Seeds of Wisdom RV and Economic Updates Thursday Afternoon 10-31-24

Good Afternoon Dinar Recaps,

US TREASURY DISCUSSES THE TOKENIZATION OF TREASURIES

During Tuesday’s meeting of the US Treasury’s Borrowing Advisory Committee, the members explored the topic of tokenizing US Treasuries. It discussed the impact of stablecoins on the demand for short term Treasuries, concluding that the effect is marginal.

The presentation covered the use of tokenized Treasuries as a safe haven in the digital asset sector. And finally, it focused on how blockchain and tokenization could improve Treasury market operations, including the benefits, costs and risks.

Stablecoins
Our calculations show the combined US Treasury and repo holdings of the two largest stablecoins, Tether and USDC as $120 billion in June 2024. Putting them on a list of the largest foreign country investors would rank them (combined) in the eighteenth spot. Yet given the total size of Treasury issuance, the figure is indeed marginal.

However, the presentation raised the concern that a collapse of a “major stablecoin like Tether could lead to a fire sale of short-dated Treasuries.”

Some other comments on the stablecoin front might be viewed as controversial by the crypto sector.

For example, it states “In a similar manner to how privately-issued ‘wildcat’ currencies were replaced by government-backed central currencies in the late-1800s, Central Bank Digital Currencies (CBDC) will likely need to replace stablecoins as the primary form of digital currency underpinning tokenized transactions.”

It also notes that “History shows that ‘private currency’ that does not meet NQA requirements leads to financial instability and as such is highly undesirable.”

 NQA refers to no questions asked, in the sense that the recipient should not need to perform due diligence before receiving a stablecoin. Both quotes referenced a paper, “Taming Wildcat Stablecoins.”

The importance of intraday for tokenized Treasuries?
When discussing the potential for tokenizing Treasuries, there were some curiosities. Firstly, the presentation outlined the potential benefits, which include:

▪️Improvements in clearing and settlement
▪️Improved collateral management
▪️Improved transparency and accountability
▪️Composability and innovation
▪️Increased inclusion and demand? (fractionalization)
▪️Increased liquidity? (including 24/7)

While ‘intraday’ repo was mentioned in a description of JP Morgan’s repo platform, it was not explicitly covered in the list of advantages. Of course, the enablement of intraday transactions is a direct side effect of improvements in clearing, settlement and collateral management that were mentioned.

Intraday allows banks to use repo to borrow and lend for an hour or two, rather than having to wait for T+1 settlement. Repurchase agreements (repo) involve the temporary transfer of securities in exchange for cash, with the transaction reversed a short while later, plus a small amount of interest. 

We’re emphasizing the point because the importance of intraday to traditional financial institutions may be underappreciated in government circles. In a recent speech by Federal Reserve Governor Waller, he emphasized the potential for 24/7 repo. Yet within the industry, intraday is considered far more important than the ability to trade 24/7.

Treasuries and tokenization platforms
A list of tokenization platforms were presented, including JP Morgan’s intraday repo platform. However, there was no mention of Broadridge’s Distributed Ledger Repo (DLR). If someone asked Ledger Insights to state the most important platform in Treasury tokenization right now, it would be Broadridge’s DLR.

The total amount of tokenized Treasury funds on public blockchain is around $2 billion. DLR is used for $1 – $1.4 trillion in transactions per month, whereas JP Morgan’s platform has processed roughly $1.5 trillion since its launch in 2020. One would not expect JP Morgan’s solution to be of the same scale as DLR since it purely serves JP Morgan clients.

DLR has several purposes, with intraday repo as the main one. It also supports sponsored repo via the DTCC’s FICC platform. DLR and JP Morgan’s repo platform already achieve many of the advantages explored during the presentation. However, today they are tiny compared to the scale of the Treasury market.

The conclusion was that a tokenized Treasury platform would ideally be on a private permissioned blockchain managed by a trusted government authority.

@ Newshounds News™

Source:  Ledger Insights

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Pound Sterling Suffers Biggest Drop in 18 Months Amid Reeves' Tax-and-Spend Storm

Following the latest budget reveal, the pound sterling has taken a sharp tumble, fueled by mounting worries about the U.K.’s fiscal outlook. Chancellor Rachel Reeves’ decision to pump £70 billion into government spending—funded through additional borrowing—has stirred up significant unease among investors. They’re concerned this move could lead to higher inflation and escalating interest rates.

@ Newshounds News™

Read more:  Bitcoin News    

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FRANKLIN TEMPLETON LAUNCHES TOKENIZED MONEY FUND ON BASE

Franklin Templeton says this is the first tokenized money fund to launch on Coinbase's layer-2 network.

Franklin Templeton is launching its tokenized money fund on Base, Coinbase’s layer-2 network, the asset manager said on Oct. 31.

The Franklin OnChain US Government Money Fund (FOBXX) is the first tokenized fund to launch on Base, Franklin Templeton said in a post on the X platform.

Created in 2021, FOBXX has previously launched on blockchain networks including Stellar, Polygon, and Arbitrum.

Franklin Templeton is unique among tokenized fund managers in outsourcing a meaningful portion of reporting requirements — such as share ownership records typically handled by an off-chain transfer agent — to blockchain networks’ public ledgers.

“We are currently the only product with the ability to use public distributed ledger technologies for official transaction record-keeping,” Roger Bayston, Franklin Templeton’s head of digital assets told Cointelegraph in July.

The launch of FOBXX on Base indicates United States regulators consider Base’s public ledger to be a legitimate instrument for financial recordkeeping.

Franklin Templeton’s FOBXX currently has net assets of approximately $435 million and has been generating annualized returns of about 4.7% as of October 2024.

It is accessible through Franklin Templeton’s Benji Investments platform.

The Base launch marks Franklin Templeton’s latest effort to enhance the accessibility of its tokenized real-world assets (RWAs).

Since its 2023 launch, Base has emerged as Ethereum’s second most popular layer-2 scaling solution, with a total value locked (TVL) of approximately $8 billion, according to L2Beat.

Arbitrum leads with upwards of $13 billion in TVL, the data shows.

