Seeds of Wisdom RV and Economic Updates Thursday Evening 8-29-24

Good Evening Dinar Recaps,

BRICS News: 126 Nations Discuss Moving Away from US Dollar, Explore Crypto Payments

BRICS hosted its sixth International Municipal Forum this week, with over 5,000 participants representing 126 countries attending the event in Moscow, Russia.

De-dollarisation will be high on the priority list for the countries as more countries beyond North America and Europe seek to break the US stranglehold on global finance.

BRICS is becoming stronger by the day and continues to attract more developing nations who are fed up with the continued dominance of a few economies at the expense of the majority. This made this week’s summit in Moscow even more significant, with de-dollarisation topping the list of priorities.

The sixth BRICS International Municipal Forum was held on August 27-28 this week in Moscow, Russia. According to local media, leaders from 80 Russian regions were joined by over 5,000 leaders from 120 countries globally.

Commenting on the event, Moscow’s International Relations head Sergey Cheremin said the event allowed the attendees to align their priorities in their fight for global equality.

“This forum will allow us to strengthen relations not only between the BRICS capitals and Moscow but also between our partners on all continents. Today, more than 60 official delegations are represented at the event. <…> For us, this presence is evidence of our colleagues’ interest in the technologies that Moscow is implementing in the municipal sphere,” he stated.

The forum allowed the attendees to discuss some of the challenges they face in their home countries and figure out solutions and synergies together. It touched on healthcare, transport, science and technology, education and more.

The attendees also discussed emerging trends such as AI, smart cities, IoT, climate change, and more. However, the global movement of money was one of the biggest themes.

BRICS De-dollarisation—Is Crypto Next?

As we’ve reported, BRICS has been the biggest critic of the US dollar-based global financial systems. The bloc’s founding members, especially Russia and China, have been at odds with the US for decades, competing on the tech, military, and economic front. America has continued to rely on the position of its currency to suppress these countries, and they are now fighting back.

Russia is the prime driver of the BRICS de-dollarisation movement. The Eastern European nation has been kicked out of most global funds transfer systems, including SWIFT, through the 5,000+ sanctions imposed by the US and its allies. As we recently reported, it’s working on a crypto-based system to circumvent this blockade.

When it started, BRICS was just an economic bloc of five nations with a vision of a post-USD world. However, earlier this year, five others, including Egypt and the UAE, joined, and it’s now turning into an unstoppable movement. Some reports have revealed that nearly 50 nations have expressed an interest in joining BRICS and that over half of them have formally sent their applications.

Another thing BRICS nations have in common is their affinity for crypto. Russia is set to fully legalize crypto for cross-border payments and open two new state-owned exchanges, and reports say China could follow suit.

@ Newshounds News™

Source:  Crypto News Flash

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HOUSE COMMITTEE PLANS for Heap of Crypto Hearings in September

The House Financial Services Committee is expected to look at DeFi, U.S. enforcement and "pig butchering" in a series of hearings the panel is set to schedule for next month.

▪️The U.S. House of Representatives' financial-services committee is said to be tackling a ton of crypto issues next month, including DeFi and Securities and Exchange Commission matters.

▪️Digital assets will likely be a hot topic for SEC Chair Gary Gensler, who is said to be scheduled to face the entire committee later in September.

The U.S. House Financial Services Committee is poised to launch a series of crypto hearings digging into several aspects of the industry, according to a person briefed on the planning, including decentralized finance (DeFi), the Securities and Exchange Commission's oversight of digital assets businesses and the implications of "pig butchering" scams.

The congressional panel, which has oversight over U.S. securities and most financial products, will set a September hearing calendar jammed with crypto-relevant topics, the person said. The committee chairman, Rep. Patrick McHenry (R-N.C.), is retiring at the end of the year and has said one of his top remaining priorities is finishing one of the bills to begin establishing tailored federal rules for crypto.

The first of the hearings on Sept. 10 will be a long-awaited subcommittee examination of DeFi, an aspect of the crypto industry that's received mostly negative attention from regulators to date.

A number of proposed rules at various federal agencies could have existential consequences for DeFi projects, including at the SEC and Internal Revenue Service.

A busy day on Sept. 18 will feature two hearings – one in the morning on the enforcement practices of the SEC and one later on the implications of so-called pig butchering, the practice of posing as a romantic partner to scam people out of their assets.

But a full-committee hearing on Sept. 23 could carry the most crypto weight, with the SEC set to testify. The House panel is said to be seeking testimony from Chair Gary Gensler and the rest of the five-member commission in the same hearing – a highly unusual approach.

They'd appear just as the lawmakers are also negotiating legislation that could seek to hem in the agency's digital assets jurisdiction in favor of casting the Commodity Futures Trading Commission in a more prominent role.

The possibility of crypto legislation remains dicey this year, though the calendar includes time for work on bills, and prominent lawmakers – including Senate Majority Leader Chuck Schumer (D-N.Y.) – keep saying they intend to get something done.

A spokesperson for the committee chairman didn't immediately respond to a request for comment on the schedule planning.

@ Newshounds News™

Source:  CoinDesk

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Seeds of Wisdom RV and Economics Updates Thursday Morning 8-29-24

Good Morning Dinar Recaps,

Nigeria’s SEC issues first license to local crypto exchange

As the regulatory environment continues to evolve, other local exchanges will likely follow Quidax’s lead and seek to meet the SEC’s requirements.

The Nigerian Securities and Exchange Commission has issued Quidax, an Africa-based crypto exchange, its first provisional operating license.

The development signals the beginning of formal recognition and regulatory oversight for the country’s digital asset industry.

According to a press release shared with Cointelegraph, the SEC’s license permits Quidax to operate as a registered crypto exchange in Nigeria.

Quidax said the SEC’s approval is a “shot of adrenaline” for the Nigerian crypto community, encouraging further innovation and expansion.

Regulatory milestone

Buchi Okoro, the co-founder and CEO of Quidax, praised the SEC — particularly under the new leadership of Emomotimi Agama — for its decisive action to bring order, confidence and investor protection to the Nigerian crypto industry.

The regulatory approval now enables Quidax to collaborate with banks and other financial institutions, pending the Central Bank of Nigeria’s approval. The SEC’s licensing follows a comprehensive amendment to its rules on June 21, which covered digital asset issuance, offering platforms, exchange and custody.

A notable part of the regulatory overhaul is the introduction of the Accelerated Regulatory Incubation Programme designed to help virtual assets service providers align with new regulatory requirements.

Despite these advancements, there was initial concern that the stringent licensing requirements might significantly reduce the number of local crypto exchanges.

The Nigerian SEC mandates a minimum upfront capital requirement of 500 million naira ($556,620) and a current Fidelity Insurance Bond covering at least 25% of the stipulated minimum paid-up capital for both digital asset exchanges and digital assets offering platforms.

Nigeria’s crypto landscape

Nigeria — Africa’s largest economy — has consistently ranked high in global cryptocurrency adoption. According to a recent survey of 15 countries, Nigeria boasts the world’s most cryptocurrency-aware population.

Chainalysis’ “2023 Cryptocurrency Geography Report” placed Nigeria second in crypto adoption among 154 countries, underscoring its critical role in the global digital asset ecosystem.

However, despite the high adoption rate, the anticipated influx of foreign crypto investment has not materialized as expected. The new regulatory framework and Quidax’s licensing could potentially alter this trajectory by providing a more stable and secure environment for both local and international investors.

@Newshounds

Source  :  Coin Telegraph

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Hong Kong announces sandbox to accelerate RWA tokenization adoption

Hong Kong’s financial regulator launched a new sandbox initiative at testing tokenization use cases across asset classes and real-world applications in the financial sector.

The Hong Kong Monetary Authority has launched its new initiative dubbed “Project Ensemble Sandbox” in a bid to double down on its tokenization efforts of real-world assets.

In an Aug. 28 press release, the HKMA said the initiative aims to test and refine the use of tokenized money for interbank settlements and transactions involving tokenized assets.

The sandbox is said to focus on four main themes for its initial round of experimentation: fixed income and investment funds, liquidity management, green and sustainable finance, and trade and supply chain finance.

The HKMA says banks have already connected their tokenized deposit platforms to the sandbox, allowing for real-time testing of payment-versus-payment and delivery-versus-payment settlement mechanisms. 

