Seeds of Wisdom RV and Economic Updates Sunday Afternoon 10-6-24

Good Afternoon Dinar Recaps,

BANK OF ENGLAND WANTS TO ENSURE TOKENIZED WHOLESALE TRANSACTIONS USE CENTRAL BANK MONEY

During a speech on October 3rd, the Bank of England’s Sasha Mills outlined the need for tokenized wholesale transactions to be settled in central bank money. Ms Mills is the Executive Director of Financial Market Infrastructure.

“If central bank money is unable to interact with new technologies, there could be a risk of high value wholesale settlement activity moving away from central bank money to private settlement assets, weakening financial stability,” she said.

Ms Mills outlined some of the options to ensure transactions continue to be settled in central bank money. That’s especially relevant since applications opened for the Digital Securities Sandbox, a joint initiative between the Bank and the Financial Conduct Authority.

The first option is to use the omnibus account facility. This allows banks to transfer money to a shared central bank account, where the cash is tokenized as a joint token. That’s the model of Fnality which went live (with limits) last year. 

The Bank also has a long term plan to extend the hours of its renewed RTGS system and is planning a synchronisation interface. This will be an extension of work done as part of Project Meridian which completed last year. Plus, the bank is considering a wholesale CBDC.

In late July the Bank published a discussion paper on innovation in money and payments, inviting input on the synchronisation work and a potential wholesale CBDC. The deadline for feedback is at the end of October. The Bank is also taking part in Project Agorá, which explores the upgrade of correspondent banking using multiple wholesale CBDCs.

“There’s a huge amount of work taking place in industry around the adoption of digital assets; unless we’re alive to this work, the speed at which certain markets and activities become systemic may outpace the ability of policymakers to build infrastructures and frameworks to respond,” said Ms Mills.

The desire for central bank money
It’s worth circling back to why central banks are so keen on using central bank money. The settlement of tokenized assets can use delivery versus payment. Hence, there’s no risk that one party hands over the funds but doesn’t receive the asset. However, that only addresses counterparty risk. 

There’s still credit risk. In other words, if the buyer has money at a bank to pay for the assets, it’s possible the commercial bank could go bust before the settlement.

@ Newshounds News™

Source: Ledger Insights 

~~~~~~~~~

RIPPLE VS SEC NEWS: IS GARY GENSLER ON THE VERGE OF GETTING FIRED?

The SEC recently filed an appeal in the ongoing SEC vs. Ripple case, challenging Judge Torres’ ruling. Many analysts have already discussed reasons why this appeal likely won’t succeed, given the low odds of overturning the original decision. 

Ripple’s Chief Legal Officer, Stuart Alderoty, had previously pointed out that the success rate for appeals in similar cases is around 10%, making the SEC’s current appeal an uphill battle.

The ongoing appeal in the XRP lawsuit has had an impact on the market, with XRP’s price dropping significantly following the SEC’s announcement to appeal. Critics, including Ripple CEO Brad Garlinghouse, argue that the SEC’s regulatory approach is harming the industry rather than protecting investors.

Recent meetings within the SEC have revealed increasing dissatisfaction among former and current commissioners regarding the agency’s direction, with calls for a reevaluation of its regulatory strategy. Many are expressing concerns over the SEC’s overreach and the unintended consequences of its enforcement actions, particularly in the case of XRP.

Robert B. Stebbins, General Counsel of the Securities and Exchange Commission, said in a meeting, “I don’t think that the current structure is working very well. I don’t like the idea that, from a big picture, the SEC has someone in corporate finance determining whether something is an important social good—and you’re not, and you’re paying for it.

I think that’s a very ugly argument to make in the fifth circuit when you just look at the last 25 years. Right now, we’re going to have a whole new structure. So, I think the SEC has to be very careful about where they’re going.”

Recent turmoil within the SEC, including the resignation of two lawyers due to misconduct, has intensified scrutiny on Gensler’s leadership. With calls for greater awareness around his actions, some analysts suggest that raising public consciousness about the SEC’s overreach could lead to accountability.

@ Newshounds News™

Source:  Coinpedia

~~~~~~~~~

URUGUAY ENACTS BILL 20.345: URUGUAY’S LEGISLATIVE ADVANCES IN CRYPTOCURRENCY OVERSIGHT

▪️Uruguay passes Bill 20.345, positioning itself as a global and regional leader in cryptocurrency regulation.

▪️The new law categorizes cryptocurrencies, establishing a framework that recognizes digital assets distinct from fiat currency.

Uruguay has recently made significant strides in regulating the cryptocurrency sector with the enactment of Bill 20.345, focusing on Bitcoin (BTC) and other digital currencies.

This legislation positions Uruguay as a pioneer not only in Latin America but also globally, where few jurisdictions have established specific legal frameworks for cryptocurrencies.

As reported by Crypto News Flash, Uruguay now joins nations like El Salvador, Brazil, Argentina, and Venezuela, which possess some of the most developed cryptocurrency regulations in Latin America. This development has sparked both national and international discussions about the implications of such regulation.

The Uruguayan Fintech Chamber (CUF) was among the first to comment on the law, praising the government’s initiative as a significant first step in addressing cryptocurrency operations and recognizing them more formally within the national economy.

According to the CUF, the law establishes a basic framework that acknowledges cryptocurrencies, treating them as assets rather than fiat currency. This is seen as a crucial move towards legitimizing crypto currencies in Uruguay, providing clear guidelines for exchanges and other businesses in the sector to operate legally and transparently.

In the long term, this law has the potential to transform the financial landscape in Uruguay, attracting new investors and companies in the fintech sector.

 In addition, it provides a solid foundation for the development of new technologies and financial services based on virtual assets, which could position Uruguay as a benchmark in the region. – Uruguayan Fintech Chamber.

Furthermore, the legislation categorizes digital currencies into four types as defined by the Central Bank of Uruguay: “value currencies,” “utility tokens,” “stablecoins,” and “others.” This classification aims to create a more transparent regulatory environment and is a key aspect of the law highlighted by Uruguayan lawyer Juan Echeverría.

He noted that this categorization is vital for clarifying the legal status of different types of digital currencies and enhancing measures against money laundering and terrorism financing.

However, the law also introduces challenges, particularly concerning its implementation. The Central Bank of Uruguay is expected to issue detailed regulations in the coming months, which will include the steps for registering cryptocurrency platforms and the operational and legal requirements these entities must fulfill.

For the Fintech Chamber, understanding how these regulations will be executed and the timelines involved is critical. The ability of businesses to quickly adapt to these new legal and operational demands will be essential for the sustainable growth of the sector.

@ Newshounds News™

Source:  Crypto News Flash 

  ~~~~~~~~~

El Salvador doubles down on Bitcoin, defies IMF concerns  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Seeds of Wisdom RV and Economic Updates Sunday Morning 10-6-24

Good Morning Dinar Recaps,

IMF COMPARES CBDC, FASTER PAYMENTS, E-MONEY

The International Monetary Fund (IMF) recently published a paper exploring potential choices between central bank digital currency (CBDC), faster payment systems (FPS) and e-money. Given the IMF’s focus on emerging markets, it highlights the threat to monetary sovereignty of dollar stablecoins and foreign CBDCs.

As always, local circumstances and priorities will influence choices. However, in many economies the three types of payment systems are expected to coexist in the future. The combination of different systems removes any single point of failure, helping to ensure resiliency.

All three types provide efficient instant payments. And they can all enhance financial inclusion, although technology can be a barrier for some users.

Unique advantages of CBDCs
However, the IMF views CBDC as having two unique benefits. By far the largest is ensuring retail access to central bank money continues as cash usage declines. It highlights the downward spiral with cash. As people use it less, fewer merchants remain willing to accept it.

Access to a CBDC addresses the two key monetary sovereignty threats of stablecoins and foreign CBDCs.

“Although stablecoins have not gained much use outside of crypto-asset ecosystems in advanced economies, preliminary data suggest that in emerging and developing market economies, they are being used in a limited capacity for cross-border transactions and remittances (FSB 2024).

The same analysis also suggested that there was a perceived preference for US dollar-denominated stablecoins as a store of value in countries with high inflation, currency devaluation, or the presence of capital flow measures,” the authors wrote. They warn that if there’s significant adoption, a stablecoin could start being used as an alternative unit of account.

The other area where it believes a CBDC can help is competition. A private FPS could inhibit competition, and most e-money systems are closed loop and could become monopolistic.

By contrast, the IMF believes that a CBDC can lower the barriers to entry for nonbank payment service providers, enhancing competition.

@ Newshounds News™

Source:  Ledger Insights

~~~~~~~~~

RIPPLE NEWS: XRP HOLDERS RALLY AGAINST SEC APPEAL, THREATEN LAWSUIT!

▪️XRP holders are petitioning against the SEC's appeal in the Ripple case and considering legal action.

▪️Attorney Rispoli believes a lawsuit against the SEC is possible but challenging, citing the Madoff case as a precedent.

▪️Rispoli emphasizes the need for reforms within the SEC to address corruption and improve transparency.

As tensions rise in the legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), XRP holders are speaking out on social media platforms like X.

They have launched a petition titled “Stop the SEC’s Unnecessary and Frivolous Appeal in the Ripple v. SEC Case,” which has attracted nearly 5,000 signatures.

Can a Petition Against the SEC Succeed?
In a recent podcast episode with Thinking Crypto, attorney Fred Rispoli discussed the potential outcomes of the petition and whether individual investors could sue the SEC. When asked if a petition against the SEC could succeed, Rispoli responded positively but cautioned that winning such a case would be difficult.

He highlighted that John Deaton, who has gained support from 75,000 people, might consider filing a case against the SEC. However, Rispoli pointed out the challenge of proving that the SEC acted outside its legal authority.

“And there are certainly some arguments to make that happen, especially as the revolving door has become a little more grotesque and easily, more easily able to be discovered through civil discovery, for example. But that happened in the Madoff case, where everybody that got screwed by Madoff sued the SEC and they lost on the grounds that the SEC was immune and the opinion was scathing.

