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INDONESIAN REGULATORS EXTEND LICENSE APPLICATION DEADLINE FOR CRYPTO EXCHANGES

The Indonesian Commodity Futures Trading Regulatory Agency has extended the deadline for crypto exchanges to meet the necessary requirements to get their Physical Crypto Asset Traders license as part of a revised government bill.

In an Oct. 20 press release, the Indonesian Commodity Futures Trading Regulatory Agency — known locally as Bappebti — announced that the deadline for crypto exchanges to meet the requirements needed for a Physical Crypto Asset Traders license.

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STABLECOINS CAN BENEFIT FINANCIAL SYSTEM, FED GOVERNOR SAYS

The United States national debt has crossed $35 trillion, with $500 billion added to the government debt in the last two weeks alone.

On Oct. 18, Federal Reserve Bank Governor Christopher Waller told an audience at the Institute of Advanced Studies that well-regulated stablecoins could benefit the current financial system.

“Stablecoins can reduce the need for payment intermediaries and thereby reduce costs of payments globally,” Waller stated, but immediately qualified his remarks by saying that stablecoin “safety is not assured.” The Fed official explained:

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BRICS SUMMIT TO FAR SURPASS US PRESIDENTIAL ELECTION IN GLOBAL IMPORTANCE, RUSSIAN OFFICIAL CLAIMS

The BRICS summit, not the U.S. presidential election, will be the defining event of global history, a Russian official claims. With BRICS expanding and 65% of its transactions now in national currencies, they argue the world is shifting away from U.S. dominance toward sovereign partnerships. 

“I believe that in 2024 the vector of human development will be established in Kazan, and not in the wavering United States,” the official noted.

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BRICS SUMMIT TO SEE ALLIANCE TAKE MAJOR STEP TO END US DOLLAR

With the landmark event just days away, the BRICS 2024 Summit is set to see the economic bloc take a major step toward ending US dollar dominance. 

Indeed, the collective will gather in Kazan, Russia for the event that could be one of its most important. Chief among the matters to be discussed by the bloc is its ongoing de-dollarization efforts.

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GLOBAL DEBT WILL SHATTER $100,000,000,000,000 THIS YEAR AS GOVERNMENTS PREPARE TO INCREASE SPENDING, WARNS IMF

The International Monetary Fund (IMF) is sounding the alarm on skyrocketing levels of debt held by governments around the world.

In its newest Fiscal Monitor Report, the IMF says global debt is expected to surpass $100 trillion by the end of the year.

That’s up from $97 trillion a year ago, with the United States accounting for about half of the $3 trillion increase.

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CARDANO SET FOR PERFORMANCE BOOST: HOSKINSON BACKS PROPOSAL FOR COMPOSABILITY AND MULTI-TOKEN FEES

▪️Cardano aims to evolve with a developer proposal to address user “Intent.”

▪️Chang Hardfork and other upgrades complement Cardano’s evolution.

Charles Hoskinson, founder of the Cardano blockchain, has pledged support for a recent proposal to elevate the network’s performance. The proposal specifically focuses on introducing a tool to allow users to pay transaction fees with various tokens besides ADA.

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XRP LEDGER DDOS ATTACK: MAGNETIC X DEFIES HACKERS, BOOSTS SECURITY

▪️Magnetic X successfully fended off a DDoS attack.

▪️The exchange faced a similar attack in January.

▪️Magnetic X remains committed to providing decentralized trading services on the XRP Ledger.

Magnetic X, a rapidly growing decentralized exchange on the XRP Ledger, recently stopped a major distributed denial of service (DDoS) attack. The attack aimed to overwhelm the platform with traffic and disrupt its services, but the development team acted swiftly to protect the exchange.

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RIPPLE NEWS: SEC’S FORM C FILING SPARKS BACKDATING CONTROVERSY; HERE’S THE TRUTH

Today, the SEC shared specific details about its appeal regarding the Ripple XRP lawsuit. For the past two weeks, it was clear the SEC intended to appeal, and they have now filed a Form C to outline their arguments.

What the SEC is Appealing
The SEC is focusing on Ripple’s programmatic sales of XRP on digital asset trading platforms. They are also bringing Ripple executives Brad Garlinghouse and Chris Larsen back into the case, alleging that they aided and abetted these sales.

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IRELAND DRAFTING URGENT CRYPTO LAWS BEFORE EU MONEY-LAUNDERING RULES

Ireland is preparing to draft “urgent” cryptocurrency regulations ahead of upcoming European Union Anti-Money Laundering and terror financing standards.

Ireland’s Finance Minister, Jack Chambers, told the cabinet that urgent legislation would be drafted to update crypto regulations before the EU laws take effect on Dec. 30, the Irish Examiner reported on Oct. 16.

No details were shared about the new crypto legislation or when it might come into force.

Good Afternoon Dinar Recaps,ay Afternoon 10-17-24

STABLECOIN ADOPTION IN U.S. IS LOW: CHAINALYSIS REPORTS

According to a Chainalysis report, stablecoin adoption in the U.S. has slowed, with regulatory uncertainty driving more transactions to global markets.

Stablecoin adoption in the U.S. has slowed in 2024 compared to global markets, according to an October 17 report by blockchain analysis firm Chainalysis.

The report highlights that while stablecoin use has surged internationally, U.S. markets have seen a decline in their share of stablecoin transactions, dropping from roughly 50% in 2023 to below 40% in 2024.

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Brazil Pushes BRICS to Shift From US Dollar, Advocating National Currencies in Global Trade

Brazil pushes for a shift away from the U.S. dollar within the BRICS alliance, advocating for more use of national currencies in trade among member countries.

As the group expands, discussions on alternative payment platforms are gaining momentum ahead of the BRICS summit in Kazan. Brazil aims to advance this initiative during its 2025 chairmanship, reflecting growing momentum among member states.

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RIPPLE AND INTERNATIONAL RESCUE COMMITTEE INNOVATE CASH RELIEF AND CROSS-BORDER AID WITH XRP LEDGER

▪️Ripple Labs has committed a multi-year $1 million aid to the IRC.

▪️The partnership will seek to leverage XRP Ledger and RLUSD in scaling aid delivery.

American blockchain payments firm Ripple Labs Inc. announced that it recently partnered with the International Rescue Committee (IRC). The partnership aims to explore how Ripple’s affiliated XRP Ledger (XRPL) and its pending RLUSD stablecoin can facilitate humanitarian aid.