacy group launched, Matheson said that Canadian regulators tended to be much more cooperative with the industry than American regulators but noted that input from elected politicians was lacking.

Binance cited changes in stablecoin policy and investor limits outlined in the 2023 regulation as the main drivers for the company’s exit from the country.

@ Newshounds News™

Source:  Coin Telegraph

~~~~~~~~~

BRICS should focus on creating seamless economic environment — Indian expert

Apart from economic integration, BRICS should also address "critical global challenges with a collaborative and proactive approach," Vice Chairman of BRICS Chamber of Commerce and Industry Sameep Shastri said

NEW DELHI, August 14. /TASS/. BRICS nations should focus on creating a seamless economic environment to expand trade, industrial and investment cooperation, Vice Chairman of BRICS Chamber of Commerce and Industry Sameep Shastri told TASS when commenting on the upcoming meeting of BRICS industry ministers in Russia’s Nizhny Novgorod on August 16.

"The BRICS ministerial meeting is an invaluable opportunity to strengthen the bonds between our member nations further and address key global challenges with a unified approach," he said. "We must focus on creating a seamless economic environment that fosters growth and innovation. 

This might involve harmonizing trade policies, facilitating cross-border investments, and addressing any trade imbalances that may exist," Shastri added.

Technological disparities among BRICS nations can hinder collaborative progress, the expert noted. "The meeting should address ways to bridge these gaps through joint research initiatives, technology transfer, and innovation partnerships.

Prioritizing advancements in fields such as artificial intelligence, cybersecurity, and clean technologies will be critical," he said.

Apart from economic integration, BRICS should also address "critical global challenges with a collaborative and proactive approach," the expert said. "BRICS needs to lead by example in setting ambitious sustainability targets and implementing actionable plans.

The meeting should also focus on strengthening global health systems ensuring that we are better prepared for future public health crises," he said.

Shastri believes that peace and security should be central to BRICS discussions. "With rising geopolitical tensions and the persistent threat of terrorism, BRICS must work collaboratively to develop strategies that promote global stability.

This includes enhancing counterterrorism efforts, supporting peacekeeping missions, and fostering diplomatic dialogue to resolve conflicts," he stressed.

@ Newshounds News™

Source:  TASS

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Late Tuesday Evening 8-13-24

Good Evening Dinar Recaps,

THESE QUOTES,RESEARCH, AND OPINIONS ARE FROM ASHELEY PROSPER ON X
DEFINITELY WORTH A READ!!

We keep telling you XRP is the one. But you just won't listen. Maybe some of these quotes will help you see the truth.
 
Brad Garlinghouse
"XRP is a bridge currency. We believe it has the potential to reduce liquidity costs and enable faster, lower-cost cross-border payments."

Christine Lagarde (President of the European Central Bank)
"Ripple is doing a lot of work in facilitating exchanges and making sure that there is no need for a central counterparty, but that we know exactly who is doing what and who is exchanging what."

JP Morgan
"If Ripple wins SEC lawsuit, XRP is poised for significant adoption."

Bank of America (2019 Report)
"Ripple’s technology is attractive for its ability to settle cross-border transactions almost instantly."

David Schwartz
"XRP was designed to be a better Bitcoin."

World Economic Forum
"Ripple’s XRP is one of the most scalable and efficient digital assets available for cross-border payments."

Jesse Lund (IBM)
"Ripple’s approach with XRP is interesting as it provides a digital asset that can settle in real-time across multiple networks."

SBI Holdings
"XRP has the potential to become the global standard in digital currencies for cross-border transactions."

Chris Larsen
"We’re working with regulators, we’re working with central banks. I think that’s an important part of our strategy."

Christine Lagarde
"Ripple has addressed many of the issues associated with cross-border payments, particularly around speed, transparency, and cost-efficiency."

American Express
"Ripple offers a compelling proposition in cross-border transactions, reducing settlement times from days to seconds."

Bank of America
"Ripple’s solution can potentially bring substantial cost efficiencies in our cross-border transactions."

Yoshitaka Kitao
"XRP is the most efficient, scalable digital asset for payments, and it plays a pivotal role in the development of new financial infrastructure."
 
Cathy Bessant (Bank of America)
"We’ve been in partnership with Ripple for a while. We’re testing and piloting the use of blockchain technology in different areas where we see the potential for immediate value."

Marc Andreessen (Andreessen Horowitz)
"Ripple’s approach to leveraging blockchain for the financial industry shows immense promise. The speed and efficiency gains are remarkable."

Digital Currency Group (DCG)
"Ripple’s innovative approach to cross-border payments is setting new standards in the financial industry, and XRP plays a crucial role in this evolution."

Amazon Web Services (AWS) - Ripple Case Study
"Ripple provides one frictionless experience to send money globally using the power of blockchain."

Ross Leckow (IMF)
"Ripple’s technology can help enhance financial inclusion and improve the efficiency of the global financial system."

Ripple and Apple’s Collaboration with Interledger Protocol (ILP)
"Apple’s integration of Interledger Protocol, which Ripple helped develop, shows the potential for broader adoption of blockchain technology in mainstream tech ecosystems."

Google Ventures
"Ripple’s vision of instant, secure, and low-cost global payments aligns with the future of financial services. XRP’s utility as a bridge currency is an integral part of that vision."

Santander Bank
"We are excited to leverage Ripple’s technology to provide our customers with faster, more secure international payments, allowing us to stay ahead in the rapidly evolving financial industry."

Microsoft’s Azure Blockchain Workbench
"Ripple’s integration with Microsoft’s Azure Blockchain Workbench enables businesses to send and receive cross-border payments with unprecedented speed and security."

Tom Jessop (President, Fidelity Digital Assets)
"We see Ripple and XRP as one of the more mature and viable digital assets in the market, with a clear use case in cross-border payments."

@ Newshounds News™

Source: Twitter