 The second circuit said the SEC was incompetent, imbecilic, and derelict in their duties, but they were just bad at their jobs. They didn’t go outside of the range where they could be liable, civilly liable for that.”

It’s Not Going to Be Easy!

While there is a chance for a lawsuit, Rispoli acknowledged the challenges involved. He expressed his strong support for Deaton, saying he would not want anybody else leading that charge other than Mister Deaton himself.

He also emphasized the need for broader reform within the SEC, calling for increased transparency and efforts to root out corruption beyond the current case.

@ Newshounds News™

Source:  Coinpedia

~~~~~~~~~

HEDERA HBAR HOLDERS AN ETF MAY BE CLOSE - HUGE MOVES ARE HAPPENING  |  Youtube

@ Newshounds News™

~~~~~~~~

Unchartered Territory the Constitution Call  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Seeds of Wisdom RV and Economic Updates Saturday Afternoon 10-5-24

Good Afternoon Dinar Recaps,

RIPPLE VS SEC NEWS: WHAT EXACTLY IS GARY GENSLER APPEALING?

The SEC has filed an appeal against a previous ruling that deemed programmatic sales of XRP as not constituting investment contracts, a decision that significantly reduced the penalties Ripple faced.

However, there has been a lot of confusion regarding this appeal and XRP enthusiasts took to social media to express their frustration.

Additionally, discussions centered around the complexities surrounding secondary sales of XRP, clarifying that the court did not specifically rule on transactions involving retail investors trading on exchanges.

A user asked whether the SEC’s recent appeal letter only referenced the penalties judgment, not the broader ruling from last year, and if this limits the SEC to appealing just the penalties aspect. Marc explained that the appeal references the final judgment, which triggers both parties’ rights to appeal.

This judgment also finalizes the previous year’s summary ruling, which is the main focus of the SEC’s appeal, though penalties and disgorgement will likely be included as well.

In response to another question about whether the SEC will appeal everything or just the fine and Ripple’s sales of XRP, Marc indicated that the SEC is likely to challenge the court’s decision that Ripple’s programmatic and non-cash XRP sales were not securities transactions. 

This had already been hinted at a year ago, with the inclusion of disgorgement and penalties, though the latter isn’t the central objective of the appeal.

Another user said that the SEC originally requested much larger penalties than what was ultimately ruled by Judge Torres, suggesting the SEC was primarily focused on monetary penalties. Marc clarified that the SEC’s main objective is not the money itself, as it doesn’t go to them, though they will likely raise arguments regarding the penalty and the absence of disgorgement while pursuing the appeal.

@ Newshounds News™

Source:  Coinpedia

~~~~~~~~~

EL SALVADOR’S BUKELE TEACHES BITCOIN TO ARGENTINA’S VICE-PRESIDENT, SPARKING INTEREST IN BTC AND ADA-LEGAL CURRENCIES

El Salvador’s President Nayib Bukele met with Argentina’s Vice President Victoria Villaruel to discuss bitcoin-focused policies during an official visit.

Argentine President Javier Milei is set to meet Cardano founder Charles Hoskinson to discuss blockchain and crypto-currencies in the region.

During a recent official visit to Argentina, El Salvador’s president, Nayib Bukele, discussed the country’s bitcoin-centric policy with Argentina’s vice-president, Victoria Villaruel. Villaruel mentioned the meeting on her X account, which focused on the implementation and regulation of Bitcoin in El Salvador.

Ms. Villaruel showed interest in El Salvador’s bitcoin bond project, which received a great deal of international attention after Mr. Bukele’s administration adopted bitcoin as legal tender. She said, “I’d like to take this brief opportunity to ask you some questions about bitcoin.”

Ms Villaruel then asked about the digital asset and sought Mr Bukele’s views on its effect on the country’s economy. In response, Mr. Bukele stated that he was ready to share the measures taken by his administration regarding the integration of bitcoin into the country’s economic system.

El Salvador became the first country in the world to recognize bitcoin as legal tender in 2021. The administration has since launched several projects, such as bitcoin bonds. Bukele’s administration aims to use bitcoin bonds to raise funds for infrastructure and technology projects. Villaruel expressed her interest in learning more about bitcoin bonds and their implications for the economy.

In addition to the bond, the two leaders also discussed the creation of the National Digital Assets Commission, a regulatory authority set up for El Salvador’s digital assets market. This body has played a role in drawing up the guidelines governing the use of bitcoin.

Crypto-currency discussions extend beyond El Salvador’s borders
The meeting between Bukele and Villaruel is part of a wider dialogue on crypto-currencies in Latin America. Argentina has witnessed a growing interest in digital assets, making the conversation between the two leaders particularly relevant.

The dialogue is set to continue as Argentine President Javier Milei is due to meet Cardano founder Charles Hoskinson later this month. Hoskinson has expressed interest in supporting the development of blockchain in South America, with a focus on advancing general crypto-currency needs.

As recently highlighted by Crypto News Flash, Hoskinson is expected to discuss with Milei the future of Cardano and its opportunity to advance Argentina’s digital economy.

IMF reiterates cautious stance on bitcoin adoption
IMF spokeswoman Julie Kozack reiterated the organization’s position at Thursday’s press conference. She stressed the need to minimize public sector exposure to bitcoin.

“What we have recommended is to reduce the scope of bitcoin law, strengthen the regulatory framework and oversight of the bitcoin ecosystem,” said Ms. Kozack, stressing the need for prudent management of the crypto-currency.

Since its adoption, the IMF has criticized El Salvador’s bitcoin law and expressed the need for the government to reduce the risks associated with integrating Bitcoin into the country’s financial system. In response to the concerns of the IMF and other international organizations, President Bukele revealed that El Salvador had acquired nearly $400 million worth of Bitcoins.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

98% OF RIPPLE XRP HOLDERS WON'T GET RICH BECAUSE OF THIS MISTAKE

This video is about XRP. This video is about XRP and Ripple and the SEC APPEAL.  XRP update.

@ Newshounds News™

Source:   YOUTUBE  

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Seeds of Wisdom RV and Economic Updates Saturday Morning 10-5-24

Good Morning Dinar Recaps,

XRP CASE NEWS : SEC APPEAL AGAINST RIPPLE DOCKETED

The battle between the SEC and Ripple does not seem to end in the near future as the appeal by the commission against court order dated August 7 has been docketed. This move has started another round in this conflict. Though sec has submitted the appeal notice, it still has time to submit the complete appeal briefing. But Ripple’s leaders are not backing down. They remain confident that they are on the winning side of the law.

SEC Appeals Ripple Case Decision
The SEC has officially filed its appeal in the Ripple case, registering it with the United States Court of Appeals for the Second Circuit.This comes after Judge Analisa Torres, ruled out that not all sales of XRP are securities and she put a civil fine of $125 million on Ripple for institutional sale of XRP tokens.

Attorney James K. Filan confirmed the filing and shared screenshots of the appeal that is now docketed under case number 24-2648. The appeal brings the legal clash between Ripple and the SEC back into the spotlight.

Ripple’s Legal Team Responds
Stuart Alderoty, Ripple’s Chief Legal Officer, didn’t seem too surprised by the SEC’s move. In fact, he called it disappointing but not unexpected. According to him, the court had already dismissed the SEC’s accusations that Ripple acted recklessly.

There were no fraud allegations, and no one suffered any losses. He hinted that Ripple might even file a cross-appeal, but either way, the company is ready for whatever comes next.

Ripple’s CEO Speaks Out
Ripple CEO Brad Garlinghouse wasn’t shy about sharing his frustration. Posting on X (formerly known as Twitter), he slammed the SEC for continuing the case. According to Garlinghouse, the SEC’s actions haven’t helped protect investors. Instead, they’ve damaged the credibility of the agency itself.

He pointed out that Ripple, the crypto industry, and even the rule of law have already won in court. Garlinghouse is clear—XRP’s status as a non-security won’t change, no matter what the SEC tries next.

Internal Shake-ups in Commission
A spokesperson for the SEC explained the agency’s reason for appealing. They believe the district court’s ruling contradicts decades of legal precedent set by the Supreme Court. The SEC is eager to argue their case in front of the appellate court.

At the same time, the SEC’s Enforcement Director, Surbir S. Grewal, has announced his resignation. He’s stepping down from his role on October 11, sparking questions about internal disagreements over the Ripple case.

@ Newshounds News™

Source:  Coinpedia

~~~~~~~~~

COINBASE TO DELIST USDT AND UNAUTHORIZED STABLECOINS IN EU BY YEAR-END UNDER MICA REGULATIONS

Coinbase, a leading cryptocurrency exchange, has announced plans to delist all unauthorized stablecoins, including Tether's USDT, from its platform in the European Economic Area by December 30, 2024

Coinbase has announced plans to delist all unauthorized stablecoins, including Tether's USDT, from its platform in the European Economic Area by December 30, 2024.

This move is in response to the European Union's new Markets in Crypto Assets (MiCA) regulations, which require stablecoin issuers to secure e-money authorization in a member state.

The MiCA regulations, which became effective in June 2024, aim to ensure regulatory compliance and consumer protection within the EU's cryptocurrency market.

Coinbase's decision to delist non-compliant stablecoins underscores its commitment to adhering to these new regulatory standards and addressing non-compliance issues.

