Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 10-22-24

Good Afternoon Dinar Recaps,

30M METAMASK USERS CAN NOW ACCESS XRP LEDGER

Blockchain firm Peersyst Technology has launched an XRP Ledger (XRPL) Snap, which will allow over 30 million Metamask users access to the blockchain.

The software firm announced on Monday that Metamask users can now access the XRPL network and harness its properties through the self-custody wallet. Peersyst noted that the latest addition offers users the same functionality available on the XRPL mainnet and testnet.

For context, a Snap application allows non-Ethereum Virtual Machines (EVMs) access to integrate with the Metamask wallet. Notably, Metamask is a cold wallet that interacts only with the Ethereum network by default.

However, certain blockchains could bridge users to other chains such as Ethereum with innovations like Snap, as Peersyst’s XRPL Snap intends to achieve. This latest feature provides easy accessibility to the XRPL network, further expanding the ecosystem’s adoption.

Same Functionality, Different Access Point
Notably, using XRPL through Metamask provides the same functionality as directly accessing the blockchain. Per Peersyst, users can open XRPL wallets using the Metamask Snap.

Given that an XRPL account requires at least 10 XRP to be activated, the Snap feature allows the purchase of the token through Transak, an integrated on-ramp payment method. Subsequently, users can also purchase and hold XRP and non-fungible tokens (NFTs) through the feature.

Furthermore, the Metamask Snap allows users to view transaction details and history, as well as send and receive XRP. Developers can also integrate the feature into their decentralized application for extended visibility.

Integration Boost XRPL Adoption
The latest addition mirrors the growing adoption of the XRPL network. With Metamask’s over 30 million users having access to the blockchain, XRP enthusiasts have tipped the integration to increase user influx and grow liquidity.

Meanwhile, discussions about adding smart contracts to the XRPL network are also underway. Ripple announced in September that it was exploring a dual approach to introduce this feature.

@ Newshounds News™

Source:  The Crypto Basic

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CHAINLINK INTRODUCES CCIP PRIVATE TRANSACTIONS TO ENABLE COMPLIANT BLOCKCHAIN INTEROPERABILITY

▪️Chainlink has launched CCIP Private Transactions on its Blockchain Privacy Manager, a feature that has the potential to accelerate institutional blockchain adoption.

▪️ANZ and Chainlink have demonstrated how financial institutions can use Chainlink’s CCIP to enable cross-chain settlement of tokenized assets.

Chainlink, the decentralized oracle network has introduced its CCIP Private Transactions to the crypto ecosystem. This is a feature that facilitates Private Transactions across blockchain networks. 

Australia and New Zealand Banking Group (ANZ) are among the first institutions to pilot this security solution for settling tokenized real-world assets (RWA) under the Monetary Authority of Singapore (MAS) Project Guardian initiative.

The Blockchain Privacy Manager will allow financial institutions to play a critical role in the adoption of tokenized real-world assets by serving as asset issuers, custodians, and gateways for their customers to seamlessly access and trade these digital assets.

Key Advantages of Chainlink’s CCIP Private Transactions
A case study done by ANZ and Chainlink revealed that past interoperability solutions have often been limited due to their inability to provide broad support for both public and private blockchains.

Chainlink’s CCIP Private Transactions, powered by the Blockchain Privacy Manager, resolves this by ensuring end-to-end privacy. This allows institutions to meet strict regulatory requirements for both private-to-private and private-to-public blockchain interactions.

Additionally, the CCIP network allows traditional finance (TradFi) and enterprise systems to connect with private blockchains while selectively revealing only the necessary on-chain information for each transaction, addressing a major privacy issue in the blockchain industry

The Blockchain Privacy Manager keeps sensitive transaction details such as data, token amounts, and counterparties completely private through an advanced on-chain encryption and decryption protocol. Only authorized parties, such as compliance authorities, can access this data, which helps protect against third-party and adversarial breaches. Institutions can define specific privacy rules for their transactions, ensuring that all parties involved have appropriate access while maintaining strong protections against unauthorized access.

In other developments, Mountain Protocol recently integrated its USDM stablecoin with Chainlink’s CCIP, improving security and efficiency for token transfers across Ethereum, Arbitrum, and Polygon POS. This partnership enhances USDM’s interoperability and offers users a more secure way to transfer value between different blockchain ecosystems. After the partnership, LINK underwent a vertical ascent. The Chainlink price soared 2.61% to $11.41 on October 18.

Additionally, as CNF reported, Chainlink and eight market infrastructures and financial institutions have disclosed that they have found a successful solution to a decade-long challenge.

@ Newshounds News™

Source:  Crypto News Flash

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MASTERCARD UNVEILS GROUNDBREAKING INNOVATION FOR CROSS-BORDER PAYMENTS: IS XLM OR XRP INVOLVED?

▪️The MasterCard payment solution provides value-added services such as risk control and fraud analytics and is compatible with current correspondent banking arrangements.

▪️While Ripple’s XRP has been acknowledged for its cross-border capabilities, Mastercard did not include XRP in this latest solution.

@ Newshounds News™

Read more:  Crypto News Flash

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🌱BANK SEIZURE ALERT: IS YOUR MONEY SAFE? SOWT | Youtube

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Seeds of Wisdom RV and Economic Updates Tuesday Morning 10-22-24

Good Morning Dinar Recaps,

G20 REPORT ON TOKENIZATION OUTLINES HOW CENTRAL BANKS LIKELY TO ENGAGE

The Bank for International Settlements (BIS) has been pretty supportive of tokenization, promoting the idea of the Unified Ledger where tokenized assets can be settled with tokenized money. 

Today the BIS and Committee on Payments and Market Infrastructures (CPMI) released a report for the G20 which takes an upbeat but sober view on tokenization, highlighting both the opportunities and the risks, as well as the role of central banks.

On the opportunity front, the stand out benefit is seen as the ability for a single platform to support functions that have been traditionally split (such as pre and post trade) as well as multiple types of assets and different parties.

That reduces many frictions and costs, enabling transactions that previously weren’t possible. Plus the support for delivery versus payment (simultaneous exchange of the asset and money) helps with risk reduction.

It also steps through many potential risks beyond the conventional ones. In the early stages, as tokenization matures, there is some legal uncertainty as regulations get clarified.

The paper raised an interesting legal risk: In the United States, if a company goes bankrupt, its assets are frozen. However, that’s not the case regarding repurchase agreements (repos), which usually involve a company providing collateral in exchange for cash. The BIS notes that this advantage “may not extend to tokenised versions of repo transactions.”

Meanwhile, the authors highlight that more complex platforms which support multiple issuers and assets are likely to be more expensive to build. On the other hand, it’s less expensive to develop a single issuer or asset platform, but more likely to create siloed data which defeats the object of tokenization.

The role of central bankers
This potential proliferation of siloed systems and fragmentation highlights the need for central banks. Central banks can step in to coordinate efforts.

Plus, given the propensity for payments and network effects, there’s a risk that a lack of competition between tokens could result in a “winner takes most” situation. That could mean the benefits of tokenization translate to higher profits rather than lower costs for end users. Central banks want end users to benefit from the potential economies of scale that a large platform could enable.

A second consideration is the role of the central bank in providing central bank money for the settlement of tokenized assets. The paper considers various options, including integrating existing payment systems and providing tokenized central bank money (wholesale CBDC) on a central bank platform or third party platforms. While tokenized deposits are moving forward, the BIS is concerned about the potential proliferation of stablecoins for settlement.