~~~~~~~~~

Big news from the Seeds of Wisdom team! We're expanding and reaching new heights, thanks to the incredible support of Nate (Mr Anonymous) to take this on to help our community. To share valuable insights with even more people, we're launching a YouTube series! 🎥

Our inaugural guest is the knowledgeable Bob Lock who will share his expertise on planning and currency. Get ready to learn and grow! 💡

Don't miss this opportunity to gain wisdom from the best!

📣 Listen: YouTube ----- Date and Time To Be Announced Soon

Please Like and Subscribe on YouTube

Bob Lock: Link 

Newshound's News Telegram Room Link

Q & A Classroom Link  

 All Rooms: Link 
 
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 Subscribe:Link

@ Newshounds News™

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Superstate integrates Chainlink for tokenized treasury fund

Superstate, a blockchain-based asset management firm, has integrated Chainlink’s technology as it taps into the growing tokenization market.

The asset manager will leverage the Chainlink Data Feeds to bring net asset value data for its tokenized treasury fund on-chain. In the announcement Superstate stated it aims to enhance the composability of its Superstate Short Duration US Government Securities Fund by utilizing Chainlink’s technology.

The integration enables the firm to access crucial off-chain data, essential for market pricing, utility, and transparency.

@ Newshounds News™

Source:  Crypto News

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IOTA launches blockchain tool to simplify music rights management

IOTA has introduced a new blockchain-based tool aimed at simplifying music rights management in the film industry.

IOTA (IOTA), a distributed ledger focused on the exchange of value and data, has unveiled a blockchain-driven tool designed to transform the management of music rights in films, addressing what the project describes as a traditionally time-consuming process.

The new solution, developed under the European Blockchain Pre-Commercial Procurement initiative and funded by the European Commission, leverages distributed ledger technology to streamline negotiations and secure intellectual property rights more efficiently, according to an Aug. 12 blog announcement.

The core of IOTA’s latest solution is the Smart Contracts for Media system, which automates contracts between film producers and rights holders. These smart contracts are self-executing digital agreements, intended to reduce the time traditionally required for negotiations and payment processes.

IOTA claims its solution promises to “revolutionize the way intellectual property rights are handled,” enabling producers to select predefined contract templates, make real-time adjustments, and finalize terms digitally. Once agreed upon, the smart contracts are deployed on the IOTA Smart Contract Chain, ensuring the agreements are immutable.

The tool also incorporates non-fungible tokens (NTFs) to represent rights and obligations. These NFTs contain unique identifiers that link to detailed data stored off-chain using the InterPlanetary File System (IPFS), a decentralized storage solution.