@ Newshounds News™

Source:  The Defiant

~~~~~~~~~

HK’S BANK OF EAST ASIA TESTS STABLECOIN ISSUANCE USING UDPN

Hong Kong’s Bank of East Asia (BEA) recently conducted a proof of concept (PoC) involving issuing stablecoins using the Universal Digital Payments Network (UDPN). It tested both the issuance and redemption of stablecoins (minting and burning) and trialed a mobile application for clients.

Today most stablecoin usage happens in the cryptocurrency world or jurisdictions where consumers are keen to access dollars. One reason stablecoins haven’t gone mainstream is because of missing pieces of infrastructure. However, that is changing, meaning stablecoins will become increasingly competitive with bank payments, especially cross border. Banks are not standing by. They’re engaging in multi-bank tokenized deposit trials and issuing their own tokenized deposits or stablecoins.

The UDPN is a multi-faceted project supporting the issuance of stablecoins and tokenized deposits, as well as providing an interoperability layer between different digital currencies, including central bank digital currencies (CBDCs).

“Through our PoC with UDPN, we gained insights into global practices on Central Bank Digital Currencies (CBDCs) and the mechanism of stablecoins,” said the BEA’s Stephen Leung, Group CIO, General Manager and Head of Technology and Productivity Division.

“Experiments were conducted on the issuance of stablecoins, as well as the transfer and swapping between CBDCs and stablecoins. Cross-chain interoperability was also examined between stablecoins and digital currencies on different blockchains. This has laid (an) important foundation for any partnership opportunities that may arise in the future.”

Earlier this year the bank took part in a DLT repo transaction with HSBC involving digital green bonds issued by Hong Kong.

The UDPN was founded by Red Date Technology, the co-founder of China’s Blockchain-based Service Network (BSN) and the international BSN Spartan Network. Its development partner is the GFT consultancy. Earlier this year it launched a sandbox for banks.

Hong Kong’s digital currency activities
Meanwhile, the Hong Kong Monetary Authority (HKMA) is running at least three digital currency sandboxes, although this PoC was not part of them. The HKMA recently announced the expansion of its retail CBDC sandbox to include tokenized deposits. Plus, it has a sandbox for stablecoins and another for the institutional use of wholesale CBDC, which is part of Project Ensemble.

@ Newshounds News™

Source:   Ledger Insights  

~~~~~~~~~

STABLECOIN ISSUER TETHER TO DEVELOP NEW SOLUTION FOR EUROPEAN MARKET

Tether is preparing to launch a new technology specifically for the European market. This strategic move comes in response to changing regulatory frameworks in the region, especially as MiCA (Markets in Crypto Assets) regulations come into full effect.

As part of the adjustment, Coinbase has announced plans to delist non-compliant stablecoins, including Tether’s USDT, from the European Economic Area (EEA) by December 30, 2024. This shift could reshape the landscape for European crypto users.

Stablecoin Market and MiCA
The new crypto regulation of the EU, MiCA, is designed to bring more safety and control to the cryptocurrency sector. However, these new sets of rules also pose risks for certain stable coins like USDt. The regulation requires at least 60% of the stablecoin reserve to be held in EU based banks however many banks in Europe can only insure deposits up to $100,000.

This poses high risk for stablecoins like USDt. Paolo Ardoino expressed his concerns about the risk this regulation can pose for stablecoins as well as banking systems.

Although some aspects of MiCA create obstacles, Tether praised the EU for building a well-structured regulatory environment. This framework, they say, is essential for the long-term growth of the industry.

Coinbase’s Deadline for Delisting Stablecoins
Coinbase has set December 30, 2024, as the deadline. By this date, all non-compliant stablecoins will be delisted in the European Economic Area. It’s a significant move for Europe however stablecoin services for other regions will remain unharmed. Several other exchanges like OKX and Bitstamp have already taken similar steps, preparing for MiCA’s full implementation.

Circle’s USDC, a stablecoin that meets MiCA’s requirements, is expected to remain available for European users. Coinbase users in European financial zones holding USDt or other non-compliant stablecoins must convert them. They will need to switch to compliant ones like USDC before the deadline.

Tether’s Response to MiCA
Tether is addressing the regulatory changes by creating a technology solution designed specifically for Europe. Although they haven’t shared the full details yet, the company indicated that the solution will focus on meeting the needs of Europe’s stable and structured economy.

This new initiative is part of Tether’s larger plan to keep a strong presence in the European crypto market, even with the regulatory challenges.

What This Means for Crypto Users?
Despite these hurdles, Tether is positive about its future in Europe and is working directly with regulators to develop workable solutions. For European users, Coinbase’s delisting and MiCA’s new rules mean that you may need to reconsider which digital assets to hold. Switching to MiCA-compliant stablecoins like USDC is one option to ensure your portfolio stays secure under the new laws.

Tether’s upcoming product could also provide new opportunities for users who prefer USDT, but it’s important to stay informed and prepared for the coming changes.

@ Newshounds News™

Source:  Coinpedia

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter
Thank you Dinar Recaps

Seeds of Wisdom RV and Economic Updates Friday Afternoon 10-4-24

Good Afternoon Dinar Recaps,

XRP ADOPTION BY BRICS AND JAPAN CONTINUES, SEC APPEAL FAILS TO DETER

▪️PDespite the SEC lawsuit, the BRICS nations and Japan have continued to show interest in XRP.

▪️PThe coin has recovered from the losses triggered by the Appeal filed earlier this week.

Despite the uncertainty in the Ripple ecosystem, the XRP coin is gaining traction from prominent stakeholders and organizations. Earlier this week, the US Securities and Exchange Commission (SEC) filed an appeal in its Ripple lawsuit, potentially extending the legal battle it initiated in 2020.

As CNF mentioned earlier, the regulator’s move quickly reverberated across the community, resulting in price drops for XRP. Despite this shift, XRP is still attractive to users.

BRICS and Japan Pushes for XRP Adoption
Amid these challenges, the BRICS Alliance, an intergovernmental organization, and Japan continue to push for XRP adoption. In an X post, renowned analyst Crypto Tank said the SEC’s appeal filing had not deterred the BRICS and Japan from embracing XRP.

“SEC appeal won’t matter. BRICS and Japan are still adopting XRP, and they don’t care about the lawsuit one bit,” says Crypto Tank. The analyst’s comments reinforced opinions that XRP is crucial to the emerging financial system.

SEC appeal won’t matter. BRICS and Japan are still adopting XRP and they don’t care about the lawsuit one bit. Brad has even stated this before. XRP is the Heart of the New Financial System no matter what. Don’t get FUDded out…

— CryptoTank (@Tank2033js) October 2, 2024

He further highlighted a previous statement from Ripple’s CEO Brad Garlinghouse, describing XRP as the heart of the new financial system. Indeed, XRP’s characteristics as a bridge asset make it a popular choice amongst businesses and financial institutions.

Unlike other traditional payment networks, XRP is easily accessible, cheap, and has low to zero friction. These characteristics make the coin a more viable option for the BRICS alliance, which was created by countries seeking freedom from the US Dollar.

The BRICS nations initially comprise Brazil, Russia, India, China, and South Africa. In 2024, five new nations, including Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates, joined the alliance. The alliance has promoted the use of local currency, thus reducing reliance on the US dollar.

Developing countries view this initiative as beneficial to their financial systems. Recently, the BRICS announced the development of its blockchain-based payment system. In a previous CNF article, Russian President Vladimir Putin says the system will enable BRICS nations to conduct international trade without interference from the Western financial systems.

Intriguingly, XRP adoption is also spreading across Japan. As revealed in a previous report by CNF, 80% of Japanese banks use Ripple for blockchain payments. This highlights the growing prominence of Ripple and XRP in the traditional financial sector.

Legal Battle Surrounding XRP
The SEC recently filed a notice of appeal against Judge Analisa Torres’s July 2023 ruling in the Ripple lawsuit. The ruling stated at the time that XRP sales to retail investors do not constitute securities transactions, giving Ripple a partial victory.

However, the court ruled recently that Ripple should pay a $125 million fine for violating securities laws through institutional sales. This amount is far less than the $2 billion the SEC had initially requested from Ripple.

With the appeal, most experts and community members expect the SEC to challenge XRP’s security classification when traded on exchanges. Notably, the regulator once filed an interlocutory appeal, which the court denied. Many community members hope the regulator will encounter a similar outcome this time.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

WILL SWIFT NETWORK’S UPCOMING TRIALS BOOST CRYPTO ADOPTION?

Here’s a look at banking network SWIFT’s upcoming trials for digital asset and currency transactions.

▪️SWIFT will conduct live trials for digital asset transactions in 2025, enhancing global finance.
The initiative aims to integrate various currency platforms for seamless cross-border transactions.

▪️The year 2024 has witnessed a surge in cryptocurrency adoption, largely driven by the launch and expansion of the ETF market.

In light of this trend, SWIFT, the global bank messaging network based in Belgium, is set to launch live trials of digital asset and currency transactions.

What benefits will SWIFT’s live trails offer?
This initiative will involve banks in North America, Europe, and Asia, connecting over 11,500 financial institutions worldwide.

Although SWIFT itself does not manage funds, its network facilitates secure communications and transactions among banks. This allows for the exchange of various financial messages.

Scheduled for 2025, these trials will mark a significant step in demonstrating how SWIFT can support the transfer of both digital and traditional assets across over four billion accounts globally.

This would showcase an advanced version of its infrastructure designed for real-world applications.

Remarking on the same, Swift Chief Innovation Officer Tom Zschach said,

“As new forms of value emerge, our intention is to continue offering our community the ability to seamlessly make and track transactions of all kinds of assets — using the same secure and resilient infrastructure that is integral to their operations today.”

For those unaware, the upcoming live trials will utilize SWIFT’s extensive global network to integrate various digital and traditional currency platforms seamlessly.

What’s more to it?
The trials will showcase how financial institutions can interchangeably transact across existing and emerging asset types.

This demonstration highlights the potential for banks to leverage their current SWIFT connections, thereby enhancing efficiency and accessibility in global finance.

Providing further insights on the matter, the firm added,

“Global financial institutions will have the ability to use Swift’s global platform to conduct pilot transactions for the settlement of digital assets and currencies.”

Additionally, SWIFT will transition from experimental trials to real-world applications of digital asset and currency transactions, beginning in 2025.

This initiative allows global financial institutions to utilize SWIFT’s infrastructure for seamless transactions across traditional and digital assets.

By enabling interoperability among currencies and networks, SWIFT seeks to simplify and secure cross-border financial exchanges.

This advancement reinforces SWIFT’s commitment to evolving in digital finance and positions it as a key facilitator of modern transactions.

Will CBDCs play a role?
That being said, SWIFT, which plays a crucial role in global banking, has been engaged in trials of both CBDCs and tokenized assets.

In March, the firm said that it would launch a new platform to connect CBDCs currently in development to the existing financial system.

