Seeds of Wisdom RV and Economic Updates Wednesday Morning 9-4-24

Good Morning Dinar Recaps,

RIPPLE AND DIFC PARTNER TO BOOST BLOCKCHAIN INNOVATION IN DUBAI

▪️Ripple partners with DIFC Innovation Hub to accelerate blockchain adoption in the UAE and foster innovation.

▪️Ripple’s 1B XRP fund supports global developers, driving blockchain solutions across 47 countries on the XRPL.

Ripple has announced a strategic relationship with the DIFC Innovation Hub, a thriving innovation environment within the Dubai International Financial Centre (DIFC), to accelerate the development and acceptance of blockchain and digital assets in the UAE.

Ripple Fuels Global Blockchain Innovation Through Strategic Alliances and 1B XRP Fund

This alliance aims to connect the next generation of developers with the region’s largest innovation ecosystem, which includes over 1,000 growth-stage IT startups, innovation corporations, digital laboratories, venture capital firms, regulators, and educational institutions. Brad Garlinghouse, Ripple Chief Executive Officer, stated:

“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.”

The agreement demonstrates Ripple’s commitment to pushing blockchain adoption among early-stage firms and scale-ups, as well as situating this disruptive technology within traditional large strategic institutions and their specialized use cases.

The pledge of one billion XRP by Ripple to promote global use cases on the decentralized layer 1 blockchain known as the XRP Ledger (XRPL) further demonstrates its dedication to promoting blockchain innovation.

Ripple’s huge funding offer intends to provide not just monetary support but also technical and business assistance to developers globally. Since the beginning of the 1B XRP Fund in late 2021, Ripple has successfully supported over 160 teams in 47 countries, allowing for the development of a wide range of XRPL applications.

These applications cover a wide range of sectors, including decentralized finance (DeFi), Real World Assets (RWA), and other ground-breaking technologies, demonstrating Ripple’s worldwide effect. Arif Amiri, DIFC Chief Executive Officer, added:

“Today marks another milestone in DIFC’s ongoing journey to help facilitate growth and equip the next generation of leaders with everything they need to succeed.

The Ripple collaboration further cements DIFC’s role as a leading global hub for talent, technology and innovation, as we continue to enhance our ecosystem powered by a world-class regulatory jurisdiction, to drive the future of finance.”

Strategic Integration Boosts Blockchain Innovation and Economic Value in the MEA Region
Ripple’s regional office is located in the DIFC, demonstrating the strategic relevance of the UAE and the larger Middle East and Africa (MEA) area to the company’s activities. The DIFC approved the usage of XRP within the Center in November 2023, marking a key milestone.

This permission enables licensed virtual asset firms operating in the DIFC to incorporate XRP into their virtual asset services, further integrating Ripple’s technology into the region’s financial system.

This move not only advances blockchain innovation in Dubai, but it also generates new economic value by incorporating XRP into the larger virtual asset ecosystem.

In addition to Ripple’s cooperation in Dubai, the Middle Eastern regulatory landscape is evolving, with Qatar recently creating a framework to oversee the operation of digital asset services and foster innovation in the financial sector.

According to CNF, analysts believe that this legislative clarification will considerably accelerate the growth of cryptocurrencies, notably Ripple, given its long-standing ties with Qatar National Bank.

Such regulatory developments in Qatar, together with Ripple’s growing impact in the UAE, place Ripple strategically in the rapidly growing Middle Eastern digital asset industry.

Furthermore, as we previously reported, Japan’s Metaplanet has formed a cooperation with cryptocurrency investment provider SBI for Bitcoin trading and custody.

This collaboration focuses on regulatory compliance and tax efficiency. Given that SBI is one of Ripple’s core partners, there is suspicion that XRP will soon be included in this cooperation, potentially boosting Ripple’s influence in Japan as well.

@ Newshounds News™

Source: Crypto News Flash

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RIPPLE INTRODUCES SMART CONTRACTS AND INNOVATIVE NFT FEATURES TO THE XRP LEDGER

▪️Ripple’s new developments aim to expand the XRP ledger’s capabilities, enabling new features such as NFTs, DEXs, and AMMs.

▪️Ripple is broadening its reach by partnering with AI and metaverse firm Futureverse to integrate Ripple Custody for secure DeFi access via the Ottó blockchain.

Blockchain startup Ripple has made some major announcements at the Korea Blockchain Week 2024 with the goal of boosting the foundations of crypto infrastructure thereby driving more institutional adoption of blockchain.

Ripple is now working to advance the XRP Ledger’s programmability by introducing smart contracts to the mainnet and within the ecosystem. This will also help developers leverage the XRP Ledger’s expanded capabilities, thereby accelerating innovation on the platform, per the CNF report.

As a result, Ripple is undertaking a two-pronged approach to boost programmability. First, smart contracts will be introduced to the XRP Ledger mainnet, along with the XRPL EVM Sidechain, in the coming months. These two developments will complement each other in building a robust and versatile ecosystem that will cater to a wide range of applications.

Furthermore, the introduction of the smart contracts will also enable new layer-1 features such as NFTs, Escrow, payment channels, authorized trustlines, as well as DEXs and AMMs.

The introduction of these new features, along with the high speed and low cost of XRP Ledger, makes it well-suited to drive everything from traditional finance to innovative new applications. However, the Ripple community is also demanding moving away from centralized control of XRP Ledger and taking the path of decentralization, reported Crypto News Flash.

The XRPL Labs’ Hooks, which define the current smart contract standards provide a crucial foundation that can be built upon to improve Mainnet features. This framework will further allow developers to harness Ledger’s core strengths while tailoring smart contracts to address specific requirements.

Ripple Partners With AI and Metaverse Tech Firms

Apart from the financial markets, Ripple is also expanding its wings into other emerging industries, such as artificial intelligence (AI) and the Metaverse. As a result, it has partnered with Futureverse, an AI and metaverse technology firm, to integrate Ripple Custody and thus secure its digital assets.

Futureverse will facilitate secure, KYC-verified access to DeFi through its proprietary Ottó blockchain. To ensure safe receipt and storage of cryptocurrencies before minting on Ottó, Futureverse will utilize Ripple Custody.

It is clear that Ripple seeks to grab a piece of the crypto custody market, which is expected to grow to $10 trillion by 2030. The blockchain startup will do this by providing a state-of-the-art governance framework while safeguarding a large number of digital assets, including stablecoins and tokenized assets such as bonds, stocks, commodities, and real estate.

 Interestingly, Ripple has also been working on a multi-purpose token for XRPL, per the CNF report.

In another announcement, Ripple’s University Blockchain Research Initiative (UBRI) welcomed Korea’s Yonsei University as its 58th global partner. With over $60 million committed to the UBRI program, Ripple continues to advance academic excellence and cutting-edge research through strategic support, technical resources, and grants.

@ Newshounds News™

Source: and Read more: 

Crypto News Flash

CoinGape

Cointrust

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Why You Need to Know What a Recession Really Is - The Economic Ninja |  Youtube

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XRP WHALES SELLING HEAVILY AS RIPPLE TO PAY US SEC THIS WEEK

▪️XRP whales dump heavily ahead of Ripple's $125M settlement with the SEC.

▪️Ripple to pay the settlement this week.

▪️XRP price dips with increased selling pressure on the asset.

XRP whales have ignited severe investor concerns, heavily dumping their holdings ahead of a $125M settlement between Ripple and the U.S. SEC. On-chain data pointed out nearly 1 billion XRP moved over the past day, raising speculations on the cryptocurrency’s future price movements.

 Moreover, recent massive escrow movements by the American blockchain payments firm have further propelled speculations on XRP price action ahead.

@ Newshounds News™

Source: CoinGape

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Ripple USD Stablecoin Could be Issued in 'Weeks, Not Months': Garlinghouse

The RLUSD will be fully backed by U.S. dollar assets, tested with enterprise partners, and will operate on the XRP Ledger and Ethereum blockchain.

Ripple is close to launching its U.S.-dollar pegged stablecoin, Ripple USD (RLUSD), with CEO Brad Garlinghouse indicating a launch timeline of “weeks.”

RLUSD will be fully backed by U.S. dollar assets, tested with enterprise partners, and will operate on the XRP Ledger and  Ethereum blockchain.

SEOUL- Ripple Labs chief executive Brad Garlinghouse, at the ongoing Korea Blockchain Week on Wednesday, said that the company’s U.S.-dollar pegged stablecoin is close to issuance
.
“We will certainly launch soon. Weeks, not months,” Garlinghouse said at the event. “It’s called Ripple USD. RLUSD has been minted in that framework.”

He stated that plans for the token were made after USD Coin (USDC), the second-largest stablecoin by market capitalization of $34 billion, lost its dollar peg in March, 2023.

“We felt like there was an opportunity for a credible player already working with lots of financial institutions to lean into that market,” he said.

Ripple first revealed its stablecoin plans in April, stating that the token would be "100% backed by U.S. dollar deposits, short-term U.S. government Treasuries and other cash equivalents.”

It began testing the token in early August with enterprise partners. The stablecoin is scheduled to be deployed onto Ripple's institution-focused XRP Ledger and the Ethereum blockchain to start and will be based on Ethereum's ERC-20 token standard.

Plans for the stablecoin come amid further boosts to the XRP Ledger network in the form of Ethereum-compatible smart contracts, which will let users build out on-chain exchanges and issue tokens, among other financial services, as they do on Ethereum.

@ Newshounds News™

Source: CoinDesk

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Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 9-3-24

Good Afternoon Dinar Recaps,

QATAR LAUNCHES 2024 DIGITAL ASSETS FRAMEWORK TO LEAD GLOBAL FINANCE

▪️Qatar's QFC Digital Assets Framework 2024 provides a legal foundation for digital asset activities.

▪️The framework was developed through extensive consultation with various stakeholders and includes initiatives like the QFC Digital Assets Lab.

▪️Qatar's initiative is expected to position the country as a leader in digital finance, attracting more companies and driving economic growth.

Qatar is making a major move in the world of finance with the launch of the QFC Digital Assets Framework 2024. Created by the Qatar Financial Center Authority and the Qatar Financial Center Regulatory Authority, this new framework aims to transform how digital assets are managed in the country.

Let’s look at how this could make Qatar a leader in digital finance.

All About the QFC Digital Assets Framework

The QFC Digital Assets Framework acts as a detailed guide for digital assets in Qatar. It sets legal standards for activities such as tokenization, owning digital tokens, and exchanging them. It also acknowledges the role of smart contracts, showing a modern approach to digital asset management.

Why is this framework important? 