Third, is the potential need to monitor these new platforms. They want to assess which ones fall into similar a classification to traditional Financial Market Infrastructures (FMIs).

Finally, there’s the impact on monetary policy. For example, the use of tokenized deposits or a wholesale CBDC could change the balance between public and private money. If tokenization ends up fragmenting money, then this could affect the implementation of monetary policy.

The road ahead
“Tokenisation has significant potential to improve the safety and efficiency of the financial system,” Agustín Carstens, General Manager of the BIS.

”Central banks along with the private sector must continue to explore novel technologies and develop solutions that are fit for purpose for the future financial system.

However, tokenisation also poses economic, legal and technical challenges that must be addressed if it is to fulfil its potential.  The BIS is committed to exploring aspects of these challenges through its analysis and Innovation Hub projects in the years ahead.”

@ Newshounds News™

Source:  Ledger Insights

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JAPAN'S DPP LEADER PLEDGES 20% TAX CAP ON CRYPTO GAINS IN POLICY PITCH FOR UPCOMING ELECTION

▪️The leader of Japan’s Democratic Party for the People has included the reduction of taxes on crypto gains as part of the party’s policy statement.

▪️Japan currently imposes taxes of up to 55% on crypto gains as cryptocurrency is classified as miscellaneous income.

Yuichiro Tamaki, the leader of Japan’s Democratic Party for the People (DPP), has proposed a plan to reduce the tax on crypto gains to 20% as part of his policy statement for the upcoming general election.

“If you believe that cryptocurrency should be taxed at a flat 20% rate, instead of being treated as miscellaneous income, please vote for the Democratic Party for the People. We also propose no taxes on cryptocurrency-to-cryptocurrency exchanges,” Tamaki wrote on X on Sunday.

In a policy statement, the party suggests a 20% separate self-assessed tax and proposes exempting taxes on cryptocurrency exchanges, raising the leverage limit from 2x to 10x, and introducing crypto ETFs. Tamaki also wrote in an X post in July that Japan should “aim to become a major cryptocurrency nation through deregulation and tax reform.”

“With the leverage ratio for retail investors limited to 2x, there is little incentive for speculators to enter the market,” Daiki Moriyama, director of Japan- and Singapore-based gaming blockchain builder Oasys, told The Block.

Japan currently imposes taxes of up to 55% on crypto gains, as cryptocurrency is classified as miscellaneous income. In December, the government approved a tax regime revision that seeks to exclude corporations from paying tax on unrealized crypto gains if they hold the assets longer-term.

“Cryptocurrency trading volumes in Japan remain extremely low,” Moriyama said. “Consequently, Japanese cryptocurrency exchanges, which rely mainly on trading fees as their primary source of revenue, are struggling to generate profits.”

Tamaki’s ambition to reform crypto taxes may still be far from becoming a reality. DPP currently holds seven seats in the House of Representatives, and Japan is set to hold a general election on Oct. 27 to fill its 465 lower house seats.

A survey conducted by the Asahi Shimbun, a major Japanese newspaper, showed that, in single-seat areas, the DPP may double its pre-election total of four seats. In the proportional representation category, DPP may increase its seats.

@ Newshounds News™

Source:  The Block  

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.WOW - FEDERAL RESERVE NOTE REMOVED FROM THE U.S. DEBT CLOCK - GLOBAL SHIFT? GOOD NEWS - WATCH  |  Youtube

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Source:  Seeds of Wisdom Team RV Currency Facts

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Seeds of Wisdom RV and Economic Updates Monday Evening 10-21-24

Good Evening Dinar Recaps,

XRP NEWS: WHO IS THE SEC PROTECTING IN THE RIPPLE LAWSUIT?

In a recent interview, James Murphy, known as Metalawman, discussed the ongoing lawsuit involving the SEC and Ripple. He answered an important question: who exactly is the SEC defending in this case?

On The Good Morning Crypto Show, he was questioned whether the SEC is claiming to protect regular retail investors by targeting Ripple or if they are actually looking out for the institutional investors who got in early and profited significantly since 2014.

The SEC’s True Motives: Protecting Whom?
Murphy pointed out that while the SEC’s mission is to protect investors and promote orderly financial markets, the reality is different. 

The agency isn’t acting on behalf of retail XRP holders or the institutions that bought XRP at a discount. In fact, none of the institutions have ever sued Ripple for alleged securities violations because their investments have been profitable.

The legal expert argued that the SEC’s lawsuit should never have been initiated. He explained that the SEC has limited resources and should focus on cases with clear violations.

In the crypto space, where scams and fraudulent schemes abound, the SEC chose to pursue a case with no real damages or losses involved.

He also compared this situation to the case against Coinbase, a publicly traded company with transparent financial reporting, suggesting that the SEC is not helping anyone with these actions.

Murphy concluded that, without any losses suffered by victims, it would be impossible to return any funds, which raises questions about the validity of the case itself.

The Ripple Effect: Implications for XRP Holders
The legal battle between Ripple and the SEC continues, with both sides preparing for appeals. The SEC plans to challenge the district court’s findings, while Ripple intends to file a cross-appeal regarding the SEC’s claims. Despite ongoing regulatory challenges, XRP’s price has remained stable at around 54 cents.

@ Newshounds News™

Source:  CoinPedia

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STRIPE BUYS STABLECOIN PLATFORM BRIDGE IN RECORD-BREAKING $1.1B DEAL: REPORT

The deal highlights Stripe’s growing focus on crypto, following its recent integration of USDC and partnership with Coinbase’s Base network.

Fintech giant Stripe has finalized a deal to acquire stablecoin platform Bridge for $1.1 billion.

This purchase marks the largest acquisition in the crypto industry to date.

Record $1.1 Billion Deal
TechCrunch founder Michael Arrington revealed the news in a post on X, stating, “This deal is done. $1.1b.”

Bridge, co-founded by Sean Yu and Zach Abrams, provides software tools enabling businesses to accept payments in stablecoins. The platform allows companies to create, store, send, and receive such assets.

Zach Abrams previously served as Head of Consumer at Coinbase and founded the peer-to-peer payments company Evenly, which was later acquired by Square. Before co-founding Bridge, Sean Yu held key engineering roles at major companies such as Coinbase, Square, DoorDash, and Airbnb.

Earlier this year, the startup received $58 million in funding from prominent investors, including Sequoia, Haun Ventures, Ribbit, and Index Ventures. According to Forbes, this included a $40 million Series A funding round that valued the company at $200 million. It means that Stripe’s $1.1 billion acquisition is a major bump from Bridge’s previous worth.

Launched in August, the firm said in a statement that its mission is to address the financial challenges posed by local currencies in an interconnected global economy. Bridge aims to overcome these obstacles by leveraging stablecoins, which offer faster, more affordable, and accessible payment solutions.

Stripe’s Growing Crypto Focus
Stripe, a payment processing platform that enables businesses to accept credit, debit, and other online payments, has been aggressively expanding its presence in the cryptocurrency space.

Just six months ago, the co-founder John Collison announced that the company would start supporting global stablecoin payments. This materialized when it integrated Circle’s USD Coin (USDC) into its payment interface two weeks ago.

In June, the payment processing firm also partnered with Coinbase. This introduced three new features, including the integration of the exchange’s Base Layer 2 network into its crypto payment products.