The initiative includes Standard Chartered (Hong Kong), HSBC, Bank of China (Hong Kong), Hang Seng Bank, and HashKey Group, among others.

In a separate development, Ant International, a tech firm headquartered in Singapore, revealed its participation in the sandbox with a focus on liquidity management. The company will work with Hong Kong branches of Standard Chartered Bank and HSBC to develop a global liquidity management solution that supports real-time, cross-border payments.

HKMA Chief Executive Eddie Yue commenting on the initiative said the sandbox marks a “significant step forward for the HKMA and the industry to explore the application of tokenization in real-life business scenarios,” adding that with the latest development it wants to further drive innovation and progress in the Hong Kong tokenization market.

@Newshounds

Source:  Crypto News

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Seeds of Wisdom RV and Economics Updates Wednesday Evening 8-28-24

Good Evening Dinar Recaps,

NASDAQ UNVEILS PLANS FOR SPOT BITCOIN OPTIONS

Today Nasdaq announced it has filed an application with the Securities and Exchange Commission to launch Nasdaq Bitcoin Index Options (XBTX). Its partner is CF Benchmarks, the creator of the CME CF Bitcoin Real-Time Index (BRTI). The offering is subject to SEC approval.

The index represents current trades on cryptocurrency exchanges and these will be spot options. This complements the existing CME Options which are linked to bitcoin futures.

“Spot options settling to BRRNY (CME CF Bitcoin Reference Rate – New York Variant) will build upon the hugely successful BTC futures and options contracts offered by CME,” said aid Sui Chung, CEO of CF Benchmarks.

“Together these regulated crypto derivatives will give investors the confidence to deploy more nuanced ways to gain exposure to the largest digital asset and will complement the spot ETFs that have already proved so popular with investors.”

On that point, there have been several filings for the approval of options linked to the Spot Bitcoin ETFs. This month four proposals were withdrawn by Cboe, NYSE, Nasdaq and BOX. A Bloomberg commentator expects to see re-filings and approval for ETF options in Q4.

Meanwhile, the New York Stock Exchange (NYSE) made a filing in May for spot Bitcoin options similar to the Nadaq’s, although those are based on the Coindesk index.

@Newshounds

SOURCE:  LEDGER INSIGHTS

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IOTA’s EVM, REAL WORL ASSETS, and DUBAI’s CRYPTO BOOM: Shaping the Future of DeFi

IOTA’s EVM, RWAs, and Dubai’s thriving crypto nature are poised to revolutionize decentralized finance.

Additionally, Dubai’s friendly regulatory framework and forward-thinking approach could transform Dubai into a key player in the crypto economy.

The growth of the blockchain ecosystem is fueling the development of cutting-edge technologies that have the potential to revolutionize decentralized finance.

In particular, IOTA’s Ethereum Virtual Machine (EVM), Real World Assets, and the thriving crypto environment in Dubai. By converging these three elements, the future of Decentralized Finance is poised to flourish.

The launch of IOTA’s EVM, which happened mid-May this year, was a significant milestone in bridging the gap between its unique Tangle technology ( an innovative type of distributed ledger technology) and the Ethereum ecosystem- the king of smart contracts.

This integration means that developers can leverage Ethereum’s off-the-edge tools and Dapps, also making IOTA a force to be reckoned with in the smart contract landscape. Making this a dynamic duo, the IOTA network is acclaimed for feeless transactions and scalable network.

Going unheeded is the growing trend in the tokenizing of real-world assets such as real estate, commodities, and more. Bringing assets like this onto the Blockchain means easy trading, transparency, and security. As this real-world asset digitization, regions like Dubai, where the real estate market is blooming and has a strong appetite for innovation, could be a step in the right direction.

IOTA’s EVM and RWA lead the way in Dubai’s Blockchain Revolution

Since 2021, Dubai has emerged as a dubayy for blockchain and cryptocurrency innovation. Dubai boasts a crypto-friendly regulatory framework that has often attracted blockchains from across the globe.

Its forward-thinking approach has made the city the leader in real estate business, technology and innovation, Finance and banking, and the E-commerce sector.

Dubai’s ambition to become a leading crypto-friendly city aligns perfectly with the developments surrounding IOTA’s EVM and RWAs. The city dreads to integrate the thriving blockchain technology into various sectors from finance to real estate.

By amalgamating the finest attributes of both realms: IOTA’s secure data, feeless transactions, and minimal resource demands This, is a perfect recipe to foster innovative business models in Dubai.

Additionally, In doing so, Dubai requires a platform that will offer security, transparency, and efficiency especially when it comes to RWAs.

The synergy between these elements could unlock new opportunities for asset tokenization in Dubai. This would see real estate in the city being tokenized on IOTA, allowing fractional ownership and easier access to international investors.

This would not only boost Dubai’s real estate market but also contribute to the growth of the local crypto ecosystem.

Meanwhile, IOTA is swapping hands for $0.1353, marking a 3.70% and 20.04% decline in the last 24 hours and past month, respectively.

@Newshounds

SOURCE:  Crypto News Flash

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UPDATE💡 Due to an unexpected event the Isaac Call has been delayed and To Be Announced. 💡Stay Tuned for the SURPRISE. 💡 Isaac used the word surprise. Call will be in the Podcast Room. Replay on YouTube 💡If you have a question for Isaac, please post in the living room, 💡 Please Subscribe ~ Enjoy ~ Share. Get ready to learn and grow!

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Only This Can Save You as Global Sovereign Debt Bubble Bursts, System Collapses

Only This Can Save You as Global Sovereign Debt Bubble Bursts, System Collapses

Daniela Cambone:  8-28-2024

“You must own gold in this environment. And we're going to own it until there is an honest, sound monetary system,” says Jeff Clark, editor of Paydirt Prospector.

In an interview with Daniela Cambone, Clark emphasizes the importance of owning physical gold as a hedge against systemic risks until a stable monetary system is established.

"We're going to be overweight gold, meaning 20% of your portfolio in physical metal stored outside of your home until the monetary system is revamped.” While Jeff is bullish on gold and silver, he advises against going all-in on one asset class.

A balanced portfolio is important to mitigate risks.

CHAPTERS:

00:00 Gold 3:35

Bullish for gold

 4:45 Jeff’s interactions with gold

8:03 Bitcoin

9:00 Gold standard

10:05 Silver

 12:08 S&P

 13:44 Copper

15:14 Junior miners

21:50 Physical gold

22:53 How can investors better prepare?

https://www.youtube.com/watch?v=GA6CZevj2To

Seeds of Wisdom RV and Economic Updates Wednesday Morning 8-28-24

Good Morning Dinar Recaps,

IS BRICS ABOUT TO ANNOUNCE A GOLD-BACKED CURRENCY?

Back in July, BRICS announced the intention to create a new payment system to rival SWIFT and further the bloc’s stated goal of de-dollarization.

While the exact details of how the system works are not yet confirmed, Former Russian Ambassador to the USA Yury Ushakov made public statements confirming it would use cutting-edge digital technology, including blockchain. He called this an “important goal for the future.”

The system is set to facilitate both cross-border payments and settlements and will not require U.S. Dollars. Further comments made by Russian central banker Elvira Nabiullina suggest that as many as 159 countries have expressed interest in using it, signaling strong international interest in ways to trade that don’t depend on the USD.

In a potentially related move, Russian President Vladimir Putin signed a bill allowing digital currencies to be used for export payments. Evidently, Putin is trying to find ways to trade internationally while under U.S. sanctions due to the war in Ukraine.

Could the BRICS payment system use a gold-backed digital currency?

Anyone familiar with the digital currency industry knows that rumors and speculation circulate widely on little more than suggestive evidence and loosely connected dots.

So, it should come as no surprise that there’s been much debate about a potential link between Putin’s bill and the BRICS payment system and whether the “chosen” blockchain’s native token stands to gain in value.

What many seem to be missing is this: if the rumors are true and BRICS released a gold-backed digital currency, what does it mean for the digital gold narrative peddled by BTC proponents?

While BTC does have a fixed supply for now and users can take custody of their own coins, there isn’t much real liquidity supporting it, and there are well-known long-term problems with the economics of the system.

Could a gold-backed BRICS currency that is actually useful for trade be more appealing to speculators and those who still believe in both hard money and electronic cash? Time will tell, but as usual, BTC maximalists are intent on asking questions to confirm their biases and only tell one side of the story.