The main goal is to ensure a safe environment for digital transactions, meeting global standards. Sheikh Bandar bin Mohammed bin Saoud Al Thani, Governor of Qatar Central Bank, sees this framework as a key part of Qatar’s plan to modernize its financial sector. It’s not just about setting rules; it’s about opening new opportunities and driving Qatar’s digital transformation.

It Takes a Team for Success!

Creating the QFC Digital Assets Framework took a lot of time and resources. It took a lot of discussions and input from an advisory group that included 37 organizations from different fields-finance, technology and law. The idea was to make sure the framework isn’t just a set of rules but something that works for everyone involved.

One of the standout features is the QFC Digital Assets Lab, which started in October 2023. More than 20 startups and fintech companies are already using it to test and launch their digital asset products and services.

This lab is not just about regulation; it’s about encouraging innovation and making Qatar a central player in digital finance.

Qatar’s Ambitious Vision

With the launch of the QFC Digital Assets Framework 2024, Qatar is clearly aiming to lead in digital finance. This framework provides the clarity and security that businesses, both local and international, need. It’s expected to attract more companies to Qatar, boosting its financial sector and making it more competitive globally.

Yousuf Mohamed Al-Jaida, CEO of QFC, is enthusiastic about the new framework, noting that it aligns Qatar’s regulations with the best global practices. It’s also a key part of Qatar’s strategy for long-term growth and security in the digital space.

Shaping the Future of Finance – Together!

In short, the QFC Digital Assets Framework 2024 is a major development. It’s not just about setting rules; it’s about shaping the future of finance in Qatar. By building a strong regulatory base, Qatar is ensuring that digital asset transactions are secure, transparent, and ready for the future.

This framework is a big step forward for Qatar’s financial sector and its role in global digital finance.

@ Newshounds News™

Source: Cooinpedia

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RIPPLE PARTNERS WITH FUTUREVERSE TO ENHANCE SECURE DIGITAL ASSET CUSTODY

Futureverse to Leverage Ripple Custody for AI and Metaverse Initiatives

In a significant advancement within the digital asset infrastructure and metaverse technology sectors, Ripple, a leader in digital asset solutions, has announced a strategic partnership with Futureverse, a prominent company in AI and metaverse technology. 

The collaboration aims to integrate Ripple Custody into Futureverse’s ecosystem, ensuring secure storage and management of digital assets, particularly as the demand for compliant and institutional-grade custody solutions continues to grow.

Futureverse has unveiled plans to use Ripple Custody to facilitate the secure custody of digital assets before they are minted on its self-developed Ottó blockchain.

The partnership will enable Futureverse to offer a secure and compliant environment for Know Your Customer (KYC) verified access to decentralized finance (DeFi) via the Ottó blockchain.

This development is timely, given the rapid expansion of the crypto custody market, which is projected to approach $10 trillion by 2030.

The integration of Ripple Custody is expected to address the critical need for robust, secure, and compliant digital asset storage solutions that can accommodate a wide range of digital assets, including stablecoins and tokenized real-world assets such as stocks, bonds, commodities, and real estate.

Ripple Custody has been designed with a state-of-the-art governance framework to protect a diverse array of digital assets, thereby allowing institutions, enterprises, and crypto businesses to securely manage their digital assets while confidently navigating the evolving Web3 landscape.

This partnership underscores the growing importance of secure custody solutions as digital assets gain increased adoption across various sectors.

Jeffrey McDonald, the Founder of Ottó Blockchain and Chief Customer Officer of Futureverse, emphasized that the integration of Ripple Custody into Futureverse’s operations was driven by Ripple’s industry-leading security features, which are designed to enhance the safety of customers’ digital assets.

 He also highlighted the long-standing relationship between the two companies, noting that Ripple’s advanced product features made it the ideal choice as Futureverse continues to innovate within the AI and metaverse technology spaces.

Ripple’s suite of enterprise-grade solutions is tailored to meet the evolving demands of businesses operating in the digital economy.

Beyond custody services, Ripple offers a comprehensive range of solutions, including the secure storage of cryptocurrencies and digital assets, the off-ramping of stablecoins, and the facilitation of payouts in local fiat currencies across over 80 markets worldwide.

These offerings are designed to help businesses scale their operations without compromising on security, compliance, or operational efficiency.

Fiona Murray, Managing Director of APAC at Ripple, emphasized the importance of security and compliance as foundational elements for the success of any digital asset platform.

She further expressed that Ripple’s ongoing collaboration with Futureverse is a testament to the company’s commitment to supporting Web3 projects and communities with secure and scalable custody solutions.

Both Ripple and Futureverse have been active participants in the XRP Ledger (XRPL) community, with Futureverse having adopted the XRPL NFT standard, which benefits from the network’s low transaction fees and high throughput capabilities.

Moreover, Futureverse utilizes XRP as the network’s gas token and has integrated with the XRPL decentralized exchange (DEX) to provide network liquidity. The partnership between Ripple and Futureverse was further solidified in 2023 when Ripple took part in Futureverse’s $54 million Series A funding round, led by 10T Holdings.

This collaboration between Ripple and Futureverse highlights the ongoing evolution of digital asset management and the critical role that secure, compliant custody solutions play in the broader adoption of digital assets and blockchain technology.

As the market continues to evolve, partnerships like this are likely to become increasingly important in ensuring the safe and efficient operation of digital asset platforms.

@ Newshounds News™

Source: CoinTrust

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UNLOCKING THE SECRETS OF HISTORICAL BOND |  Youtube

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Source: Currency Facts

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Seeds of Wisdom RV and Economic Updates Tuesday Morning 9-3-24

Good Morning Dinar Recaps,

METAPLANET TEAMS UP WITH RIPPLE ALLY SBI TO BOLSTER ITS BITCOIN-BUYING STRATEGY; XRP PLANS NEXT?

Metaplanet, a major Japanese-headquartered prolific Bitcoin (BTC) investor now recognized as a MicroStrategy imitator,” is collaborating with Ripple’s banking partner, the financial conglomerate SBI.

The strategic partnership is aimed at supporting Metaplanet’s ongoing efforts to expand its Bitcoin corporate treasury.

SBI To Provide Metaplanet With Custody And Trading Support
Metaplanet — known as “Japan’s MicroStrategy” on Crypto Twitter — has joined forces with SBI VC Trade, a division of Tokyo-based SBI Holdings.

The collaboration gives Metaplanet access to SBI’s compliant custodial services, designed to prioritize tax efficiency and provide the potential to use Bitcoin as collateral for financing.

This is part of Metaplanet’s broader strategy to engage with industry players in Japan and broaden its financial options.

“This collaboration is part of our ongoing effort to engage with leading industry stakeholders in Japan who support our corporate Bitcoin accumulation strategy,” Metaplanet’s official announcement states.

Tokyo stock exchange listed Metaplanet revealed that as its Bitcoin haul grows, it will continue to explore financial tools that provide greater “financial flexibility.”

Following in the footsteps of Michael Saylor’s MicroStrategy, the largest corporate holder of Bitcoin in the world, Metaplanet’s new main corporate objective is to accumulate as much of the benchmark cryptocurrency as possible. 

The publicly traded firm announced it had adopted BTC as its “core treasury reserve asset” to hedge against Japan’s debt burden and yen volatility. Metaplanet held roughly 360.4 BTC (worth around $20 million) as of August 20.

In its official announcement, SBI VC Trade said it would assist Metaplanet in addressing its Bitcoin accumulation strategy by offering trading and operation support.

“Focused on Bitcoin’s rarity and non-political monetary policy, Metaplanet appointed Bitcoin as a major financial asset and advanced Bitcoin’s accumulation through both debt and equity financing,” SBI VC Trade continued.

XRP Plans In The Pipeline?

Like MicroStrategy, Metaplanet’s focus has so far been on the apex cryptocurrency, Bitcoin. Nevertheless, SBI and Metaplanet’s joint venture has sparked hopes for XRP enthusiasts that their favorite crypto could soon secure a place on the company’s balance sheet.

As you may already know, SBI is one of the XRP community’s most prominent supporters. SBI Group became the first Japan-based corporation to leverage XRP Ledger (XRPL) blockchain supply chain solutions after Ripple forged a partnership with Tokyo-based consulting firm HashKey DX in April to push enterprise blockchain solution use cases in the East Asian country.

Furthermore, SBI’s recent partnership with notable crypto exchange-traded fund (ETF) provider Franklin Templeton also introduced the possibility of a spot XRP product in Japan.

@ Newshounds News™

Source:  ZyCrypto

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SWISS CENTRAL BANK HOLDS 500 BITCOIN; BANK OF NORWAY HOLDS 1,400 BTC

▪️The Swiss and Norwegian central banks gain indirect Bitcoin exposure through significant holdings in MicroStrategy, aligning with a broader trend of institutional Bitcoin adoption.

▪️Norges Bank’s direct and indirect Bitcoin holdings position it as one of the most prominent institutional BTC holders globally, reflecting a growing acceptance of cryptocurrency among traditional financial institutions.

Norges Bank, managing Norway’s Government Pension Fund, holds 1.123 million shares of MicroStrategy (MSTR), while the Swiss National Bank increased its holdings by 60% to 466,000 MSTR shares, equivalent to a hidden stash of about 500 BTC.

This revelation aligns with earlier developments we discussed where Norway and Switzerland’s central banks significantly increased their stakes in MicroStrategy, gaining indirect Bitcoin exposure.

Furthermore, as revealed by Collin Brown’s tweet today, Norway’s Central Bank is also reported to be holding approximately 1,400 BTC through its MSTR investment.

It is worth noting that, MicroStrategy, known as the largest corporate Bitcoin holder with 226,500 BTC, also has shares owned by South Korea’s public pension fund and Mitsui Sumitomo, a leading Japanese insurer.

Despite a recent 3.5% decline in MSTR shares, trading at $131.21, co-founder Michael Saylor highlighted that the company has outperformed nearly all S&P 500 stocks since adopting its Bitcoin strategy.

As of today, CoinMarketCap data shows that Bitcoin is trading at $59,220.35, having surged by 3.27% in the past day with a decrease of 6.26% in the past week.

@ Newshounds News™

Source: Crypto News Flash

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CRYPTO NEWS : ARE S-1 FORMS FAILING CRYPTO? SEC COMMISSIONER SOUNDS THE ALARM!

SEC Commissioner Mark T. Uyeda recently emphasized the need for tailored S-1 registration forms specifically designed for digital asset securities. 

Speaking at Korea Blockchain Week 2024 in Seoul, Uyeda argued that the U.S. SEC should adopt a more flexible approach to regulating digital assets, similar to how it handles other specialized financial products.