@ Newshounds News™

Source:  Crypro News

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Coinbase Urges SEC to 'Abandon' Its 'Irrational' DeFi Exchange Rule

The SEC’s move to regulate DEXs would make it functionally impossible for DeFi projects to exist in the United States, Coinbase wrote Monday.

Coinbase once again came out swinging Monday against the U.S. Securities and Exchange Commission (SEC’s) yearslong attempt to expand a bureaucratic definition of the word “exchange,” which if successful would bring the DeFi ecosystem firmly under the regulator’s purview.

In an eight-page comment submitted to the SEC on Monday, Coinbase Chief Legal Office Paul Grewal chastised the potential rule change as “arbitrary” and “irrational” in several respects, and urged the agency to “abandon its effort” to apply the proposed rule to decentralized exchanges (DEXs).

Fundamental to Coinbase’s argument against the change is the SEC’s continued refusal to concede that DEXs—which are run by automated, on-chain software (aka smart contracts) with little to no human management—are by definition incapable of complying with rules and standards designed for traditional securities exchanges like the New York Stock Exchange.

“DEXs cannot comply with registration and disclosure requirements designed for legacy financial exchanges managed by centralized companies,” Grewal wrote.

“And even if DEXs could somehow comply with existing registration and disclosure rules, the Commission does not explain how SEC-registered DEXs could facilitate the trading of digital assets.”

Because of these apparent tensions, Coinbase implied in its letter to the SEC today, the agency may well be attempting to outlaw DEXs implicitly, without saying so.

“The SEC benefits from robust engagement from the public and will review all comments submitted during the open comment period. Generally, we respond to comments received as part of the final rulemaking and not beforehand," an agency spokesperson told Decrypt following the initial publication of this story.

Coinbase further accused the SEC of failing to complete a proper cost-benefit analysis of the proposed rule change. That’s due to the fact that the regulator has only stated in blanket terms that it would regulate exchanges that deal in “crypto asset securities,” without defining which sorts of digital assets constitute securities and which do not.

The SEC’s longstanding refusal to draw such a line—between which cryptocurrencies it views as securities, and which it does not—remains one of the crypto industry’s greatest grievances with the agency. Insteading of putting forth such a framework, the SEC has opted to sue crypto projects it alleges constitute illegal securities offerings, one at a time.

The regulator has even, in recent months, appeared to flip-flop on its own views of certain crypto assets. For over a year, for example, the SEC reportedly secretly considered Ethereum to be a security. Then, in May, the agency abruptly changed course, approving the trade of spot Ethereum ETFs on Wall Street.

Because the SEC has not clearly defined which cryptocurrencies it considers to be securities, Coinbase wrote today, it cannot possibly have properly calculated an accurate cost-benefit analysis determining how much financial activity would fall under its purview if DEXs were regulated like securities exchanges.

“The SEC cannot rationally make these calculations without a single, stable view on which digital assets are subject to the securities laws,” Grewal wrote.