Stripe has also integrated USDC on Base into its fiat-to-crypto onramp, allowing faster conversion of fiat funds to crypto for its U.S. customers. Coinbase also agreed to include Stripe as a payment option for customers buying digital assets through its Coinbase Wallet.

In March 2024, the company reported passing $1 trillion in total payment volume for the year, with businesses using the platform accounting for roughly 1% of global GDP.

@ Newshounds News™

Source:  CryptoPotato

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🌱 OKIE EXPLAINS 13303 AND WAS THERE. THIS IS YOUR HISTORY ALSO ON DINAR.   |  Youtube

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Source:  Seeds of Wisdom Team RV Currency Facts

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🌱 FUNDRAISER FOR OKIE DETAILS BELOW  |  Youtube

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Seeds of Wisdom RV and Economic Updates Monday Afternoon 10-21-24

Good Afternoon Dinar Recaps,

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.

Crypto exchanges have until the last week of Nov. 2024 to fulfill the registration requirements. The regulatory agency clarified that the extension only applies to crypto exchanges that are already listed under Prospective Crypto Asset Physical Traders.

The extension is part of the newly revised government bill, Bappebti Regulation Number 9 of 2024.

The new bill requires crypto exchanges to sign a partnership deal with a local government body and implement Know Your Transaction standards as well as grants trading opportunities for institutional entities.

Oscar Darmawan, CEO of major Indonesian crypto exchange INDODAX, expressed his gratitude to Bappebti for giving crypto exchanges more time to adjust to the regulations set by the government.

“This will also help strengthen the crypto industry as a whole by ensuring that every crypto exchange complies with the standards that have been set,” Oscar said in his statement to local media outlets on Oct. 20.

He explained that INDODAX is currently going through the validation process and is awaiting approval from Bappebti in order to get the license. Darmawan also assured that the exchange company will comply to the latest regulations.

Head of the Bureau of Legislation and Enforcement at Bappebti, Aldison stated that Regulation Number 9 2024 will act as a roadmap to regulating the crypto ecosystem in Indonesia. Among the changes made, Aldison highlighted how it accommodates institutions looking to trade in digital assets. Previously, only individual entities were mentioned in the bill.

“Legal entities and business entities can also become digital asset traders,” added Aldison.

He explained that licensed crypto exchanges are still required to sign a partnership agreement with the Indonesian Directorate General of Population and Civil Registration of the Ministry of Home Affairs, as per the new regulations.

In addition, crypto exchanges are obligated to list on the National Crypto Asset Futures Exchange and become a member of the Crypto Asset Clearing House. If not, they risk having their applications for the license revoked.

In an Oct. 18 press release about the new regulations, Bappebti aims to build a modern, adaptable and transparent crypto ecosystem.

Bappebti will adjust existing regulations in accordance with the Commodity Futures Trading Law. The crypto industry is very fast and dynamic, so it requires an ecosystem that is strong and able to meet market needs,” said Ir. Kasan, Head of Bappebti.

@ Newshounds News™

Source:  Crypto News

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GOLD SURGES TO RECORD HIGH AMID SAFE-HAVEN DEMAND

Gold prices surged to a new record high of $2,729.30 per ounce on October 21, bringing their gains for 2024 to over 30%. The commodity’s latest increase is attributed to increased safe-haven demand amid escalating tensions in the Middle East and the closely contested U.S. election.

This sentiment also fueled a rise in silver prices, which reached their highest level since 2012.

Rising geopolitical risks and the anticipation of U.S. interest rate cuts have boosted gold prices, making it a sought-after asset for investors. Vivek Dhar, an analyst at the Commonwealth Bank of Australia, predicts gold futures will rise to an average of $3,000 per ounce by the fourth quarter of 2025.

@ Newshounds News™

Source:  Bitcoin News 

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GOLD PRICE MEANS NOTHING COMPARED TO SILVER PRICE AT SPOT TODAY!  - The Economic Ninja | Youtube

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XRP HOLDERS THE FINANCIAL FREEZE IS COMING - BIS BIG PLANS REVEALED - Common Sense Crypto | Youtube

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🌱 WHY IS GOLD ON THE RISE? WHAT ABOUT OTHER METALS?  |  Youtube

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Silver Soars as Dollar Cracks, BRICS, SWIFT, and the Future of Money

Silver Soars as Dollar Cracks, BRICS, SWIFT, and the Future of Money

Smart Silver Stacker:  10-20-2024

In dramatic market movements this past week, silver has surged past the $33 mark, experiencing a remarkable rise of over 6% in a single day. This is not just a minor fluctuation; it marks the highest level for the precious metal in over a decade.

This impressive rally comes alongside fresh turbulence in the U.S. dollar index (DXY), leading many analysts to speculate about the future trajectory of both silver and the broader financial landscape.

The recent rally in silver is compelling. As it broke the $33 barrier, many saw it not just as an isolated event but a potential signal for a larger market breakout. Historically, silver has been viewed as a safe haven asset, often moving inversely to the performance of the U.S. dollar. The dollar index, which recently displayed signs of wearing down after a month-long ascent, suggests growing uncertainty in the greenback’s dominance.

As the dollar began to show signs of weakness, investors are looking for shelter in precious metals, particularly silver. Why? Silver’s dual nature—as both an industrial metal and a store of value—makes it a particularly attractive option in times of economic instability. Investors are increasingly realizing that with the global economy becoming more intertwined and fragile, holding tangible assets like silver can provide a hedge against inflation and currency depreciation.

The decline of the U.S. dollar has significant implications for silver and other precious metals. A weaker dollar generally increases demand for commodities priced in dollars, making them cheaper for holders of other currencies. This scenario can drive up prices further, prompting a surge in investment interest. Moreover, as the dollar weakens, hedge funds and other institutional investors may turn to silver as a hedge against economic uncertainty.

As we watch these shifts unfold, it’s essential to recognize how interconnected global markets are. The U.S. dollar has long held the status of the world’s reserve currency, but recent trends suggest the potential for a gradual erosion of that dominance. Should the dollar continue to decline, precious metals like silver could see significant upward price momentum.

Adding another layer to this intricate financial tapestry are comments from Russian President Vladair Putin ahead of the BRICS summit. Putin’s statements indicate a shift away from the U.S. dollar in global trade, with discussions of alternatives to the SWIFT payment system coming to the forefront. Such developments suggest a coordinated effort by non-Western nations to establish a new financial infrastructure that bypasses traditional U.S.-dominated systems.

If major economies—particularly those in the BRICS group (Brazil, Russia, India, China, and South Africa)—successfully create an alternative economic framework, it could lead to a more multipolar world in terms of currency usage. A decline in reliance on the dollar could diminish its value and pave the way for precious metals to serve as alternative stores of value in a world where fiat currencies become more volatile.

The confluence of the silver surge, the weakening dollar, and geopolitical shifts presents a compelling narrative: we may be witnessing the early stages of a significant financial transition. As investors keep a close watch on these developments, silver’s recent surge seems to be just the beginning of a much larger trend.

In conclusion, the current financial landscape is ripe with potential shifts, fueled by both market dynamics and geopolitical tensions. The implications of these changes could set the stage for a new era in global finance—one where silver and other precious metals play an increasingly pivotal role.