As of the latest update, the SWIFT initiative involves different types of digital assets in combination across different platforms.

Therefore, Nick Kerigan, SWIFT’s head of innovation, put it best when he said,

“To successfully trade and settle a tokenised bond transaction, you need the cash and that’s where a tokenised deposit or wholesale CBDC comes in. It’s not good enough if you just have delivery or just payment, you need both.”

@ Newshounds News™

Source:  AMB Crypto

~~~~~~~~~

US CONGRESS WILL BE KEY IN DEFINING CRYPTO REGULATIONS POST-2024 ELECTION, EXPERT SAYS

With the 2024 presidential election just around the corner, crypto has gained significant momentum as a key issue in the race to the White House, especially with candidates Vice President Kamala Harris and former President Donald Trump expressing support for the digital asset industry.

However, law experts assert that it is not the US President who will ultimately determine the future of digital assets in the United States, but Congress.

Focus On Congressional Action As The Key
A recent report by Dr Tonya Evans, a professor at Penn State Dickinson Law, highlights that Vice President Harris has moved away from President Biden’s previously antagonistic approach to cryptocurrencies, largely driven by the Securities and Exchange Commission (SEC) and other regulators.

As reported by Bitcoinist, Harris now emphasizes a pro-innovation narrative, suggesting that blockchain and digital assets are crucial components of her vision for an “Opportunity Economy” to empower middle-class families and small businesses.

On the other hand, Trump has made headlines by promising to transform the US into the “crypto capital of the planet” and pledging to remove SEC Chair Gary Gensler from his position on his first day in office.

Despite these eye-catching promises, Evans believes that the President’s ability to enact meaningful change in the crypto landscape is limited.

Evans notes that the Congress, as the legislative branch of government, wields the real power to shape the regulatory framework governing digital assets. Under Article II of the Constitution, the President cannot unilaterally create laws or alter regulations.

Instead, the President’s role is primarily to enforce the laws that Congress passes and oversee regulatory agencies like the SEC and the Commodity Futures Trading Commission (CFTC).

Evans further explains that Congress must take decisive legislative action for sustainable progress in the digital asset industry. Yet, she has noted that many observers and advocates for cryptocurrency often focus their attention on presidential races, neglecting Congress’s vital role in regulation.

Bipartisan Support For Crypto Grows In Congress
Despite what has been seen as a lack of congressional action in recent years, Evans is championing a notable advancement in the legislative landscape with the passage of the Financial Innovation and Technology for the 21st Century Act (FIT21), which incorporates Rep. Tom Emmer’s Securities Clarity Act.

This law aims to provide much-needed clarity in the digital asset space by distinguishing between an asset and the securities contract to which it may be linked, which would be key in potential future cases such as one of the most notorious between blockchain payments company Ripple and the SEC.

In addition, support for crypto innovation is gaining traction in Congress. Figures like Rep. Maxine Waters (D-CA), once a critic of cryptocurrencies, now recognize the importance of engaging with emerging technologies.

At a recent town hall event, pro-crypto lawmakers urged Harris to adopt a more favorable stance toward digital assets. At the same time, Senate Majority Leader Chuck Schumer (D-NY) expressed optimism about passing bipartisan legislation.

Moreover, the StandWithCrypto.com database indicates that over 50 Democratic lawmakers, including prominent figures like Rep. Ro Khanna (D-CA), is now supportive of pro-crypto legislation.

Unlike the executive branch, the law professor said, Congress has the power to create tailored laws to meet the needs of the crypto industry. Evans concluded, “Now is the time to focus where the real power lies – on Congress.

@ Newshounds News™

Source:   Bitcoinist

  ~~~~~~~~~

🌍 El Salvador doubles down on Bitcoin, defies IMF concerns  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recap

Seeds of Wisdom RV and Economic Updates Friday Morning 10-4-24

Good Morning Dinar Recaps,

CFTC REPORTEDLY MULLING ACCEPTING DIGITAL ASSETS AS TRADING COLLATERAL

The proposal faces multiple steps before approval, but its passage could ultimately be a boon for the digital assets market.

The use of digital assets as trading collateral could be approved by the United States Commodity Futures Trading Commission (CFTC) by the end of the year.

According to a report from Bloomberg, a subcommittee of the Commodity Futures Trading Commission’s Global Markets Advisory Committee recently voted affirmatively to recommend a proposal allowing digital ledger technology-based collateral in commodities and derivatives trading.

In effect, were the proposal to be accepted by the CFTC, traders could settle transactions using digital assets as collateral with the same speed and ease as similar digital ledger and blockchain based transactions.

Brokers would be able to accept blockchain-based tokenized assets, such as BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), via market-embedded systems.

Tokens as collateral
The use of blockchain-based assets as collateral in trading is already fairly common throughout the participating marketplace. However, those participants are limited to large firms such as BlackRock and JP Morgan. The CFTC’s general approval could serve as a catalyst for mainstream adoption.

However, it’s unclear at this time what exactly the Global Markets Advisory Committee has recommended or what’s even in the aforementioned proposal. According to Bloomberg, the main committee still has to approve the subcommittee’s recommendation before the proposal can be formally submitted to the CFTC for approval.

There’s no guarantee that the CFTC will approve the proposal or that it will pass without potential restrictions concerning which institutes and blockchains can participate.

As Cointelegraph recently reported, spot Bitcoin exchange-traded funds (ETFs) demonstrated banner performance throughout the month of September.

BlackRock's Bitcoin ETF in particular outperformed its peers. It saw the highest daily inflow of any fund during the month on Sept. 25, during a five-day inflow streak across all spot Bitcoin ETFs in the United States.

This demonstrates the growing popularity and prospective value of digital assets in the traditional finance markets. It could also serve as a bullish indicator for digital asset adoption overall and play some role in the CFTC’s decision-making process.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

IMF PRESSURES EL SALVADOR TO OVERHAUL BITCOIN REGULATIONS

According to the International Monetary Fund (IMF), El Salvador has an annual GDP growth rate of 3% and roughly $144 million in outstanding loans.

During an Oct. 3 press conference, the International Monetary Fund (IMF) renewed calls pressuring El Salvador to scale back its Bitcoin policies and overhaul its regulatory framework surrounding the digital asset.

Julie Kozack,  director of the IMF’s communications department, did not specify the exact details behind the proposed regulatory shift but instead provided this statement:

"What we have recommended is a narrowing of the scope of the Bitcoin Law, strengthening the regulatory framework and oversight of the Bitcoin ecosystem, and limiting public sector exposure to Bitcoin."

Since El Salvador legalized Bitcoin as a form of legal tender in 2021, the IMF has pressured the Central American country to step away from Bitcoin and embrace traditional financial infrastructure.

In August 2024, the IMF voiced the same demands but admitted that many of the purported risks of Bitcoin adoption “have not yet materialized.”

IMF attitude to Bitcoin and crypto
The IMF has expressed concerns regarding Bitcoin. As some fiat currencies experience devaluation, certain individuals and a few nation-states have begun exploring alternatives, including Bitcoin, which is often viewed as offering a different monetary framework compared to traditional fiat systems.

In 2023, the IMF provided technical consulting to help Andorra record and monitor Bitcoin transactions. Later, in March 2024, it suggested Pakistan institute a capital gains tax on crypto to qualify for a $3 billion loan.

More recently, IMF executives floated the idea of taxing energy used for crypto mining to reduce carbon emissions. This added tax could drive up energy costs for miners by 85%, a potentially devastating blow for an industry already struggling with post-halving economics and increased mining difficulty.

IMF pushes central bank digital currencies
While the IMF continues to oppose Bitcoin and non-state-controlled cryptocurrencies, it is simultaneously pushing for central bank digital currencies (CBDC) globally.

This past September, the IMF released its ”REDI” framework for CBDC development. REDI stands for regulation, education, design, and incentives — geared toward helping central banks make CBDC adoption more palatable to prospective populations.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

The BRICS economic bloc will add around 10 new members during its upcoming summit.

The world continues to change in big ways.

I will be covering this event live in real-time.