@ Newshounds News™

Read more:  Decrypt

~~~~~~~~~

The SEC has been going after numerous crypto companies for billions of dollars.  There was an article yesterday with negative comments on CFTC rules too.  Congress needs to get some of those bills passed that define what entity regulates what so America can catch up to other countries  regulating our new financial system.  Taking companies to court and fining them billions of dollars is just hindering our progress. 

I found these two bills that were introduced in the Senate two years ago but never passed.

Senate Bill S. 4760
Digital Commodities Consumer Protection Act of 2022 (DCCPA)
Introduced in Senate (08/03/2022)

To amend the Commodity Exchange Act to provide the Commodity Futures Trading Commission jurisdiction to oversee the spot digital commodity market, and for other purposes.

https://www.congress.gov/bill/117th-congress/senate-bill/4760/text

Senate Bill  S.5030
Digital Trading Clarity Act of 2022 (DTCA)
Introduced in Senate (09/29/2022)

This bill establishes a safe harbor from securities regulation for certain digital asset exchanges and intermediaries. This safe harbor applies if (1) such digital asset is not classified as a security by the Securities and Exchange Commission (SEC) or by a U.S. court; and (2) the exchange or intermediary complies with requirements regarding listings, customer protection, and disclosures.

If a digital asset is determined to be a security and otherwise meets these requirements, the exchange or intermediary has a two year period during which the SEC may not pursue specified enforcement activity against the exchange or intermediary.

https://www.congress.gov/bill/117th-congress/senate-bill/5030

@ Newshounds News™

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Seeds of Wisdom RV and Economic Updates Tuesday Morning 8-13-24

Good Morning Dinar Recaps,

Kenya to introduce digital asset ETPs

Kenyan investors will soon access digital asset exchange-traded products (ETPs) on the country’s main equities exchange.

DeFi Technologies, a Canada-based company, has struck a new partnership with the Nairobi Stock Exchange (NSE) to facilitate the issuance and trading of digital asset ETPs in the East African country.

NSE signed the Memorandum of Understanding (MoU) with Valour, a subsidiary of DeFi Technologies, this week. Established in 2019, Valour offers 33 ETPs in Europe, including in Börse Frankfurt, Euronext Paris, Euronext Amsterdam, and the Nordic Growth Market.

The MoU, which also includes market liquidity provider SovFi, allows Valour to deploy its ETPs on the Kenyan stock exchange, develop market infrastructure for digital assets, and eventually expand to tokenizing real-world assets.

@ Newshounds News™

Source:  CoinGeek

~~~~~~~~~

Dragonfly, Crypto.com Weigh in on CFTC's Proposed Prediction Market Rules

Both parties argue the CFTC's move to regulate prediction markets is an overreach, with Dragonfly arguing that the recent 'Chevron' court ruling limits its power.

▪️ The CFTC's notice of proposed rulemaking for prediction markets drew various comments from the public, including the crypto industry.

▪️ Crypto industry stakeholders say the rules are too broad and would constitute an overreach, considering the recent 'Chevron court decision.

Dragonfly Digital Management and Crypto.com have joined crypto exchange Coinbase (COIN) in criticizing the Commodities Futures Trading Commission's (CFTC) proposed rules on prediction markets.

Critics say that the CFTC's proposed rules broadly categorize and ban certain event contracts, including those related to gaming – with Coinbase calling the CFTC's proposed definition of gaming too ambiguous – and elections, raising concerns that this overreach exceeds statutory authority, stifles innovation, and neglects the economic benefits these contracts provide.

"Political event contracts should not be equated with gambling on games of chance like the Super Bowl. Rather, elections have significant economic implications," Dragonfly's Jessica Furr and Bryan Edelman, its counsel, wrote in a letter to CFTC.

 "These contracts were designed to serve crucial risk hedging functions, aligning with the requirements of the Commodity Exchange Act (CEA), and offer valuable predictive data to the public."

Dragonfly also argues that the CFTC's proposed rule overreaches by broadly banning prediction markets without proper evaluation, especially given the Supreme Court's recent 'Chevron' decision, which limits the agency's interpretive authority without a Congressional mandate.

Crypto.com's Steve Humenik, its Special Vice President in charge of Capital Markets, argues that the CFTC's attempt to ban prediction markets violates a rulemaking process dictated by the CEA, which involves a three-step approach.

According to the CEA, the three-step process requires the CFTC to assess whether a contract involves an excluded commodity, whether it engages in specified activities, and whether it's contrary to the public interest before banning it.

"The CFTC must articulate its justification for determining that a given contract has an underlying excluded commodity. This should not be a foregone conclusion," Humenik wrote.

"We urge the CFTC not to sidestep its obligations to undergo a three-step review process with respect to these types of event contracts, and to eliminate this aspect of the Event Contracts NOPR [notice of proposed rulemaking]."

@ Newshounds News™

Source:  CoinDesk

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Monday Afternoon 8-12-24

Good Afternoon Dinar Recaps,

ISO 20022 Crypto: List of Compliant Coins & Tokens in 2024

Cryptocurrency projects that are ISO 20022 compliant can seamlessly integrate into traditional financial systems and introduce blockchain immutability and data decentralization to the financial sector.

It is worth noting that not all institutions have adopted the requirements to be ISO 20022 ready yet – according to a Forbes report from earlier this year, about 72% of banks are ISO 20022 compliant. The institutions that haven’t yet taken the necessary steps to become ISO 20022 compliant will have until 2025 to do so.