Tokenized RWAs — from money funds to artworks — represent a $30-trillion market opportunity globally, Colin Butler, Polygon’s global head of institutional capital, told Cointelegraph in August.

Demand is surging for products that tokenize T-bills and other highly liquid yield-bearing assets.

FOBXX’s top rival is BlackRock USD Institutional Digital Liquidity Fund (BUIDL), with assets under management (AUM) of approximately $530 million, according to data from RWA.xyz.

@ Newshounds News™

Source:  CoinTelegraph

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Seeds of Wisdom RV and Economic Updates Thursday Morning 10-31-24

Good Morning Dinar Recaps,

SOME EU STATES UNHAPPY WITH ECB CONTROLLING DIGITAL EURO LIMITS – REPORT

Politico reported that some European states, including Germany, France, the Netherlands and six other countries, are concerned about the European Central Bank (ECB) having the right to specify holding limits for the digital euro central bank digital currency (CBDC).

A concern is that the ECB could set the wallet limits too high, resulting in deposits flowing out of banks. One diplomat called it a “battle for power” between central banks and politicians. 

An opposite worry is that the limits might be viewed as inhibiting financial freedoms and hence a Big Brother move. A related concern is that the digital currency could be out of touch with consumer needs and not adopted.

While the EU’s treaty gives the ECB certain privileges, the digital euro will have its own legislation, which has yet to be passed. 

Before the recent European elections, several amendments were proposed to a draft. Politico viewed the notes of one of the meetings, which showed that nine countries objected to the ECB deciding on wallet holding limits.

If the ECB sets the holding limit, it views this as preserving any decision from political pressures.

How would digital euro holding limits work?
A couple of key points were not covered in the Politico piece. Firstly, the whole point of the digital euro is to create a pan European payment system in an attempt to dislodge the dominance of non-European players such as Visa and Mastercard. While SEPA may be pan European, it is purely a backend solution. Hence, it seems logical that there needs to be a single limit for the entire EU block.

If the ECB doesn’t get to decide, how would it work practically? An annual vote on limits?

Messy waterfalls
The messier point is the implementation of the holding limits. If the holding limit is €3,000 and someone receives money that pushes the balance over, then any excess funds will be swept into a bank account.

On the other hand, if someone makes a payment and doesn’t have enough digital euros in their wallet, it can automatically pull the money from the connected bank account. These are the waterfall and reverse waterfall functions.

This has a few implications. At a practical level, some people like to keep tabs on how they spend money. If there’s a lot of movement between your bank and the digital euro wallet, that gets rather messy and hard to track. A lack of visibility also helps fraudsters.

Changing tack, one of the potential advantages of a CBDC is it could provide super efficient payments. However, with the waterfall and reverse waterfall, some payments could have three payment legs: the sender doesn’t have enough funds so it pulls money from their bank; the CBDC payment; and the recipient now has too much in their wallet, so that’s swept into their bank account.

That’s why several countries believe there will be pressure to provide higher limits, so there’s less need to use the waterfall functionality.

Some have noted that the waterfall also requires all banks in the EU to support real time payments 24/7, involving significant work. However, EU instant payment regulations were adopted earlier this year, so that will be a requirement with or without the digital euro.

Debates around setting the holding limit
In one of the more recent legislative proposals, it was suggested that banks and payment providers could set the limits themselves. The Dutch central bank published a digital euro paper concluding that holding limits would be critical, especially during the transition phase.

 Another report commissioned by the European Banking Federation found a €3,000 limit with a 40% takeup would increase bank funding costs by €8.8 billion.

For its part, the ECB says it would set the limits based on the economic circumstances at launch. However, one of the tasks it’s been working on recently is coming up with a methodology to make the decision.

@ Newshounds News™

Source:  Ledger Insights

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STABLECOINS WILL THRIVE OVER CBDCS: CIRCLE CEO

Jeremy Allaire believes most governments are open-minded toward crypto and stablecoin regulations.

Speaking at the current Binance Blockchain Week in Dubai, the CEO of Circle, the issuer of the second-largest stablecoin, expressed optimism regarding global regulation toward the sector.

He also asserted that people would prefer privately-issued stablecoins over government-launched CBDCs, which has been evident in China.

Allaire spoke a lot about the current regulatory environment in numerous countries and outlined the overall positive sentiment coming from most. In fact, he noted that even those who have been publicly against the sector or sitting on the sidelines, are actually watching carefully what others would do and are ready to follow suit with comprehensive regulations.

He believes the next 12 months will be crucial for the stablecoin space, which has already grown to roughly $170 billion, with Tether’s USDT and Circle’s USDC responsible for the lion’s share.

However, Allaire noted that this is still a fraction of the global financial space, which is hundreds or even thousands of times larger. This means that the stablecoin industry still has lots of room for growth.

On the question whether the majority of global population will prefer central bank digital currencies or stablecoins, Circle’s CEO was adamant that they will go for the latter.

This is because people prefer privately-issued products and the innovation coming from them, rather than government-backed alternatives.

He outlined China as a good example. The world’s most populated nation launched its own CBDC a few years ago, but is yet to see actual usage, according to Allaire. He said people only use it once the government provides free coupons.

@ Newshounds News™

Source:  CryptoPotato

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🌱TOP QUESTIONS ABOUT EXCHANGING FOREIGN CURRENCY ANSWERED! SOWT   |  Youtube

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Source:  Seeds of Wisdom Team RV Currency Facts

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Seeds of Wisdom RV and Economic Updates Wednesday Evening 10-30-24

Good Evening Dinar Recaps,

STABLECOINS BOOSTING DEMAND FOR US T-BILLS: TREASURY DEPT

The United States Treasury Department is taking an interest in stablecoins and tokenization.
Stablecoins seem to be increasing demand for short-term United States government bonds known as Treasury bills, according to US Department of the Treasury meeting minutes published Oct. 30.

In an Oct. 29 meeting, the US Treasury’s Borrowing Advisory Committee weighed the benefits of stablecoin adoption and Treasury bill tokenization, with one member suggesting the US create a permissioned blockchain for T-bills, the minutes said.

The comments are the latest from US government officials indicating a nascent openness to meaningfully integrating blockchain technologies into the US financial system.