De-dollarization won’t be so easy

Whatever form the new BRICS payment system and currency takes, de-dollarizing won’t be easy, and it won’t happen quickly. Just look at some stats showcasing how entrenched the USD is in global trade:


▪️59% of all global reserves are held in USD, according to the IMF.

▪️ 80-90% of global trade is conducted in USD, and oil is priced in it.

▪️ 85% of all FOREX trades involve the USD.

▪️ 60% of all global debt issuances are priced in U.S. dollars.

U.S. Treasuries are still the go-to safe haven asset.

On top of the immense power that USD gives Washington, there’s also the issue of sanctions. The U.S. government can also tell any party doing business with entities it has sanctioned (e.g., Russia) that they aren’t welcome in the U.S. markets, restricting access to capital and more. These secondary sanctions are a powerful weapon in Washington’s arsenal.

While some will choose BRICS over the United States for political reasons, it’s unlikely that many will choose to lock themselves out of the world’s largest economy by nominal GDP, especially if other large markets like the EU are aligned with it.

Nonetheless, the BRICS system and currency will pose a meaningful challenge to U.S. financial dominance. Brazil, Russia, India, China, South Africa, and the other members are not to be underestimated and will play an increasingly important role in the future as their economies grow.

What the BRICS system will look like in the future is anyone’s guess, but with its annual summit ahead in Kazan on October 22-24, we may get our first glimpse soon enough.

@ Newshounds News™

Source:  CoinGeek

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IOTA completes EU blockchain pre-commercial phase

Iota completes the final phase of the European Blockchain PCP, setting the stage for scalable, sustainable and secure blockchain infrastructure across the European Union.

The European Commission has been working with leading blockchain developers to set the stage for a future of scalability, sustainability and security across the European Union.

The Iota Foundation announced its successful completion of the final stage of the EU’s blockchain Pre-Commercial Procurement (PCP), along with seven other participants.

Blockchain advances in the EU

The developers have been working on “cutting-edge” prototypes using distributed ledger technology solutions that focus on specific touchpoints, such as intellectual property rights management and digital product passports.

Initiated in 2020, the European Blockchain PCP was part of a broader strategy to enhance the European Blockchain Services Infrastructure (EBSI), a network designed to support cross-border digital services.

Iota’s recent completion of the third phase puts the foundation in a position to be able to contribute to the next generation of blockchain infrastructure under the forthcoming European Digital Infrastructure Consortium for Blockchain (EUROPEUM-EDIC).

This phase included collaborations with local partners, such as Software AG and the Universidad Politécnica de Cataluña, to develop solutions on its blockchain that incorporate decentralized identities, smart contracts and advanced data sharding techniques.

The end goal is to enable scalable and energy-efficient blockchain applications running across infrastructure in the EU.

Dominik Schiener, chairman of the Iota Foundation, said:

“EBSI is a crucial step towards a cohesive digital future for Europe, providing the necessary framework for innovation and collaboration across various sectors.”

EU’s tech initiatives

As the European blockchain landscape transitions into EUROPEUM-EDIC, Iota said that it plans to solidify its partnerships with commercial entities and governmental bodies in the region to bring its prototypes to market.

Potential applications it highlighted range from automotive battery tracking to secure intellectual property management.

This development comes as the EU advances its policies and available innovations in the emerging technology sector.

In July, the EU confirmed its collaboration with ChromaWay to develop blockchain-based sustainability solutions.

The team from ChromaWay, along with other participants in the blockchain space, will join the EU at a follow-up workshop in Brussels this September to outline the next steps for Q4 2024 and into 2025.

Although Europe has taken a progressive stance in collaborating with developers and creating laws to regulate crypto and artificial intelligence, critics have become increasingly vocal that Europe’s progress may be set back by too much red tape.

@ Newshounds News™

Source:   CoinTelegraph  

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Listen and learn from this man. He has facts and shares with us as we all wait. Share with others!

August 28, 2024 12:00 Central Noon, 1 PM ET

Listen Here - Podcast Room https://t.me/+VAm-AlWWqWPzyK8G

Replays - YouTube Currency Facts - YouTube

Ask your questions in the Living Room: Link Directly from Isaac when ask for a bio

“But understand I do not have contacts. Isaac

"I have buyers the us treasury , DOD , Admiral , HSBC several big platforms that I have signed contracts with all and they paid already for the inspection several times" Isaac