It is also worth mentioning that “ISO 20022 compliant coin” could be considered a misnomer, as the coin or token itself is not compliant. Instead, what we mean when referring to a project as ISO 20022 compliant is that it leverages some of the messaging language defined by the standard to more easily communicate and exchange data between the project’s own solutions (for example, Ripple’s payment network) and external financial systems (for example, SWIFT).

XRP KEY FEATURES
1. Fast and cheap cross-border payments
2. The XRP ledger can handle up to 1,500 transactions per second
3. Uses the cost and energy-efficient XRP Ledger Consensus Protocol
4. Ripple has established partnerships with numerous traditional financial institutions, including Bank of America, Santander Bank, and Intesa Sanpaolo

CARDANO ADA
1. Smart contract support
2. Rappidly expanding DeFi ecosystem
3. Specially designed proof-of-stake (PoS) consensus algorithm called Ouroboros

QUANT QNT
1. A blockchain interoperability protocol, allowing different blockchains to communicate with each other
2. It can handle a large number of transactions without sacrificing performance
3. Governed by a decentralized body of stakeholders

ALGORAND ALGO
1. Algorand can be used to send and receive payments quickly and easily
2. Can be used to create and deploy smart contracts
3. Supports decentralized applications (dApps)
4. Uses a proof-of-stake consensus mechanism, which is very energy-efficient

STELLAR XLM
1. Fast and cheap transactions
2. Uses a unique consensus mechanism called the Stellar Consensus Protocol (SCP)
3. Stellar transactions are cheaper than traditional remittance methods, such as wire transfers
4. Stellar can be used to build decentralized applications

HEDARA HBAR
1. Heder HashGraph supports smart contracts and dApps
2. Very energy efficient and suitable for high-volume applications

IOTA (MIOTA)
1. IOTA transactions do not require any fees
2. Designed to be data-oriented, meaning that it can be used to transfer data as well as value
3. IOTA is designed to be quantum-resistant, meaning that it is secure against attacks from quantum computers
4. Uses a unique consensus mechanism called the Tangle

XDC NETWORK XINFIN (XDC)
1. The XDC Network is a hybrid blockchain, meaning that it combines the benefits of both public and private blockchains
2. Can handle up to 2,000 transactions per second
3. Designed to be compliant with regulatory requirements
4. Can be used to track the movement of goods and materials through a supply chain

"ISO 20022’s primary aim is to modernize the traditional financial sector, making it easier for institutions to handle data. The standard could help cryptocurrencies integrate with the traditional sector in ways that were previously impossible."

@ Newshounds News™

Source:  CoinCodex

~~~~~~~~~

TEN SECOND MONEY TRANSFERS

European Council adopts regulation on instant payments:
"The instant payments regulation will allow people to transfer money within ten seconds at any time of the day, including outside business hours, not only within the same country but also to another EU member state. The regulation takes into consideration particularities of non-euro area entities."

"Payment service providers such as banks, which provide standard credit transfers in euro, will be required to offer the service of sending and receiving instant payments in euro."

"The new rules will come into force after a transition period that will be faster in the euro area and longer in the non-euro area, that needs more time to adjust."

@ Newshounds News™

Read more:  Consilium

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Bitcoin price 12 Months after each halving event :
 
2012 HALVING - $182  
12 Months later- $510
 
2026 HALVING- $661
12 Months later- $2,600
 
2020 HALVING- $8,600
12 Months later- $58,000
 
2024 HALVING-$63,870
12 months later- _?

Where you think Bitcoin price will be 12 months after this halving?

@ Newshounds News™

Source:  Twitter

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@ Newshounds News™

Source:  

~~~~~~~~~

You are here in 2024.