As we move forward, the next few months may reveal whether silver’s breakout is the start of something much larger. Only time will tell.

Watch the video below from Smart Silver Stacker for further insights.

https://youtu.be/_EpA-pC-Fnc

Seeds of Wisdom RV and Economic Updates Monday Morning 10-21-24

Good Morning Dinar Recaps,

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:

“If appropriate guardrails can be erected to minimize run risk and mitigate other risks, such as their potential use in illicit finance, then stablecoins may have benefits in payments and by serving as a safe asset on a variety of new trading platforms.”

Waller also argued that decentralized finance can achieve a symbiotic relationship with traditional finance instead of supplanting it altogether. This viewpoint has been previously pitched by some US lawmakers, who argue that decentralized finance and dollar-denominated stablecoins can extend dollar dominance by decades.

Stablecoins as a way to extend US dollar hegemony
On June 14, an article was published in The Wall Street Journal, written by former United States Speaker of the House Paul Ryan, making a case for how stablecoins could mitigate the looming debt crisis.  

Ryan pointed out that stablecoins create demand for US Treasurys and US dollars, which will keep the dollar competitive against the Chinese yuan and preserve its current status as the global reserve currency.

More recently, in October, US Senator Bill Hagerty introduced the Clarity for Payment Stablecoins Act building upon Representative Patrick McHenry’s 2023 stablecoin bill.

The most notable changes to the bill were provisions to regulate stablecoins at the state level and removing a clause in the 2023 version of the bill that identified stablecoins as securities.

Despite these efforts, a recent report from Chainalysis revealed that the US is lagging in stablecoin adoption. According to Chainalysis, the market share of stablecoin transactions on US-regulated exchanges dropped below 40% in 2024. Comparatively, the share of stablecoin transactions via offshore exchanges rose to 60% this year.

@ Newshounds News™

Source:  CoinTelegraph

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BRICS SAUDI ARABIA: OFFICIAL ANNOUNCEMENT ON MEMBERSHIP

Despite accepting an invitation to join the alliance in 2023, the BRICS bloc has yet to fully welcome Saudi Arabia into the alliance.

That could be set to change at the BRICS 2024 Summit, according to an official announcement. Specifically, Russian Spokesperson Dmitry Peskov noted Riyadh’s participation within the alliance will be made clear after the upcoming event.

The ongoing saga has seen different responses from both sides throughout the year. Saudi Arabia has continuously said that it is carefully observing the risks and benefits of joining the bloc. However, the alliance has continued to affirm that the country is the 10th member of the growing collective. That distinction is likely to be verified after the event takes place.

BRICS & Saudi Arabia to Clarify Position After 2024 Summit
Last year, the BRICS bloc announced its first expansion effort since 2001. Indeed, the bloc had announced that five nations had accepted invitations to join the bloc. Specifically, these countries included the United Arab Emirates (UAE), Egypt, Iran, Ethiopia, and Saudi Arabia.

However, one of those nations had not officially accepted the invitation. Saudi Arabia clarified that it had yet to join the bloc and was still considering the strategic benefits of joining the group. A year later, the situation is yet to be resolved. However, it does appear as though an answer is coming.

According to a Russian spokesperson, the BRICS group will clarify Saudi Arabia’s membership within the alliance after the 2024 Summit. The event, taking place next week in Kazan, is the biggest of the calendar year for the alliance. With questions surrounding Saudi Arabia’s attendance, the questions of its membership began to resurface.

“The summit will be held very soon,” Dmitry Peskov told Russian state media. “We will inform you additionally who will represent Saudi Arabia or if it will be represented at the summit at all. Based on this, we will make conclusions.”

In 2023, Saudi Arabia’s position in the bloc was considered a game changer. The oil and gas powerhouse would’ve brought forth unprecedented geopolitical benefits to the group. Yet, it also would have only magnified tensions with the West. These relationships are likely the basis for the country’s reluctance to join the Global South’s opposition. Yet, the answers to its membership question should be obvious after the summit concludes.

@ Newshounds News™

Source:  Watcher Guru

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🌱 GOLD DEBT CLOCK WOW WOW WOW SOWT  |  Youtube

This is so IMPORTANT for the GCR!  Listen Up!

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Seeds of Wisdom RV and Economic Updates Sunday Afternoon 10-20-24

Good Afternoon Dinar Recaps,

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.

BRICS Over US Election? Russian Official Sees a Decisive Global Shift Ahead
Russian Federation Council Speaker Valentina Matviyenko has emphasized that the upcoming BRICS summit, rather than the U.S. presidential election, will be the crucial event that will shape the future of global history.

In a post on her Telegram channel, Matviyenko argued that “the world has changed significantly” and made it clear that the U.S. election would not hold the same influence over the world community as Washington might hope. She was quoted by Tass as stating:

The upcoming U.S. presidential elections will not be the most important event of the year for the world community and will not determine the further course of history. No matter how much Washington would like it to be. The BRICS summit will be that event.

Matviyenko went on to highlight that the changes taking place are “objective and irreversible processes.” Additionally, she underscored the significance of the summit’s high-level representation and the increasing number of membership applications as indicators that “truly responsible leaders of sovereign states” are aware of BRICS’ growing importance. She further asserted, “I am sure that news from Russia will be followed on all continents.”

BRICS, originally formed in 2006 by Brazil, Russia, India, and China, and later joined by South Africa in 2011, is now expanding further. In January, Egypt, Iran, the United Arab Emirates (UAE), Saudi Arabia, and Ethiopia became full members of the group.

This expansion comes during Russia’s presidency of BRICS. The main event of Russia’s presidency will be the BRICS summit in Kazan, scheduled for Oct. 22-24. In the meantime, the U.S. presidential election is slated for Nov. 5.

Matviyenko also noted:

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

“The three days of the BRICS summit and the negotiations of the leaders of the world majority in the capital of Tatarstan will have a decisive influence on our future,” she opined.

Russia’s State Duma Speaker Vyacheslav Volodin said BRICS is challenging the dominance of Washington and Brussels as more nations seek equal partnerships prioritizing their interests. Volodin noted a global shift away from alliances with the U.S. and its allies, favoring cooperation that respects sovereignty and mutual benefit. 

BRICS countries are increasingly using national currencies, with 65% of transactions now conducted in local currencies, while the U.S. dollar and euro account for less than 30%, indicating efforts to reduce reliance on Western financial systems, a trend driven by sanctions and geopolitical tensions.

@ Newshounds News™

Source:  Bitcoin News 

~~~~~~~~~

SIAM COMMERCIAL BANK LAUNCHES STABLECOIN CROSS BORDER PAYMENTS

Siam Commercial Bank (SCB), one of Thailand’s big five banks, has launched a stablecoin solution for cross border payments, including remittances. The project graduated from the Bank of Thailand regulatory sandbox in October 2024.

The bank partnered with SCB 10X, its venture and innovation arm, and Singapore fintech Lightnet for the launch with custody technology provided by Fireblocks. We’ve requested details about the public blockchain and stablecoins being used, but didn’t receive a response in time for publication.

Cross border payments usually require banks to have pre-funded Nostro accounts at the destination. Using stablecoins this may not be needed. Plus stablecoin transfers are very inexpensive and can happen 24/7.

“By leveraging blockchain technology and stablecoins, we are making cross-border remittances more efficient, reliable, and accessible for everyone,” said Thanawatn Kittisuwan, First EVP & Head of Digital Juristic & Payment at SCB.

Initially the solution targets consumers, but now SCB plans to work on offering it to corporate customers. The big three Japanese banks are looking to do something similar for cross border payments, but they hide the use of stablecoins. Hence, clients initiate bank payments in the usual way.

SCB Tech X also participated in a Hedera DLT stablecoin trial that involved other banks, including Korea’s Shinhan Bank, a Taiwanese Bank, and South Africa’s Standard Bank as an observer.

@ Newshounds News™

Source:  Ledger Insights

~~~~~~~~~

🌱 BRIC' PAYMENT CARD? WHAT IS BRIC WHAT DOES IT HAVE TO DO WITH ANYTHING?  |  Youtube

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Seeds of Wisdom RV and Economic Updates Sunday Morning 10-20-24

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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.