Take a look at Isaac's Photos of His Currency  LINK

@ Newshounds News™

Source:  Isaac's Call

~~~~~~~~~

Newshound's Currency Facts Youtube and Rumble

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Thank you Dinar Recaps

Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 8-27-24 Part 2

Good Afternoon Dinar Recaps,

RIPPLE NEWS: Russia to Begin Trials of Crypto Payments and Exchanges on September 1—Will They Use XRP?

▪️Russia is set to start a trial for cross-border payments in digital tokens in September to ease the pain of crippling sanctions, sources tell Bloomberg.

▪️Only a scalable blockchain network with low fees and real-time transactions can serve the country, which has over 144 million residents, making XRP one of the best candidates for the role.

Since the conflict with Ukraine started, Russia has become the world’s most sanctioned nation. For months, the government has relied on short-term fixes, which have helped prop up the ruble and keep the financial system afloat.

However, the weight of global isolation is catching up with Russia, and sources now say that the government is exploring crypto.

According to sources who spoke to Bloomberg, Russia intends to start the trial on Sunday. It will rely on its National Payment Card System to facilitate the swap between the country’s ruble and crypto tokens.

The system was created in 2014 to provide faster and cheaper payments for Russians. Today, it underpins the country’s interbank payment systems and the Mir, the national card payment network.

According to the two sources, the government picked the system as it already contains instant payments and features like interbank clearing, making it easier to integrate with all existing financial rails. The system is also operated and regulated by the central bank, giving the government added confidence.

The move, which hasn’t been made official or public at press time, is no surprise. President Vladimir Putin’s administration has been softening its stance on crypto in recent months. 

Last month, legislators legalized crypto mining in the country, as we reported. The lawmakers also laid the groundwork for the testing of digital tokens for payments.

Two weeks ago, Finance Minister Anton Siluanov revealed that the government was working on legalizing crypto exchanges. However, he clarified that suitable regulations had yet to be formulated to make this possible.

“We haven’t found a solution yet on how to do this,” he said.

Crypto to Evade Crippling Sanctions—Does XRP Offer the Best Alternative?

Crypto might be Russia’s best to evade sanctions. While these sanctions encompass every fabric of the country’s economy, Western nations have mainly targeted Russia’s money, seeking to limit the country’s ability to send or receive money.

According to the BBC, the sanctions have frozen around $350 billion of Russia’s foreign currency (which accounts for half the country’s total reserves). 70% of the country’s banks have been frozen from the global economy, including being restricted from SWIFT.

Crypto offers a decentralized option whose access can’t be restricted by centralized entities, and sanctioned countries, including China, Russia, Iran, and Venezuela, are increasingly exploring it as an option.

Of the 10,000+ cryptos that Russia can turn to, XRP offers the best alternative. For one, XRP is already a massive player in the global movement of money, with its products and networks being integrated by some of the world’s largest financial institutions.

In some countries like Japan, over 80% of the banks are working on integrating crypto. Its low fees, instant transactions, and robust ecosystem make it superior to its peers.

XRP trades at $0.5913, losing 0.6% in the past day.

@ Newshounds News™

Source:  CRYPTO NEWS FLASH

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China considers sanctions against its companies due to ties with Russia illegal

According to the statement, such actions by Western countries "meet their egoistic interests, though [they] are not based on facts, with the international community not to accept them at any time"

BEIJING, August 27. /TASS/. Beijing considers unilateral sanctions imposed by the US and its allies against Chinese enterprises for suggested ties with Russia illegal, special envoy of the Chinese government Li Hui told a briefing following the fourth round of shuttle diplomacy on discussion of the conflict in Ukraine with Brazil, Indonesia and South Africa.

"Some countries take advantage of the crisis, winning their allies over to their side and continuing shifting responsibility [for the crisis]. Moreover, they are trying to throw around words on China’s responsibility," he said. "Using illegal unilateral sanctions, they threaten normal trade with Russia," Li Hui added.

Such actions by Western countries "meet their egoistic interests, though [they] are not based on facts, with the international community not to accept them at any time," he stressed.

After the beginning of the special military operation in Ukraine the US and the European Union imposed a number of sanctions against Chinese enterprises for allegedly supporting Russia’s defense industry. Beijing rejects those accusations, noting that they are unfounded.

Li Hui visited Brazil, Indonesia and South Africa from July 27 to August 8 for discussing the Ukrainian crisis.

@ Newshounds News™

Source:  TASS

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Listen and learn from this man. He has facts and shares with us as we all wait. Share with others!

August 28, 2024 12:00 Central Noon, 1 PM ET

Listen Here - Podcast Room https://t.me/+VAm-AlWWqWPzyK8G

Replays - YouTube Currency Facts - YouTube

Ask your questions in the Living Room: Link Directly from Isaac when ask for a bio

“But understand I do not have contacts. Isaac

"I have buyers the us treasury , DOD , Admiral , HSBC several big platforms that I have signed contracts with all and they paid already for the inspection several times" Isaac

Take a look at Isaac's Photos of His Currency  LINK

 @ Newshounds News™

Source:  Isaac's Call

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If Telegram should suddenly close we will use the following to keep everyone informed.

➡️ Website Forum Link 
➡️ How to Join Link
➡️Social Media Link

@ Newshounds News™

Source:  SOWT 

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BRICS NEWS: Payments in Chinese Yuan Overtake US Dollar by 2.5%, Crypto Payments Next?

▪️ The Chinese yuan’s profile in global payments and trade is rising, overtaking the US dollar as the most used currency in cross-border payments in China.

▪️ It’s also making a mark in other countries and was the most traded currency on Russia’s Moscow Exchange last year.

The US dollar has dominated global commerce for decades, and today, it accounts for around 60% of all global currency reserves. However, the tide could be slowly turning as more countries recognize the power that a currency wields and seek to prop up their own.

One of the leading contenders is China’s yuan, officially known as the renminbi. While China is the world’s second-largest economy and the nexus of global manufacturing, its currency has failed to keep up with the country’s ascent since the turn of the millennium.

The yuan has failed to rival the USD and has even fallen behind the euro, sterling pound, and the Japanese yen.

However, global political realignments are changing the currency landscape. China is now closer than ever to Russia and has even courted other major economies as members of BRICS, including Brazil, India, the UAE, Egypt, and South Africa. 

These nations are collectively against the USD’s domination and have been working on a blockchain-based alternative, as we have reported.

This solution could take a bit longer, as some of the BRICS leaders have admitted, and in the meantime, China’s yuan looks like the de facto currency of choice.

The Yuan Gains Ground—Is Crypto Next?

Last year, the yuan overtook the USD in cross-border commerce for the first time ever in China, accounting for 48%, while the dollar hit 46.7%. This was seen as a significant event that ushered in a new era of de-dollarisation for Asia’s largest economy.

It doesn’t end there. By the end of 2023, the yuan emerged as the most traded currency on the Moscow Exchange. It accounted for 42% of the trades, edging the dollar’s 39.5%, as reported by Reuters and other local Russian outlets. Yuan volume tripled to 34.15 trillion rubles ($385 billion), while that of the USD dipped.

This trend is bound to only get stronger. For one, Russia, China, Iran and several Middle-Eastern nations that are warming to BRICS are subject to sanctions from the US and its allies in Europe and Asia. Russia, in particular, is now the most sanctioned nation in history. This has denied its banks and payment systems access to the global payments grid.

Russia has been experimenting with crypto as a go-around, as we reported. However, in cross-border trading with allies like China, the yuan and ruble are more suited.

The USD isn’t going to be threatened overnight. America is still the world’s largest economy, and the country enjoys the support of Europe and some of Asia’s largest economies, including Japan and South Korea.

However, de-dollarisation is certainly on course. And once the greenback is out of the picture, the yuan could become one of the key players. Gradually, crypto could also play a much more significant role, especially if China changes its stance against crypto, as has been reported.

@ Newshounds News™

Source:  Crypto News Flash

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Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 8-27-24

Good Afternoon Dinar Recaps,

RIPPLE Partner Nium Adopts JP. Morgan Payments: Is an XRP integration in the Works?

▪️J.P. Morgan discloses that Nium made a breakthrough in its global expansion following a strategic partnership that made its real-time solutions available for use.
▪️Nium operates in more than 220 countries, and its cards are issued to more than 30 countries globally.

Ripple’s partner, Nium, known for seamless real-time cross-border payments for financial institutions worldwide, earlier sealed a strategic partnership with J.P Morgan Payments.

According to reports, this development has enabled the Singapore-based fintech to navigate the complex regulatory structure in Asia Pacific that initially acted as a headwind against its expansion.

As multiple sources have captured, Nium leverages J.P. Morgan Payments customized solutions, including real-time and automated cross-currency solutions, to offset the foreign exchange risk associated with its cross-border and cross-currency transactions.

According to Nium, the provided solutions have helped it address the issue of exchange rate fluctuation and long-term shifts, which threatened its financial stability, customer demand, and profitability.

Nium has also been assisted in optimizing its banking set-up to experience the necessary upgrade critical for its expansion. Most importantly, this was achieved by capitalizing on JP Morgan’s global infrastructure and resorting to local best practices.

More on the Impact of J.P Morgan on Nium

Commenting on this, the Head of Compliance APAC, Nium Joey Tang, explained how J.P. Morgan’s experience has been crucial in its journey to the top.

We need a trusted bank that can help us navigate through complex currency restrictions and provide scalable solutions that can be easily extended to new markets. This gives us the flexibility to grow our business. J.P. Morgan Payments is our natural choice.

An official report was found on the JP. Morgan’s website mentions that the collaboration has enabled Nium to witness unimaginable expansion and growth, as it operates in more than 220 countries.

 Also, it has issued cards to over 30 countries so far. In the future, Nium, assisted by JP. Morgan, would solve its existing payment challenges and unlock the full potential of the global economy.

Also, the possibility of Nium going public, as we reported last year, is still high as the company records growth in several areas of its operation.

According to Anupam Pahuja, the EVP and General Manager of APAC & MEA, Nium, the company would continue to expand as long as it closely collaborates with the bank.

Nium has grown rapidly in recent years, and we’re excited to continue expanding globally with J.P. Morgan Payments as our trusted ally.

Following this publication, XRP enthusiasts have rekindled hopes that the popular bank could collaborate with Ripple to expose the asset to similar breakthroughs.

Long time #Ripple partner Nium has begun using JPMorgan Payments to better serve their customers with collections and global FX rails. This would seem to be an alternative to #Ripple products or perhaps just additional rails for Nium’s platforms.

Last year, a JP. Morgan’s report captured how banks could leverage Central Bank Digital Currencies (CBDCs) for corporate purposes. The report highlighted Ripple, SWIFT, and the CLS Group as the entities that address the issues of such payments and delays.

Specifically, the bank acknowledged the real-time nature of the cross-border payment infrastructures that use XRP as a settlement instrument. However, it highlighted the inherent volatility issue of Ripple’s system.

High volatility of XRP leading to limited willingness from banks in using it to facilitate payments.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

MOSCOW TO HOST 6TH INTERNATIONAL MUNICIPAL BRICs FORUM

MOSCOW, August 27. /TASS/. The 6th International Municipal BRICS Forum will be held in Moscow’s Expocenter on August 27-28, 2024, the press service of the Moscow Department of Foreign Economic and International Ties said.

"The forum will be the largest international floor, where representatives of government authorities and the business will share the advance experience and discuss key issues of municipal cooperation," the press service said.

Delegations from 126 countries are expected to take part in the forum along with representatives of Russian regions. More than 5,000 participants from 500 cities of the world will discuss:

▪️current economic problems
▪️digital technology spheres
▪️environment
▪️municipal infrastructure
▪️transport
▪️healthcare
▪️education
▪️culture

@ Newshounds News™

Source:  TASS

~~~~~~~~~

The Secret To America's Takedown - Economic Ninja|  Youtube

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~~~~~~~~~

Lynette Zang’s Ultimate Warning To SILVER Stackers! |  Youtube

Good video on the value of owning Gold and Silver.