#XRP Tokenization of Everything

@ Newshounds News™

Source:  Twitter
~~~~~~~~~

BRICS countries no longer attaching much importance to DOLLAR — Indian expert

"Sameep Shastri also underscored that he completely disagrees with the assertions that Western countries are the strongest economies in the world

NEW DELHI, August 12. /TASS/. The BRICS member states are no longer attaching much importance to the dollar and successfully using national currencies, Vice Chairman of BRICS Chamber of Commerce and Industry, Sameep Shastri, told TASS."

""I think we are going to see de-dollarization soon. We have already started our trade using rubles and rupee and yuan and rupee, our own currencies, and we do not attach much value to dollar anymore. And I think that is important for each and every country that we should not be dependent on one single currency. We should be dependent on our own currency, and we should make it strong and make our economy strong," he said."

@ Newshounds News™

Source:  TASS

~~~~~~~~~

Thailand launches crypto regulatory sandbox to kick-off adoption

The initiative is designed to support the testing and development of services related to digital assets,

The Securities and Exchange Commission of Thailand (SEC Thailand) has launched a Digital Asset Regulatory Sandbox.

The initiative is designed to support the testing and development of services related to digital assets, providing a structured environment where businesses can explore innovative solutions within a regulated framework.

The sandbox aims to facilitate the integration of new financial technologies while maintaining a flexible regulatory approach that addresses the specific risks associated with digital asset transactions.

The term “digital asset” is often usually broadly, but has a specific meaning in Thailand. It includes both cryptocurrencies and digital tokens. Cryptocurrencies are classified as being used as a medium of exchange. In contrast, the feature of a digital token is it grants rights.

It might be an investment token that provides rights in a project or business or a utility token used to receive goods, services or other rights. Thailand has specific rules for real estate tokens.

The sandbox covers both types of tokens and six roles:

Digital Asset Exchange
Digital Asset Broker
Digital Asset Dealer
Digital Asset Fund Manager
Digital Asset Advisor
Digital Asset Custodial Wallet Provider

In order to take part in the sandbox, applicants have to have sufficient capital and adequate management and systems in place.

@ Newshounds News™

Source:  CryptoSlate,  Ledger Insights

~~~~~~~~~

Japan: SBI-backed ODX to list digital bonds following release of START

Osaka Digital Exchange is set to begin listing digital bonds that meet its strict requirements of complying with Know Your Customer and anti-money laundering rules.

Barely one year after Osaka Digital Exchange (ODX) rolled out a digital securities platform for trading security tokens, several reports have emerged that the exchange is set to begin listing digital bonds.

The SBI-backed digital exchange confirmed that ODX’s START platform will host digital bonds that meet the listing criteria. Since START’s launch in late 2023, real estate security tokens have been the most common issuances on the platform, given their innate popularity in Japan.

ODX will open its doors to three digital bonds in the coming months but specifics were not disclosed to the public. The successes of digital bonds in Europe may have played a role in ODX’s decision to expand the scope of its offering, with its backers reportedly giving the nod to the move.

SBI, the largest shareholder in the exchange, has approved the decision to list digital bonds while Nomura (NASDAQ: NRSCF), SMBC, and Daiwa Securities (NASDAQ: DSECF) have also given the green light to the move.

Armed with the raft of approvals, ODX appears set to begin listing digital bonds that meet its stringent requirements. The exchange will look for bonds that are regulatory compliant and meet relevant Know Your Customer (KYC) and anti-money laundering (AML) rules.

The incoming digital bonds will be approved for secondary trading if they possess smart contract functionality to automate redemption processes and highly secure systems. Other perks to speed up the listing process include interoperability, high liquidity levels, and proper risk management.

It appears that the exchange will stick to its policy of discounting seller fees to improve adoption, but it remains unclear whether the firm will bring back zero fees for users.

“We will dedicate our best efforts to collaborate with our participants and supporters so that the secondary market “START” can contribute to the further development of the security tokens market,” ODX said in December.

@ Newshounds News™

Read more:  CoinGeek

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JP Morgan Documentation on Banks’ Involvement in Blockchain acknowledges Ripple’s potential to disrupt cross border payments GLOBALLY.

Major nod to Ripple from the worlds largest bank.

But more importantly, note the text at the bottom of the document.

“This document is being provided for the EXCLUSIVE USE of Mihail Turlakov at Sberbank of Russia”

Exclusive use.🧩

This document was crafted specifically to present relevant initiatives in blockchain to the largest Commercial bank in Russia while citing Ripple as a prominent example.

Russia + JP Morgan + Ripple
Plans on Plans

@ Newshounds News™
Source:  Twitter

~~~~~~~~~

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Iraq Economic News and Points To Ponder Monday AM 8-12-24

Government Advisor: Increased Export Capacity Enhances The Value Of The Currency
 
Economical 08/12/2024 Baghdad: the mainstay of the emirate
 
The financial advisor to the Prime Minister, Dr. Mazhar Muhammad Saleh, stated that currency prices are determined globally in two main ways: floating and fixed rates, indicating that
 
there are many local and international factors that control the strength of the currency, such as

     supply and demand,
     interest rates,
     inflation,
     growth in the local economy, the
     trade balance, and
     others.  