At the recent Business Forum that took place in Moscow, the bloc officially debuted the long-awaited BRICS Pay system. The alliance debuted a demo card for participants to utilize throughout the weekend. Those efforts will likely continue at the summit, with the bloc poised to make monumental announcement

BRICS to Take Major De-Dollarization Step at 2024 Summit
The BRICS Summit has become one of the most important days for the alliance. In 2023, it saw the bloc welcome its first expansion effort since 2023.

Specifically, the United Arab Emirates (UAE), Egypt, Ethiopia, and Iran joined the collective. This year, the bloc is expected to welcome similar landmark announcements.

Among them are key efforts to lessen economic reliance on the West. Indeed, the BRICS Summit 2024 will see the bloc take a major step toward ending US dollar dominance.

According to a new Reuters report, Russia is going to engage participating countries in taking part in building an international payment platform. Specifically, the platform would be “immune” to Western sanctions.

Imposed sanctions after Russia’s invasion of Ukraine have been a constant issue for the alliance.

Their presence has become a catalyst for the bloc’s continued efforts to promote local currencies. At the upcoming summit, those efforts are set to be magnified as they attempt to increase economic prominence on a global scale.

The proposal will be rooted in the connection of commercial banks. It would utilize blockchain, similar to the developing BRICS Pay platform. Altogether, it will likely be the continued expansion of the payment platform that has been in development for much of the last year.

@ Newshounds News™

Source:  Watcher Guru

~~~~~~~~~

CHARLES HOSKINSON PREDICTS CARDANO WILL SURPASS BITCOIN AND ETHEREUM

▪️Hoskinson believes Cardano will surpass Bitcoin and Ethereum in the future.

▪️The network's growth relies on technological innovation and decentralized governance.

▪️Community focus is prioritized over marketing efforts for sustainable development.

Charles Hoskinson, the founder of Cardano  expressed his belief that the Cardano network will eventually grow larger than Bitcoin and Ethereum, providing a timeline for when this might occur. He indicated that the Voltaire era would give Cardano a competitive edge over other layer-1 networks.

Future of Cardano
Hoskinson stated that Cardano would become a larger network than Ethereum in ten years and surpass Bitcoin in twenty years. He also noted that most governments will be working on their own infrastructures in the coming decade.

Cardano being larger than Bitcoin and Ethereum would mean that ADA‘s market value would exceed that of BTC and ETH. Currently, ADA holds the eleventh position in market value, while BTC and ETH occupy the first and second positions, respectively.

Advantages of Decentralized Governance
Hoskinson firmly believes in Cardano’s superior technology compared to other networks, predicting that this advantage will become more evident over time. He emphasized the network’s competitive edge through decentralized governance and promising plans.

He highlighted the importance of decentralized governance, stating they prefer building a genuine community over merely focusing on marketing.

Despite aiming to establish an independent structure free from central intermediaries and global firms, progress toward these goals has been extremely slow, causing community dissatisfaction.

Hoskinson’s comments on the Voltaire era highlighted how Cardano distinguishes itself from other layer-1 networks, criticizing others’ reliance on venture capital funding as contrary to the purpose of blockchain technology.

His statements have sparked various opinions regarding Cardano’s potential for future growth, with experts closely monitoring how its technology and community-focused approach may influence market dynamics. The goal of Cardano surpassing Bitcoin and Ethereum is built on its technological innovations and decentralized governance strategy, with its success dependent on market conditions and network adoption.

@ Newshounds News™

Source: CoinTurk 

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Saturday Afternoon 10-19-24

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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.

The IMF says government debt is expected to reach about 93% of global gross domestic product by the end of this year and will approach 100% of GDP by 2030.

The report argues countries should confront their debt risks now, while interest rate reversals give lawmakers space to implement fiscal tightening measures.

“With inflation moderating and central banks lowering policy rates, economies are better positioned now to absorb the economic effects of fiscal tightening.

Delaying would be both costly and risky, as the required correction grows as time goes by; and experience shows that high debt and lack of credible fiscal plans can trigger adverse market reaction, constraining room to maneuver in the face of turbulence.”

The report also highlights the difficulty in truly identifying all government obligations, warning debt forecasts are often overly optimistic.

The IMF says its “debt-at-risk” model suggests that in a severely adverse scenario, global public debt could surge to 115% of GDP within three years due to the potential for weaker growth amid tight financial conditions and other factors like unforeseen policy changes.

Despite the risks, the IMF says government spending is actually set to increase.

“Previous IMF research has shown that fiscal discourse across the political spectrum has increasingly tilted toward higher spending.

And countries will need to increasingly spend more to cope with aging and healthcare; with the green transition and climate adaptation; and with defense and energy security, due to growing geopolitical tensions.”

Earlier this year, the UN also called for “urgent reforms” to the international financial system to address the concerns over surging public debt, which it referred to as a “growing burden to global prosperity.”

@ Newshounds News™

Source:  DailyHodl

~~~~~~~~~

KENYA IMPLEMENTS REAL-TIME CRYPTO TRACKING FOR BETTER TAX COMPLIANCE

▪️The KRA’s new system will integrate with crypto platforms to track real-time transactions, aiming to curb tax evasion and fraud.

▪️Kenya plans to use AI and machine learning to enhance tax compliance and recover lost revenue from the growing crypto market.

Tracking crypto transactions in real-time is something the Kenya Revenue Authority (KRA) is doing in big measure. This action is meant to solve the rising tax losses in the nation resulting from ineffective monitoring of the developing crypto market.

Given Kenya’s crypto sector’s projected Ksh 2.4 trillion in transactions between 2021 and 2022—about 20% of the country’s GDP—a more strong tax collection mechanism becomes absolutely vital.

Real-Time Tracking for Crypto Transactions to Enhance Tax Compliance
To gather important transaction data, including the time, date, and value of every operation, the new tax system will interface with crypto markets and exchanges.

Preventing tax avoidance and making sure all income connected to cryptocurrency is taxed in line with Kenya’s Income Tax Act are the main goals of the KRA.

Though organizations like the Capital Markets Authority or the Central Bank of Kenya mostly control them, profits from cryptocurrency transactions are legally taxable.

This legislative change coincides with the growing popularity of cryptocurrency in Kenya, despite not being as common as other financial innovations like mobile money.

Mostly because digital currencies have cheaper fees and simplicity of cross-border money transfers than conventional banking systems, many people utilize them to save money, send remittances, and make overseas purchases.

But because of their distributed character, cryptocurrency have also drawn appeal to people engaged in illicit operations such as money laundering and fraud.