“[B]ecause most stablecoin collateral reportedly consists of either Treasury bills or Treasury-backed repurchase agreement transactions, the growth in stablecoins has likely resulted in a modest increase in demand for short-dated Treasury securities,” one Committee member said, according to the minutes.

The committee said T-bill tokenization “could lead both to operational improvements and to innovation in the Treasury market” but could also pose risks to financial stability.

One member suggested that “tokenization in the Treasury market would likely require the development of a privately controlled and permissioned blockchain managed by a trusted government authority.”

Stablecoins — tokens pegged to the US dollar — are emerging as the core infrastructure for trading and payments.

Total stablecoin market capitalization hit record highs in 2024 and now approaches $180 million, according to CoinMarketCap.

Tether USDT dominates among stablecoins with a market capitalization of $120 billion.

Circle’s USD Coin USDC is a distant second, with a market capitalization of approximately $35 billion, according to CoinMarketCap.

Meanwhile, tokenized real-world assets (RWAs) — from Treasury securities to artworks — represent a $30-trillion market opportunity globally, Colin Butler, Polygon’s global head of institutional capital, told Cointelegraph in August.

Demand is surging for products that tokenize T-bills and other highly liquid yield-bearing assets.

Among the largest in terms of assets under management (AUM) are BlackRock USD Institutional Digital Liquidity Fund (BUIDL) and Franklin OnChain US Government Money Fund (FOBXX), with AUM of approximately $530 million and $410 million, respectively.

@ Newshounds News™

Source:  CoinTelegraph

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A Tax-free Crypto era?
This idea of tax-free crypto transactions has generated buzz among investors and entrepreneurs. If the U.S. is successful in eliminating capital gains taxes on crypto transactions, it could position itself as a global crypto hub. This could attract significant capital from international investors and encourage U.S.-based companies to invest in blockchain and crypto technology.

For an average crypto holder, this could be the start of a new era where crypto can be used as both a payment method and a store of value without further tax concerns.

@ Newshounds News™

Source:  CoinPedia

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RIPPLE NEWS: EX-CTO’S GAME-CHANGING ANNOUNCEMENT COULD REDEFINE XRP LEDGER

▪️ Ex-Ripple CTO Stefan Thomas says he’s working on a new version of Codius, the smart contract hosting protocol that allows more versatility and flexibility.

▪️One expert says this is a big deal for the XRP Ledger as it allows off-chain smart contract execution and cross-ledger
 compatibility.

Stefan Thomas, Ripple’s first Chief Technology Officer (CTO), is developing a new version of Codius, the smart contract protocol he developed a decade ago. This could open up new opportunities for the XRP Ledger.

Today, smart contracts are widespread and easier than ever to write and deploy. However, this wasn’t always the case. Back in the early 2010s, these contracts were still in their early stages and quite rigid. Thomas, who was the CTO of Ripple at the time, set out to change this, and Codius was born.

While it initially launched as a Ripple project, Codius soon gained a life of its own. Essentially, it offers a more versatile and flexible approach to deploying smart contracts, which allows them to run on any blockchain, dApp or server. These contracts can also interact with multiple other ledgers and blockchains, besides the one on which they are deployed.

Codius died years ago, but Thomas—now the CEO of Coil—recently revealed that he is working on reviving it.

Smart contracts have evolved since the days of Codius, and many of the features the team was working on in 2014 can now be found in existing blockchain networks. However, Codius retains some key tech that one expert believes could be vital to the XRP Ledger today.

Could Codius Accelerate XRP Ledger Adoption?
In a thread on X, renowned writer and entrepreneur Max Avery revealed that Codius’s unique features include decentralised hosting, which creates a peer-to-peer network for services, built-in billing, which allows programs to pay for their operations and language flexibility, which allows developers to use the language they are most proficient in.

But why does this matter for the XRP Ledger? Well, according to Avery, integrating Codius’ technology would introduce off-chain smart contract execution, which would reduce the load on the XRP Ledger and allow it to continue processing transactions at high speed.

Codius also comes with cross-ledger compatibility, which would allow dApps on the XRP Ledger to interact with those from multiple other blockchains.

“Codius’s blockchain-agnostic approach enhances versatility, enabling complex decentralized applications and cross-chain operations,” he noted.

Other benefits would include flexible smart contracts and a scalable application layer that distributes the computation load.

He added:  “Codius enhances the XRP Ledger ecosystem by providing off-chain smart contract execution, preserving and potentially increasing XRP’s TPS, and opening up new use cases through interoperability. It’s a significant step forward for the XRP Ledger.”

XRP trades at $0.524, gaining 2% in the past day

@ Newshounds News™

Source: Crypto News Flash  

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CENTRALIZED STABLECOINS MAY POSE RISK TO DEFI — CURVE FINANCE FOUNDER

As centralized US dollar-pegged stablecoins continue to gain popularity, the potential for regulatory capture has grown.

The potential risks of overcollateralized stablecoins have recently come into sharper focus. Michael Egorov, founder of the decentralized borrowing and lending platform Curve Finance, argued that these risks are not necessarily the reserve-related risks commonly noted by investors but geopolitical risks posed by government regulation.

In an interview with Cointelegraph, Egorov said that the underlying assets backing collateralized stablecoins, including cash deposits in financial institutions and government securities such as United States Treasury bills, are vulnerable to asset freezes and seizures.

The Curve founder’s answer to these potential sanctions is to achieve maximum decentralization through algorithmic stablecoins, which do not rely on physical cash deposits or short-term cash equivalents:

“If you have something totally decentralized, then it is just software running onchain autonomously, so you cannot really do anything to it, and, in principle, it's still fully trackable.”

“For [the US dollar], keys are never yours. So, that’s a problem,” Egorov stated, before asserting that truly decentralized stablecoins, provide “algorithmic assurance” to investors that their funds won’t evaporate due to asset seizures.

Stablecoins backed by physical fiat assets lack any such guarantee, Egorov told Cointelegraph.

Stablecoins and growing geopolitical risk
The geopolitical risks posed by centralized stablecoins outlined by the Curve Finance founder are a growing concern among industry executives and lawmakers.

On Oct. 25, The Wall Street Journal published a story claiming that USDt
issuer Tether was under investigation by US authorities for allegedly breaking Anti-Money Laundering laws and US sanctions.