While he pointed out that  the strength of the national currency is linked to its external value, specifically the exchange rate, as the
 
external value of money is directly linked to the stability of the current account of the balance of payments, especially in the long term. Saleh told Al-Sabah that
 
“stability of the external value of the currency requires a balance or surplus in the current account of the balance of payments relative to the gross domestic product,
 
which should indicate a stable state at a minimum of no less than 4 percent annually, and that
 
achieving that goal certainly depends on The annual growth rate in GDP is sustainable and high, and
 
exports outweigh imports within the country’s trade balance.” Dr. Saleh pointed out that
 
If “the country has the ability to export more goods and services than it imports, this enhances the value of the national currency, especially the external value of the currency itself, and
 
here the economy indicates a positive state, in addition to the availability of supportive foreign reserves that represent the main buffer against potential external factors and their effects.” In the overall economic situation.”  The government advisor also explained that
 
“foreign reserves express the ability to maintain the stability of the external value of money, that is, the stability of the exchange rate, including the strength of the commercial efficiency of the reserves, which foreign reserves should cover the money supply in the broad sense, and more than 75 percent of that supply,” pointing out.
 
At the same time, high sovereign and private debts could weaken business, unless there is good financial management of debts that always leads to enhancing confidence in the national currency.  Saleh pointed out that
 
 “the other aspect that is linked to the value of the currency and its stability is the internal value of the national currency.

Just as we talk about the stability of the external value of the currency, that is, the exchange rate and its exchange strength with other currencies, the internal value of the currency is the other aspect of the stability and strength of the currency, and here the value of the currency is linked.”
 
Nationalism is directly linked to the general level of prices, that is, the inflation index,” indicating,
 
“If the general level of prices means the strength of goods and services expressed in money, then there is a correlation between price stability and the value of the national currency itself, and
 
this matter requires the availability of a wise monetary policy undertaken by central banks that makes growth In the monetary mass is proportional to the growth in gross domestic product or national income.”  The spokesman noted that
 
 “the quantitative theory of money depends on the principle of money neutrality, which believes that the cause of inflation in the long run is money itself, as
 
growth in the money supply in a way that is not proportional to growth in the gross domestic product leads to either inflation or contraction in the growth of the general level of prices.
 
Therefore, the effect of money in the overall economy, as addressed by the quantity theory of money, means that if the quantity of money increases in the economy, and there is no parallel increase in economic output, this will lead to an increase in the general level of prices.     https://alsabaah.iq/100869-.html 

For current and reliable Iraqi news please visit:  https://www.bondladyscorner.com/

Seeds of Wisdom RV and Economic Updates Monday Morning 8-12-24

Good Morning Dinar Recaps,

Putin signs law allowing FOREIGN BANKS to OPEN BRANCHES in Russia

"Russian President Vladimir Putin signed a law that allows foreign banks to open branches in Russia but also provides for a number of restrictions on their activities. The document was published on the official portal of legal information."

"The goal is to create conditions for the development of a system of international settlements and attracting foreign investment, the explanatory note says."

"The work of branches of foreign banks will be aimed precisely at this. That is why they will not be able, like ordinary banks, to open deposits for individuals and companies, accounts in precious metals, engage in trust management of money and other property."

"Foreign banks will have the right to work in the securities market through a branch created in Russia. Each bank will be allowed to establish only one branch. The law also provides for setting requirements for the qualifications and business reputation of the banks’ officials."

"The law will come into force on September 1, 2024."