@ Newshounds News™

~~~~~~~~~

Listen and learn from this man. He has facts and shares with us as we all wait. Share with others!

August 28, 2024 12:00 Central Noon, 1 PM ET

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Take a look at Isaac's Photos of His Currency  LINK

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Seeds of Wisdom RV and Economic Updates Tuesday Morning 8-27-24

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Cardano Founder Hints at New ‘Partner Chain’ Collaboration with Algorand: What’s Next for ADA?

▪️ Charles Hoskinson, Cardano’s CEO, praised Algorand’s blockchain technology and suggested a partnership for decentralized AI projects.

▪️ The much-anticipated Cardano Chang hard fork has been delayed to September 1, causing concerns within the community.

Cardano CEO Charles Hoskinson has expressed a strong interest in Algorand’s blockchain technology, suggesting a potential collaboration focused on decentralized artificial intelligence (AI) initiatives.

This potential collaboration can yield a lot of benefits for both Cardano and Algorand in the growing AI market.

Algorand has been receiving a lot of attention lately, and this has led Charles Hoskinson to express his opinion on the project. Furthermore, he stated that Algorand, in conjunction with a tailored proof of work suitable for AI tasks, could be a promising decentralized AI platform within the crypto market. 

This recognition from Hoskinson highlights the strategic value he sees in Algorand’s technology, particularly in its application to AI-driven projects.

Hoskinson also suggested that Algorand could be a partner chain to Cardano, a partnership he thinks can harness the full potential of Minotaur, Cardano’s proof-of-stake/proof-of-work multi-asset consensus protocol.

Such a partnership could open up new avenues of benefits that would improve blockchain networks, foster innovation, and increase its application in the sphere of AI.

Algorand CTO Responds Positively to Collaboration Proposal

In response to Hoskinson’s statements, Gary Malouf, the Chief Technical Officer of Algorand Technologies, expressed his interest in the cooperation.

Malouf pointed out that previous conversations about the integration of AI capabilities have taken place, which means that there is some level of coordination between the two blockchain networks.

In response to this exchange, Hoskinson told IOHK’s Chief Technology Officer, Romain Pellerin, to arrange a meeting to discuss the proposed collaboration. Pellerin agreed excitedly, saying that it would be great to have Algorand as a partner chain.

Although this partnership is currently nascent, the conversation between the two blockchain pioneers suggests that the partnership between IBM and Microsoft could lead to a significant integration of AI and blockchain.

Chang Hard Fork Experiences Another Delay

In another major event, the long-awaited Cardano Chang hard fork has again been delayed, with a new expected launch on the 1st of September. As we previously reported, the initial plan was to take place on August 27, but this shift has caused some concern among the Cardano community.

The Chang hard fork is a vital upgrade that will change the face of Cardano’s governance model, signifying the start of the Voltaire era and paving the way for a completely decentralized and autonomous network.

Charles Hoskinson complained about the delay, mentioning that even large exchanges like Binance have not yet announced their support for the upgrade. He especially stressed the need to adhere to the timelines, saying that all the parties should hasten their work.

In addition to the hard fork, there has been a lot of development activity in the project recently, even more than Ethereum in terms of GitHub pull requests.

This rise in activity is in line with the ongoing development of the Cardano ecosystem, whereby the developers are still working on new upgrades and projects whose intention is to improve the network.At the time of writing,

ADA was trading at $0.379, marking a 2% increase over the past 24 hours.

@ Newshounds News™

Source:  Crypto News Flash   

~~~~~~~~~

Russia plans stablecoins, 2 crypto exchanges to circumvent sanctions

Last week Russian news outlet Kommersant reported on the planned creation of two cryptocurrency exchanges for foreign payments to circumvent sanctions, citing sources.

The aim is to create stablecoins for the Chinese yuan and a BRICS currency basket. It’s expected that initially individuals won’t be able to take part, given the goal is to support importers and exporters.

Russia passed legislation in late July allowing cryptocurrency exchanges to operate as part of cryptocurrency experimental legal regime (ELR) under a program developed by the central bank.

The use of stablecoins rather than un-backed cryptocurrencies makes sense given the central bank’s role.

UPDATE:  shortly after publication, Bloomberg said that preliminary tests start this weekend, citing sources. These trials will use the National Payment Card System to swap rubles for any cryptocurrencies using an existing crypto exchange.

Use of the card system gives the central bank oversight. The outcome of these preliminary tests will determine steps around the potential creation of crypto exchanges next year, as described below. Bloomberg’s sources reiterated the same two exchanges.

The Kommersant article was a little controversial. It stated that one of the cryptocurrency exchanges might involve the Moscow Exchange. The other exchange will use the St. Petersburg Currency Exchange (SPCE) database for foreign economic activity.

While the currency exchange disputed this point, it would make sense to use its database, given the currency exchange knows the details of the importers and exporters. Interfax, the state news agency, published a report in which the St. Petersburg Currency Exchange (SPCE) strongly denied involvement.

The Moscow Exchange runs the main currency exchange, but trading in dollars and euros came to an abrupt halt in June when OFAC placed it on the sanctions list. Hence, it also has data on who might qualify as a professional for FX trading in stablecoins.

There may be some confusion between two entities that we suspect are not related. The sanctions and sanction busting sometimes resemble Whac-A-Mole. Every time Europe or OFAC sanctions an entity or methodology, Russia tries something else.

Russia has iterated through foreign branches, digital financial assets involving tokenized commodities, CBDC, crypto and others. The foreign branches are gradually getting sanctioned, with warnings not to open new ones. And most of the digital financial asset (DFA) issuing platforms and known cryptocurrency exchanges have also been sanctioned. Sanctions announced this week cover commodities.

Sanctions and two similar sounding Russian entities

There are two Russian entities with similar names. There is the Saint Petersburg Currency Exchange known in English as SPCEX or SPVB and in Russia as JSC SPB, versus the Saint Petersburg Stock Exchange (PJSC SPB). OFAC sanctioned the stock exchange in November 2023. We don’t think the currency exchange has yet been sanctioned directly, but there’s a caveat.

It is believed that state owned bank Promsvyazbank controls the currency exchange. The bank was one of the first on the sanctions list, which includes subsidiaries and hence the currency exchange.

However, as the ownership isn’t entirely clear, it’s conceivable the currency exchange may have been ignored so far. That may be why it doesn’t want to be associated with the crypto exchange.

Google translates the currency exchange acronym СПВБ as the Saint Petersburg Stock Exchange.

On the other hand, the sanctioned stock exchange is registered as a digital financial assets platform. In a May interview, its CEO said its involvement as a cryptocurrency exchange operator was under discussion. However, we believe it’s the currency exchange that has the useful data.

While the Russian end isn’t clear yet, nor is the other side. If Russia wants to use a Chinese currency stablecoin, what assets would form part of the reserves? Likely it will use the excess reserves Russia received for all payments.

Which cryptocurrency exchange will be used on the Chinese end? Will China allow some off-ramping from a stablecoin to the mainland? Or will it be via Hong Kong?

An even bigger question is this: in the absence of CBDC, could stablecoins form the interim foundation of the so-called BRICS Bridge for local currency payments?