Tether CEO Paolo Ardoino denied the claims and outlined the company's reserve assets backing the USDT stablecoin.

During a recent appearance at the Plan B event in Lugano, Switzerland, the Tether CEO also argued that the European Union’s Markets in Crypto-Assets Regulation (MiCA) poses systemic risks for crypto and financial institutions due to banking reserve requirements.

Ardoino explained that the MiCA regulations require stablecoin issuers to hold at least 60% of their deposits in regulated banks, which can lend 90% of those assets to clients and create significant deposit risk for stablecoin firms in the event of bankruptcy or bank failure.

@ Newshounds News™

Source:  Cointelegraph

~~~~~~~~~

🌱TOP QUESTIONS ABOUT EXCHANGING FOREIGN CURRENCY ANSWERED! SOWT   |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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Seeds of Wisdom RV and Economic Updates Wednesday Morning 10-30-24

Good Morning Dinar Recaps,

HBAR ADOPTION EXPANDS AS DUBAI LAUNCHES DIGITAL WILL SOLUTION ON HEDERA

▪️Unlike traditional wills that manage physical assets, the DIFC Courts have chosen Hedera for its reliability, security, speed, and trust, ensuring a transparent process.

▪️This initiative underscores Dubai’s strategic approach to establishing a sustainable digital asset infrastructure and regulatory framework.

The Dubai International Financial Centre (DIFC) announced its integration of Hedera’s Hashgraph technology which will power a new Digital Asset Will inheritance solution.

This initiative is distinct from the traditional FinTech focuses like tokenized assets and payments. Thus, it marks a unique application of distributed ledger technology (DLT) in estate planning, especially for digital asset inheritance.

Managing digital assets in inheritance is a new challenge, unlike conventional wills that distribute stocks, cash, and gold. As a result, the DIFC Courts have chosen Hedera’s technology for its reliability, security, speed, and, most importantly, trust. 

Moreover, the governing council of Hedera provides the DIFC and beneficiaries a complete peace of mind via a trusted, transparent process.

Some of the key features of Hedera like the Hedera Consensus Service (HCS), have played a crucial role in offering audit trails at every step along with accuracy. 

This helps to ensure the correct management of inheritances. For example, HCS’s real-time audit logs prevent mistakes in transferring assets, safeguarding beneficiaries from potential delays or errors.

The DIFC’s move highlights Dubai’s forward-thinking strategy in building sustainable digital asset infrastructure and regulation, setting a standard for digital asset planning. This collaboration is a win for both Hedera as a DLT leader and Dubai’s vision for long-term, responsible digital asset growth.

Key Developments in the Hedera Ecosystem
The Hedera ecosystem is currently seeing strong growth as several industry players are willing to transition to blockchain tech and prefer Hedera for its transparent governance and trust. 

Earlier this month, investment firm Canary Capital announced the launch of the first HBAR Trust in the United States, reported CNF. This fueled further speculation around the potential introduction of a Hedera-focused Exchange-Traded Fund (ETF).

The Canary HBAR Trust will provide safe access for investors to crypt+ocurrency HBAR while opening the gates for institutional participation in the crypto. Steven McClurg, CEO of Canary Capital, highlighted that the HBAR Trust is designed to provide U.S. institutional investors with new opportunities to tap into the growing demand for crypto-related products.

On the other hand, Prove AI recently launched its artificial intelligence product on the Hedera blockchain allowing businesses to securely manage their AI training data while ensuring compliance by using Hedera’s secure and scalable infrastructure.

Furthermore, Hedera will also provide governance solutions for businesses interacting with AI regulations and development, reported CNF.

In other news, Karate Combat, the world’s premier professional strike league, has announced the upcoming launch of its Layer-2 platform on the Hedera blockchain. Named “UP,” this Layer-2 blockchain and crypto-native software licensing platform is set to go live in Q1 2025, aiming to propel Web3 adoption across esports, sports, and entertainment sectors, reported CNF.

@ Newshounds News™

Source:  Crypto News Flash

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COINBASE BRINGS REAL-TIME DEPOSITS VIA DEBIT CARDS BY PARTNERING WITH VISA

Coinbase users can now fund their accounts in real-time with eligible Visa debit cards, thanks to a new integration with the Visa Direct network.

Coinbase users in the U.S. and Europe can now deposit funds to their accounts with an eligible Visa debit card, following a new partnership with Visa. In an Oct. 29 press release, Visa said the integration allows Coinbase customers to deposit funds in real-time, offering flexibility for those looking to respond quickly to crypto market movements.

The feature aims to streamline access to trading funds by reducing wait times traditionally associated with crypto funding. The Visa Direct network facilitates immediate deposits, enabling users to top up accounts or make crypto purchases almost instantly. Visa debit cardholders can also cash out to their bank accounts in real time, minimizing delays across all major transactions on the platform.

“Providing real-time account funding using Visa Direct and an eligible Visa debit card means that those Coinbase users with an eligible Visa debit card know that they can take advantage of trading opportunities day and night,” said Yanilsa Gonzalez Ore, head of Visa Direct, North America for Visa

This latest partnership marks another step in Visa’s expanding role in the crypto market, building on the company’s recent introduction of a blockchain platform for banks to manage fiat-backed tokens.

Earlier in October, Visa launched the Visa Tokenized Asset Platform, a network enabling financial institutions to mint, burn, and transfer fiat-backed tokens, including stablecoins. BBVA, the Spanish banking giant, became the platform’s first client, with plans to trial the technology on the public Ethereum blockchain starting in 2025.

@ Newshounds News™

Source:  Crypto News

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🌱ZIMBABWE DITCHES U.S. DOLLAR FOR GOLD-BACKED CURRENCY. WHAT DOES IT MEAN?  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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Seeds of Wisdom RV and Economic Updates Tuesday Evening 10-29-24

Good Evening Dinar Recaps,

US TREASURY STRATEGY FOR FINANCIAL INCLUSION MENTIONS DIGITAL ASSETS

The United States Department of the Treasury has released its national strategy for financial inclusion, only including cryptocurrencies as a potential risk for consumers.

In an Oct. 29 notice, the US Treasury said its National Strategy for Financial Inclusion in the United States report resulted from a request from Congress and included recommendations to “advance consumer access to safe financial products and services and strengthen financial security.”

According to the department, one of its methods of financial inclusion was through research of a “series of publications on consumer activities and risks related to digital assets,” citing a September 2022 report.

According to the US Treasury, the national strategy recommended increasing access to “safe and affordable credit,” improving the inclusivity of financial services and products from the government, and “protecting consumers from illegal and predatory practices.”