@ Newshounds News™

Source:   Gold Telegraph X  

~~~~~~~~~

️BREAKING NEWS:  El Salvador doubles down on Bitcoin, defies IMF concerns

Crypto community members have advised the Central American country's to reject the IMF recommendations.

El Salvador has doubled down on its Bitcoin moves despite ongoing pressure from the International Monetary Fund (IMF) regarding the country’s use of the digital asset.

On Oct. 4, Juan Carlos Reyes, President of the National Commission on Digital Assets (CNAD), announced that the Central American country’s lawmakers had passed “important amendments to the CNAD law.”

Bitcoin moves
According to him, these changes grant the CNAD authority to regulate Bitcoin companies in the country.

Further, the CNAD will now be the primary regulatory body overseeing the nation’s Bitcoin industry. It will also implement a risk-based regulatory framework to position El Salvador as a global digital asset adoption and regulation leader.

Reyes added:

“Our team [will] combine regulatory knowledge with practical Bitcoin experience, ensuring a balanced and effective approach.”

Reyes also mentioned that more information on the proposed regulatory framework will be shared in the coming weeks.

In a parallel development, the National Bitcoin Office (ONBTC) of the Office of the President of El Salvador stated that the country was building new capital markets on the bellwether digital asset.

According to ONBTC:

“Only on bitcoin can an individual ever self-custody their wealth and property. Capital will never form upon chains designed for velocity rather than sovereignty.”

These moves came after the IMF once again expressed concerns about El Salvador’s Bitcoin initiatives.

Julie Kozack, Director of the IMF Communications Department, stated that the country’s stance on Bitcoin remains an ongoing topic of discussion. She said:

“What [IMF] has recommended is a narrowing of the scope of the bitcoin law, strengthening the regulatory framework and oversight of the bitcoin ecosystem, and limiting the public sector exposure to bitcoin.”

Interestingly, this recommendation follows the IMF’s earlier acknowledgment that some risks associated with El Salvador’s Bitcoin involvement have not yet materialized.

Despite the IMF’s caution, many in the crypto community have advised the country to ignore this advice. Mathew Sigel, head of digital assets at VanEck, accused the IMF of holding El Salvador “hostage” over its pro-Bitcoin stance despite the nation’s economic and societal progress.

Instead, Sigel encouraged President Nayib Bukele to “stand firm” as his “vision is driving a remarkable transformation.”

@ Newshounds News™

Source:  CryptoSlate

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recap

Seeds of Wisdom RV and Economic Updates Thursday Evening 10-3-24

Good Evening Dinar Recaps,

BRICS UNIFIED EXCHANGE TO LEVERAGE BLOCKCHAIN AND VIRTUAL CURRENCY FOR SETTLEMENTS

Deputy Chairman of the State Duma Alexander Babakov proposed creating a unified BRICS exchange using blockchain and virtual currency for inter-bloc settlements.

 Babakov stated that such an organization “will be the key to the economic sovereignty and independence of our countries,” while sidestepping the use of third-party payment networks.

Newly Proposed BRICS Unified Exchange May Use ‘Blockchain and Virtual Currency’
BRICS, the international organization, is eyeing digital solutions to reduce its dependence on third-party payment systems. 

Deputy Chairman of the State Duma Alexander Babakov proposed creating a single BRICS exchange, where countries of the block would conduct trade and settlements of their products, including raw materials and goods.

Babakov told Ria Novosti that such an organization would bring benefits to the member states, allowing them to stop relying on currencies of adversary countries like the U.S. dollar. 

Babakov stated that the exchange might allow member states to make payments in national currencies and “even develop their own settlement mechanism based on blockchain and a single virtual currency” and “strengthen the financial sovereignty of our countries.”

Talks of a single, BRICS-wide currency spurred last year. However, the organization pivoted to increase the use of national currencies instead. The move has already reported positive results, with national currency settlements exceeding U.S. dollar payments.

The BRICS bloc, integrated by Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE), accounts for a fourth of all the trade conducted, and more than one-third of the world’s gross domestic product (GDP). This means the hypothetical exchange would move a relevant part of the world’s trade, disrupting the use of the U.S. dollar.

President Vladimir Putin disclosed that BRICS was already designing and implementing an independent payment system to create “conditions for efficient and independent servicing of the entire foreign trade.” This system could be part of the proposed exchange.

@ Newshounds News™

Source:  Bitcoin News

~~~~~~~~~

PAYPAL SETTLES INVOICE WITH EY IN PYUSD FIRST BUSINESS PAYMENT

PayPal’s senior vice president for blockchain, cryptocurrency, and digital currency stated that stablecoins are well-suited for enterprises.

PayPal completed its first business payment on Sept. 23, using its stablecoin PYUSD to settle an invoice with Ernst & Young LLP, Bloomberg News reported on Oct. 3.

The transaction was facilitated using software company SAP’s digital currency hub, a platform that allows businesses to send and receive digital payments instantly. The amount was not disclosed.

Stablecoin payments suitable for business
Notably, stablecoins are usually tied to retail users, especially in regions with volatile fiat currencies.

According to the “2023 Geography of Cryptocurrency Report” by Chainalysis, countries such as Argentina, Venezuela, and Mexico display high usage of stablecoins as protection against inflation and a cheaper alternative to make cross-border transactions.

Jose Fernandez da Ponte, PayPal’s senior vice president for blockchain, cryptocurrency, and digital currency, stated that the enterprise environment is also well-suited to the usage of stablecoins.

He added that business-to-business payments, especially cross-border, are often slow and costly due to third-party intermediaries. Thus, the adoption of stablecoins in these cases offers faster settlement and is increasingly favored by businesses.

PayPal introduced services on Sept. 25 that allow US merchants to buy, hold, and sell crypto via their business accounts.

An Ernst & Young survey published in July highlighted that PYUSD is the most used stablecoin for payments, with 47% of respondents using the PayPal dollar-pegged token in their payments. The survey included accredited and non-accredited investors.

Moreover, the payments infrastructure BVNK started swapping US dollars sent to its platform through Swift for stablecoins, including PYUSD, and then sending the funds to clients around the globe.

The vice president of crypto-related business at PayPal also addressed concerns in the industry following the collapse of FTX. He explained that the partnership with such traditional giants is to demonstrate the stability and utility of PYUSD for business transactions.

@ Newshounds News™

Source:  CryptoSlate

~~~~~~~~~

PAUL GREWAL HIGHLIGHTS INCONSISTENCIES IN SEC LEGAL CLAIMS

▪️Paul Grewal highlights inconsistencies in the SEC's legal strategies.
▪️Coinbase and Ripple face significant challenges from the SEC.
▪️Regulatory clarity is crucial for the healthy development of the crypto economy.

Paul Grewal, the Chief Legal Officer of Coinbase, has identified inconsistencies in the U.S. Securities and Exchange Commission’s (SEC) legal claims. He expressed this view based on the SEC’s response filed in the Lejilex case.

Lejilex Case
In the Lejilex case, the SEC argues that whether digital asset transactions qualify as securities is determined not by the nature of the asset. However, Grewal pointed out that the SEC has stated the opposite to Judge Failla.

Grewal claims that the SEC shares different opinions with one judge compared to another. He stated that he does not expect such inconsistencies from U.S. authorities. Coinbase has been supporting Lejilex against the SEC for the past few months.

“We will do everything we can to provide regulatory clarity for cryptocurrency investors.” – Grewal

SEC and Ripple Battle
In the case between Coinbase and the SEC, the SEC sought to extend the discovery period from October 18 to February 18. During this postponement, Coinbase filed a motion requesting the Commodity Futures Trading Commission (CFTC) to communicate with the issuers of 12 tokens mentioned in the related case. This move will aid the lawsuit in the Southern District of New York.

Ripple Labs, a blockchain-based payment infrastructure firm, is also under pressure from the SEC. The SEC has been pursuing its case against Ripple for nearly four years and has recently appealed regarding the securities status of XRP.

Lawyers supporting Ripple believe the SEC will likely face a negative outcome this time as well. The SEC’s inconsistencies have become a central discussion point in many cryptocurrency cases. Similar to the Lejilex example, the regulatory body has defined these as personnel errors in numerous instances.

It remains uncertain how these inconsistencies will impact the authorities’ decisions in the appeals process. If the SEC can provide clearer evidence proving the business relationship between Ripple and XRP, we might see a reversal of the decision.

@ Newshounds News™

Source:   Coin Turk  

~~~~~~~~~

BREAKING NEWS ON PORTS | Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recap

Seeds of Wisdom RV and Economic Updates Thursday Afternoon 10-3-24

Good Afternoon Dinar Recaps,

VISA LAUNCHES PLATFORM TO HELP BANKS ISSUE STABLECOINS GLOBALLY

▪️Platform is expected to go live in 2025, payments firm says
▪️A pilot test will be run on Ethereum at some point next year

Visa Inc. is launching a platform for banks to issue fiat-backed tokens such as stablecoins and tokenized deposits, as more financial institutions and businesses express interest in how cryptocurrencies and blockchain technology can improve their operations.

The product, which will be known as the Visa Tokenized Asset Platform or VTAP, will allow banks to “mint, burn and transfer” tokens. While still in the testing stage, the plan is to go live next year, according to a Thursday statement.

Stablecoins are cryptocurrencies whose value is usually pegged to assets such as the dollar. They’re used to conduct transactions and as a refuge from the often volatile price swings in tokens like Bitcoin and Ether.

Spanish bank BBVA has been testing the platform through the year and expects a pilot for select customers on the Ethereum blockchain at some point next year.

“Visa has been at the forefront of digital payments for nearly sixty years, and with the introduction of VTAP, we are once again setting the pace for the industry,” Vanessa Colella, global head of innovation and digital partnerships at Visa, said in the statement.

Stablecoins and other fiat-backed tokens have gained in popularity, with PayPal Holdings Inc.’s PYUSD and other offerings in the market. Stripe Inc. also allows merchants using its payments processing capabilities to accept stablecoins for online transactions.

“We’re excited to leverage our experience with tokenization to help banks integrate blockchain technologies into their operations,” Colella said.