@ Newshounds News™

Source:  Ledger Insights

~~~~~~~~~

They Are Taking Our Silver  |  Youtube

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Seeds of Wisdom RV and Economic Updates Monday Evening 8-26-24

Good Evening Dinar Recaps,

New Study Reveals How IOTA Technology Can Boost Security for Smart Homes and Protect IoT Devices from Cyberattacks

▪️ Ripple has minted the first 185 tokens of its RLUSD stablecoin onA new study by the University of Mosul details how IOTA improves security for smart homes to protect Internet of Things (IoT) devices from cyberattacks.

▪️ Ripple has minted the first 185 tokens of its RLUSD stablecoin onThe study proposes a new lightweight authentication model based on IOTA’s Tangle for an IoT-based smart house monitoring system.

We’re living in the era of the Internet of Things, with over 17 billion IoT devices today, a number that’s expected to double by the end of the decade. As the devices surge, so does the danger lurking from cyber criminals, and according to a new study, IOTA offers the best security for this sector.

Today, IOTA caters to several industries, from supply chain management to tokenization, as founder Dominik Scheiner told CNF in an interview earlier this year. 

However, at its founding, the network mainly targeted the machine-to-machine economy enabled by the Internet of Things. And despite diversifying, it remains the best network for IoT.

IOTA’s superiority was backed by a recent report by two researchers from the computer science department at the University of Mosul in Iraq. The two, Sameera Abbas Fadhel and Dr. Ahmed S. Nori, acknowledged that while blockchain offers superb data integrity and security, its “limitations in terms of scalability, throughput, and storage capacity” make blockchain “an unsuitable option for devices with limited resources in the IoT environment.”

The two proposed a new lightweight authentication model for an IoT-based smart house monitoring system that’s based on the IOTA Tangle and utilizes other technologies, such as decentralized identifiers and stronghold vault technologies.

IOTA for IoT

IoT is changing the world, enabling automation and efficiency by allowing devices to communicate autonomously. It’s impacting healthcare through remote monitoring, smart cities through automated administration processes, consumer experience through personalised interactions and much more.

However, researchers warn that IoT devices could be the next big target for hackers. According to one study by the World Bank, Europe, and APAC regions experience around 70 IoT attacks weekly per organization.

This makes security the most critical requirement for IoT networks, and according to the two researchers, IOTA may be the solution.

They believe that IOTA’s Directed Acyclic Graph (DAG) based technology “enhances the transactional throughput, decreases transaction confirmation time, minimizes control consumption and removes transaction charges, hence being more suitable in the IoT setting.”

One of IOTA’s advantages is feeless transactions. The network requires a user to approve two previous transactions in lieu of paying a fee, “thereby increasing the engagement of users in protecting the network without charging.”

And then there’s the scalability, where IOTA is unmatched by its peers, and with billions of devices and, potentially, trillions of daily transactions, IoT can only work on a network that scales massively.

The researchers stated:

Moreover, unlike the blockchains fixed to traditional single chain processing of transactions, IOTA works with the structure called Tangle which enables parallel processing of the transaction. This design greatly enhances the system‟s generated throughput and scalability which makes IOTA capable of accommodating a larger number of users and transactions in its network.

IOTA trades at $0.1404, dipping 2.9% in the past day.

@ Newshounds News™
Source:  Crypto News Flash

~~~~~~~~~

THIS IS NOT A CONSPIRACY THEORY

Countries are accelerating their efforts in crypto exchanges, stable coins, and gold stockpiling, all while developing central bank digital currencies.

This is not a conspiracy theory.

These are all facts.

Connect the dots.

@ Newshounds News™ https://t.me/+PRwSMqsjRVViOTVh

Source: X Gold Telegraph: https://x.com/goldtelegraph_/status/1828106418735718831?s=46

~~~~~~~~~

PIC

Listen and learn from this man. He has facts and shares with us as we all wait. Share with others!

August 28, 2024 12:00 Central Noon, 1 PM ET

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Ask your questions in the Living Room: Link Directly from Isaac when ask for a bio

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"I have buyers the us treasury , DOD , Admiral , HSBC several big platforms that I have signed contracts with all and they paid already for the inspection several times" Isaac

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Seeds of Wisdom RV and Economic Updates Sunday Morning 8-25-24

Good Morning Dinar Recaps,

DBS BANK PILOTS BLOCKCHAIN-BASED GOVERNMENT GRANTS

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

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

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

DBS Bank Uses Smart Contracts To Disburse Government Grants

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

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

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

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

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

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

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

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

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

@ Newshounds News™

Source:  Coin Telegraph

~~~~~~~~~

DEBIT CARDS IN DIGITAL WALLETS Gaining Ground Across Sectors
August 2024

With a growing number of consumers adopting digital wallets, payment preferences have shifted. Debit cards are now the preferred method underpinning digital wallet payments. 

Meanwhile, digital wallets have seen more significant adoption in the retail and grocery sectors. Apple Pay, in particular, has deepened its niche in travel-related transactions, possibly foretelling a broader acceptance of mobile-first, touchless payments. This report explores these trends, how different sectors are adapting to digital wallets and what this all means for businesses.

@ Newshounds News™

Source:  PYMNTS

~~~~~~~~~

PROOF OF INK BY GAVIN WOOD:  THE TATTOO THAT SECURES YOUR WEV3 PRIVACY

The Web3 individuality mechanism will require a unique, algorithmically generated tattoo to prove digital citizenship.

Parity Technologies is launching a Web3 individuality solution, which is a crucial missing element for mainstream Web3 adoption.

The new solution, “Proof-of-Ink,” will enable users to prove their digital individuality in a privacy-preserving manner through a unique tattoo serving as proof of digital citizenship.

Proof-of-Ink is set to launch in the fourth quarter of 2024, according to Gavin Wood, the co-founder of Ethereum, Polkadot and Kusama.

Wood announced during a keynote speech at the Web3 Summit in Berlin:

“We are able to deploy the baseline palette and launch the app at some point this year, hopefully in the final quarter […] We are aiming to launch the other two mechanisms next year.”

While Wood teased that one of the additional two digital identity solutions is further in development, he shared no details about their mechanics.

Mainstream adoption is crucial for any technological paradigm. Experts like Wood hope that Web3 adoption will create a more decentralized and user-centric internet, envisioned as a free public good to help humanity.

@ Newshounds News™

Read more:  Coin Telegraph

~~~~~~~~~

WYOMING Aims to Launch US DOLLAR-BACKED STABLECOINS in 2025

Wyoming is reportedly developing its own U.S. dollar-backed stablecoin to be used for consumer payments.

The state plans to launch the Wyoming Stable Token in the first quarter of 2025, CNBC reported Friday.

“It is clear to me that digital assets are going to have a future,” Wyoming Governor Mark Gordon told CNBC at the Wyoming Blockchain Symposium in Jackson Hole. “The United States has to address this issue. Washington’s being a little bit stodgy, which is why Wyoming, being a nimble and entrepreneurial state, can make a difference.”

Advocates of the project the Wyoming stable token will provide a faster and cheaper way for individuals and businesses to transact, will create a new revenue stream for the state and may serve as a model for a stablecoin at the federal level, according to the report.

Gordon said the stablecoin will be transparent, fully backed by short-term Treasurys and dollar-dependent, per the report.

Wyoming has already been working to create a favorable regulatory environment for crypto, having passed more than 30 pieces of legislation related to that field since 2018, according to the report.

The state is currently vetting potential vendors and partners to provide an exchange, digital wallets and other technology needed for the stable token, per the report.

Wyoming aims to make the stablecoin a payment method for everyday use, Flavia Naves, a commissioner at the Wyoming Stable Token Commission, said in the report.

“When you walk into Cowboy Coffee in Jackson, Wyoming, and you want to buy your latte, there’s going to be their wallet there in Solana that you can use to buy your coffee with the Wyoming token,” Naves said, per the report.

Stablecoins are a type of currency designed to maintain a stable value by pegging their worth to a fiat currency, PYMNTS reported in April. Unlike traditional cryptocurrencies like bitcoin, which are notorious for their price fluctuations, stablecoins offer a level of stability that closely mirrors that of traditional currencies.

On the federal level, U.S. Sen. Kirsten Gillibrand, D-N.Y., and Sen. Cynthia Lummis, R-Wyo., introduced legislation to govern stablecoin use.

@ Newshounds News™

Source:  PYMNTS

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

Good Afternoon Dinar Recaps,

CARDANO DELAYS CHANG HARD FORK TO SEPTEMBER

Cardano delays its Chang hard fork to September 1, ensuring full ecosystem readiness, while exploring a potential groundbreaking AI partnership with Algorand.

Cardano has postponed its much-anticipated Chang hard fork to September 1, moving the date from August 27. 

This delay allows more time for exchanges and decentralized applications (DApps) to prepare. The decision, announced on August 23 by Intersect, a Cardano membership organization, ensures the ecosystem is fully ready for this crucial upgrade.

The Chang hard fork is a critical milestone in Cardano's journey toward the Voltaire era, which will bring enhanced community governance and smart contract capabilities. The delay emphasizes the importance of being fully prepared to avoid any disruptions during this major transition.

This hard fork is significant not just for its technical upgrades but also for how it involves the community in decision-making. Intersect highlighted that it's the first time such a wide range of community members and engineers have been involved in the process.

This marks a shift in how decisions are made within the Cardano ecosystem, with more emphasis on community participation and on-chain governance.

Charles Hoskinson, Cardano's founder, provided further insight into the delay. He revealed that some exchanges, particularly Binance, were not yet ready for the upgrade.

Hoskinson compared the situation to a rocket waiting for the weather to improve before launch, indicating that everything must be perfectly aligned for the hard fork to proceed smoothly.