National Economic Advisor Lael Brainard credited Vice President Kamala Harris with helping expand “access to capital, credit, and economic opportunity.”

The strategy by the government department suggested that it would not be considering cryptocurrencies like Bitcoin as a means of financial inclusion in the United States. 

Though many digital asset advocates recognize the potential risk of crypto investments, the technology has often been touted as a way to level the playing field for individuals who may not always have access to traditional banking.

US election could affect crypto policy in 2025
It’s unclear if Vice President Harris would consider this strategy if she were victorious over Republican Donald Trump in the US election in November. The Democratic candidate has suggested she would support the industry if elected but still expressed concerns over consumer protection.

During his administration, US President Joe Biden issued an executive order establishing a framework for digital assets and instructing government departments to study the ecosystem’s potential impact on consumer and investor protection, financial stability, financial inclusion, responsible innovation, the US’ financial leadership and combating illicit financial activity. 

The Treasury Department has been involved in developing policy recommendations for crypto in accordance with the order.

@ Newshounds News™

Source: CoinTelegraph \

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BIS DEBATES ENDING CROSS BORDER CBDC PROJECT MBRIDGE – REPORT

Yesterday Bloomberg reported that the Bank for International Settlements (BIS) is considering whether to shut down Project mBridge, the cross border CBDC payments platform developed in collaboration with the central banks of China, Hong Kong, Thailand and the UAE. In June Saudi Arabia joined at the same time as mBridge launched as a minimum viable product.

Bloomberg cited sources saying the topic was discussed at last week’s International Monetary Fund (IMF) and World Bank meetings. A concern is Russia’s ongoing enthusiasm for developing a similar sounding BRICS Bridge.

At a Group of 30 event in Washington on Saturday, BIS general manager Agustín Carstens was quoted as saying “we cannot directly support any project for the BRICS because we cannot operate with countries that are subject to sanctions — I want to be very clear about that.” Both Russia and Iran are BRICS+ members.

mBridge’s design
mBridge enables commercial banks to make cross border payments via their central banks, using wholesale central bank digital currencies (wCBDCs). The design encourages direct local currency payments, sidestepping the need to use US dollars.

For cross border payments, banks often either use correspondent banks or keep bank accounts (nostro accounts) at the destination, which are expensive to maintain as they tie up capital.

Hence, there are pros and cons with the mBridge design. A key advantage is banks don’t need to keep nostro accounts at the destination or use correspondent banking, saving considerable money.

On the flip side, a key reason for using the US dollar as an intermediate currency is because almost all currencies have their optimal FX rates against the dollar. In other words, local currency payments involve less attractive FX rates, which is why they haven’t taken off in a big way.

There’s some simple math involved here. Currently, there are 180 currencies, each with their best rate against the dollar. That’s 180 currency pairs, with relatively strong supply and demand. So it’s cheaper to go from Thai baht to USD to renminbi, than directly from baht to renminbi.

That’s because the direct local currency route for 180 currencies translates to 16,110 currency pairs. If you spread the supply and demand across 16,110 pairs rather than 180, these are far more thinly traded so you no longer get good FX rates.

An obvious path is to choose an intermediate currency different from the US dollar. Notably, BRICS countries don’t seem keen on that. This FX cost issue is critical to mBridge’s viability, because FX makes up the largest proportion of cross border payment costs, by far. State-owned Chinese companies might feel obliged to use local currencies, but companies in other economies will demand the cheapest path.

China’s role in mBridge
China chairs the mBridge technical working group and developed some proprietary components, including a Chinese blockchain consensus mechanism. The Bloomberg piece was critical about allowing China such an important role in the project. 

China’s role is even greater because Hong Kong is involved and the UAE’s central bank representative spent a large part of his career at the Hong Kong Monetary Authority. So three out of the four central banks have strong Chinese ties. 

However, the project started as a joint Hong Kong – Thailand initiative, so its location at the Hong Kong BIS Innovation Hub and the involvement of China were natural paths.

However, it’s not surprising the topic is being debated. Ledger Insights featured an opinion piece exploring the BIS dilemma in January. It concluded that if mBridge proves viable, then the central banks are likely to proceed with or without the BIS. Although it depends on their contracts with the BIS.

Since the January post, the BIS has launched Project Agorá, another cross border CBDC project, but one that supports correspondent banking. Unlike mBridge which has two BRICS members in China and the UAE, no BRICS members are involved in Agorá.

At SIBOS last week, two pieces of mBridge news reinforced the existence of this BIS debate around its future. Firstly, there was a surprising discussion about potentially integrating with Swift and even possibly including the dollar in future.

The second piece of news was the plan to open source the mBridge software. On the one hand, this might help to alleviate concerns about the dependence on China. However, it also makes it far easier for sanctioned countries to spin up a version of their own, without involving the BIS.

Should the BIS remain engaged?
In our January opinion piece, we concluded that IF mBridge proves viable, the central banks are likely to continue, with or without the BIS. With open source software, that’s even more probable. However, with the BIS involved, sanctioned countries will be prevented from engaging.

Payments are all about network effects. So if many more countries join mBridge rather than BRICS Bridge, that will support the effectiveness of sanctions and prevent mBridge morphing into BRICS Bridge. It brings the issue into focus: is mBridge about new payment efficiencies, or is it about an alternative to the status quo with the US dollar at the core?

At SIBOS, the former Governor of the People’s Bank of China, Zhou Xiaochuan, noted that “If the U.S. government would like to use the U.S. dollar as a sanction tool, it may reduce the feasibility of other countries to use the U.S. dollar.” 

No matter one’s view on Russia or Iran, Governor Zhou’s statement is factual. Whether it’s mBridge or something entirely different, logically there will be strategies to circumvent using the dollar. We’ve reported on Russia iterating through several different paths, many involving crypto or DLT.

However, in the case of mBridge, the genie is already out of the bottle. It’s likely better for the BIS to engage than not.

@ Newshounds News™

Source:  Ledger Insights

~~~~~~~~~

🌱 HOW TO HANDLE CRYPTO!  BINANCE HAS A CRYPTO WEALTH MANAGER  |  Youtube

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Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 10-29-24

Good Afternoon Dinar Recaps,

JUST IN: BINANCE LAUNCHES FIRST-EVER CRYPTO EXCHANGE SERVICE FOR WEALTH MANAGERS

Binance has launched the a first-of-its-kind crypto solution which will cater to the crypto needs of wealth managers.