Apart from real-time tracking, the KRA intends to improve tax compliance using artificial intelligence (AI) and machine learning technologies. These technologies will enable the authority to identify fraudulent behavior and maximize resource allocation, thereby perhaps recovering billions of tax-lost income.

The KRA has a larger reform agenda, including this technical makeover to modernize its systems and raise general tax collecting efficiency.

Simultaneously, comparable initiatives are under progress abroad. For instance, as we previously highlighted, Italy has suggested taxing crypto’s capital gains between 26% and 42%.

This action might fundamentally change the scene of European crypto investment since it will force investors to look for better tax conditions outside than Italy.

Aiming to support the expansion of its digital currency industry, Japan’s Financial Services Agency (FSA) is also contemplating a uniform 20% tax on crypto transactions, according to CNF.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

🌱 SILVER VS GOLD AND WHAT ABOUT COPPER? | Youtube

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Source:  Seeds of Wisdom Team RV Currency Facts

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Seeds of Wisdom RV and Economic Updates Saturday Morning 10-19-24

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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.

Developer Puts Forth Key Cardano Proposal
Earlier this week, core developer Andrew Westberg proposed tackling prolonged issues on the blockchain. This proposal could alter Cardano’s approach to managing transactions and smart contracts. Westberg’s proposal revolves around the concept of intent related to Cardano’s eUTxO (Extended Unspent Transaction Output) model.

The developer explained on GitHub that many blockchain users often submit transactions without fully specifying all the details. He cited an example using market orders, where users do not specify the exact price they are willing to pay for an asset. This leaves the price open for another system to determine.

These incomplete or partial actions, often called “intents,” present challenges, especially in Cardano, which is known for its strict rules and deterministic nature. Unlike Ethereum, where smart contracts can change a transaction’s outcome during confirmation, Cardano’s protocol requires all transaction details to be disclosed upfront.

This approach ensures the predictability and security of the blockchain platform. Westberg, however, noted that it restricts flexibility, particularly in circumstances where non-determinism, the capacity to change transaction details in real-time, is desired.

Westberg proposed developing a system that allows users to express their “intent” to bridge this gap. He also proposed having the network match and fulfill these intents efficiently, whether on-chain or off-chain. This would make the process more flexible and user-friendly while maintaining the security that Cardano is known for.

In an X post, Westberg urged the protocol developers to prioritize the proposal as it gives the community composability and BabelFees.

“It allows the eUTxO model to shine and pack the hell out of transactions with tons of useful work,” Westberg added.

It is important to note that the Babel Fees feature enables users to pay transaction fees using various tokens, not just ADA. In response to Westberg’s post, Hoskinson commented, “Andrew is correct. It’s a long overdue enhancement that will massively improve Cardano.”  

His endorsement emphasizes the importance of the proposed enhancements for the protocol’s future development.

The Focus on Ecosystem Upgrades
Meanwhile, Westberg’s proposal follows several ecosystem developments implemented by  Cardano. For instance, Cardano unveiled new releases to the Hydra scaling solution in April.

CNF reported that the new version supports cardano-node v.8.9.0 and integrates the Conway block format. Hydra, Cardano’s layer 2 scaling solution, aims to increase transaction speed by offering high throughput, low latency, and the lowest costs.

Subsequently, the blockchain unveiled the Ouroboros Leios consensus mechanism and the Chang hard fork upgrade. The Ouroboros Leios upgrade, which was recently launched, helped Cardano enhance transaction efficiency and scalability, as noted by CNF. On the other hand, the Chang hard fork upgrade introduced Cardano to decentralization governance.

Overall, these advancements, including Westberg’s proposal, are anticipated to strengthen Cardano’s position as a leading blockchain platform.

@ Newshounds News™

Source:  Crypto News Flash 

~~~~~~~~~

CRYPTO EVENTS TURN TO REGULATION AND POLITICS AS US ELECTION LOOMS

Some executives at crypto and blockchain firms have suggested prioritizing US congressional races over the presidential election.

With less than a month until the people of the United States decide who will represent them in the House of Representatives, Senate, and the Presidency, some crypto events seem to be focused on regulation and politics.

Attending the Permissionless III conference in Salt Lake City, Utah, and Ripple Swell in Miami, Florida, in October, Cointelegraph noted that many panels included takes from high-level executives on their predictions for what would happen in the November race between Democrat Kamala Harris and Republican Donald Trump for the US presidency, and what the outcome could mean for the industry in 2025.

Whether the topics of discussion initially focused on regulation or included stablecoins or Bitcoin participants suggested that digital assets had become more of a mainstream issue in US politics in 2024 in a way never before seen.

“Every single panel is talking about regulations,” Ripple’s head of US public policy, Lauren Belive, told Cointelegraph at Swell on Oct. 16, adding:

“We’ve seen a much broader swath now of policymakers really interested in the nuances of this technology.”

The crypto industry has made several inroads in 2024 compared to the US midterms in 2022 or the 2020 elections. During Trump’s presidency from 2017 to 2021, he referred to Bitcoin as based on “thin air,” also calling the cryptocurrency a “scam” after leaving office. Both major party candidates have since made statements suggesting they intend to support the industry if elected.

“I do think there’s a frustration and a sense that this is technology, and technology shouldn’t be a political issue — it’s become one in the United States,” Fireblocks head of legal and compliance, Jason Allegrante, told Cointelegraph. “I think that’s why people are now being much more vocal about what the potential impact of this election is.”

Crypto wins regardless of the outcome?

While regulation has always been a concern for many in the industry, the number of lawmakers and policymakers willing to discuss digital assets — including at crypto-focused events — seems to be increasing.

Trump gave a keynote speech at the Bitcoin 2024 conference in Nashville, Tennessee. Several presidential candidates and lawmakers also spoke at the North American Blockchain Summit in 2023, which will resume after the US Election on Nov. 5.

“We’re going to be starting [in 2025] with the most educated Congress we’ve ever had because we have so many first-time candidates who are coming in with positions on crypto,” Blockchain Association CEO Kristin Smith said at a Permissionless panel on Oct. 9.

Coinbase chief policy officer Faryar Shirzad added at a different panel on Oct. 11:

“Regardless of what happens in the elections, we will have a very significantly advanced debate around the crypto issues and a very large cohort of members of the House and the Senate […] who will now come in with brand new pro-crypto voices.”

Prediction platform Polymarket, at the time of publication, put Trump at a 60% chance of winning the US Presidency over Vice President Harris.

The Kalshi marketplace, which began allowing bets on US elections after winning in court against the Commodity Futures Trading Commission, put Republicans’ odds of winning control of the House, Senate, and the Presidency at 42% at the time of publication.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Friday Afternoon 10-18-24

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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.

The attackers demanded a ransom of several thousand Tether (USDT), but the Magnetic X team refused to comply. Instead of negotiating, they chose to boost the platform’s security to prevent further issues.

Let’s dive into the details of this epic showdown!

Magnetic X Refuses to Pay
The team quickly increased server capacity to handle the surge in traffic, ensuring the platform could manage millions of requests without any loss of user data.

Thanks to this rapid response, services were restored quickly. The exchange reassured users that it is now fully secure and recommended clearing browser cookies to fix any remaining issues.

This wasn’t the first time Magnetic X faced a DDoS attack. In January, a similar incident on the XRP Ledger saw millions of records flooding the nodes, which affected the functioning of the ledger’s historical transaction records.

Standing Strong Despite the Challenges
Despite these setbacks, Magnetic X has remained strong, continuing to provide decentralized trading, automated market maker (AMM) pools, and yield farming. The quick response to the latest attack demonstrates the exchange’s dedication to security and reliable service.

With its upgraded infrastructure, Magnetic X aims to stay at the forefront of decentralized applications (dApps) on the XRP Ledger, setting high standards for security and stability in the decentralized finance space.  Security, stability, and service. That’s Magnetic X.

@ Newshounds News™

Source:  CoinPedia

~~~~~~~~~

SINGAPORE'S BIGGEST BANK DBS INTRODUCES 'TOKEN SERVICES' TO ENABLE BLOCKCHAIN-BASED BANKING

▪️DBS Bank said that its new suite of products will help institutional clients optimize liquidity management and streamline operational workflows.