@ Newshounds News™

Source:  Bloomberg

~~~~~~~~~

RIPPLE TEAMS WITH BRAZILIAN EXCHANGE TO LAUNCH INTERNATIONAL PAYMENT SOLUTION

▪️Ripple and Mercado Bitcoin partner to streamline international payments in Brazil, enhancing cross-border treasury operations.

▪️Ripple expands its Latin American presence through Mercado Bitcoin, aiming to simplify cross-border payments for businesses.

By means of a strategic alliance with one of Brazil’s biggest cryptocurrency exchanges, Mercado Bitcoin, Ripple has strengthened its footprint in Latin America.

Using Ripple’s payment system, Mercado Bitcoin will be the first Brazilian company, especially with an eye toward improving internal treasury processes between Brazil and Portugal.

*************

Ripple Strategic Expansion in Brazil’s Growing Crypto Market
The cooperation coincides with a period of fast expansion in the crypto market of Brazil. Known for offering real-time settlement and liquidity solutions, Ripple’s digital infrastructure fits quite well in the framework of Brazil’s dynamic crypto policy scene.

The cooperation between Mercado Bitcoin and Ripple is expected to speed up and make more reasonably priced international payments. This lets companies quickly onboard and fast access over 80 worldwide marketplaces by integrating Ripple’s technology with minimum friction.

For Ripple, this alliance marks yet another phase of its continuous expansion over Latin America. Since 2019, when it first established local offices, the corporation has been progressively becoming more visible in Brazil.

Working with Travellex Bank, Ripple unveiled its On-Demand Liquidity (ODL) service in Brazil in 2022, enabling Brazilian companies to make flawless, international payments with cryptocurrency.

By means of this new partnership, Mercado Bitcoin will also be able to use the global scale and liquidity of Ripple, providing improved payment options for its clients.

Head of banking at Mercado Bitcoin Jordan Abud showed enthusiasm about this alliance and underlined how it would help the global aspirations of the exchange. By means of Ripple’s sophisticated payment system, Mercado Bitcoin seeks to lower running expenses and provide a more all-inclusive platform for its customers.

On the other hand, as we previously highlighted, SCB, another Ripple partner, just collaborated with Thunes to increase its instant remittance capabilities.

By means of its SCB Easy platform, this cooperation enables SCB to provide money transfers across 26 countries with support for 17 currencies. Using RippleNet for cross-border payments guarantees that SCB makes transparent and safe transactions rather than merely quick ones.

https://www.crypto-news-flash.com/ripple-teams-with-brazilian-exchange-to-launch-international-payment-solution/

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

🌍Silver the People's Metal  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Seeds of Wisdom RV and Economic Updates Thursday Morning 10-3-24

Good Morning Dinar Recaps,

SWIFT SET TO BEGIN LIVE BANK TRIALS OF DIGITAL ASSET TRANSACTIONS IN 2025  

▪️Swift said banks will begin live trials of digital asset and currency transactions over its network next year.

▪️It marks the first time Swift will move beyond experimenting with blockchain transactions in testing environments to real-world settlement.

Starting next year, Swift said banks in North America, Europe and Asia will begin live trials of digital asset and currency transactions over its global messaging network, which services more than 11,500 financial institutions.

Swift has previously experimented with blockchain transactions in testing environments. However, next year’s trials will pilot an advanced version of its infrastructure capable of orchestrating real-world digital asset and currency transactions across networks for the first time, according to a statement by the firm on Thursday.

The live trials will leverage Swift’s existing global network and interlink various digital and traditional currency platforms, providing a single system for banks to transact across borders with digital and fiat currencies, the firm explained.

The trials are designed to demonstrate how financial institutions can transact interchangeably across both existing and emerging asset and currency types using their current Swift connection. 

“Global financial institutions will have the ability to use Swift’s global platform to conduct pilot transactions for the settlement of digital assets and currencies,” the firm said.

Moving from experimentation to reality
The announcement follows a series of recent experiments by Swift, working with web3 services firm Chainlink as an enterprise abstraction layer to connect its network to the Ethereum Sepolia test network. 

The experiments demonstrated that Swift could provide one single point of access to multiple public and private blockchain networks, which could also support institutions creating tokenized assets and the development of central bank digital currencies — currently being explored by 134 countries.

"For digital assets and currencies to succeed on a global scale, it’s critical that they can seamlessly coexist with traditional forms of money,” Swift Chief Innovation Officer Tom Zschach said. 

“With our vast global reach, we are uniquely positioned to bridge both emerging and established forms of value, and we’re now focused on demonstrating this in real-world, mainstream applications.”

A key aim of the trials is to address the rise of disconnected digital platforms that could hinder the widespread adoption of new forms of value, according to the firm. “While the scale is impressive, without interconnectivity between platforms, global adoption is set to remain fragmented,” Swift said.

“As new forms of value emerge, our intention is to continue offering our community the ability to seamlessly make and track transactions of all kinds of assets — using the same secure and resilient infrastructure that is integral to their operations today," Zschach added.

@ Newshounds News™

Source:  The Block

~~~~~~~~~

RIPPLE’S CEO DROPS TRUTH BOMB ON SEC: WHY THIS LAWSUIT IS A TOTAL JOKE!

Ripple CEO Brad Garlinghouse did not mince words in a recent post about the SEC’s continued pursuit of its lawsuit against Ripple. Garlinghouse expressed deep frustration with the SEC, particularly its Chair Gary Gensler, stating that if the agency were rational, they would have dropped the case long ago. Instead of protecting investors, the SEC has damaged its credibility and reputation.

According to Garlinghouse, Ripple and the broader crypto industry have already secured victory on key issues, including XRP’s status as a non-security.

XRP’s Status is Clear, Despite SEC’s Appeal
Garlinghouse emphasized that XRP’s legal status as a non-security is now well established. Despite the SEC’s decision to appeal, Garlinghouse remains confident, calling the appeal misguided and infuriating.

He pointed out that when the SEC previously attempted an interlocutory appeal, it did not challenge XRP’s non-security status—an important legal milestone that Ripple intends to defend.

Stuart Alderoty Backs Garlinghouse’s Position
Ripple’s Chief Legal Officer Stuart Alderoty echoed Garlinghouse’s views, labeling the SEC’s decision to appeal as both disappointing and unsurprising. Alderoty described the lawsuit as an “embarrassment” for the SEC, emphasizing that the court had already rejected claims that Ripple acted recklessly.

There were no allegations of fraud, nor were there any victims or financial losses in the case, which Alderoty believes further undermines the SEC’s rationale for continuing.

SEC’s Misguided Litigation Strategy
Alderoty also criticized the SEC for what he called “litigation warfare” against the crypto industry, accusing the agency of using the courts to stall progress rather than faithfully applying the law.

Ripple is currently evaluating whether to file a cross-appeal to further challenge the SEC’s position.

Alderoty vowed that Ripple is ready to fight once again in the appellate court, asserting that Ripple is leading the charge for the entire crypto industry.

In a striking coincidence, the SEC’s Enforcement Director, Gurbir Grewal, announced his resignation just an hour before the SEC’s decision to appeal. While Garlinghouse and Alderoty did not explicitly link the two events, the timing suggests potential internal shake-ups within the SEC, further fueling speculation about the agency’s long-term strategy.

Ripple remains committed to defending XRP’s non-security status and pushing back against what they see as a misguided, and ultimately futile, attempt by the SEC to extend the lawsuit. Both Garlinghouse and Alderoty remain resolute that Ripple and the broader crypto industry will continue to prevail.

@ Newshounds News™

Source:  Coinpedia

~~~~~~~~~

🌍AUDIO - Jim ask - So what are you? Animal vegetable or Mineral or Human? or people?  |  Youtube 

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Seeds of Wisdom RV and Economic Updates Wednesday Evening 10-2-24

Good Evening Dinar Recaps,

MELD GOLD LAUNCHES GOLD AND SILVER-BACKED STABLECOINS ON XRP LEDGER, LEVERAGING NATIVE FEATURES

▪️The first transaction of tokenized gold and silver was made on the XRP Ledger on September 29 after Ripple and Meld Gold disclosed their collaboration months ago.

▪️According to the original plan, two stablecoins fully backed by gold and silver were supposed to be fully rolled out in the third quarter of the year (Q3 2024).

In June, CNF reported a groundbreaking collaboration between Meld Gold and Ripple that was meant to deliver fungible gold and silver assets on the XRP Ledger (XRPL). On September 29, the first transaction on the mainnet finally went through, with the subsequent rollouts expected this month, October.

🚨 JUST IN: MELD GOLD CONFIRMS TOKENIZED GOLD ON $XRP LEDGER—First transaction went through yesterday and a further rollout will happen through October.” — @meldgold 🙌Meld Gold will release two new stablecoins on XRP Ledger, backed by Gold & Silver.

 Each token will… https://t.co/HmYs3tsVnM pic.twitter.com/wAUgCaXnMM— Good Morning Crypto (@AbsGMCrypto) October 1, 2024

Drawing insight from our previous publication, the collaboration between Meld Gold and Ripple primarily sought to enable greater access, efficiency, and utility to Real-World Assets (RWAs).

The plan was to offer institutional-grade functionality and built-in features to ensure more secure, efficient, and scalable financial services and use cases.

According to our press release review, the original plan was to release two new stablecoins on the XRPL backed by gold and silver. Specifically, each token was reported to represent 1kg of these metals that leading custody providers would hold – MKS Pamp and Imperial Vaults.

 In that report, Meld Gold CEO Michael Cotton disclosed that his team is very well-versed in every component of the supply chain and would contribute massively to the expected RWA revolution.

Our team of industry experts has deep experience in every component of the supply chain, from origination, certification, and logistics, to storage and insurance.

Our passion for disrupting and advancing digital ownership is ideal for the coming RWA revolution. This is the industry, delivering the systems only they could design, to bring the physical world on-chain.

What Meld Gold Seeks to Achieve with XRPL Integration
According to Meld Gold, its offer of the world’s most accepted assets on-chain would certainly redefine the XRPL’s Decentralized Finance (DeFi) ecosystem.

With this, both new and old users would leverage the XRPL’s native features, which include Decentralized Exchange (DEX) and Automated Market Maker (AMM).

Over the years, Meld Gold has closely worked with precious metals in its quest to provide infrastructure for a successful transition of assets on-chain. According to a blog post, with the first transaction reportedly successful, the subsequent months are expected to witness additional upgrades.

This would include the “implementation of patent-pending work on minimized trust systems for connecting physical items to the blockchain.”

Utilizing blockchain technology offers significant advantages, such as immediate global accessibility, simple and secure ownership accountability, and standardized data rails for interoperability and velocity. 

A key component, often overlooked, is how the assets are connected to the blockchain and precisely how they are accounted for. Precious metals, being physical assets, always require trust, but minimizing this to only the required level is crucial.

Recently, Ripple announced that its yet-to-be-launched RLUSD stablecoin on the XRPL has reached an advanced phase, with 99% of its total supply minted. As we reported, 800,000 new tokens have been created after 100,000 tokens were generated several months ago.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

RIPPLE UNVEILS SIMPLIFIED VAULT AND LENDING UPDATES ON XRP LEDGER

▪️Ripple simplifies asset management on the XRP Ledger with updates to the Vault and Lending Protocols.

▪️Meld Gold partners with Ripple to introduce tokenized gold and silver assets on the XRP Ledger.

In a tweet, Ripple has announced significant improvements to its Vault and Lending Protocols, paving the way for more efficient and user-friendly operations on the platform. These modifications are part of a larger goal to improve asset management and lending operations in the XRP Ledger (XRPL) ecosystem, which benefits both developers and users.

Streamlined Asset Management and Lending on the XRP Ledger
According to the statement, the XLS-65d Single Asset Vault (SAV) has been significantly redesigned, reducing its structure to increase overall efficiency. The revised design removes two previously required transactions, allowing the Vault to store assets directly.

This update is designed to make asset management faster and more cost-effective for users by eliminating unnecessary processes that previously hindered the process.

Meanwhile, the XLS-66d Lending Protocol has been revised to reflect these Vault modifications. Previously, users had to go through many processes to deposit and redeem assets, but the revised protocol eliminates these extra steps completely.

This streamlined approach greatly minimizes friction for users, resulting in a more seamless lending experience inside the XRPL ecosystem.

One of the primary points mentioned by Ripple is its compliance-first strategy. Both the Vault and Lending Protocol improvements are intended to simplify and integrate Clawback and Freezing requirements.

These modifications ensure that the protocol complies with industry rules while also making it easier for users to traverse the platform. By tackling these regulatory concerns square on, Ripple hopes to boost trust in its ecosystem, particularly among institutional users looking for a compliant blockchain solution.

In addition to Ripple’s recent improvements, the XRP Ledger is evolving through collaboration and innovation. According to a prior CNF report, Meld Gold has teamed with Ripple to launch tokenized assets representing gold and silver on the XRPL.

The initial objective is to introduce two stablecoins backed by these precious metals, which will increase the XRP Ledger’s use cases. This move is a huge step forward in integrating real-world assets to the blockchain, giving consumers a concrete connection to gold and silver while remaining inside the XRPL’s decentralized infrastructure.

On the other hand, as we previously noted, Xaman Wallet version 3.0 has added a revenue-sharing model to help XRPL developers and improve the whole ecosystem.

The most recent upgrade includes several important features, including a threshold-based paradigm, universal transaction signing, and increased developer and user accessibility. These upgrades aim to make the XRPL ecosystem more accessible and developer-friendly, fostering innovation and growth.

Meanwhile, as of writing, XRP is trading at $0.6014, down 3.18% over the last 24 hours. This fall has taken XRP’s market cap back under $35 billion.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

EXPLAINED TOKENOMICS - WHAT IS TOKENOMICS AND WHY DOES IT MATTER? | Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts   