The Chang hard fork is a key step in Cardano's roadmap, especially as the network moves towards the Voltaire era. 

This era will enhance Cardano's governance model, allowing token holders to be more involved in decision-making. The upgrade will also improve data security and expand smart contract functionalities, making it a pivotal development for the network.

While preparing for the Chang hard fork, Hoskinson is also exploring a possible partnership with Algorand, a competing blockchain network. This potential collaboration could create a "decentralized AI powerhouse," combining Algorand's technology with a proof of work system optimized for AI. Hoskinson believes this partnership could push the boundaries of decentralized AI and revolutionize the industry.

The idea of a Cardano-Algorand partnership has sparked interest in the blockchain community. Gary Malouf, Algorand's Chief Technology Officer, expressed interest in discussing the possibilities further.

This potential partnership could lead to significant developments in the blockchain space, as both networks continue to evolve and expand their technological capabilities.

Algorand, founded in 2017 by MIT professor Silvio Micali, has positioned itself as a leading Layer-1 blockchain network. Despite controversies over its advertisements criticizing rival networks like Bitcoin and Ethereum, the potential collaboration with Cardano could open new avenues for innovation and collaboration in the blockchain industry.

In summary, the delay of the Chang hard fork to September 1 allows Cardano to fully prepare for this critical upgrade.

At the same time, the potential partnership with Algorand could lead to groundbreaking advancements in decentralized AI, marking an important moment in the blockchain industry's evolution.

@ Newshounds News™

Source:  Coin Paprika

~~~~~~~~~

IOTA Set for MEXC LISTING IN ASSESSMENT ZONE: USDT Trading Pair Goes Live

IOTA is set to be listed in the Assessment Zone of the MEXC exchange after recommendations from community users.

Recently, IOTA announced that it has completed the final phase of the European Blockchain Pre-Commercial Procurement.

The exchange of high-performance and mega transaction matching technology MEXC has announced the IOTA (IOTA) listing in its Assessment Zone.

According to the official blog post, this groundbreaking move would be a gateway for the commencement of open trading for the IOTA/USDT trading pair. Trading start time, August 23, 2024, at 12:00 (UTC).

@ Newshounds News™

Read more:     Crypto News Flash

~~~~~~~~~

RUSSIA PLANS TO PEG CHINA'S YUAN TO IT'S NEW STABLECOIN

According to a Kommersant source, Russia has revealed plans to launch two State-linked crypto exchanges to incorporate digital payments for trade settlements. The two crypto exchanges will operate in Moscow and St. Petersburg.

Russia gets deeper into decentralized finance

Russia, the heavyweight nation behind BRICS, plans to launch a new stablecoin linked to the Chinese yuan. Since the war broke out between Russia and Ukraine, the US sanctions have forced Russia to find alternative payment methods to keep its economy afloat.

Russia intends to link the Chinese yuan to the new crypto-based stablecoin at a 1:1 ratio. This guarantees that the coin’s price remains consistent and without volatility, making it reasonably safe for carrying out transactions without fear of price fluctuations.

The plan is that the Russian ruble and the Chinese yuan will profit the most when trade is handled using the new payment mechanism, finally achieving their de-dollarization agenda. The US dollar will play no role in the payment system, allowing local currencies to take a large proportion of settlements.

Russia’s launch of the crypto exchanges has “The goal is to support foreign economic activity (FEA).” According to lawyers and analysts, they will most likely be created in an experimental legal regime.

@ Newshounds News™

Source:  CryptoNewsz

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

Good Morning Dinar Recaps,

SWISS NATIONAL BANK announces launch of instant payments in Switzerland

The Swiss National Bank (SNB) has announced the market launch of instant payments in Switzerland.

The introduction of instant payments has been enabled by a technical framework established in November 2023 in partnership with SIX Interbank Clearing.

Around 60 Swiss financial institutions can now receive and process instant payments, encompassing more than 95% of Swiss retail payment transactions.

The SNB says that some institutions have “already launched retail offerings enabling customers to send instant payments”, with more banks expected to announce similar services “in the coming months”.

The central bank predicts that “all financial institutions active in retail payment transactions will be reachable” by the end of 2026 “at the latest”.