▪️“DBS Token Services” integrates tokenization and smart contract-enabled capabilities with the bank’s existing banking services.

DBS Bank, the largest bank in Singapore by assets, has rolled out a suite of new services dubbed “DBS Token Services” as the bank continues to develop blockchain-based options for institutional clients. In a statement shared with The Block, DBS said that the new banking products integrated tokenization and smart contract-enabled capabilities with its existing banking services.

The DBS Token Services integrated the bank’s Ethereum Virtual Machine-compatible permissioned blockchain, its core payment engine and multiple industry payment infrastructures, according to the statement. Also, smart contracts enable programmability for institutions to govern the use of funds.

Specifically, the new services include Treasury Tokens, Conditional Payments, and Programmable Rewards.

Lim Soon Chong, group head of global transaction services at DBS Bank, said that DBS Token Services enables companies and public sector entities to “optimize liquidity management, streamline operational workflows, strengthen business resilience, and unlock new opportunities for end-customer or end-user engagement.”

DBS introduced Treasury Tokens in August in partnership with Ant International, allowing multinational corporations to settle multi-currency intra-group transactions around the clock.

DBS also intends to explore further applications of Conditional Payments, designed to improve payment workflows. Another feature, called Programmable Rewards, allows institutions to curate digital voucher programs.

“Using a permissioned blockchain provides DBS full control over these services, enabling the bank to harness the benefits of blockchain technology while adhering to compliance standards,” the bank said.

@ Newshounds News™

Source:  The Block

~~~~~~~~~

🌍CONSTITUTION FRIDAY NIGHTS CALL  |  Youtube

Jim is part of the team that has researched the history of our Constitution over the last decade plus years and is a working member of the  Washington Assembly in Washington, a state of the Union of States that we know as America. 

He will answer any questions you have about how we lost our rights and why our government does not follow the Constitution as our founders laid out for us in our original Constitution of 1776.

If you have not heard of your Strawman accounts, how you lost your rights with your Birth Certificate, and how you are really a British citizen, then you need to join us on these calls and start asking questions.  He will even let you know how you can correct these atrocities. You can start by listening to previous calls on our youtube channel below under the video topic labeled The Constitution.

We have been lied to our whole lives by our government.  So come join us tonight and learn the truth about our real history.

Join us tonight at   5 PM PT  -   7 PM CT  -   8 PM ET   in the Constitution Room on Telegram

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Seeds of Wisdom RV and Economic Updates Friday Morning 10-18-24

Good Morning Dinar Recaps,

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.

However, it’s important to note that the SEC is not appealing the court’s ruling that XRP is not a security, nor are they contesting the $125 million monetary penalty imposed on Ripple.

The fact that the SEC isn’t appealing the classification of XRP as a non-security is seen as a positive development for the market. However, there are still challenges ahead for Ripple and its executives.

Market Reaction and Legal Concerns
Following the SEC’s filing, some pro-XRP lawyers expressed concerns on social media, claiming that the SEC backdated their filing. They raised questions about the timing and ethics of the filing.

However, former SEC lawyer Marc Fagel pointed out that the SEC downloaded supporting documents just before submitting the filing, which raises suspicions about whether they were fully aware of their obligations.

Attorney Bill Morgan questioned the reasoning behind waiting a day to submit the documents and suggested that if they prepared the filing on the 17th but dated it the 16th, it could indicate ethical issues. Marc agreed, questioning why they would download the documents on the 16th and delay submitting them. While there could be a filing error, there’s currently no evidence to support that theory.

Marc replied and said, “Backdating is bad. I don’t think anyone would disagree (I spent several years at the SEC on backdated stock option cases). But we can speculate all sorts of things which would be bad without benefit of evidence.”

@ Newshounds News™

Source:  CoinPedia and Form C

~~~~~~~~~

BRICS ADVANCES PLANS FOR ‘MULTICURRENCY SYSTEM,’ AIMING TO DETHRONE US DOLLAR

▪️Russia is proposing the use of multicurrency payments in BRICS to minimize the dependence upon the US dollar.

▪️Russia proposes using blockchain to minimize expenses and dependence on the conventional banking sector.

Russia has called on BRICS nations to establish a new cross-border payments network as part of a broader strategy to reduce dependency on the global financial system, including SWIFT. The proposal is to enhance the economic relations within the bloc and to promote intra-bloc dealings in local currencies.

This comes in the wake of several actions taken by the US and its allies, including closing major Russian banks from the Society for World Interbank Financial Telecommunication (SWIFT) and seizing Russia’s foreign assets. It is worth noting that Russia has been subjected to several severe sanctions since it launched the operation in Ukraine in February 2022.

BRICS Multicurrency System Proposal

The Russian Finance Ministry, the Bank of Russia and the Moscow-based Yakov & Partners have submitted a report on the ‘multicurrency system’. The proposed system would shield the BRICS countries from outside threats, including sanctions that have extraterritorial jurisdiction.

The report stresses that US foreign policy is not always congruent with other countries’ interests, and this is why the country needs financial independence.

The network would rely on a group of banks with international capabilities that would be able to operate in the local currencies of the BRICS countries. Further, it has been suggested that the BRICS member central banks should establish direct links to minimize the impacts of external financial pressures.

The plan also includes the establishment of new trading platforms for major goods, including oil, gas, grains, and gold, to boost trade within the BRICS countries. These measures are considered to be a broader plan for decreasing the use of the U.S. dollar in international transactions.

BRICS Members Prepare for Upcoming Summit in Kazan
While Russia has been trying to decrease its exposure to the US dollar, other members of the BRICS have remained connected to the dollar-dominated financial system. According to the Brookings Institution, the USD was used in 58% of cross-border transactions that did not involve the euro in 2022, and 54% of trade finance instruments were denominated in USD.

The release of Russia’s report comes amid preparation for the BRICS summit scheduled to take place in Kazan from the 22nd to the 24th of October. The summit will be led by President Vladimir Putin after the recent addition of Iran, the United Arab Emirates, Ethiopia, and Egypt into the bloc.

Russia also suggested in the report that DLT could further improve cross-border payments within the BRICS framework. The system would use tokens for settlements and be a multinational platform. The report notes that the major advantage of DLT is the ability to reduce credit risk.

In addition, the use of DLT can also decrease the time and the costs in the process since there are no need for correspondent banks and do compliance checks. The authors estimate that if BRICS countries use this system for half of their cross-border transactions, the total annual cost could be reduced by $15 billion.