Cracking the Code: The S-1 Form and Its Shortcomings

The S-1 form is a crucial document for issuers in the U.S., requiring comprehensive disclosures such as income statements and cash flow statements before introducing a new securities product. 

Uyeda highlighted the inadequacy of the standard S-1 form for digital assets, drawing parallels with registered index-linked annuities, where the SEC already collaborates with product sponsors to develop customized registration requirements.

Crypto’s Regulatory “Catch-22”

Uyeda questioned why the same tailored approach isn’t applied to digital asset securities, arguing that the SEC has the flexibility to create such changes. 

He expressed frustration over the agency’s failure to provide more supportive frameworks for digital asset sponsors, which often leaves them in a regulatory “catch-22.”

This situation arises when the SEC requires disclosures that may not be relevant to digital assets, or when sponsors are unable to comply due to the unique nature of their products.

And it Goes On…

Despite these challenges, Uyeda clarified that the decision to classify a product as a security under federal regulations remains with the issuer.

However, there is ongoing uncertainty about whether cryptocurrencies fall under the SEC’s jurisdiction as securities.

This uncertainty is at the heart of Ripple’s ongoing legal battles with the SEC. Ripple’s Chief Legal Officer, Stuart Alderoty, recently criticized the term “crypto asset security,” calling it a “fabricated term with no legal basis.”

Crypto Reaction

Ripple, along with other companies like Coinbase, has argued that the SEC has not provided clear regulatory guidelines for digital assets. Uyeda’s comments reflect his dissent from the SEC’s decision to deny Coinbase’s rulemaking petition, which sought clarification on what constitutes security in the digital asset space.

Uyeda hopes that either current SEC Chairman Gary Gensler or his successors will recognize the growing regulatory uncertainty around digital assets and take steps toward developing clear legislation or rulemaking.

However, digital assets have not been a priority on the SEC’s regulatory agenda under Gensler, who has the final say on which items are included.

Uyeda’s Stand on Regulations
Looking ahead, Uyeda suggested that the SEC should consider the regulatory approaches of other jurisdictions, including the EU, South Korea, and Japan when shaping future rules for digital assets.

While his term as one of the SEC’s five commissioners extends until June 2028, Uyeda made it clear that his views are personal and do not necessarily represent the stance of the entire agency.

A Countdown to Change Begins, Will the SEC Step Up or Fall Behind? We Wait and Watch!

@ Newshounds News™

Source: Coinpedia

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BRICSX REVOLUTIONIZING GLOBAL FINANCE  |  Youtube

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Source: Currency Facts

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CURRENCY REVALUATION EXPLAINED VND, IQD  |  Youtube

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Source: Currency Facts

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Seeds of Wisdom RV and Economic Updates Monday Evening 9-2-24

Good Evening Dinar Recaps,

Fed Governor Waller questions need for speed in cross border payments

In a speech last week, Federal Reserve Governor Christopher Waller argued that “not all frictions that slow down payments are bad”. While he was mainly questioning the interconnection of faster payment systems, he touched on correspondent banking.

As context, the Bank for International Settlements (BIS), the central bank to the central banks, is working on Project Nexus for interlinking faster payments via its innovation hub.

Additionally, Project Agorá plans to use tokenization and wholesale CBDC to speed up cross border payments via correspondent banks. The Federal Reserve Bank of New York is a participant in that project, but “strictly for research and experimentation.”

While Governor Waller acknowledged that it’s desirable for remittances to arrive faster, the heart of his objections were in one paragraph:

“Not all frictions that slow payments down are bad. Certain frictions are purposely built into the global payment system for compliance and risk-management reasons.

Slowing down the speed at which payments are cleared and settled helps banks prevent money laundering and counter the financing of terrorism, detect fraud, and recover fraudulent or misdirected cross-border payments.

Granted, the practice today of sending payments through an often complex chain of correspondent banks contributes to slower payments that could benefit from efficiency enhancements.

However, there is no silver bullet that increases speed and efficiency without tradeoffs. Unless new solutions are found, interlinking fast payment systems might increase the risk-management burden for banks that participate in them.”

Buyers don’t want faster payments?

He went on to argue that it is only sellers that want to receive money faster. Buyers don’t want to pay earlier. That’s certainly true.

However, speeding up cross border payments is not the same as using bank transfers versus cheques. To Governor Waller’s point, paying by cheque means the payer keeps hold of the money for longer.

In my experience, cross border payment transfers leave my account instantly. Contrary to Governor Waller’s argument, buyers should love faster cross border payments, because if a payment arrives instantly instead of taking two days, then the buyer can send the money two days later.

If I know it takes two days, then I have to send the payment two days before the expected arrival date. It is invariably the banks involved that keep hold of the money in the interim.

That might be a mismatch in banking hours or issues with Nostro account liquidity or compliance. And some banks may use compliance as an excuse for delays.

The Governor then questioned whether improving payment systems is always the role of central banks or should be left up to the private sector.

He gave examples of where the Fed steps in, such as the case of FedNow, where the private instant payment systems only served a subset of banks.

Mr Waller emphasized that the current focus of FedNow is rolling it out domestically. So it has no plans for interlinking the system.

What does this mean?

One of the aims of Project Agorá, the cross border initiative that uses correspondent banks, is to improve compliance.

That should mean that when a payment instruction is received, the banks conduct compliance first and share information.

Perhaps the amount meant for payment is reserved rather than removed. If all is clear, then the money leaves your account and arrives at the destination.

So part of this is a change in the process order. Mr Waller acknowledged that the correspondent banking process is ripe for optimization.

His comments on the role of the central bank could be good news for Fnality. That’s the private sector system for tokenized institutional payments using central bank deposits. It is working on adding tokenized US dollars to its existing GBP offering.

On the other hand, so far the U.S. regulators have not been supportive of some of the private interbank payment initiatives that use blockchain, particularly those targeting corporates. Hopefully, that is changing with the Regulated Settlement Network.

@ Newshounds News™

Source:  Ledger Insights

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ARE ELON MUSK, THE IMF, AND THE WORLD BANK SETTING THE STAGE FOR XRP IN THE GLOBAL FINANCIAL SYSTEM?

▪️XRP is a prominent subject of discourse in global cross-border and payment solutions.

▪️The coin is linked to the Ripple Labs ecosystem, with a rich payment solution record.

With its growing popularity, XRP is now linked with Tesla CEO Elon Musk, the International Monetary Fund (IMF), and the World Bank. As a result, there is a growing debate in the crypto community concerning XRP’s future role in global finance.

Elon Musk’s Connection to Ripple

Over the weekend, Versan Aljarrah, founder of Black Swan Capitalist, pointed out Musk’s involvement with Ripple Labs Inc. The founder noted in an X post that Musk’s connection to Ripple is part of a larger narrative that includes XRP in the new financial system.

▪️#ElonMusk’s connection to #Ripple is no secret, it’s always been part of the larger narrative

▪️Remember Elon and Peter Thiel backed #OneCoin, rebranded to #OpenCoin, and then Ripple under Chris Larsen guidance

▪️They’re just setting the stage for #XRP in the new #financial system pic.twitter.com/jRUDK6tQBr

▪️— Black Swan Capitalist (@VersanAljarrah) September 1,

He noted that Musk’s relationship with Ripple is no secret. He recalled a time when Musk and Peter Thiel once supported OneCoin. According to him, this was shortly before OneCoin rebranded to OpenCoin and later Ripple under the leadership of Chris Larsen.

The founder’s recent disclosure comes only shortly after crypto-friendly lawyer Fred Rispoli made a bold proposal to Elon Musk. Notably, Rispoli recently urged Musk to consider integrating XRP into his X Payments platform.

This suggestion could mark a major transformation for XRP. It comes shortly after the Ripple Labs and US Securities and Exchange Commission (SEC) legal battle ended.

As highlighted in our previous article, Judge Analisa Torres ruled that secondary sales of XRP are not securities. This verdict has helped provide greater regulatory clarity, strengthening investor confidence in the digital asset.

 Nonetheless, Ripple was ordered to pay a $125 million fine for institutional XRP sales violating federal securities laws.

XRP Role in Global Financial Payment Systems

In a related post, Aljarrah noted that the World Bank and the IMF have consistently featured XRP and stablecoins in payment discourse. The founder thinks this is not a coincidence but the foundation of the new monetary system.

Meanwhile, Ripple has preserved a brand identity connected to financial transactions since its founding. XRP is already being used to solve key financial problems in the crypto space.

For instance, XRP is a bridge currency in cross-border payments, offering instant settlements at lower charges between different fiat currencies.

According to our recent analysis, the Bank of Russia began exploring XRP in its financial system in 2018. Based on the details, the coin was leveraged for cross-border remittances with plans to solve digital payment needs.

Moreover, Ripple strongly believes blockchain-based payment solutions may become invaluable to local banks. As noted in our earlier post, the payment company provides local banks with blockchain-based payment solutions to help SMEs overcome the hurdles of traditional cross-border transactions.

Overall, Ripple’s blockchain solutions have helped strengthen XRP’s position as a leader in the crypto market. As XRP sees more integration, experts’ predictions of XRP facilitating global payments could eventually come true.

At press time, XRP is trading at $0.5576, up by 0.44% in 24 hours. The trading volume surged 67% within the same timeframe to $883 million. With more positive narratives around the coin, it might ultimately sustain its rebound moves.

@ Newshounds News™

Source:  Crypto News Flash

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IOTA NEWS: EMBARK ON EPIC QUESTS WITH IOTA HEROES AS GAME DEBUTS ON IOTA EVM SEPTEMBER 4TH

▪️IOTA Heroes, a game built exclusively for the IOTA ecosystem, is launching on IOTA EVM on the 4th of September 2024 at 20:00 CEST.

▪️New features include a Hatchery, the option to end adventures early, faster routing and navigation, and inventory item filters.

IOTA Heroes, an exciting game that allows users to fight, conquer, and earn, will launch in the IOTA EVM later this week.

The game launches on the 4th of September 2024 at 20:00 CEST, the developers revealed on X.

The IOTA EVM is the first fully EVM-compatible smart contract chain on the IOTA network, enabling fast, secure, and scalable smart contracts. As we’ve reported, the EVM has thrived since its launch and has been pushing the boundaries of DeFi, decentralized trading, sustainability, and more.

As the IOTA Heroes team revealed in an accompanying blog post, it has been working to prepare the game for a token migration, which is no mean feat given how vast the number of tokens they manage is. The team benefitted from the IOTA Grants, being one of the first projects to receive one to fund the migration.

IOTA Heroes is doing all the heavy lifting for the token holders.

We’ll ensure that all your heroes, items, and gold are airdropped directly to your address. Additionally, we’ve prepared scripts to automatically set up all your facilities and hero skills that you’ve developed on ShimmerEVM. Everything will be ready and waiting for you when you first log in to the game!

IOTA Heroes on IOTA EVM

The migration comes with a raft of changes. For starters, the team has updated the battle visualizer, allowing users to access more information on the combat scenes. More updates are expected in the near future.

Other changes include the long-overdue introduction of the Hatchery, where users can now crack their eggs for some exciting possibilities. The game has previously limited users to reforging only five items at a time, but with the new update, users can reforge any multiple of five (10, 15, 100) as long as they have enough charcoal to power the process.

The update also gives users more options as they play IOTA Heroes. For one, you can choose to end an adventure early; say, for instance, that your adventures were set to end in an hour or two, and you want to end them earlier and get on with other things—well, you can choose to end it by spending some of your gold.

Others might choose to end the adventure to preserve some of the in-game items they have acquired, especially if they value them higher than gold. Of course, you must engage in an adventure at least five minutes before you get the option to call it quits.

On the back end, the IOTA Heroes team has refined its smart contracts to make the experience smoother. It has also switched to SvelteKit, a framework for deploying web apps using Svelte, which will translate into smoother routing and faster navigation.

@ Newshounds News™

Source: Crypto News Flash

~~~~~~~~~

An important update on Gold.

THE BEGINNING STAGES OF THE GOLD STANDARD  |  Youtube

@ Newshounds News™

Source:  Currency Facts

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Seeds of Wisdom RV and Economic Updates Monday Afternoon 9-2-24

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This Week in AI: OpenAI signs landmark AI deal with US

OpenAI is preparing to raise its next funding round, seeking to secure billions of dollars at a $100 billion valuation. Tech giants like Microsoft (NASDAQ: MSFT), Apple (NASDAQ: AAPL), and Nvidia (NASDAQ: NVDA) are rumored to be interested in participating.

Each of these companies is no stranger to OpenAI:

▪️Microsoft has been a primary investor, owning a 49% share of the company thanks to its $13 billion investment in 2019.

▪️Apple partnered with OpenAI in June to use its models to power upcoming AI features.

▪️Nvidia, the dominant chipmaker, provides OpenAI with the infrastructure it needs to train and run its models.

Although OpenAI’s ChatGPT remains the market leader, with hundreds of millions of monthly users, the company has yet to turn a profit from its AI products and services. Moreover, OpenAI must continue spending billions to stay competitive and maintain its market leadership.

Rumors suggest the company is on track to lose $5 billion this year from its AI operations, making it unsurprising that OpenAI needs to raise significant capital to keep the business going.

Google’s Imagen 3 relaunches with enhanced AI accuracy and ethics

Google (NASDAQ: GOOGL) announced that it would reintroduce its image generation AI, Imagen 3, into its products, starting with Gemini Advanced.

Google’s AI image generation tool was previously operational but was pulled in February following incidents where the AI overcompensated for race and ethnicity when generating images of people.

 For example, when prompted to produce an image of the four founding fathers of the United States, Imagen returned an output featuring diverse individuals who were not the founding fathers.

These incidents sparked discussions about Google’s AI being overly concerned with ethics, bias, and censorship, leading the company to suspend its model from generating images of people.

All AI models walk a fine line between ethics and bias, especially regarding race and ethnicity. It’s more common for AI to exclude racial and ethnic diversity in outputs, but Google’s first iteration did the opposite, creating inaccurate outputs due to overcompensation.

As Google reintroduces Imagen 3, it will be interesting to see how the company addresses these challenges and whether the new version of its AI can strike a better balance between inclusivity and accuracy. People are likely to stress-test this model in the same areas as before, pushing it to its limits to see how well it handles these nuances.

Nvidia stock dips despite beating earnings: Has the AI boom peaked?

Nvidia recently held its latest earnings call, surpassing analyst expectations on several fronts. However, despite beating expectations, the company’s stock closed roughly 8% down the following day.

Nvidia’s forecast that next quarter’s gross margins might fall short of analyst estimates could have contributed to this decline. In contrast, others believe the dip reflects investors’ unreasonably high expectations for Nvidia, which are becoming increasingly challenging to meet.

The question now is whether this decline signals that Nvidia has peaked and is entering a period of cooling off. Linear growth typically doesn’t continue forever, and Nvidia has had a historic run during the AI boom, supplying nearly 90% of the chips companies need to train and run their AI models.

Even Nvidia seems aware that its winning streak might be cooling off, as reflected in its forecast for the next quarter.

Amazon set to launch AI-powered Alexa

Amazon (NASDAQ: AMZN) is reportedly gearing up to launch an AI-enhanced version of its home assistant, Alexa. 

The upgrade, expected in October, will include features such as AI-generated summaries of news articles tailored to users’ preferences.

It will also introduce voice recognition capabilities, allowing Alexa to differentiate between speakers and provide personalized experiences, such as finding recipes suited to individual tastes or tailoring shopping experiences to the user.

The AI-enhanced Alexa will only be available to subscribers of a new service, which would help offset the costs associated with Alexa. The device has allegedly contributed to Amazon’s devices department losing billions of dollars, as most Alexa users opt for the free version after purchasing the physical device.

While we’ve seen several companies attempt to create AI wearables, there haven’t been as many efforts to develop in-home AI assistants. 

Due to their reliance on voice commands, existing home assistants have struggled to gain traction, often proving awkward to use. These devices tend to add more friction to users’ workflows rather than simplifying them.

However, if I had to guess, the lack of AI features probably isn’t the main reason these devices haven’t taken off, so I am doubtful that these new AI capabilities will be the boost products like Alexa, Google Home, or Apple’s Siri need to regain popularity.

OpenAI and Anthropic establish landmark AI safety partnership with US government

In a first-of-its-kind agreement, OpenAI and Anthropic have signed a deal with the U.S. Artificial Intelligence Safety Institute at the Department of Commerce’s National Institute of Standards and Technology (NIST).

This agreement grants the U.S. AI Safety Institute—which was established via President Biden’s executive order on AI—access to major new models from each company before their release.

Additionally, the companies will collaborate with the institute on research to evaluate AI models’ capabilities and safety risks and explore methods to mitigate those risks.

It wouldn’t be surprising to see more AI providers follow suit and partner with government entities. The government tends to scrutinize AI systems, particularly regarding their safety and potential societal risks. A partnership of this nature signals that the AI provider is at least attempting to make its systems safer and more secure.

These collaborations probably give AI companies some breathing room when releasing models that might otherwise face government scrutiny.

By addressing potential issues early in the process, thanks to early access and the other benefits that sometimes come with a government partnership, AI providers can save time, money, and trouble, allowing them to refine their models before launching them in a way less likely to lead to regulatory concerns.

In order for artificial intelligence (AI) to work right within the law and thrive in the face of growing challenges, it needs to integrate an enterprise blockchain system that ensures data input quality and ownership—allowing it to keep data safe while also guaranteeing the immutability of data

@ Newshounds News™

Source:  CoinGeek

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Elon Musk Considers Dogecoin for Tesla Payments Again

▪️Elon Musk hinted at Dogecoin's return as a Tesla payment option.

▪️Judge dismissed a $258 billion lawsuit against Musk and Tesla.

▪️DOGE's price dropped over 2% in the last 24 hours.

Tesla CEO Elon Musk indicated the potential return of Dogecoin as a payment option for Tesla products. This statement came just two days after he and Tesla successfully dismissed a June 2022 lawsuit accusing them of defrauding investors through a Dogecoin pump-and-dump scheme.

 On August 31, Musk responded affirmatively when asked if anyone else wanted Tesla to bring back Dogecoin as a payment option for products.

▪️What Is Happening on the Dogecoin Front?
▪️Details on the Matter

What Is Happening on the Dogecoin Front?

Tesla previously accepted Dogecoin for products in January 2022, but it is unclear if the company will reimplement this feature. 

At that time, the company stated that only Dogecoin would be accepted and warned that other crypto assets sent to them would not be returned. However, the Dogecoin payment option later disappeared without any explanation.

Given Musk’s known support for Dogecoin, a return would not be surprising. Earlier this year, Tesla hinted at the possibility of accepting Dogecoin as a payment method. Musk has consistently expressed his fondness for DOGE and frequently influenced its price movements with his actions.

Musk’s defense of Dogecoin has also led to legal challenges. On August 29, Judge Alvin Hellerstein dismissed a $258 billion class-action lawsuit against the billionaire and his company.

The lawsuit accused Musk and Tesla of manipulating Dogecoin’s price and claimed that Musk used his influence, including his appearance on Saturday Night Live, to affect the token’s value.

Details on the Matter

Judge Hellerstein ruled that Musk’s statements about Dogecoin were enthusiastic and exaggerated rather than factual claims that could mislead investors. He concluded that no reasonable investor would rely on these statements and that the pump-and-dump allegations were unfounded:

“As for the alleged pump-and-dump scheme by Musk and Tesla, it is impossible to understand the plaintiffs’ claims of market manipulation, pump-and-dump scheme, breach of fiduciary duty involving insider trading, or state law claims.”

Despite these developments, DOGE’s price dropped by more than 2% in the last 24 hours to $0.099113 at the time of writing, according to Tradingview data. This decline reflects a broader market trend, with significant crypto assets like Bitcoin experiencing substantial losses during the reporting period.

@ Newshounds News™

Source: Coin-Turk

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Hedera’s (HBAR) Daily Transactions Soar 46% as Market Cap Corrects

▪️Hedera’s daily transactions increased by 46% in Q2 2024, driven mainly by the Hedera Consensus Service.

▪️HBAR’s circulating market cap dropped by 29%, but its rank among all tokens improved from 36th to 30th.

According to a report from research firm Messari, Hedera (HBAR) experienced a notable surge in daily transactions during the second quarter of 2024, marking a 46% increase quarter-over-quarter (QoQ).

The total number of daily transactions increased from 90.9 million in Q1 to 132.9 million in Q2, reflecting the network’s increasing usage. The growth was mainly attributed to the Hedera Consensus Service, which constituted 99% of all the activities on the network.

Revenue Climbs as Network Activity Increases

For the second quarter of 2024, Hedera had a very good financial situation in terms of several aspects.

The network revenue, primarily derived from transaction fees, recorded a 26% growth in USD from $1.1 million in the first quarter to $1. 4 million in the second quarter. Regarding HBAR, the revenue also rose by 19% QoQ to 14. 6 million HBAR.

Despite this, the HBAR’s circulating market capitalization reduced by 29% and stood at $2. 7 billion. This decline came after three successive quarters of growth and was partially blamed on a 33% decline in the price of HBAR, which dropped from $0. 11 to $0. 08 during the same quarter.

However, HBAR’s market capitalization ranking rose, climbing six positions from 36th to 30th among all tokens, surpassing other tokens with comparable prices.

The Hedera network also experienced a significant rise in the number of users. The average daily number of newly created accounts increased by 31% QoQ from 8,400 in Q1 to 11,100 in Q2.

 This growth in new accounts was not reflected by the active address activity. The total daily active addresses also declined by 37% QoQ from 16,800 to 10,600. This means fewer accounts were active in making transactions while more accounts were being opened.

Karate Combat League Drives Significant Network Activity
One of the major drivers of activity on the Hedera network in Q2 was the Karate Combat League, a full-contact karate league that integrates blockchain technology into its fan engagement strategy.

The KARATE token allows fans to vote on the outcomes of the matches, and the token is built on the Hedera and Ethereum networks.

In the second quarter, there were several Karate Combat events that happened and this greatly helped in boosting Hedera’s transaction volume. For example, the KC45 event on the 20th of April had 1. 74 billion of KARATE tokens staked on Hedera with 65,300 contributors from Hedera and Ethereum.

The subsequent events like KC46 and KC47 also witnessed good voter turnout, with KC47 held on June 28 involving 117800 unique voters and 3. 17 billion KARATE tokens voted on Hedera.

At the time of writing, HBAR has seen a 21% decline over the past month and is currently trading at $0.051. This can be attributed to the general market risk, which has been accelerated by the fluctuation of major cryptocurrencies such as Bitcoin and Ethereum.

@ Newshounds News™
Source: Crypto News Flash

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DONALD TRUMP UNVEILS PLAN TO MAKE USA THE ‘CRYPTO CAPITAL OF THE PLANET’

▪️Donald Trump aims to make the US the “crypto capital of the planet” if elected.

▪️His sons’ World Liberty Financial may involve real-world assets and tokenization.

▪️Trump has promised a Bitcoin reserve and to replace SEC chair Gary Gensler.

In a bold move that could reshape the landscape of digital assets in the United States, former President Donald Trump has announced his intention to establish the US as the “crypto capital of the planet” if elected.

Trump’s announcement has ignited curiosity and speculation, particularly regarding the World Liberty Financial initiative spearheaded by his sons, Donald Trump Jr. and Eric Trump.

Though details of the World Liberty Financial project remain sparse, early rumours suggest that it may involve real-world assets and tokenization. The initiative’s official Telegram channel, which boasts over 53,000 subscribers, has cautioned crypto enthusiasts to remain vigilant against scams and imitation projects.

Trump’s embrace of cryptocurrency marks a significant shift from traditional political rhetoric. During a May gala, he first presented himself as a champion of the crypto industry, a stance he continued to reinforce at the July Bitcoin 2024 conference. 

There, he promised to create a strategic Bitcoin reserve and to replace Gary Gensler, the current Securities and Exchange Commission chair, a move likely to resonate with crypto advocates.

Amid fluctuating political odds between Donald Trump and Democratic candidate Kamala Harris, the former president’s crypto policies have garnered attention.

Additionally, a Bitcoin bill introduced by Republican Senator Cynthia Lummis from Wyoming has gained traction, aligning with Trump’s vision by proposing a strategic reserve of Bitcoin backed by gold certificates for a two-decade hold.

As the crypto landscape continues to evolve, Trump’s ambitious plans signal a potential shift in US policy that could influence the future of digital assets and blockchain technology especially if Donald Trump were to be re-elected.

@ Newshounds News™

Source: CoinJournal

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CARDANO’S CHANG HARD FORK GOES LIVE, INTRODUCING ON-CHAIN GOVERNANCE

The highly anticipated upgrade turns Cardano's ADA cryptocurrency into a governance token.

Cardano, the layer-1 blockchain launched in 2017 by Ethereum co-founder Charles Hoskinson, activated its highly anticipated “Chang” upgrade on Sunday, marking the ecosystem's long-planned shift towards decentralized governance.

With the Chang upgrade now live, ADA token holders will be able to shape Cardano's future by electing governance representatives and voting on development proposals.

CIP-1694, an official "Cardano Improvement Proposal," describes the new community governance structure and establishes three user-led governance bodies:

the Constitutional Committee, Delegate Representativ es (dReps), and Stake Pool Operators (SPOs). Moving forward, Cardano's three founding entities—the Cardano Foundation, Input Output Global (IOHK) and Emurgo—will no longer have the keys to trigger chain upgrades or "hard forks." Instead, that responsibility will be delegated to the new governance groups.

Cardano is the latest in a string of crypto projects to transition towards a more decentralized structure. The changes bring Cardano further in line with the blockchain industry's decentralized ethos, but they may also be viewed as a way to ward off securities regulators by bestowing ADA with extra utility.

Despite being ranked as the 28th largest blockchain by DeFiLlama, Cardano has consistently drawn attention from the crypto world, not least because of Hoskinson’s colorful personality and routine outspokenness. He originally created the Ethereum blockchain in 2014 alongside co-founders like Vitalik Buterin, but he quickly moved on from the project to build rival Cardano.

Hard forks—significant updates that render older versions of a blockchain obsolete—are a critical part of any blockchain’s evolution. The Chang hard fork is no exception, with its implementation spread across two phases.

The first phase, already live, introduces an Interim Constitutional Committee to temporarily oversee Cardano's governance. This phase is designed to be cautious, limiting the committee’s power to make changes to the blockchain's code while the rest of the ecosystem's governance model takes shape.

, expected to happen in 9The second phase0 days, will fully empower the new governance bodies. “Once everyone is onboard and well-informed, they will be ready to actively participate in governance,” said Giorgio Zinetti, CTO of the Cardano Foundation, in an interview with CoinDesk.

This upgrade is a pivotal milestone in Cardano’s roadmap, marking the beginning of the Voltaire era—a phase focused on achieving full decentralization that has been in the works since Cardano’s inception.

“I would say it is the biggest event in Cardano history, and it really makes us different from many other chains,” Zinetti told CoinDesk.

“I think we are the largest layer 1 with on-chain governance. There are some smaller players, like Tezos and Polkadot, who already have on-chain governance. But if there was a leaderboard, real decentralized layer-1s, we would be number one.”

@ Newshounds News™

Source:  CoinDesk  

Read more:  CoinDesk Aug 20, 2024

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ARE XRP AND XLM CORRELATED? RIPPLE CTO SHARES INSIGHTS

XRP and Stellar (XLM) are two cryptocurrencies that have been constantly compared in terms of price growth and development. Both digital assets are committed to facilitating cross-border transactions. In continuance to a discussion revolving around XRP that initiated in March, the Ripple CTO, David Schwartz has shared some interesting insights into the correlation between XRP and Stellar (XLM).

Insights From Schwartz’s

In an X post, Schwartz openly acknowledged that he had no idea what were the factors that drive XRP’s price. It might be surprising to see that such a statement is made by one of the key architects of XRP Ledger, but regardless, it is worth noting that this might highlight various market factors that might be influencing the XRP price action.

He further went on to notice a crucial point stating-

“The only real objective data point I have is that XRP tracks the price and market cap of XLM incredibly well over all time frames.”  This observation might imply that despite the complexities influencing the price action, XRP and XLM share a closely connected path.

Exploring Their Origins And Price Influence

XRP and XLM share identical origins, as XLM was created by Jed McCaleb, a co-founder of Ripple who later split to start Stellar. Both the tokens are intended to facilitate cross-border payments, although they cater to different markets and use cases.

The correlation emphasized by Schwartz could mean that market forces affecting one of these tokens often influence the other. However, the exact reasons for this correlation remain speculative, as Schwartz himself has cited the lack of clarity on the precise drivers behind XRP’s price.

CTO’s Previous Hints To The Correlation

Schwartz had previously also shared a chart displaying a strong correlation in the price movements and patterns between XRP and XLM tokens and had explained the distinct reasons behind XRP and XLM’s unique price movements.

The Ripple CTO had admitted even back then that he lacked an accurate explanation for the price correlations, however, he provided two major factors that could be influencing the price trends.

The Two Factors That Could Be At Play

Schwartz revealed that comparable market forces that regulate various cryptocurrencies also control XRP and XLM. He stated that most investors and crypto enthusiasts often place XRP and XLM within the same category due to the cryptocurrencies’ historical connection.

Therefore a significant number of people simultaneously engage in buying and selling XRP and XLM causing the cryptocurrencies to have similar price movements

XRP and XLM have gained significant attention, and often viewed as the leading contenders for cross-border payments and mainstream adoption. While they tend to display similar price tracks, there still needs to be some clarity on the correlation between the two.

@ Newshounds News™

Source: Coinpedia

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REPORT: BLOCKCHAIN IS POISED TO OVERHAUL GLOBAL PAYMENT SYSTEMS

According to a Binance report, blockchain technology is set to transform the global payments landscape by addressing inefficiencies in traditional financial systems.

The Binance research report highlights that while current payment methods, such as Visa and Mastercard, offer the convenience of near-instantaneous payment authorization, actual settlement times often lag, sometimes by several days.

This delay is especially pronounced in cross-border transactions, where communication between banks in different countries can extend settlement times.

In contrast, blockchain-based payments offer near-instant settlement. The report cites a 2021 pilot conducted by Visa and Crypto.com in Australia, where the use of USDC (USDC) and the Ethereum (ETH) blockchain allowed cross-border transactions to be settled in a fraction of the time traditionally required.

Newshounds News™

Source:  Crypto News

~~~~~~~~~

KEY EVENTS IN SEPTEMBER 2024 IMPACT THE CRYPTOCURRENCY SECTOR IN BRIEF

 
▪️September 2024 will be critical for the cryptocurrency sector.

▪️Key events include Korea Blockchain Week and US economic data releases.

▪️Political and economic developments could significantly impact the crypto market.

September 2024 will be a highly active and critical period for the cryptocurrency sector. The events occurring during this time could shape both the developments in the sector and the future of the market. Wu Blockchain has provided a list of important events, and we will take a closer look at the details.

▪️Korea Blockchain Week Starts on September 1
▪️US Non-Farm Payroll Data for August to be Released on September 6
▪️Trump and Harris to Meet on September 10
▪️US Inflation Data to be Released on September 11
▪️Token2049 Global Conference and Fed Interest Rate Decision on September 18
▪️Former Binance CEO Changpeng Zhao to be Released on September 29

Korea Blockchain Week Starts on September 1

First, the Korea Blockchain Week starting on September 1 stands out as a major event where significant figures in the sector will gather.

US Non-Farm Payroll Data for August to be Released on September 6

The US Non-Farm Payroll Data for August, which is of great importance for the US economy, will be released on September 6.

Changes in employment are expected to provide clues about the overall state of the US economy. A potential decline in the data could cause fluctuations in the cryptocurrency market, as negative economic signals may increase interest in risky assets.

Trump and Harris to Meet on September 10

The first presidential debate between Trump and Kamala Harris, scheduled for September 10, is highly anticipated.

The focus on economic issues in the debate will attract the attention of the cryptocurrency community. Political developments in the US are closely related to the crypto market, making this debate highly significant.

US Inflation Data to be Released on September 11

Inflation data has always been critical for cryptocurrency investors. The US Consumer Price Index (CPI) data for August, to be released on September 11, will provide important insights into the direction of inflation.

Since cryptocurrencies are known to be seen as a hedge during high inflation periods, this data could create significant market activity.

Token2049 Global Conference and Fed Interest Rate Decision on September 18

The Token2049 Global Conference, starting on September 18, is another major event where significant figures in the sector will gather. Announcements made during the conference, especially new partnerships and projects, could cause significant fluctuations in the cryptocurrency market.

On the same day, the Federal Reserve FOMC meeting will determine decisions regarding interest rates. Interest rate cuts generally increase interest in risky assets like cryptocurrencies. the-cryptocurrency-sector/#trump-and-harris-to-meet-on-september-10Additionally, the final decision in the case against Trump concerning allegations of irregularities in job records will also be made on the same day.

@ Newshounds News™

Source: Coin-Turk

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“SAME RISKS, SAME RULES”: THE SEC’S SELECTIVE APPROACH TO CRYPTO REGULATION

When it comes to cryptocurrency regulation, the SEC views most cryptocurrencies as securities, favoring the concept of ‘same risks, same rules’.

But is it possible it’s not being consistent itself?

The same rules aren’t being followed when it involves the custody of crypto-assets.

The notorious SEC accounting bulletin SAB 121 changes the accounting rules around the custody of crypto-assets, requiring those assets to be disclosed on the balance sheets of listed firms.

That contravenes global accounting norms and has prevented banks from providing cryptocurrency custody. The SEC tries to argue that crypto-assets have elevated cyber risks.

A new heavyweight paper on crypto regulation points out that cyber risks are not new and are well covered by existing regulations. So using the principle of “same risks, same rules”, no additional cyber regulation is necessary for crypto-assets.

Yesterday Steven Schwarcz, Distinguished Professor at Duke University School of Law, published a paper on regulating financial innovation, with a focus on crypto-assets and DeFi.

We’d note that the paper does not directly mention SAB 121, so it is Ledger Insights that’s highlighting the inconsistency. However, the Professor’s cyber risks observation directly follows his discussion of the controversial application of ‘same risks, same rules’ to crypto.

A thought provoking paper on crypto regulation

Most regulations focus on the minutiae, whereas Professor Schwarcz reviews the high level models that can be used in regulating fintech innovation. ‘Same risks, same rules’ is one of six models he explores.

While some may disagree with various suggestions, regulatory clarity is necessary for new industries to flourish.

The Professor selected the salient aspects of the six models to outli The Professor selected the salient aspects of the six models to outline a recommended framework to address fintech innovation in gen ne a recommended framework to address fintech innovation in general. He then applies it to the crypto sector.

Sandboxes, smart contract audits (not just code)

A first step is to provide regulatory sandboxes. The Professor has a pragmatic view, recognizing that sandbox tests with a few customers won’t highlight all the potential risks.

There’s a need for fintech firms to self monitor their risks. However, that’s not likely to be sufficient, so there should be a system of third party expert monitoring.

In the crypto sector, smart contract audits are already widely used to identify bugs and qualify as a type of third party monitoring. But that only addresses one specific risk. A broader range of risks need exploring – risks to the firm and their customers, to other market participants and the public.

Plus, the automated nature of smart contracts can trigger a vicious cycle. We’ve already witnessed multiple crypto crashes and the impact on crypto lending. The liquidation of collateral leads to price declines, sparking a cascade of additional liquidations.

Stopping a crash

In traditional finance (TradFi) these sorts of issues exist in high frequency trading, where suspending trading helps to address the risk. However, the Professor recognizes that would be tricky to enforce in the crypto sector.

Hence, he recommends that businesses identify their counterparties and disclose the risks to them. If a third party monitor finds the firm’s smart contract usage creates significant risk, then “Regulators should have the power to suspend a business’s right to enter into new smart contracts.”

In other words, if you can’t stop a crash by suspending trading, then try to prevent it from happening in the first place. Although both are desirable.

One can imagine that the suggestion would cause the crypto sector to be up in arms, but it has merit, provided it’s not overused and one appropriately defines ‘significant risk’. TradFi has standard approaches to risk management which can be tweaked and ported to the crypto world. The more responsible players already do this.

For example, we’re aware of at least one exchange that saw the Terra Luna collapse unfolding early on, because they had systems in place. Hence, they protected their clients, although arguably their reaction exacerbated the downward spiral.

DeFi regulation

The Professor’s approach to DeFi resembles discussions already taking place about how to identify responsible people, with holders of governance tokens being one avenue.

An alternative option is to require DeFi platforms to be “provided by centrally registered and well capitalized entities.” At the same time, he acknowledges that could nullify DeFi benefits (low costs), so suggests consulting the DeFi industry before taking steps in this direction.

Regarding crypto-assets, he observes that some have proposed the financial equivalent of the FDA. In other words, all fintech innovations would need approval in advance.

 He dismisses this as an innovation killer. He wrote that this “reverses the presumption, at least in the context of new financial products, that private-sector freedom of contract produces beneficial societal outcomes”.

In the case of financial stability risks, the Professor notes that fintechs are generally too small to create stability risks. These sorts of risks come from the actions of systemically important institutions. Hence, to address this particular risk, there should be limits on them rather than fintechs.

Surprisingly, he doesn’t mention that this is the approach taken by the Basel Committee for Banking Supervision.

Given the gravitas of this paper, who knows, perhaps he was the one that suggested banks have a maximum crypto exposure of 1% of Tier 1 capital.

@ Newshounds News™

Source:

Ledger Insights

SAB 121   

~~~~~~~~~

BIDEN ADMINISTRATION NOT INTERESTED IN RESOLVING UKRAINE CONFLICT — ECONOMIST

The true causes of the Ukrainian conflict have never been explained to US citizens, Professor Jeffrey Sachs said.

NEW YORK, August 30. /TASS/. The administration of US President Joe Biden is not interested in resolving the conflict in Ukraine and refuses to admit that Washington is directly to blame for this crisis, American economist, Director of the Center for Sustainable Development at Columbia University, Professor Jeffrey Sachs said.

"There's nothing really that this administration <...> is going to do. I don't think the president is probably in any mental state to lead anything at this point. So I think we're kind of on autopilot, which is [a] very bad place to be," he said in an interview with US journalist Tucker Carlson.

"This is a war provoked by the US, <…> the US [that] aims for NATO enlargement, and it would take a president who understands the basics of this and why this was so wrong headed," the economist emphasized, adding that Biden is not such a person.

Sachs added that the true causes of the Ukrainian conflict have never been explained to US citizens. The information that Americans can receive on this issue is contrary to reality, he added.

@ Newshounds News™

Source:  TASS

 ~~~~~~~~~

Iraq's Central Bank's Major US Visit | Seeds of Wisdom Team Youtube

@ Newshounds News™ 

~~~~~~~~~

RUSSIA IS ABOUT TO TRY USING CRYPTO TO GET AROUND SANCTIONS

Experts doubt it will work, given the traceability of blockchains and the risk of even tougher sanctions for Russia.

▪️Russia will start its trial of cross-border payments using crypto next week.

▪️Recent statements from senior Russian leaders suggest the law’s purpose is to use crypto to counter sanctions.

▪️The law hands power to Russia’s central bank to oversee an “experimental” regime.

Russia will begin trialing cross-border crypto payments next week in an effort to circumvent international sanctions – but this effort may not work, several policy and legal experts told CoinDesk.

Legislation passed at the end of July and swiftly signed into law by President Vladimir Putin does not lift an existing ban on using cryptocurrencies as legal tender for regular payments within Russia, but instead allows cross-border payments with crypto.

How the law will allow such payments remains unclear because the legislation doesn’t specify rules for such transactions. Instead it hands power to Russia’s central bank to oversee an “experimental” regime, experts said.

Russia's economy has been hit hard by a suite of sanctions imposed by the U.S. and other nations following its invasion of Ukraine.

Since Russia’s invasion of Ukraine in Feb. 2022, it’s faced 16,500 sanctions from the U.S., U.K., European Union, Australia, Canada and Japan.

"The passing of these bills by the Russian government signals a continuation of Russia’s evolving strategy to circumvent Western sanctions," blockchain analytics firm Chainalysis’ director of investigations, Valerie Kennedy, told CoinDesk.

The EU said about half of Russia’s total foreign currency reserves, worth 300 billion euros ($332 billion), including 70% of the assets of the Russian banking system, were frozen. Select Russian banks were disconnected by the interbank messaging system, the Society for Worldwide Interbank Financial Telecommunication (SWIFT).

"It has been difficult for Russia to avoid the U.S. dollar and euro via the SWIFT system, which has created increasing risk of secondary sanctions," she added. Secondary sanctions are penalties designed to prevent any third party from trading with a sanctioned nation.

What the law says
Some details have emerged in the days leading up to the Sept. 1 implementation of the law.

CoinDesk viewed a copy of the law using google translate. It said “during the circulation of digital currency in the Russian federation … special regulation may be established … by the experimental legal regime program.” That regime is still in the works. Before finalizing it, the central bank will consider proposals and suggestions from domestic stakeholders.

“Some players, including us, have already come with our own proposals,” said Anti Danilevski, founder and CEO of Kick Ecosystem, a one stop shop for crypto, who has been closely engaging with regulators.

“The central bank will decide if it fits with their view. They are moving very fast, so it won't take much time.”

Bloomberg reported that Russia is planning to use the National Payment Card System, for swapping between rubles and cryptocurrencies when testing payments.

The system was chosen because it already features infrastructure for functions like interbank settlement and is fully regulated by the central bank. If the trials are successful, Russia may allow the Moscow Exchange and the St. Petersburg Currency Exchange to set up crypto platforms next year, the report added.

Ivan Chuprunov, an associate professor at the Research Centre of Private Law in Moscow, said the regime’s “exact parameters are not clear” because none have been published yet but the “central bank will likely publish some guidance in the coming weeks.”

The law also appears to let the central bank change how it oversees these trials at any time.

The legislation said that the provisions may “exclude or change” parts of the Federal Law in relation to transactions with “digital currency made in the implementation of foreign trade activities through an authorized organization.”

The regime is “more a flexible one” because it’s “just the central bank who will be approving it,” said Chuprunov. “Whether they will have just one exchange, what currencies would be traded, how participants would get trading access, is still a big unknown.”

Nor does the law clearly specify what rules now apply to crypto entities or businesses wanting to deal in crypto, because the central bank will determine which companies will participate in the experiment.

While the law doesn’t specify what its exact purpose is, recent statements from senior Russian leaders pointed toward using crypto to counter sanctions.

On July 17, 2024, in an economic affairs meeting, Putin said Russia should not “miss the moment” and should promptly set up a “legal framework” for crypto, which is “increasingly used in the world as a means of payment in international settlements.”

Then, one of the authors of the bill said Russia views cryptocurrencies “primarily as a tool for circumventing sanctions,” followed by its central bank Governor Elvira Nabiullina saying that’s why we “softened our stance” on crypto at an event in Moscow recently.

@ Newshounds News™

Source:  CoinDesk

~~~~~~~~~

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Economist’s “News and Views” Saturday 8-31-2024

A Cryptocurrency Backed By GOLD?

Lynette Zang:  8-31-2024

In today's episode of GeeWhiz we are talking about the recent launch of Tether's new gold-backed cryptocurrency and what that really means for you and the dollar...

https://www.youtube.com/watch?v=rSyjV2uyxPk

Central Banks Are DOOMED! Gold & Silver Are About To Go PARABOLIC! | Greg Mannarino

Wall Street Silver:  8-31-2024

Greg Mannarino joins us to discuss the global economy and more! Gold is on the rise and something big is coming! JOIN US!

https://www.youtube.com/watch?v=UNL2LV29LMA

BRICS Bank vs. IMF: BRICS Bank Accepts New Member, Poised to Challenge IMF Predatory Tactics

Lena Petrova:  8-31-2024

https://www.youtube.com/watch?v=jprhdz7js4k

Seeds of Wisdom RV and Economic Updates Saturday Afternoon 8-31-24

Good Afternoon Dinar Recaps,

BINANCE ANNOUNCES SUPPORT FOR BIGGEST CARDANO HARD FORK IN HISTORY: DETAILS

With the Cardano hard fork called Chang approaching, the world's largest cryptocurrency exchange, Binance, has announced that it will be supporting the network update.

The Chang hard fork is expected to occur on Sunday, Sept. 1, at approximately 9:45 p.m. UTC. An hour before the event, Binance will suspend all deposits and withdrawals from ADA, the network's native token; trading in the asset, however, will not be affected.

The Chang hard fork, which is being called Cardano's “most significant” update to date, will make the network fully decentralized. Few people know that Cardano is now actually run by three entities:

 Cardano Foundation, IOHK and EMURGO. They are in fact responsible for all decisions made regarding the blockchain and affecting the price of the 10th largest cryptocurrency.

Under Chang, however, the keys and in fact the control mechanisms of Cardano will remain in the hands of the community and actual ADA holders who delegate their tokens to the staking pool.

Newshounds News™

Read more:   U Today 

~~~~~~~~~

CRYPTO HOLDERS DISPROPORTIONATELY FAVOR TRUMP FOR U.S. PRESIDENT, NEW ACADEMIC POLL SHOWS

Donald Trump’s outreach to the crypto community seems to be paying off.

Former U.S. President Donald Trump’s efforts to court the cryptocurrency industry this election cycle seem to be paying off, according to the results of a new poll from Fairleigh Dickinson University.

The poll results, released Friday, found that crypto holders are disproportionately likely to say they will vote for Trump over Vice President Kamala Harris in the upcoming U.S. presidential election. Half of all crypto-holding survey respondents said they planned to vote for Trump, while only 38% of crypto owners preferred Harris.

@ Newshounds News™

Read more:   CoinDesk  

~~~~~~~~~

COINBASE CEO ANNOUNCES FIRST AI-MANAGED CRYPTO TRANSACTION

▪️Brian Armstrong announced the first AI-managed crypto transaction on Coinbase.
▪️AI bots can now perform instant, global, and free transactions using crypto wallets.
▪️New developments are enabling AI bots to autonomously manage financial transactions.

Coinbase CEO Brian Armstrong announced a groundbreaking development in the crypto sector. Armstrong revealed the first crypto transaction entirely managed by artificial intelligence (AI) bots on the platform. This transaction is considered a significant step at the intersection of AI and cryptocurrencies.

Armstrong Announced the Development on X

On August 30, Armstrong shared, “This week, we witnessed the first AI-to-AI crypto transaction on Coinbase.” In this transaction, an AI bot interacted with another AI bot using cryptocurrencies, and the AI purchased tokens.

These tokens play a critical role in the development of AI technologies as data sequences that enable algorithm learning. Access NEWSLINKER to get the latest technology news.

Armstrong highlighted another important point: AI bots were designed to perform specific tasks but struggled to manage transactions until now. 

This was seen as one of the biggest obstacles to integrating AI into daily life. Without payment methods, AI bots couldn’t participate in economic activities, but the advent of crypto wallets is gradually removing this barrier.

They Can’t Open Bank Accounts

Armstrong noted that while AI bots cannot open traditional bank accounts, they can possess crypto wallets. These wallets enable bots to perform instant, global, and free transactions on the Base platform using cryptocurrencies like USDC. This development paves the way for AI bots to become active participants in the digital economy.

Armstrong’s innovative approach aligns with his previous calls for equipping AI systems like large language models (LLMs) with crypto wallets. Armstrong aims to revolutionize the world of digital transactions by enabling AI bots to perform tasks on behalf of users and participate widely in the economy.

Other Developments Are Also Underway
The sector is responding to Armstrong’s vision with new developments that grant transaction capabilities to AI bots. For instance, in August, the Blockchain development firm Skyfire launched a payment platform that allows AI bots to autonomously spend money. 

This platform enables AI to manage financial transactions independently, a function previously exclusive to humans.

Additionally, the Web3 infrastructure firm Biconomy is taking significant steps by deploying AI bots to facilitate on-chain transactions for users. According to co-founder Aniket Jindal, the Delegated Authorization Network (DAN) introduces a new authorization phase that allows commercial activities to be delegated to AI bots.

@ Newshounds News™

Source:  Coin-Turk

 ~~~~~~~~~

US ON FAST TRACK TO BANKRUPTCY — MUSK

"Government overspending is what causes inflation," the businessman said
NEW YORK, August 30. /TASS/. The United States may soon face bankruptcy, businessman Elon Musk said.

"At current rates of government spending, America is in the fast lane to bankruptcy. Government overspending is what causes inflation," Musk wrote on his page in the X social network.

The state debt for the first time crossed the level of $35 trillion, the US Department of the Treasury said on July 29. According to forecasts of the Congressional Budget Office, it will be over $50 trillion or more than 122% of GDP in 2034. The Office estimated that the average annual growth of US GDP will be 1.8% in 2029-2034.

@ Newshounds News™

Source:  TASS

 ~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Saturday Morning 8-31-24

Good Morning Dinar Recaps,

BRIDGE RAISES $58M FOR STABLECOIN API TO ENABLE REAL WORLD B2B PAYMENTS

Yesterday stablecoin startup Bridge announced it has raised a cumulative $58 million in venture funding from Sequoia, Ribbit, Index, Haun Ventures and others.

It’s initially offering two sets of APIs, one for issuing stablecoins and the other for orchestrating payments. Bridge supports a variety of stablecoin use cases, but the company’s Head of Revenue seems particularly focused on global B2B payments.

“While local bank interests and network rules worked great in the past, with today’s global work and borderless fund flows we need a truly global framework that can ride on top of financial systems,” Marco Mahrus, Bridge’s Head of Revenue told Primary Venture Partners.

The company outlined its ambitions in a job advertisement stating that it aims to “enable global companies to move and support millions of potential customers.”

To date, stablecoins have primarily been used for a narrow range of purposes – mainly for crypto transactions, by those that live in countries with volatile fiat currencies who wish to hold dollars, and sometimes for (mainly) consumer cross border payments.

Beyond emerging economies, usage outside of the crypto sector hasn’t been huge, despite the promise of low cost payments.

SpaceX and stablecoin real world use cases

Yesterday was Bridge’s formal public launch, but it started operations around 18 months ago, so it already has clients. One of them is SpaceX that uses stablecoins for global treasury management.

Bridge enables on and off-ramping in numerous currencies around the world, which can be converted to stablecoins for cross border payments.

It also supports payouts from aid organizations, creator platforms, and claims to work with the US government.

In addition to supporting FX conversions between fiat currencies and dollar stablecoins, Bridge enables conversions between different types of stablecoins. Last month it engineered a solution for Coinbase allowing the Tether stablecoin on the Tron blockchain to be converted to the USDC stablecoin on Base, Coinbase’s layer 2 blockchain.

Another client is crypto exchange, Bitso, that is providing Mexican businesses with a cross border MXN-USD payment rail using Bridge’s APIs. It’s also working with apps that target African and Latin American consumers that want to save and spend in US dollars.

The company’s team is pretty experienced. Both co-founders had stints at Coinbase and Square. Head of Revenue Marco Mahrus held similar roles at Uber and corporate card startup BREX. So far the company has money transmitter licenses in 22 U.S. states. 

In Europe it has a Polish subsidiary which is in the Virtual Currency Activities Register. This is not a MiCA licence, as we don’t believe Poland has yet issued any crypto asset service provider (CASP) registrations.

Meanwhile, Mahrus spoke about the ability of stablecoins to support transactions that arrive in seconds and at a small cost.

“When people get access to and are used to frameworks for economic exchange and payments that are available 24/7, no one will go back to a bank branch and wait for SWIFT or wire transactions during bank hours,” he said.

@ Newshounds News™

Source:  Ledger Insights

~~~~~~~~~

JUST IN: 🇧🇷 Brazil officially bans X (Twitter).

JUST IN: 🇧🇷 Brazil says anyone caught using a VPN to access X (Twitter) will be fined up to $8,874 per day.