▪️Binance has launched 'Binance Wealth' which will cater to wealth managers and further boost crypto adoption.

▪️This initiative will provide easy access for high net-worth individuals seeking digital asset exposure.

▪️The exchange will provide exposure to a wide range of crypto assets beyond Bitcoin and Ethereum.

Binance, the world’s largest crypto exchange by trading volume, has launched the first-ever crypto exchange solution for wealth managers. According to the exchange, this initiative will be similar to traditional wealth management. This move could also help further assert the exchange’s dominance in the crypto space.

Binance Launches ‘Binance Wealth’
The crypto exchange announced in a press release the launch of Binance Wealth, the first crypto exchange technological solution catering to wealth managers. 

This service will allow wealth managers to oversee their clients’ onboarding and make investment recommendations, ensuring that these clients enjoy strong support throughout the onboarding process.

Wealth managers will also retain full discretionary control, similar to traditional wealth management services. Wealth managers seeking the Binance Wealth program must apply to gain access. After their application has been approved, they can support their clients with the onboarding process into the crypto space.

These clients will have to submit the necessary KYC/KYB documentation for verification. Once boarded, these clients can manage their investments and gain guidance from their wealth managers on the best investment decisions for them.

This move comes just over a month after Binance CEO Richard Teng mentioned that their institutional investors grew 40% this year. With this first-of-its-kind offering, the top crypto exchange will attract high-net-worth individuals looking to gain exposure to cryptocurrencies.  This could also help boost the crypto exchange’s dominance as it looks to wade off its competitors.

Advantage Of This Initiative For Investors
Binance mentioned in the press release that this initiative will significantly reduce the entry barrier for wealth managers and their clients seeking digital asset exposure. These investors will enjoy an experience similar to the traditional financial advisory framework they are accustomed to.

These investors will gain exposure beyond Bitcoin and Ethereum as the top exchange will offer a wide range of supported tokens beyond the top two cryptocurrencies by market cap.

Wealth managers’ clients will have access to trading and earn/staking products, which cater to the needs of all clients, whether they are looking for active or passive investment opportunities.

Lastly, the crypto exchange mentioned that Binance Wealth will provide a ‘White-glove VIP service’ as wealth managers will receive high-touch VIP services and support from the exchange’s VIP key account client managers.

@ Newshounds News™

Source:  CoinGape

~~~~~~~~~

FIVE THINGS TO EXPECT IN CARDANO'S UPCOMING CHANG 2 UPGRADE

The Cardano blockchain's two-part Chang Hard Fork represents a major upgrade that will enhance network functionality and decentralized governance. On Sept. 1, Chang 1, the first phase of the Chang Hard Fork, was activated, bringing crucial improvements such as empowering the Interim Constitutional Committee.

In November 2024, the process to enact the second phase of the Chang upgrade is expected to kick off in full swing, ushering in a critical phase for Cardano’s governance evolution. Chang 2 will require five governance actions to be successfully enacted on-chain.

The current roadmap anticipates a prerelease of Cardano node v10 for testing in mid-October. This crucial phase will initiate thorough testing across multiple environments, starting with the preview and preprod testnets. This second controlled Chang hard fork will complete the metamorphosis of Cardano to the age of Voltaire. 

This culmination of the Chang upgrade will mark a watershed moment for Cardano’s governance, marking a pivotal shift that will have far-reaching and long-term consequences for the whole ecosystem. What to expect The second phase of the Chang Hard Fork is expected to bring even more advancements. In a recent tweet, Emurgo, a founding entity of Cardano, outlined five updates to potentially expect.

First is Delegate Representative (DRep) Voting. Introducing Delegate Representative (DRep) Voting aims to strengthen the community's voice. DReps will be one of the key governing bodies in Cardano's governance framework, able to vote on ideas and governance actions on behalf of the whole community. SPO (Stake Pool Operator) voting will also be a key upgrade in the Chang phase 2.

 Through this update, SPOs will gain voting power by leveraging the stakes delegated to their pools, altering their role in Cardano's future decentralized governance to one of greater participation.

The Cardano Chang 2 upgrade will also usher in governing actions; here, community members will be encouraged to propose governance actions. Anybody in the community will be able to initiate a proposal with a small ADA deposit, which will be refunded after voting ends. 

The proposal will go through a voting procedure with DReps and SPOs to verify that the results match the Cardano community's vision. 

Another update to be expected is Treasury Withdrawal. To carry out the approved governance actions, a treasury withdrawal system will be deployed. Approved governance actions will receive funding allocated directly from Cardano’s treasury.

 This system will allow community members to shape treasury funds, promoting the Cardano network's long-term growth.

@ Newshounds News™

Source:  U Today

~~~~~~~~~

🌱PETER SCHIFF EXPLAINS WHY AMERICA IS ENTERING A HORRIFIC FINANCIAL CRISIS  |  Youtube

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Seeds of Wisdom RV and Economic Updates Tuesday Morning 10-29-24

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CARDANO WILL RUN A NATION STATE: HOSKINSON SHARES WHEN AND HOW

In a keynote titled “After Voltaire: The Next Evolution of Cardano,” Charles Hoskinson, the founder of Cardano, unveiled an ambitious roadmap that could see the blockchain ecosystem running a nation-state by 2030. Hoskinson envisions this nation-state as a substantial entity, potentially serving tens of millions of people.

We as an ecosystem have to make a decision. Do we want to be timid and just chase our tales and focus on small concerns or do we want to be bold and change the world? There’s no reason we can’t for the first time in human history.