@ Newshounds News™

Source: TASS

~~~~~~~~~

How to Protect Your Cryptocurrency Holdings

THIS ARTICLE IS FOR THOSE WHO MAY BE INTERESTED IN STORING THEIR DIGITAL CURRENCY IN AN OFFLINE WALLET

"The first step to protect your cryptocurrency is picking the right wallet type. Wallets are divided into various categories like hardware wallets, software wallets, and paper wallets. "

Hardware wallets which can be put on USB devices offer robust security as they store private keys offline where possible online dangers cannot access them.

Software wallets can be used for handling keys and carrying out transactions, as they are simple to use in desktop or mobile applications. But, they do not offer very high security because they can be influenced by malware or hacking.

Paper Wallets are created by printing private keys and public addresses on physical paper, which gives a physical dimension to the concept of safety.
Every wallet type has advantages and restrictions, so choose one that matches your security needs and how frequently you use it.

1. Use powerful passwords that are unique to the wallet and any associated accounts.

2. Avoid using simple passwords or ones that have been used before on other accounts.

3. Use two-factor authentication (2FA) as a second layer of security, which will ask for a different verification like a code sent to your mobile.

4. Always make sure that you are updated with the latest updates on your software and wallet firmware – this is important so as to have all security fixes in place and safeguard against any known vulnerabilities.

5. When linking up with your wallet from public or unsecured networks, do it cautiously as this could let potential threats get access into contact with the stored assets within it.

Backing Up Your Wallet

Nearly all wallets include a backup feature that provides you with a recovery phrase, often called a seed phrase. It’s basically a list of words which can be utilized to restore your wallet if anything happens to it. Ensure you keep this recovery phrase somewhere safe. Having several copies stored in different locations

"By choosing the right type of wallet, using strong safety methods, backing up your wallet, and taking additional security steps; you can greatly reduce the risk of losing digital assets. 

If you do these careful actions, then it is certain that your cryptocurrency will remain safe but also simple to access. This allows for confident management and improvement of investments. "

@ Newshounds News™

Source: CryptoTimes

~~~~~~~~~

Ripple XRPL and Dubai
 
"Ripple plans to strengthen its global presence by partnering with the Dubai International Financial Center (DIFC). The DIFC is a special economic zone in the city established as a financial hub for businesses operating throughout the Middle East, Africa, and South Asia."

" Speaking on the matter was Ripple’s CEO – Brad Garlinghouse – who described the UAE as “one of the most advanced jurisdictions globally” when it comes to offering regulatory clarity for licensed companies to offer crypto services.

“Our partnership with the DIFC Innovation Hub promises to drive the adoption of blockchain technology in the region as the XRPL continues to be a leading blockchain for the region’s start-ups and scaleups building real use cases,” he added.

"Arif Amiri – CEO of the DIFC – highlighted the deal with Ripple as a “significant milestone” that “further cements DIFC’s role as a leading global hub for talent, tech, and innovation.”

"It is interesting to note that Ripple’s Middle East and Africa (MEA) regional office is located within the Dubai International Financial Center. 

Less than a year ago, the zone approved XRP for use, meaning licensed crypto firms operating within can incorporate the token into their services. "

@ Newshounds News™

Source:   CryptoPotato

~~~~~~~~~

Venezuelan Government Blocks Binance, Cutting P2P Market Access for Thousands

THIS ARTICLE REVEALS HOW VULNERABLE DIGITAL ASSETS CAN BE IF A ROGUE GOVERNMENT BEGINS TO RESTRICT ACCESS TO YOUR CRYPTO EXCHANGE.

THIS RE-ESTABLISHES THE NEED FOR SOLID LAWS AND REGULATIONS TO PROTECT THE PUBLIC

"Venezuelan Government Cuts Access to Binance Users Connecting Through State-Owned ISP"

"The censorship actions of the Venezuelan government have reached the cryptocurrency sector. According to local media, state-owned telecom and internet service provider (ISP) CANTV has blocked access to Binance, the world’s largest cryptocurrency exchange."

"CANTV, a Venezuelan state-owned ISP, has reportedly started blocking traffic to Binance, one of the largest cryptocurrency exchanges in the world.

The company, which controls a significant portion of the Venezuelan broadband market, has left thousands of Venezuelans without access to their savings and even P2P markets, which are popular among those using crypto as a savings tool."

 @ Newshounds News™

Source:  Bitcoin

~~~~~~~~~

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