@ Newshounds News™

Read more:  FinTech Futures

~~~~~~~~~

85 BILLIONS XRP TRADE MONTHLY ON CASH MARKETS

XRP witnesses significant trading volume on cash markets, with over 85 billion tokens traded by market participants every month.

Recall that American derivatives firm Bitnomial recently unveiled its plans to launch XRP/USD Futures contracts. This move has been described as a crucial step toward the potential future launch of a spot XRP ETF by an asset manager in the United States.

However, amid the excitement, Australian-based pro-crypto attorney Bill Morgan highlighted some important data from Bitnomial’s submission to the Commodity Futures Trading Commission (CFTC), including XRP’s impressive monthly trading volume.

XRP Trade Volume

One of the most striking details revealed by Bitnomial is that over 85 billion XRP tokens are traded on cash markets every month. Data from CoinMarketCap confirms this claim, with XRP’s trading volume averaging $1.6 billion daily over the past few weeks.

Notably, this figure sees occasional spikes during periods of heightened trading activity and price surges. For instance, earlier this month, XRP’s daily volume crossed $5 billion amid the price increase triggered by the final ruling in the SEC v. Ripple case, with South Korean exchanges accounting for most of the figure.

Also, XRP witnessed a surge in trade volume last July following the declaration by Judge Analisa Torres that it is not a security in the summary judgment ruling. Remarkably, XRP’s volume hit $10.4 billion, but this figure was merely the 76th highest in XRP’s history.

Meanwhile, Attorney Morgan also pointed out that Bitnomial’s proposal includes a spot month position limit of 300 million XRP, equivalent to about 0.049% of the total supply.

He stressed that this position limit is notable because it closely mirrors the amount Ripple releases from its monthly escrow, which is often a point of contention among critics who argue that these releases negatively impact XRP’s price.

Ample Regulatory Compliance

Bill Morgan also pointed out that Bitnomial’s filing with the CFTC includes a U.S. clearinghouse license, ensuring compliance with regulatory standards. This addresses concerns about market manipulation and the protection of participants. Bitnomial obtained a clearinghouse license from the CFTC last December.

Moreover, the July 2023 summary judgment ruling in Ripple vs. SEC lawsuit, in which the court ruled that XRP is not a security in itself, has bolstered confidence in XRP’s regulatory standing.

This ruling, combined with Bitnomial’s CFTC-approved futures contracts, could further legitimize XRP in the eyes of regulators and investors, potentially accelerating the timeline for a spot ETF launch.

The introduction of XRP/USD Futures by Bitnomial is also about paving the way for a spot XRP ETF. Futures contracts are often a precursor to spot ETFs because they provide a regulated framework and pricing mechanism that can be used as a reference by potential ETF issuers.

@ Newshounds News™

Source:  The Crypto Basic

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CHINA SUPREME COURT revises Anti-Money Laundering law to include ‘virtual assets’

The Supreme People’s Procuratorate said the number of people prosecuted for money laundering has risen 20-fold since 2019.

China’s supreme court and public prosecutor have revised their interpretation of the country’s Anti-Money Laundering (AML) laws to recognize “virtual asset” transactions for the first time.

The country adopted its existing AML law on Jan. 1, 2007, making the latest revision its first significant update in almost two decades.

In an Aug. 19 conference, the Supreme People’s Court and the Supreme People’s Procuratorate said under their new interpretation of the law, “virtual asset” transactions are now listed as one of the recognized money laundering methods.

It comes amid recent speculation on X that the country could be looking to unban crypto soon — though many are skeptical about it.

According to the courts, the transfer and conversion of criminal proceeds through digital transactions will now be covered under regulations that prohibit “covering up and concealing the source and nature of criminal proceeds and their benefits by other means.”

@ Newshounds News™

Read more:  Coin Telegraph

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CAMBODIA LAUNCHES BAKONG TOURIST DLT PAYMENT APP

The National Bank of Cambodia has already achieved enormous success with its Bakong digital payment app that uses DLT. There are more than ten million wallets out of a population of 17 million. Now it has soft-launched an app for Cambodian tourists.

Beyond the Bakong tourist app, a key goal of Bakong is to encourage greater usage of the local riel currency. Around 80% of all local transactions are in U.S. dollars versus less than 60% via Bakong. The Bakong tourist app only supports QR code payments in riel.

Today most tourists use a mix of cards and cash, often locally available U.S. dollar notes, which are rather damaged. Credit cards are accepted at 55,000 outlets compared to 3.3 million locations that support the KHQR codes used in Bakong, including small stalls.

Tourists can download the app and register via email. Currently they have to top up at banks and hotels, with the ability to enter card details via the app coming soon.

With this level of identity verification, tourists can spend the equivalent of up to $1,000 a day, with a $3,000 limit after verifying their identity in person. The Post implied that hotels and travel agents can perform the verification with a passport ID check.

On departure, the remaining balance can be converted at a bank, given to a local charity, or used at other tourist destinations in Thailand, Laos, Vietnam and other jurisdictions. We’d observe that using Bakong overseas will be subject to a foreign exchange spread at the very least. However, these countries also top the list for foreign arrivals into Cambodia.

Additional integrations with Malaysia and South Korea are meant to go live in the next couple of months. The central bank has also inked collaborations with China, India, Singapore and Japan for cross border payments. Japan’s Soramitsu is the technology provider for Bakong.

While many treat Bakong as a CBDC, it’s not. In fact, it’s a tokenized deposit solution designed by the central bank.

Bakong tourist app benefits

There are several benefits of the Bakong tourist app. The stated goal of local currency usage means the banks and central bank effectively get foreign currency, while traders get more local currency. Other than that, the central bank mentioned the convenience for tourists and the avoidance of tatty dollar notes.

We see a few additional benefits. For the 55,000 outlets that support cards, it can save them expensive merchant fees charged by Western credit cards. For the central bank, it helps to provide greater visibility into economic activity with tourism making up more than 18% of GDP in 2019.

A simple survey at airport departures can help it get a sense of the ratio of tourists that use the app. Otherwise, with a large proportion of cash transactions, it’s hard to see what’s really happening in the economy.

The data could potentially be used for tax purposes, but as soon as that happens, Bakong usage could decline. Getting a picture of economic activity is a big win on its own.

@ Newshounds News™

Source:  Ledger Insights

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NDIA's CRYPTO FUTURE hinges on gov’t consultation paper

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

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

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

India’s crypto conundrum

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

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

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

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

DEA paper to address regulatory concerns

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

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

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

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

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

@ Newshounds News™

Read more:  Coin Telegraph

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Seeds of Wisdom RV and Economic Updates Friday Afternoon 8-23-24

Good Afternoon Dinar Recaps,

Fed Chair Jerome Powell: Time Has Come for Policy to Adjust

Bitcoin rose in the immediate aftermath of his remarks at the Fed's Jackson Hole conference.

As expected, Jerome Powell indicated that a rate cut is coming in September

Bitcoin and traditional markets at least initially have moved sharply higher
Investors will now focus on whether the initial rate cut will be 25 or 50 basis points

After a long wait, central bank rates in the U.S. now appear certain to be headed lower in September after Jerome Powell said the "time has come" for an easing in monetary policy.

"My confidence has grown that inflation is on a sustainable path back to 2 percent," said Powell in his keynote address at the Kansas City Fed Jackson Hole Symposium.

 "The labor market has cooled considerably from its formerly overheated state," he continued. "We do not seek or welcome further cooling in labor market conditions."

"The time has come for policy to adjust," added Powell. "The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks."

Though markets fully expected Powell to indicate that a rate cut was coming at the Fed's September meeting, the tone of his remarks likely leaned a bit more dovish than anticipated. In the minutes following the release of his speech, bitcoin (BTC) added more than 1% to $61,900.

A check of traditional markets finds big gains as well: The Nasdaq is higher by 1.7%, while the S&P 500 is up 1.2% and gold has climbed 1%. The 10-year Treasury yield has dipped five basis points to 3.80% and the U.S. dollar index has fallen 0.6%.

After years of near-zero Fed policy rates, the U.S. central bank in early 2022 embarked on a long series of rate hikes, eventually taking its fed funds rate up to the 5.25%-5.50% range in 2023.

Since, it's been a waiting game, with the Fed wanting to see crystal clear signs that inflation was meaningfully slowing to its 2% target before moving to begin trimming rates. That day surely has now arrived.

The question going forward will be if the Fed cuts the fed funds rate by 25 or 50 basis points at its mid-September meeting. Markets continue to lean towards 25 basis points, but the chances of a 50 basis point move have grown to 32.5% currently from 24% one day ago, according to CME FedWatch. There remain some key economic reports between now and that September decision – August's employment and inflation numbers among them – which should be key to Fed's ultimate decision.

@ Newshounds News™

Souece:  CoinDesk

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U.S. sanctions over 400 entities and individuals for aiding Russia’s war effort, including Chinese firms

U.S. officials have repeatedly warned China about its support for Russia’s defense industry and have issued numerous sanctions aimed at restricting Moscow’s access to critical technologies.

The latest measures target companies in China involved in shipping machine tools and microelectronics to Russia, as highlighted in a State Department fact sheet covering sanctions against 190 entities. The Treasury Department imposed additional sanctions as part of this broader effort.

Sanctions were also aimed at stifling Russia’s energy sector, with actions taken against firms in Turkey, the United Arab Emirates (UAE), and Central Asian nations believed to be assisting Russia in evading existing sanctions.

“Today’s actions hit Russia where it hurts – degrading its ability to generate revenue through its energy projects and disrupting its acquisition of material to supply its war machine,” said Aaron Forsberg, director for economic sanctions policy at the State Department.

The sanctions come as the war in Ukraine escalates, following Ukraine’s August 6 military offensive in Russia’s Kursk region. Despite some recent successes, Ukrainian forces continue to face pressure from advancing Russian troops in eastern Ukraine.

Among those sanctioned is the import-export division of China’s Dalian Machine Tool Group, which allegedly supplied $4 million worth of dual-use items to Russian firms. China denies providing weaponry to Russia but defends its trade relationship with Moscow as normal.

Washington's measures also target companies supplying components for Orlan drones, used by Russia in Ukraine, and firms involved in energy projects like the $21 billion Arctic LNG 2 initiative.

This project has already been hit by previous Western sanctions, limiting its access to ice-class tankers. Additional sanctions were imposed on UAE-based White Fox Ship Management, which the U.S. says acquired four tankers to transport liquefied natural gas (LNG).

@ Newshounds News™

Souece:  Badlands Media

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Tether shuns blockchain launch, cites market concerns

Tether’s decision to avoid launching its blockchain stems from the crowded market and strategic alignment with existing platforms.

Tether, the issuer of the world’s largest stablecoin, USDT, has calculated to forgo its own blockchain launch, citing market saturation and strategic concerns.

According to an interview with Bloomberg News, the company’s CEO, Paolo Ardoino, explained that the stance comes from analyzing the blockchain space and a crowded market.

Ardoino stated that the firm launching a blockchain might not be the “right move” since “very good blockchains” are already available to the public.

Market saturation

In the interview, Ardoino noted that blockchains are becoming increasingly commoditized, with many offering similar functionality to users.

As such, he explained that the firm is satisfied with the remaining blockchain as “agnostic” as long as USDT  trading retains peak sustainability and security using blockchains as “transport layers.”

In a YouTube interview with Unlock Blockchain, Ardoino explained that Tether is “a product market fit.”

“We created the entire stablecoin market in 2014. There was no stablecoin before us."

Tether Aptos expansion

On Aug. 19, Tether launched USDT on the Aptos blockchain to reduce transaction costs and improve global digital currency accessibility.

With the new integration, the company aims to leverage Aptos’ speed and scalability to provide users with gas fees that cost “only a fraction of a penny.”

The announcement by Tether follows the Aptos blockchain, witnessing significant growth and a “record-breaking” 157 million transactions in a single day in May.

Launch of dirham stablecoin

On Aug. 21, Tether partnered with the United Arab Emirates’ Phoenix Group and Green Acorn Investments to launch a dirham-backed stablecoin.

The new stablecoin aims to digitally represent the dirham currency, “fully backed by liquid UAE-based reserves” while adhering to Tether’s “transparent and robust standards.”

This expansion into the UAE market is expected to offer users a cost-effective method for accessing “the benefits of the AED.”

@ Newshounds News™

Source:  CoinTelegraph

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