We have to decide what we’re going to do with it and how far we want to take it. I believe we can run a nation state on Cardano by 2030 and not a small one, one with tens of millions of people,” the Cardano founder claimed.

How Cardano Can Run A Nation State
Hoskinson reflected on the journey of Cardano over the past seven years, emphasizing the project’s transformative impact. “We have gone from a whiteboard like this to something that has changed the lives of countless thousands of people,” he stated. 

Having traveled to 74 countries and interacted with tens of thousands of individuals, he noted that many have expressed how their lives have been changed by being part of the Cardano community.

A central theme of Hoskinson’s speech was the power of on-chain governance and community collaboration. He highlighted that the upcoming on-chain governance system is “not just some [mechanism] to make a decision; it’s a thing to bring people together to make the right decisions.” This system aims to engage the community in shaping the future of Cardano, with hundreds of workshops planned for next year to discuss marketing, branding, and system growth.

Hoskinson also highlighted the central role of the Cardano Constitution, crafted “by and for the people,” which embedded human rights at its core. “We have to have some protections for our data and our privacy, our freedom of association, commerce, and expression,” he asserted.

 The constitution seeks to guarantee that the original intentions of the ecosystem are preserved, especially in a landscape where trust in unelected entities is dwindling.

The roadmap includes the launch of major projects like Midnight, which is expected to attract millions of new users to the ecosystem. Hoskinson believes that such initiatives will catalyze the development of dozens of other significant projects across various domains, further expanding the Cardano community.

Addressing the broader implications of Cardano’s evolution, Hoskinson drew parallels with historical revolutions that have reshaped societal structures. 

“Just like the American Revolution fundamentally changed the social contract of the world […] we can hold another revolution to take back our digital lives,” he proclaimed.

 He criticized the dominance of multi-trillion-dollar corporations that exert significant control over individual lives, advocating for a future where power is decentralized and returned to the people.

Hoskinson also emphasized the unity within the blockchain industry against centralization. “Everybody in the blockchain industry is the same in that we’re all trying to fight the same thing: centralization,” he said. He called for an end to divisive narratives, urging collaboration to prevent a “terrible future of 2030” dominated by centralized control.

Concluding his keynote, Hoskinson expressed optimism about the Cardano ecosystem’s future. “We built a group of people who can do pretty much everything and we now have the resources as an ecosystem to do that. And we also have an engine that keeps speeding up and getting faster.

We just have to have the will to coordinate and prove that we are the ones to do this and we also have to realize that.”

@ Newshounds News™

Source:  Bitcoinist

~~~~~~~~~

BIS AND BIG BANKS INTRODUCE PROJECT MANDALA FOR IMPROVED CROSS-BORDER TRANSACTIONS

The Bank for International Settlements and central banks from Australia, South Korea, Malaysia, and Singapore have introduced Project Mandala, a system that embeds regulatory compliance directly into cross-border financial transactions.

This initiative addresses common hurdles in international transactions, such as varying regulations that often increase costs and slow transaction speeds. According to the BIS, hopes to streamline cross-border payments without sacrificing privacy or the quality of regulatory checks by using a “compliance-by-design” approach.

Project Mandala can also integrate with both modern digital asset systems, like central bank digital currencies, and established systems, such as SWIFT, making it flexible for traditional financial institutions and emerging digital financial systems.

The Bank for International Settlements and central banks from Australia, South Korea, Malaysia, and Singapore have introduced Project Mandala, a system that embeds regulatory compliance directly into cross-border financial transactions.

This initiative addresses common hurdles in international transactions, such as varying regulations that often increase costs and slow transaction speeds. 

According to the BIS, hopes to streamline cross-border payments without sacrificing privacy or the quality of regulatory checks by using a “compliance-by-design” approach.

Project Mandala can also integrate with both modern digital asset systems, like central bank digital currencies, and established systems, such as SWIFT, making it flexible for traditional financial institutions and emerging digital financial systems.

@ Newshounds News™

Source:  Crypto News

~~~~~~~~~

🌱AI CREATES PEOPLE WHO DON'T EXIST!   |  Youtube

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Seeds of Wisdom RV and Economic Updates Monday Evening 10-28-24

Good Evening Dinar Recaps,

IF TOKENIZED DEPOSITS DON’T PROGRESS, BANK OF ENGLAND LIKELY TO LAUNCH CBDC

During a speech on Saturday, Andrew Bailey the Governor of the Bank of England, discussed the importance of central bank money for both wholesale and retail payments. 

He argued that the role of central bank money is particularly important for wholesale high value payments and the settlement of payment systems. Hence, the Bank wants to enable digital innovation in the wholesale sector.

In July the Bank published a discussion paper on wholesale money, highlighting likely trials for both wholesale CBDC and an RTGS synchronization solution.

However, for retail payments, Governor Bailey thinks the Bank of England should be indifferent to whether payments use central bank money such as a retail CBDC or commercial bank money.

He’s quite keen to maintain the status quo in that most retail payments are in commercial bank money. Doing so doesn’t interfere with fractional reserve banking and the availability of credit in the economy. Regarding digital innovation such as tokenized deposits, he thinks commercial banks are where this should happen.

However, he added, “If for some reason innovation is unlikely to happen, then the central banks have to decide whether they are the only game in town. For me, this justifies why we must continue to prepare for retail CBDC. We have not yet seen enough evidence that the innovation will happen in commercial banks.”

Governor Bailey noted that on occasion, infrastructures and technologies have failed to incentivize innovation. Sometimes that relates to the concentration of market power. Hence the ongoing exploration of CBDC. “That is not my preferred outcome, but not one that we should rule out.”

Tokenized deposits trials
Meanwhile, the UK banking sector has been exploring tokenized deposits as part of the Regulated Liability Network. In September it said the next step was to engage with regulators.

The speech comes across as a ‘giddy up’, and is not the first time the Bank has made such comments. In April Deputy Governor Sarah Breeden outlined a potential scenario where bank innovation is slow, unsuccessful or fragmented.

Fragmentation has been a feature of digital securities, but for tokenized deposits, slightly less so. Some banks purely support tokenized deposits for their own clients. But there are many multi-bank projects.