@ Newshounds News™

Source:  Crypto News Flash

  ~~~~~~~~~

🌍CONSTITUTION FRIDAY NIGHTS CALL  |  Youtube

Jim is part of the team that has researched the history of our Constitution over the last decade plus years and is a working member of the  Washington Assembly in Washington, a state of the Union of States that we know as America. 

He will answer any questions you have about how we lost our rights and why our government does not follow the Constitution as our founders laid out for us in our original Constitution of 1776.

If you have not heard of your Strawman accounts, how you lost your rights with your Birth Certificate, and how you are really a British citizen, then you need to join us on these calls and start asking questions.  He will even let you know how you can correct these atrocities. You can start by listening to previous calls on our youtube channel below under the video topic labeled The Constitution.

We have been lied to our whole lives by our government.  So come join us tonight and learn the truth about our real history.

Join us tonight at   5 PM PT  -   7 PM CT  -   8 PM ET   in the Constitution Room on Telegram

You can download the Telegram APP here:  https://telegram.org/

@ Newshounds News™  

Source:  Seeds of Wisdom Team RV Currency Facts

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Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

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Seeds of Wisdom RV and Economic Updates Thursday Evening 10-17-24

Good Evening Dinar Recaps,

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.

The EU’s “Anti-Money Laundering and Countering the Financing of Terrorism Act” will enhance the powers of financial intelligence units, enabling them to suspend transactions.

It will also impose stricter reporting requirements for crypto exchanges and a 10,000 euro ($10,850) limit on cash payments. There will be more stringent monitoring of large transactions and new reporting requirements for high-value transactions.

The legislative framework covers a range of areas posing risks, including crypto assets and crowdfunding. It also “complements other regulations such as Markets in Crypto-Assets Regulation (MiCA),” the European Commission noted earlier.

In September, Derville Rowland, deputy governor of the Central Bank of Ireland, said that the country aims to stay at the forefront of safe innovation through MiCA.

She said that crypto regulations were essential for Europe to become a global leader in adapting and adopting new technologies.

The EU’s MiCA regulations — separate from its AML/CFT act — came into effect in June 2023.

“It is important that Ireland, as a small, open economy with a thriving financial services industry, is an active participant in preventing its financial system from being used for money laundering and terrorist financing purposes,” said the Central Bank of Ireland.

As of July, the Central Bank of Ireland had approved 15 virtual asset service providers. These included Gemini, Ripple, Paysafe, MoonPay and Coinbase, which agreed to delist non-compliant stablecoins from its European platform.

@ Newshounds News™

Source:  CoinTelegraph 

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XLM NEWS: PAXOS ANNOUNCES STELLAR NETWORK INTEGRATION TO DRIVE STABLECOIN ADOPTION

▪️Paxos’ integration with the Stellar network aims to accelerate institutional adoption of stablecoins, enhancing global access to digital dollars.

▪️The partnership highlights Paxos’ focus on regulatory compliance and trust, positioning both companies to drive stablecoin adoption in global financial markets.

Paxos, known for its highly regulated tokenization platform, continues to build trust and credibility by complying with financial regulations in every region it operates.

 Following a recent CNF update on leading stablecoin issuers embracing an international set of stablecoin standards, Paxos announced its integration with the Stellar network at the Meridian 2024 conference, marking a significant step in expanding its tokenization platform.

Stellar is a well-regarded open-source blockchain used for payments and remittances. In a press release, Paxos CEO and Co-Founder Charles Cascarilla stressed:

We are excited to partner with Stellar to make trustworthy stablecoins more accessible to global institutions. Stablecoins will revolutionize the global financial system and open access to people around the world. This collaboration will accelerate the adoption of stablecoins by users worldwide.

This partnership is expected to facilitate institutional adoption of stablecoins, which are issued by properly regulated institutions. As stablecoins gain traction, they are becoming crucial for enterprises and institutions looking to engage with more open and secure digital economies.

The collaboration with Stellar highlights Paxos’ commitment to ensuring its tokenized assets meet global financial regulations and enhance stablecoin accessibility.

Paxos CEO and Co-Founder Charles Cascarilla expressed excitement about the partnership, stating that stablecoins are poised to revolutionize the global financial system.

By making stablecoins more accessible through Stellar’s low-cost and high-speed infrastructure, Paxos aims to accelerate institutional adoption of digital dollars globally.

Stellar’s CEO, Denelle Dixon, emphasized the importance of Paxos as a regulated financial institution in advancing tokenized assets on the Stellar network, praising its ability to foster trust and credibility.

Paxos’ Regulatory Strength and Global Partnerships
With a strong focus on regulated offerings, Paxos supports global enterprises and institutions, including major partners like PayPal, Mastercard, and Nubank.

The company’s infrastructure enables these partners to tokenize, custody, and trade digital assets seamlessly, contributing to a more efficient global financial system.

By late 2024, Paxos plans to bring assets to the Stellar network, further strengthening its position in the digital economy. Paxos’ commitment to trust and transparency, along with its regulatory credentials, underscores its role as a leader in blockchain-based financial infrastructure.

@ Newshounds News™

Source:  Crypto News Flash   

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CHEVRON OVERTURN UNLIKELY TO IMPACT SEC'S CONDUCT — RIPPLE CLO

In 2023 alone, the Securities and Exchange Commission filed over 20 lawsuits against firms and individuals in the crypto industry.

Ripple’s chief legal officer, Stuart Alderoty, believes that the June 2024 overturn of Chevron USA Inc. vs. Natural Resources Defense Council by the United States Supreme Court will have little impact on the Securities and Exchange Commission’s (SEC) strategy of pursuing crypto compliance through enforcement.

In an interview with Cointelegraph’s Turner Wright, Alderoty stressed that only a leadership change would cause a shift in SEC posturing.

“I think under this leadership, the SEC has done tremendous institutional damage to what was once a very well-respected agency,” the Ripple CLO said.

Alderoty also stated that the SEC’s continued litigation against the crypto industry — including the recent appeal in the Ripple lawsuit — was deliberate and meant to create maximum confusion among industry participants:

"This SEC, under this leadership, I don't think they much care if they're right or wrong as a matter of law. I think their goal is through a massive wave of enforcement actions — and now on appeal — to keep a cloud of legal uncertainty over the industry."

“I think ultimately they will be proven wrong again. I don’t think they’re bothered by that,” Alderoty said, before characterizing the SEC’s aggressive stance toward the crypto sector as “Very disturbing.”

Loper Bright vs. Raimondo — overturning 40 years of precedent
The 40-year precedent set by the Chevron case in 1984 was overturned by the United States Supreme Court in the Loper Bright Enterprises v. Raimondo case on June 28, 2024.

The 1984 decision paved the way for courts to defer to regulatory agencies and their internal — often arbitrary — methods of policy enforcement.

For the nascent crypto industry, this meant that startups faced prohibitive regulatory demands from multiple government regulators that choked off innovation and discouraged investment, especially from institutional firms.

In July 2024, Uniswap Labs cited the Chevron overturn as an argument against the SEC’s proposed expansion of what legally qualifies as an “exchange” under the Exchange Act of 1934 — a regulatory change that would bring decentralized finance projects under the purview of the SEC.

@ Newshounds News™

Source:  CoinTelegraph 

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🌱 SILVER VS GOLD AND WHAT ABOUT COPPER? | 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

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Thank you Dinar Recaps