~~~~~~~~~

Newshound's Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 10-02-24

Good Afternoon Dinar Recaps,

RIPPLE ISSUES AN IMPORTANT WARNING FOR ITS UPCOMING STABLECOIN: DETAILS

▪️Ripple cautioned users to beware of fake claims that its stablecoin is live.

▪️The SEC labeled the product as an unregistered asset, adding to its ongoing legal disputes with the company.

XRP Army Beware
Earlier this year, Ripple announced it will launch a stablecoin pegged 1:1 to the American dollar. It will be called RLUSD and will be available on the XRP Ledger (XRPL) and Ethereum. According to CEO Brad Garlinghouse, the product could serve as a bridge between the cryptocurrency industry and traditional finance, while numerous analysts believe its eventual launch could positively impact XRP’s price.

Last week, Ripple’s team minted over 800,000 RLUSD on XRPL and Ethereum, representing 99% of the total supply. This caused speculation that the stablecoin is already live.

The company, though, assured it is still in the private beta testing phase. It also cautioned users to beware of dubious individuals who claim the opposite.

Numerous X users thanked Ripple for the heads up. The popular community figure Vet was among those reacting below the post, saying:

“Unfortunately, a necessary PSA. Even accounts with a gold checkmark are impersonating and scamming people. Definitely stay vigilant, and the best thing is to do nothing, don’t click any links, and wait for official sources.”

Controversy With the SEC… Again
Ripple’s plans to introduce a stablecoin caused huge excitement in the cryptocurrency space. However, it was not welcomed by everyone, with the US Securities and Exchange Commission (SEC) describing it as a “new unregistered crypto asset.”

This is not the first quarrel between the entities. To the uninitiated ones, the SEC sued Ripple in December 2020, accusing it of conducting an unregistered securities offering by selling XRP tokens. The case passed through numerous developments over the years, reaching an important milestone in August 2024.

Back then, Judge Torres determined that the sales of XRP on secondary markets to retail investors did not constitute securities transactions. Nonetheless, she ordered Ripple to pay $125 million for violating certain securities laws.

The figure represents a massive discount on the $2 billion initially sought by the regulator, causing many to declare the ruling a major Ripple victory. Both parties have until October 7 to appeal, and the SEC seems more likely to do so.

Over the past few weeks, there have been increased rumors about such a potential scenario. American lawyer Fred Rispoli, for example, thinks the chance for an appeal is 60%.

@ Newshounds News™

Source:  CryptoPotato

~~~~~~~~~

WILL ADA PRICE REACH $0.5 AS CARDANO MIDNIGHT TESTNET GOES LIVE?

The long awaited testnet for Cardano privacy protocol Midnight Network is finally out, potentially setting ADA price for new rally

▪️Cardano Midnight testnet has gone live after months of development

▪️The testnet is only available to developers for now

▪️ADA price, down in downtrend may benefit in the long term

Cardano has entered the spotlight again with the Midnight Protocol testnet, a trend that may bode well for ADA price. Per the latest update, the Midnight protocol announced that its long-awaited testnet is now live for developers.

The Cardano Midnight Testnet – Key Note To Developers
Cardano first introduced the Midnight Protocol as its privacy solution in 2023. Since then, the team has invested time in developing it in readiness for full rollout. As announced, the testnet will test out important features that can guarantee a stable Sandbox environment for the protocol.

With Midnight, developers will have the opportunity to build functional applications. While many alternative protocols exists that can offer this capability, with Midnight, user’s sensitive data are protected. The goals of the testnet are limited and it aims to create a simulation of a full mainnet launch.

To achieve this testnet function, the Cardano protocol said it “has expanded its capabilities and hardened the network’s codebase to reduce the need for regularly scheduled chain resets when upgrading.”

For developers who plans to participate in the testnet can help build applications in the sandbox environment. Beside this, they can help discover data protection capabilities, and influence the network. Ultimately, the overall enhancement will bolster Cardano as a protocol and ADA price in the long run.

@ Newshounds News™

Read more:  CoinGape

~~~~~~~~~

UK OPENS APPLICATIONS FOR DIGITAL SECURITIES SANDBOX

In January new legislation came into force in the UK supporting a five year Digital Securities Sandbox (DSS) which temporarily relaxes some legal requirements to explore new technologies including DLT experimentation. Today the Bank of England and Financial Conduct Authority (FCA) opened applications for the sandbox.

In traditional markets, trading is conducted on an exchange and settlement via a central securities depository (CSD). DLTs are designed to combine the two functions and the sandbox supports that.

The bank emphasized that the rules in the DSS are flexible, allowing the regulators to make adjustments as they learn more. Financial instruments considered in scope include equities, corporate and government bonds, money market instruments such as commercial paper and certificate of deposits, fund units and emissions allowances. Derivatives and cryptocurrencies are excluded.

The regulators published guidance, a policy statement and an application form.

“The DSS lays the foundation for market participants to realise these benefits (of digital securities) in a safe, regulated environment and importantly, puts the UK in a strong leadership position when it comes to tokenisation,” said Quant CEO Gilbert Verdian.

“With the EU having already launched its DLT pilot regime, it is vital that the UK does not fall behind in this new era of digital finance.”

That said, the DLT Pilot Regime hasn’t exactly gotten off to a flying start. More than 18 months have passed since the legislation came into force and regulators have not yet approved any applications. However, that’s expected to change soon.

Digital Securities Sandbox rule changes
The Bank of England and FCA ran a consultation for the Digital Securities Sandbox, which closed in late May.

The regulators specified activity limits for the sandbox, the topic that attracted the most feedback from the consultation.

The global asset class figures remain unchanged (for the most part). However, the limits for individual firms have become more flexible.

Regarding fund management, in contrast to other asset classes, the regulators will not impose an aggregate limit on fund tokenization activity in the DSS.

Foreign currency assets now in scope
One of the most notable changes is the expansion of scope to include other currencies, such as euros and dollars. The regulators will specify global limits for these currencies, which will be in addition to the sterling limits. However, limits on individual firms will account for all currencies.

Regarding settlement, there isn’t a lot of movement. Stablecoins are still ruled out, with central bank money settlement considered the default. The Bank of England highlighted the availability of the omnibus bank account facility (as used by Fnality) and that it’s working with industry on an RTGS synchronization settlement facility.

 It said there was a possibility of wholesale CBDC experiments, but it didn’t make any promises. Settlement in commercial bank money is allowed, although it must be justified.

With long delays for approval under the EU’s DLT Pilot Regime, the regulators outlined expected timeframes. Banks that apply now can potentially be live by February 2025. go-live will probably be November 2025 or later. Other FMIs are somewhere in between.

@ Newshounds News™

Read more   Ledger Insights

  ~~~~~~~~~

🌍 Managing Sudden Wealth Through Smart Team Building Bob Lock | Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Seeds of Wisdom RV and Economic Updates Wednesday Morning 10-02-24

Seeds of Wisdom RV and Economic Updates Wednesday Morning 10-02-24

Good Morning Dinar Recaps,

CANARY CAPITAL LAUNCHES FIRST U.S. HBAR TRUST FOR INSTITUTIONAL INVESTORS

Canary Capital has introduced the U.S.’s first HBAR Trust, expanding crypto options for institutional investors.

This move offers institutional investors access to Hedera's HBAR, the native crypto of the Hedera network. The trust caters to accredited investors seeking exposure to advanced crypto investment strategies.

According to the company announcement, this is the first dedicated HBAR trust in the United States.

HBAR investment options
The Hedera network is a distributed ledger technology used by enterprises for various applications, such as tokenizing assets, issuing non-fungible tokens, and developing Web3 applications. This trust gives U.S. investors a structured way to invest in HBAR.

Steven McClurg, former co-founder of Valkyrie and founder of Canary Capital, emphasized the growing demand for crypto investment options beyond popular assets like Bitcoin. He noted that despite the interest, many institutional investors lack reliable options to invest in more innovative crypto projects.

“The accelerating demand for crypto offerings seems to be exponential since this year’s launch of Spot Bitcoin ETFs, yet there remains a gap regarding firms with institutional experience who are willing to continue to innovate and deliver solutions beyond retail products.” 
Steven McClurg

The Canary HBAR Trust addresses this gap, potentially paving the way for future crypto-focused investment funds such as ETFs. The trust is available for accredited individual and institutional investors, representing an opportunity for those looking to diversify their crypto portfolios.

Additionally, Canary Capital offers other crypto hedge fund solutions, targeting sophisticated and institutional investors seeking a blend of crypto and fixed-income strategies.

On Sept. 16, Hedera helped launch the MiCA Crypto Alliance with Ripple and the Aptos Foundation as founding members, aiming to help crypto firms navigate EU regulations, particularly the Markets in Crypto Assets regulation. The alliance focuses on improving transparency and fostering blockchain innovation.

@ Newshounds News™

Source:  Crypto News

~~~~~~~~~

JAPAN CONSIDERS CHANGES TO CRYPTO RULES AS FSA LAUNCHES REVIEW: REPORT

The upcoming FSA review could drive reform in Japan’s crypto regulations, possibly paving the way for crypto ETFs.