@ Newshounds News™

Source:  @WatcherGuru

 ~~~~~~~~~

XRP NEW UPDATE: BLACKROCK HAVE OFFICIALLY BOUGHT IT ALL! XRP ANOTHER WIN
 

@ Newshounds News™

Source:  Crypto Connex Youtube

 ~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Friday Afternoon 8-30-24

Good Afternoon Dinar Recaps,

BITCOIN ADOPTION IN THE US: Billion-Dollar Bank NCR Atleos Partners with LibertyX for BTC Cashouts at ATMs

▪️NCR Atleos has launched the LibertyX Bitcoin Cashout feature, allowing users to convert Bitcoin into cash.

▪️The feature is designed to simplify Bitcoin-to-cash transactions by letting users pre-stage their transactions via an app.

NCR Atleos has launched the LibertyX Bitcoin Cashout feature, allowing users across the United States to convert Bitcoin into cash through select ATMs. This new service aims to simplify the process of withdrawing cash from Bitcoin sales, addressing a significant hurdle in the wider adoption of cryptocurrency.

Simplified Bitcoin-to-Cash Transactions

The LibertyX Bitcoin Cashout feature is a service intended to enable buyers to get cash after selling Bitcoin. To purchase cryptocurrency, users have to choose a LibertyX-affiliated ATM in their region first. The user then enters a Bitcoin address, generates a code, and withdraws U.S. dollars from an ATM. This process removes the need for traditional banking transfers, which can often be slow and cumbersome.

Currently, the feature is available across 30 states, which is only a part of the over 280,000 ATMs managed by Atleos in the United States. The current rollout is limited, but the service could be made available to more people if the trial is successful.

According to Chris Yim, the General Manager of LibertyX, this solves a major problem that hinders Bitcoin uptake because it becomes easier to cash out the digital currency.

This feature is implemented by Atleos’s ReadyCode API, which facilitates the process of making Bitcoin-to-cash transactions at ATMs. However, the service has some disadvantages. For instance, the maximum one can sell in a transaction using the Bitcoin sale access code is $400. However, the users can make several transactions to withdraw higher amounts.

LibertyX, a licensed BitLicense holder in New York, has been active in the cryptocurrency ATM business, providing Bitcoin purchasing options at over 30,000 ATMs across the country.

The implementation of the Bitcoin Cashout feature is viewed as a logical addition to its services since it connects the digital and physical worlds.

US Cryptocurrency Adoption Grows Rapidly

The LibertyX Bitcoin Cashout feature is in line with developments in the US, where the uptake of cryptocurrencies is rising.

Security. org’s 2024 Cryptocurrency Adoption and Sentiment Report revealed that 40% of the adults in America own cryptocurrency, an increase from 30% in 2023. Out of these crypto owners, 63 percent intend to invest in more digital currencies in the next year.

Furthermore, the report reveals that the number of women investors in cryptocurrencies has grown from 18% in 2023 to 29% in the first quarter of 2024. This increase in interest can be attributed to the increasing popularity of cryptocurrencies in the US financial market.

Currently, the United States dominates the market, with 82% of the total number of Bitcoin ATMs installed worldwide. However, there has been a decline in the number of functioning Bitcoin ATMs in the U. S. due to a crackdown on the machines associated with extortion and scams.

The number of Bitcoin ATMs in the United States declined by more than 400 between May and July 2024, bringing the total to 31,273.

@ Newshounds News™

Source:  Crypyo News Flash

~~~~~~~~~

US partners with Nigeria for responsible AI use in military

The U.S. State Department has teamed up with Nigeria to further the responsible use of artificial intelligence (AI) in the military.

Mallory Stewart, whose role at the State Department focuses on arms control and stability, recently discussed AI use in military operations with Nigeria’s Ministry of Foreign Affairs, the Ministry of Defence, the national security advisor, civil society, and other officials from the regional bloc ECOWAS.

The U.S. has been on a global tour drumming up support for its initiative to have guardrails for AI use in the military. This initiative, which has garnered the support of 55 countries, advocates using AI “in a manner consistent with international laws and recognising inherent human bias,” Stewart told journalists in Abuja.

“We’ve learned the hard way [about the] inherent human bias built into the AI system … leading to maybe misinformation being provided to the decisionmaker,” she added.

It’s not the first time the U.S. government has partnered with Nigeria on AI. Earlier this year, the American government reiterated its support for Nigeria’s AI strategy, pledging to support the development of the West African nation’s infrastructure to boost research and innovation.

A few months later, the two governments signed an MoU to increase AI engagements between their respective national AI institutes.

The U.S. Department of Commerce has also pledged to collaborate with Nigeria on its approaches to critical areas such as “data, trusted digital infrastructure, power/green energy, AI governance policies, computing resources, digital skills relevant to AI and more.”

The controversy of AI in the military

As with virtually every other sector, AI is gaining rising adoption in the military. For some, like Japan, the technology presents a solution to a rapidly aging and declining population that has left the country short of a military workforce. Others are using it to collect and analyze data and assist in decision-making.

According to former Google (NASDAQ: GOOGL) CEO Eric Schmidt, global wars are “no longer about who can mass the most people or field the best jets, ships, and tanks.” It’s now about autonomous weapon systems and powerful algorithms.

Regulations and guardrails are critical for the technology’s deployment in the sector. However, global political alignments have overshadowed the need for policy frameworks.

One major movement led by the U.S. brought together 31 nations, including France, Germany, Canada, and Australia, to sign a declaration setting guardrails on military AI. However, China and Russia, the other two most powerful militaries after the U.S., were conspicuously missing.

As regulators slack off, AI developers are increasingly voicing their concerns and opposition to the military deployment of AI. Earlier this year, nearly 200 employees at Google DeepMind signed a letter demanding the company terminate its contracts with military organizations.

“Any involvement with military and weapon manufacturing impacts our position as leaders in ethical and responsible AI, and goes against our mission statement and stated AI Principles,” the developers say.

Industry leader OpenAI has also been dragged into military applications. Earlier this year, the company quietly removed its ban on using its AI models “for military and warfare” and has been working with the Pentagon since.

@ Newshounds News™

Source:  CoinGeek

~~~~~~~~~

BANKS USING PERMISSIONLESS BLOCKCHAINS FOR TRANSACTIONS FACE MULTIPLE RISKS: BIS

Risks include operations and security, governance, legal, settlement finality and compliance, the report said.

▪️Banks transacting on permissionless blockchains face multiple risks including settlement finality, the Bank for International Settlements said in a working paper.

▪️The paper also said technology to address some of the risks, particularly privacy, is being developed. naming zero-knowledge proofs as a potential solution.

Banks that transact on permissionless blockchains face multiple risks, including money laundering and terrorism financing, the Basel Committee on Banking Supervision concluded in a new paper.

The committee is part of the Bank for International Settlements (BIS), the primary global standard setter for prudential banks.

Other risks include operations and security, governance, legal, settlement finality and compliance, the paper said.

"Certain risks stem from the blockchains’ reliance on unknown third parties, which makes it difficult for banks to conduct due diligence and oversight. These risks require new risk management strategies and safeguards. Current practices for mitigating these risks remain in various stages of development and have not been tested under stress," according to the paper.

Banks are also exposed to political uncertainty as a new legislation could "change validator behaviour," making the "blockchains themselves operationally unstable.

" A ban for instance could "reduce the amount of computing power or staked native tokens available to secure the blockchain, temporarily increasing the risk of a 51% attack," in which ”a coordinated effort is put forward to control greater than 50% of the validation nodes."

The paper also said technology to address some of the risks, particularly privacy, is being developed, naming zero-knowledge proofs as a potential solution.

Last month, the committee approved a disclosure framework for banks' exposure to crypto that must be implemented by the start of 2026.

@ Newshounds News™

Source:  CoinDesk

 ~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Friday Morning 8-30-24

Good Morning Dinar Recaps,

HONG KONG launches PROJECT ENSEMBLE SANDBOX for wCBDC, tokenization

Today the Hong Kong Monetary Authority (HKMA) launched the Project Ensemble Sandbox to support institutional experimentation with tokenization, both traditional securities and real world assets (RWA). The initiative also involves an experimental wholesale CBDC (wCBDC) to enable interbank settlement between the tokenized deposits of banks.

Four banks are providing the tokenized deposits: 

▪️HSBC,    ▪️Standard Chartered (Hong Kong), 

▪️Bank of China (Hong Kong) and  ▪️Hang Seng Bank. 

Other direct participants are Microsoft Hong Kong, Ant Digital Technologies (ADT) and Hashkey Group.

The Securities and Futures Commission (SFC) is partnering with HKMA for one of the four trial categories relating to fixed income and funds, where BlackRock and Franklin Templeton are amongst the ‘non community’ participants.

Julia Leung, SFC CEO said the Sandbox is an “example of how innovation and regulation can go hand in hand to blaze a new path for our financial markets.

As two major architects of Hong Kong’s financial markets, the SFC and the HKMA share the same vision and dedication to future-proofing the city’s financial system through innovative market infrastructure.”

Unlike stablecoins where payments involve a single token transfer, a tokenized deposit is a digital twin. Hence, a token transfer from the client of one bank to another also requires the banks to settle with each other in their off-chain books. That can be done with a payment using the conventional RTGS system, or ideally with a wholesale CBDC.

Liquidity, supply chain and green finance use cases

Meanwhile, another Sandbox application category is for liquidity management, including repo and treasury management. Ant International (not ADT), is collaborating with StanChart and HSBC to develop a global liquidity management solution. 

The goal is to use Ant’s Whale platform for treasury management to help the banks to exchange their tokens. Ultimately, this aims to support+ real-time 24/7 cross border payments.

Supply chain finance is an area to be explored in the Sandbox. One use case involves issuing electronic bills of lading (eBL) on the Global Shipping Business Network (GSBN) blockchain infrastructure.

These eBLs are tokenized by Ant Digital Technologies to support money movements for trade finance using tokenized deposits, with interbank settlement using wCBDC. The ICC Digital Standards Initiative is a participant in another trade related use case.

The fourth application area is for green finance, which attracted the most external participants (8) including local stock exchange HKEX.

Apart from these four areas, the HKMA said it would continue to engage with the community to potentially add more. Plus, it’s exploring collaborating with the BIS Innovation Hub on one or more themes.

The HKMA is also taking part in the European Central Bank wholesale DLT settlement trials. They aim to test the interoperability between the Project Ensemble platform and the Banque de France DL3S blockchain for wCBDC.

@ Newshounds News™

Source:  Ledger Insights

~~~~~~~~~

JUST IN: Elon Musk wins dismissal of lawsuit claiming he rigged Dogecoin and conducted insider trading.

JUST IN: Elon Musk wins dismissal of lawsuit claiming he rigged Dogecoin and conducted insider trading.

@ Newshounds News™

Source: @WatcherGuru

~~~~~~~~~

Governments are scrambling to secure and safeguard their critical minerals.

Meanwhile, the majority of investors remain sleeping.

Billions of dollars worth of minerals in the ground are trading at a fraction of their true value.

This eventually will change.

@ Newshounds News™

Source:  Gold Telegraph on X

~~~~~~~~~

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