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BRICS SUMMIT 2024: 54 NATIONS TO ATTEND, DITCHING THE US DOLLAR – IS BITCOIN ADOPTION NEXT?

▪️The BRICS summit for 2024 is gaining momentum, with about 54 nations likely to attend.

▪️Bitcoin might take center stage as the group explores an alternative currency in an aggressive de-dollarization push.

About 54 nations are set to attend the highly anticipated BRICS 2024 Summit scheduled for next month. A major discussion at the event would focus on reducing US dollar trade settlements within the group. This has raised questions about the adoption of Bitcoin (BTC) among BRICS member countries.

This bloc is an intergovernmental organization with Brazil, Russia, India, China, and South Africa as its founding members.

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IS THE XRP LEDGER SET FOR MAJOR UPGRADE? RIPPLE CEO BRAD GARLINGHOUSE DROPS NEW CLUES

▪️Ripple is upgrading the XRP Ledger (XRPL) with key advancements like the introduction of smart contracts and the Ethereum Virtual Machine (EVM) sidechain.

▪️Ripple CTO David Schwartz and XRPL Labs Director Wietse Wind have expressed differing views on adopting Layer 1 smart contracts.

Blockchain startup Ripple has recently undertaken the task of upgrading the XRP Ledger, the underlying blockchain technology that powers up Ripple’s global payments network.

Earlier this week, Ripple shared that it’s upgrading its XRP Ledger to enhance its functionality by focusing on key advancements such as smart contracts introduction to the XRPL mainnet and thus boosting programmability through the upcoming EVM Sidechain, per the CNF report.

Ripple CEO Brad Garlinhouse has expressed optimism about the future of the XRP Ledger, stating that “The foundations of crypto infrastructure serving real-world use cases are steadily becoming more robust by the day.”

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CORE BLOCKCHAIN UNVEILS LIQUID STAKING TOKEN FOR BITCOIN: $LSTBTC

A New DeFi Opportunity for Bitcoin Holders

Core Blockchain has introduced a new liquid staking token, $LstBTC, that promises to revolutionize how Bitcoin holders engage with decentralized finance (DeFi). 

This innovation allows users to stake their Bitcoin (BTC) without having to lock it up, offering them the ability to earn rewards while maintaining liquidity. With this launch, Core Blockchain aims to bridge the gap between Bitcoin and DeFi, enhancing BTC’s utility within this rapidly growing sector.

Good Evening Dinar Recaps,

ICCS DIGITAL STANDARDS INITIATIVE SHARES DIGITAL TRADE, EBL CASE STUDIES

The International Chamber of Commerce’s (ICC) Digital Standards Initiative (DSI) for trade documents has come a long way since its founding in 2020.

 In April it published a document that outlined no less than 36 different trade documents and associated standards. Now it has released a series of 22 case studies, including several on electronic bills of lading (eBL).

An eBL has several advantages over the paper version. Given bills of lading are used to collect cargo, they are valuable documents. 

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ZURICH CANTONAL BANK OFFERS CRYPTO TRADING SERVICES

▪️Zurich Cantonal Bank starts offering cryptocurrency services today.

▪️ZKB customers can trade Bitcoin and Ethereum via mobile banking.

▪️Partnership with Crypto Finance ensures regulated and competent crypto services.

Bitcoin (BTC) is heading towards new lows as expected and retested $55,000 today. However, there is also good news.

The increasing institutional interest in cryptocurrencies has reached a point where banks cannot remain indifferent. In Turkey, Garanti BBVA Bank took the first step, and now one of Switzerland’s largest banks has taken action for two major cryptocurrencies.

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EUROPEAN UNION ESTABLISHES COMMISSION TO REGULATE CRYPTOCURRENCY AND BLOCKCHAIN TECHNOLOGY

▪️European Union creates a commission to regulate cryptocurrencies and blockchain technology.

▪️New measures aim to reduce risks and protect investors in the crypto market.

▪️ Companies and investors have mixed reactions to the upcoming regulations.

In Europe, new steps are being taken to regulate cryptocurrencies and blockchain technology. The European Union has created a special commission to regulate and oversee this sector. The commission aims to develop policies and strategies covering crypto assets and digital finance.

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US CFTC Issues Order for Uniswap (UNI)

▪️CFTC issued an order for Uniswap, demanding a $175,000 fine.

▪️Uniswap allegedly violated the Commodity Exchange Act.

▪️UNI Coin price fluctuated due to regulatory uncertainties.

SEC, known for its aggressive lawsuits regarding cryptocurrencies, is not the only regulatory body in America. CFTC also takes action by detecting violations in the futures market. Just now, the institution issued an order for Uniswap, demanding a $175,000 fine and cessation of the violation.

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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.

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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.

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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.

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.”

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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.

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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).