Reports have emerged that Japan plans to assess the effectiveness of its cryptocurrency rules.

The review, which will take place over the next few months, could pave the way for the launch of crypto exchange-traded funds (ETFs) in the country.

Review to Evaluate Investor Protection
The news was first reported by Bloomberg, which quoted an unnamed official from Japan’s Financial Services Agency (FSA). According to the report, the review will measure how adequate the country’s current approach to crypto regulation has been under the Payments Services Act (PSA).

Initially enacted in 2009, Japanese lawmakers have amended the PSA several times to address the changes in the financial services landscape triggered by the emergence of digital currencies.

The act recognizes Bitcoin (BTC) and other cryptocurrencies as legal property. It also requires crypto exchanges to be registered and comply with the country’s Anti-Money Laundering (AML) and Counterfinancing of Terrorism (CFT) obligations.

Furthermore, Japan’s Financial Instruments and Exchange Act (FIEA) also plays a key role in digital asset regulation, especially with regard to crypto derivatives transactions. 

The FSA wants to ascertain whether these rules have effectively safeguarded investors, given that Japanese holders mainly use cryptocurrencies as investments rather than for payments.

According to Bloomberg, such a move could lead to changes in the laws or even a reclassification of digital assets as financial instruments under the FIEA. If that were to happen, analysts suggest that not only would it improve investor protection measures, but it could possibly make it easier for the industry to negotiate for lower taxes on crypto.

Potential Reforms for Crypto Taxes and Security
The country’s stringent crypto rules were fashioned to protect against occurrences like the Mt. Gox hack and subsequent bankruptcy, as well as 2023’s FTX debacle from happening or adversely affecting local crypto holders.

Only recently, the crypto exchange DMM Bitcoin lost more than $300 million worth of BTC to hackers. The platform later stated that it would reimburse all users who lost their crypto in the attack and that it would acquire a proportionate amount of the stolen BTC.

In the aftermath of the attack, the FSA demanded that DMM Bitcoin provide the regulator with a business improvement plan by the end of October that would outline how it intends to protect customer assets in the future.

Japan has already made some concessions to its crypto tax requirements. In June 2023, its National Tax Agency published a partial revision of its corporate tax guidelines exempting companies issuing crypto tokens from paying a 30% levy on their holdings.

Prime Minister Fumio Kishida has also been leading the charge in promoting Web3, a future iteration of the Internet expected to be built around blockchain and utilize crypto. This has led to some of the largest corporations in the country, including Sony and Mitsubishi Bank, getting into the business.

@ Newshounds News™

Source:  Crypto Potato

~~~~~~~~~

The Trigger Has Been Pulled | Youtube

The Economic Ninja breaks down the attack by Iran on Israel and the East Coast Port Strike.

@ Newshounds News™

Source:  

~~~~~~~~~

🌍 BAM! Gold - Silver - Dollar Is this a shift? | Youtube 

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Seeds of Wisdom RV and Economic Updates Tuesday Evening 10-01-24

Good Evening Dinar Recaps,

CRYPTO LAWS ARE COMING NO MATTER WHO WINS ELECTION: REP. TOM EMMER

Republican Majority Whip Tom Emmer laid out his top crypto legislative priorities for Decrypt, and explained why he thinks they’re likely coming sooner than many expect

The third-highest-ranking House Republican ascribes much credit for this rosy outlook to recent changes in tune on both sides of the aisle in Congress.

This spring, a substantial number of Democrats, including Senate Majority Leader Chuck Schumer, joined Republicans to vote to overturn an anti-crypto banking rule.

Days later, 71 Democrats including Nancy Pelosi voted to pass FIT21, a key crypto market structure bill.

Just last week, Emmer’s most senior adversary on the House Financial Services Committee, Maxine Waters (D-CA), told Punchbowl News that “crypto is inevitable.” Waters, for context, was a steadfast opponent of bills like FIT21 just months ago.

“That’s a momentous statement by Maxine,” Emmer said.

Why have so many Democrats changed their tune on crypto this year? Emmer thinks it comes down to electoral politics, and realizing that younger voters may be casting a ballot with crypto in mind.

“They saw that there’s this voting bloc, age 18 to 40, and [for] maybe one out of five of them… this is the issue they’re going to be voting on,” the congressman said.

While Emmer is now confident that crypto legislation is more or less inevitable, he maintains that Republican “trifecta” control of the House, the Senate, and the White House in 2025 would likely bring those laws into effect more swiftly than a Democratic-controlled government might.

If the Majority Whip was operating in such a dream scenario, he said he would prioritize three specific types of crypto-related bills for passage into law: a market structure framework like FIT21, his bill outlawing the creation of an American central bank digital currency (CBDC), and a bill to facilitate the creation of dollar-backed stablecoins anywhere in the world, so long as they meet certain criteria enforced by the U.S. Treasury Department.

Emmer thinks these laws, if enacted, would go a long way toward creating solid footing for American crypto firms and projects currently worried about regulatory uncertainty. The congressman balked, though, at the notion of going much further than such legislation.

“I have Republican colleagues in the Senate who [think] we’ve got to create a new regulatory department just to deal with crypto,” he said. “Be careful what you wish for. You do not want that.”

@ Newshounds News™

Source:  Decrypt

~~~~~~~~~

CENTRAL BANK OF TANZANIA TO HOARD 20% OF TOTAL GOLD EXPORTS

The Central Bank of Tanzania will purchase 20% of all the gold directed for exports as the country prepares to diversify its reserves. The movement is seen as a reaction to the current acceleration of gold prices, with Tanzania aiming to amass at least 6 tones of gold this financial year.

Mining Regulator in Tanzania Enacts Directive to Retain 20% of the Gold Exports in the Country

Tanzania is set to increase its gold reserves as part of a move made by regulators to secure part of the gold produced in the country. 

A newly enacted law states that mining and trading firms will have to sell 20% of all the gold directed for exports to the Central Bank of Tanzania, which will seek to diversify and complement its reserves with this move.

The measure can be seen as a natural expansion of an already announced policy of buying gold from local miners using the national currency, the shilling. 

In 2023, Governor of the Bank of Tanzania Emmanuel Tutuba revealed that the bank had already purchased over 400 kilograms of gold, but sold it to increase its position in foreign currency.

The law, which will be in effect on October 1, indicates all the gold collected must be sent to two refineries: Eye of Africa Ltd and Mwanza Precious Metals Refinery Ltd. 

“All payments will be done according to the Bank of Tanzania arrangements,” the Tanzania Mining Commission stressed, without giving more details on the rates and prices miners will be paid. 

The goal is to purchase 6 tons of gold by this financial year.

Tanzania has been struggling with a lack of U.S. dollars and established restrictions on forex dealers to “foster macroeconomic stability and safeguard the stability of the financial system.” 

More recently, tourism authorities convened that all tourism fees must be paid in the local currency, incentivizing foreign tourists to exchange their dollars for shillings to support the country’s economy.

@ Newshounds News™

Source:  Bitcoin News

~~~~~~~~~

Will ADA Price Reach $0.5 As Cardano Midnight Testnet Goes Live?

The long awaited testnet for Cardano privacy protocol Midnight Network is finally out, potentially setting ADA price for new rally

▪️Cardano Midnight testnet has gone live after months of development

▪️The testnet is only available to developers for now

▪️ADA price, down in downtrend may benefit in the long term

Cardano has entered the spotlight again with the Midnight Protocol testnet, a trend that may bode well for ADA price. Per the latest update, the Midnight protocol announced that its long-awaited testnet is now live for developers.

The Cardano Midnight Testnet – Key Note To Developers
Cardano first introduced the Midnight Protocol as its privacy solution in 2023. Since then, the team has invested time in developing it in readiness for full rollout. As announced, the testnet will test out important features that can guarantee a stable Sandbox environment for the protocol.

With Midnight, developers will have the opportunity to build functional applications. While many alternative protocols exists that can offer this capability, with Midnight, user’s sensitive data are protected. The goals of the testnet are limited and it aims to create a simulation of a full mainnet launch.

To achieve this testnet function, the Cardano protocol said it “has expanded its capabilities and hardened the network’s codebase to reduce the need for regularly scheduled chain resets when upgrading.”

For developers who plans to participate in the testnet can help build applications in the sandbox environment. Beside this, they can help discover data protection capabilities, and influence the network. Ultimately, the overall enhancement will bolster Cardano as a protocol and ADA price in the long run.

How Will ADA Price Benefit?
When Midnight completes its testnet and finally goes live on mainnet, it is bound to enhance the appeal of ADA. Increasing demand from users may have a corresponding positive impact on ADA price.

As of writing, the price of the coin has nosedived and changing hands for $0.3543, down by 6.73% in 24 hours. This price fall is an not unexpected as the broader market has slipped into the bear zone lately. The fall has now derailed the positive streak of ADA price over the past week when the coin entered the top 10.

In reality, Cardano has entered the spotlight in no small way with the launch of Chang hard fork upgrade on the mainnet. While investors have not started pricing in the latest update as reflected in ADA price, the future appears bright for the coin.

Once this current price slump fades off, ADA price may retest the $0.5 mark. If the coin achieves this feat, it might chart a path for more rally ahead.

@ Newshounds News™

Source:   CoinGape  

~~~~~~~~~

🌍 Christine Lagarde and Jon Stewart  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps