Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 10-23-24

Good Afternoon Dinar Recaps,

BRICS NEWS: IRANIAN AMBASSADOR URGES BRICS TO DEVELOP A BANKING SYSTEM FREE FROM WESTERN STANDARDS

▪️At BRICS, the Iranian Ambassador to Russia, Kazem Jalali, criticized existing Western financial standards for disproportionately benefiting Western nations while harming developing countries.

▪️As the BRICS nations convene in Kazan from October 22 to 24, discussions will focus on enhancing cooperation and financial independence.

Ahead of the 16th BRICS Summit, Iranian Ambassador to Russia, Kazem Jalali, has called on BRICS member nations to build a financial and banking system free from Western influence. 

Speaking on October 22 in Dubai, Jalali highlighted the need for the BRICS bloc to create its own systems and regulations. He believes this will offer fairer opportunities for countries in the Global South.

Iranian Ambassador On BRICS Payment
Jalali emphasized that the existing Western financial standards disproportionately benefit Western nations while causing harm to developing countries. According to the ambassador, these standards are tailored to Western needs and have historically imposed unfair rules on other regions.

“We should not align ourselves with Western financial systems, as they cause significant damage to Global South nations,” Jalali stated, as reported by the Irna news agency. 

The ambassador urged BRICS countries to explore alternative financial mechanisms. He specifically mentioned focusing on banking cooperation and a new financial messaging system that could operate independently of Western models.

Moreover, the Iranian ambassador criticized current Western frameworks. He spotlighted areas of criticism such as financial regulations and counterterrorism measures, which he described as being built on biased standards. “The West has established rules in these areas based on its own interests, rather than considering the needs of other nations,” Jalali remarked.

The call for reform comes at a crucial time, as BRICS nations gather in Kazan, Russia, from October 22 to 24 for their annual summit, reported CNF. With Russia holding the BRICS chairmanship for 2024, the summit will feature discussions to boost cooperation among member countries. Jalali’s remarks appear to be in line with underlined goals for the summit where financial independence and collaboration are key themes.

Will They Be Successful In Implementing Fair Standards?
Jalali also pointed out that BRICS has the potential to redefine global financial practices. He stressed that the group could implement fair standards that reflect the needs of both BRICS nations and other developing countries. “BRICS member states may create fair standards in this area for themselves and other countries interested in cooperation,” he noted.

BRICS, originally formed in 2006 by Brazil, Russia, India, and China, welcomed South Africa in 2011. The bloc has continued to grow, with Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE officially joining as full members on January 1, 2024.

With growing calls for financial independence, the 16th BRICS Summit serves as a key platform for discussions on breaking away from Western-dominated systems. 

Moreover, the BRICS Pay system is reportedly mimicking Europe’s SWIFT, which makes it very efficient. Also, the bloc is using blockchain technology in its de-dollarization efforts, per the CNF report.

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Source:  Crypto News Flash

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VIETNAM ANNOUNCES BLOCKCHAIN STRATEGY, AIMS TO LEAD ASIA BY 2030

Vietnam’s government launched its National Blockchain Strategy, targeting legal frameworks, infrastructure, and innovation to boost its blockchain ecosystem by 2030.

Vietnam officially launched its National Blockchain Strategy on October 22, aiming to become a leader in blockchain technology across Asia by 2030. The strategy outlines key steps for Vietnam to develop blockchain platforms, products, and services within the country and targets the creation of 20 reputable blockchain brands by 2025.

“Vietnam will become a leading country in the region and have an international position in researching, deploying, applying and exploiting Blockchain technology,”

Vietnam’s National Blockchain Strategy

Indonesia recently replaced Vietnam and entered Chainalysis’ global crypto adoption index for the first time, ranking third behind India and Nigeria.

A central goal of the strategy is to establish at least three blockchain testing centers in major cities to support blockchain development and application. These centers will ensure security, promote innovation, and form a national blockchain network.

Vietnam’s five blockchain goals
The Vietnamese government has laid out five key actions to support its blockchain goals:

▪️Improving the legal environment
▪️Building blockchain infrastructure
▪️Developing human resources
▪️Promoting research and international cooperation
▪️Encouraging the growth of blockchain applications.

Various ministries, including the Ministry of Information and Communications, will oversee these initiatives.

To achieve these objectives, Vietnam plans to encourage collaboration among digital technology companies to build blockchain platforms and enhance the competitiveness of local firms in the global market.

The Vietnam Blockchain Association will play a key role in leading initiatives to promote blockchain development under the strategy.

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Source:  Crypto News

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WHEN WILL THE RV HAPPEN? WHAT IS NEEDED?  |  Youtube

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Seeds of Wisdom RV and Economic Updates Wednesday Morning 10-23-24

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11 COUNTRIES MIGHT JOIN BRICS IN 2024 AS ‘ASSOCIATED PARTNERS’

BRICS turned from the de-facto five-member alliance to a nine-member bloc after the expansion in 2023. It could have been an 11-member grouping if Saudi Arabia and Argentina had accepted the invitation last year. The 16th summit is being held in the Kazan region of Russia and all the nine countries will decide the future of the grouping.

Topics about de-dollarization, new trade deals, usage of local currencies for cross-border transactions, and BRICS expansion will be decided at the 2024 summit. 

Expansion will be the most talked about topic at the summit as nearly 47 countries have applied to join BRICS. While 25 countries have formally submitted their applications, 22 other nations have informally expressed to join the bloc.

BRICS Expansion: 11 Countries To Be Inducted in 2024 Summit?

A recent report indicates that BRICS could turn from a nine-country alliance to a 20-member bloc after the 2024 summit. The expansion could add 11 countries to the grouping but they will have fewer rights than the existing nine members. 

A senior official said on the condition of anonymity that the 11 countries will have enough opportunities to contribute but will not have decision-making powers.

They will be a part of BRICS but will not have a consensus approach to write trade policies and de-dollarization efforts. They will most likely remain ‘associate partners’ which is a first-of-its-kind in the alliance’s history.

The 2024 BRICS expansion remains a mystery as 47 countries are ready to join the group. Selecting 11 out of the 47 applications will be a herculean task as what they bring to the table matters. Therefore, the 16th summit’s expansion will be important and it will decide the future of the BRICS alliance.

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Source:  Watcher Guru

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RIPPLE VS. SEC UPDATE: KEY INSIGHTS FROM LEGAL EXPERTS ON APPEAL COURT NOTICE

▪️Ripple’s executive has 14 days to file the required acknowledgment and Notice of Appearance in the case against the US Securities and Exchange Commission.

▪️According to former securities lawyer Marc Fagel, there is no evidence to prove that the SEC did not file its Form C earlier than the deadline.

Crypto News Flash (CNF) recently reported that the US Securities and Exchange Commission (SEC) has submitted its Civil Appeal Pre-Argument Statement (Form C) to the Second Circuit Court of Appeals.

Fascinatingly, the counsel for the defending party (Ripple Labs), technically referred to as the appellee’s counsel, has failed to submit the required acknowledgment and Notice of Appearance by the due date (October 18, 2024).

🚨 BREAKING: NEW RIPPLE VS. SEC FILING FROM TODAY: The court has not received the acknowledgment and notice of appearance on the due date October 18, 2024!

Remember: If they do not comply with these requirements within 14 days their appeal will be dismissed!“ #XRP pic.twitter.com— 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) October 22, 2024

Details Shared by Insiders
According to a document shared by crypto influencer Amelie, the defendant has been given 14 days from the notice date to comply with this requirement. Failure to do so would subject the hearing of its oral argument to the court’s discretion.

Explaining the contents of this document, retired securities lawyer Marc Fagel clarified that this letter was addressed to Ripple executive Chris Larsen who has not yet filed his appearance in the case. Before his explanation, a section of the XRP enthusiasts alleged that the document was directed to the SEC for its supposed late filing.

To dispel this, Fagel clarified that the US regulator prepared its Form C on the morning of October 16 (the due date) but docketed it the following day. 

According to him, there is no available evidence that suggests that the Form C was not filed earlier. Confirming our October 17 publication, no evidence of filing was found on October 16. According to a CCN report, an ex-SEC official even admitted that the Commission missed out on the deadline.

The official NOA date is Oct. 2. So the deadline was Oct. 16. The only hope the SEC has is for the court to consider Columbus Day a national public holiday. I don’t think that’s the case.

Contesting the argument of Fagel, an X user identified as Vincent Wong pointed out that preparing the Form C document on the morning of the deadline day does not mean it was filed.

It is like saying I prepared for the test. That doesn’t mean I took the test. Lack of evidence also doesn’t mean that it was filed earlier.

Legal Expert Calls Ripple Out
Commenting on the latest court document, legal expert Fred Rispoli pointed out that Ripple appears to be at fault for failing to file a form on time. According to him, this is not a big deal. However, it is quite worrying since it pays a collective amount of $8000 per hour to the legal team.

Amid this development, XRP has lost 1.49% of its value in the last 24 hours to trade at $0.52. On top of that, its 24-hour trading volume has recorded a decline of 16%, with $1 billion changing hands at press time.

Meanwhile, Bitget chief analyst Ryan Lee believes that the asset would hover within the range of $0.50 and $0.80 by the end of the year.

XRP’s price is likely to fluctuate between $0.50 and $0.80 by the end of the year, though this projection is highly contingent on regulatory developments and shifts in sentiment, particularly within the U.S. market…This hesitation could translate into short-term price volatility for XRP, as the market waits for more concrete results.

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Source:  Crypto News Flash,  Twitter

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🌱 WHAT YOU NEED TO KNOW ABOUT THE NEW FINANCIAL SYSTEM  |  YOUTUBE

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

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BRICS DE-DOLLARIZATION BEGINS: 40 COUNTRIES TO ATTEND 2024 SUMMIT

The de-dollarization initiative is no longer confined to BRICS as other emerging economies are participating in the discussions at the 2024 summit.

The outreach session will be conducted on the last day of the summit on October 24, 2024. Topics such as de-dollarization, new trade policies, and the usage of local currencies will take center stage. The nine-member alliance will meet for the first time at the table for discussions after the expansion last year.

Russian President Vladimir Putin confirmed that officials from 40 countries will attend the outreach session at the BRICS 2024 summit. The participants include countries from the Commonwealth of Independent States (CIS), Asia, Africa, Eastern Europe, South America, and the Middle East. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade.

“On the last day of the summit, there will be a meeting in the BRICS Plus/Outreach format with the participation of representatives from almost 40 countries,” he said.

 The BRICS outreach will highlight the importance of de-dollarization and the need to end reliance on the US dollar. Representatives from various international organizations will also attend the outreach session of the BRICS 2024 summit.

BRICS Strengthens the De-Dollarization Agenda at the 2024 Summit
The BRICS alliance is strengthening the de-dollarization agenda at the 2024 summit by convincing developing countries to end dependency on the US dollar. The move will bolster the native economies of developing countries and safeguard their local currencies and businesses.

The New Development Bank (NDB), commonly called the BRICS Bank will also provide loans to developing nations for infrastructural developments. The loans worth mi-*llions or billions will be disbursed in local currencies and sideline the US dollar in all transactions.

Therefore, the BRICS 2024 summit will see the de-dollarization agenda take a new course globally.

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Source:  Watcher Guru

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ELMNTS LAUNCHES TOKENIZED INVESTMENT PLATFORM ON SOLANA, BACKED BY OIL AND GAS ROYALTIES

Elmnts' public beta introduces a compliant platform for tokenizing real-world assets, allowing investors to access oil and gas royalties through blockchain technology. Expansion into retail offerings planned for the future.

Elmnts, a blockchain-based platform focused on tokenizing investment funds backed by mineral rights royalties, has officially entered its public beta. Built on the Solana blockchain, Elmnts enables accredited investors to access investment opportunities in oil and gas royalties through a legally compliant and user-friendly platform.

The launch marks a significant step toward bringing institutional credibility to tokenized assets. Investors can review opportunities, qualify for investments, and track their portfolios all in one place, offering a streamlined experience without the complexities associated with traditional cryptocurrency platforms. Each investment fund is backed by real-world assets—income from mineral rights royalties derived from companies extracting oil and gas from land owned by the fund.

Elmnts' platform combines familiar financial frameworks with blockchain technology, providing institutional and high-net-worth investors with secure, regulated access to high-yield assets. 

"Our mission at Elmnts is to use blockchain technology to bring liquidity and access to high-yielding but otherwise illiquid and low-access assets," said James Pacheco, Chief Product Officer at Elmnts, in a company press release.

"This public beta marks a significant step in legitimizing tokenized investments and paving the way for future retail offerings."

Elmnts is positioning itself for future growth, with plans to extend its offerings to retail investors while maintaining regulatory compliance.

This development follows the company's $2 million pre-seed raise in August 2024, which was backed by notable investors, including Solana co-founders Raj Gokal and Anatoly Yakovenko and other prominent figures in the blockchain space. The funds will be used to expand the platform and further disrupt the traditional commodities investment market.

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Source:  Solana Floor

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30M METAMASK USERS CAN NOW ACCESS XRP LEDGER🌱  |  Youtube

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

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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.

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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.

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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.

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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

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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.”

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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.

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

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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.

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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

~~~~~~~~~

🌱 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

~~~~~~~~~

🌱 FUNDRAISER FOR OKIE DETAILS BELOW  |  Youtube

We are sending Okie a care package with some good food. If you would like to donate, he appreciated it before and will again. He has only asked for prayers. Thank you for your kindness. Thank You for Your Kindness! Okie Donation Link and info

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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

~~~~~~~~~

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 

~~~~~~~~~

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

~~~~~~~~~

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

~~~~~~~~~

🌱 GOLD DEBT CLOCK WOW WOW WOW SOWT  |  Youtube

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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

Good Morning Dinar Recaps,

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 

~~~~~~~~~

🌱 WHEN WILL THE RV GCR HAPPEN? HOW WILL I KNOW AND BE FUNDED?  |  Youtube

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

Good Afternoon Dinar Recaps,

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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🌱AUDIO WHAT WAS SAID ABOUT NESARA? BANKING TO WHO ARE YOU? GREAT REPLAY IF YOU MISSED THE CALL |  Youtube

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

Good Morning Dinar Recaps,

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 

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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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Source:  Seeds of Wisdom Team RV Currency Facts

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