Ledger Insights Research mapped more than 70 tokenized deposit, stablecoin and other DLT payment initiatives. At least 18 are multi-bank, without counting cross border payment initiatives.

@ Newshounds News™

Source:  Ledger Insights

~~~~~~~~~

HBAR ADOPTION EXPANDS AS DUBAI LAUNCHES DIGITAL WILL SOLUTION ON HEDERA

▪️Unlike traditional wills that manage physical assets, the DIFC Courts have chosen Hedera for its reliability, security, speed, and trust, ensuring a transparent process.

▪️This initiative underscores Dubai’s strategic approach to establishing a sustainable digital asset infrastructure and regulatory framework.

The Dubai International Financial Centre (DIFC) announced its integration of Hedera’s Hashgraph technology which will power a new Digital Asset Will inheritance solution.

This initiative is distinct from the traditional FinTech focuses like tokenized assets and payments.

Thus, it marks a unique application of distributed ledger technology (DLT) in estate planning, especially for digital asset inheritance.

Managing digital assets in inheritance is a new challenge, unlike conventional wills that distribute stocks, cash, and gold. As a result, the DIFC Courts have chosen Hedera’s technology for its reliability, security, speed, and, most importantly, trust.

 Moreover, the governing council of Hedera provides the DIFC and beneficiaries a complete peace of mind via a trusted, transparent process.

Some of the key features of Hedera like the Hedera Consensus Service (HCS), have played a crucial role in offering audit trails at every step along with accuracy. This helps to ensure the correct management of inheritances. For example, HCS’s real-time audit logs prevent mistakes in transferring assets, safeguarding beneficiaries from potential delays or errors.

The DIFC’s move highlights Dubai’s forward-thinking strategy in building sustainable digital asset infrastructure and regulation, setting a standard for digital asset planning. This collaboration is a win for both Hedera as a DLT leader and Dubai’s vision for long-term, responsible digital asset growth.

Key Developments in the Hedera Ecosystem
The Hedera ecosystem is currently seeing strong growth as several industry players are willing to transition to blockchain tech and prefer Hedera for its transparent governance and trust.

Earlier this month, investment firm Canary Capital announced the launch of the first HBAR Trust in the United States, reported CNF. This fueled further speculation around the potential introduction of a Hedera-focused Exchange-Traded Fund (ETF).

The Canary HBAR Trust will provide safe access for investors to cryptocurrency HBAR while opening the gates for institutional participation in the crypto.

 Steven McClurg, CEO of Canary Capital, highlighted that the HBAR Trust is designed to provide U.S. institutional investors with new opportunities to tap into the growing demand for crypto-related products.

On the other hand, Prove AI recently launched its artificial intelligence product on the Hedera blockchain allowing businesses to securely manage their AI training data while ensuring compliance by using Hedera’s secure and scalable infrastructure. 

Furthermore, Hedera will also provide governance solutions for businesses interacting with AI regulations and development, reported CNF.

In other news, Karate Combat, the world’s premier professional strike league, has announced the upcoming launch of its Layer-2 platform on the Hedera blockchain.

Named “UP,” this Layer-2 blockchain and crypto-native software licensing platform is set to go live in Q1 2025, aiming to propel Web3 adoption across esports, sports, and entertainment sectors, reported CNF.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

The President of China says:

“At present, the world is going through changes unseen in a hundred years, the international situation is intertwined with chaos.”

The big word here…

Change.

Read: https://x.com/goldtelegraph_/status/1848901796821168254?s=46

 @ Newshounds News™

Source:   Gold Telegraph  

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Monday Afternoon 10-28-24

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IOTA NEARS MAINNET SMART CONTRACTS RELEASE, PAVING PATH FOR POTENTIAL ATH IN 2024

▪️IOTA is set to launch smart contracts on its Layer 1 network this year, with the transition from testnet to the mainnet expected to be swift.

▪️This would enable the L1 network to anchor decentralized applications and support tokenization, which founder Dominik Schiener says is the network’s key target market.

IOTA has been working towards being an all-encompassing network that can anchor decentralized applications, NFTs, tokenization, decentralized exchanges, and every other blockchain application. While most of these developments have been on the Shimmer staging network, the IOTA Layer 1 could catch up before the end of the year, starting with the debut of smart contracts.

According to discussions from the IOTA’s developers forum, the smart contracts could launch later this year. As noted by one community member on X, they would initially launch in a testnet environment but quickly transition to the main network.

Known as IOTA Academy, he noted:

If this is true and major RWA (real-worl assets) liquidity starts flowing in, we might easily approach IOTA‘s ATH next year.

According to the quoted forum conversation, IOTA developers have been working in private repos on big tech upgrades, but they are bound by non-disclosure agreements against speaking out about these developments.

It also claims that the smart contracts upgrade might include the introduction of MoveVM, a virtual machine designed to run smart contracts written in the Move programming language.

MoveVM enhances flexibility and security while also promoting speed through parallel transaction processing; it has been credited with allowing Web3 apps on networks like Aptos to process up to 150,000 transactions per second.

Earlier this year, IOTA announced the integration of Supra Oracles for IOTA EVM to enhance the data accuracy of its smart contracts.

IOTA Prepares for a Revolution
This year, IOTA has made significant advancements. While every development has been important to the growth of the ecosystem, none has been as significant as the launch of IOTA 2.0. It launched in May this year on a testnet and signals the network’s most radical development in years.

The testnet allows the entire ecosystem of developers, users, and the Foundation to experiment with the new decentralized framework. It comes with features such as feeless transactions and permissionless voting.

IOTA has already been recognized as the best infrastructure for the Internet of Things ecosystem, with Tangle being singled out as the best implementation of decentralized ledger technology for the rapidly growing sector by a recent study.

As we reported recently, a separate study showed that smart contracts on IOTA 2.0 can enhance and secure software-defined networking (SDN), which makes networks more flexible by separating the components of a data network.

IOTA trades at $0.1097 at press time, dipping 2% in the past day despite a 24% rise in the trading volume and a broader uptick in the overall market cap.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

XRP LAWSUIT: LEGAL EXPERT SAYS THE SEC IS ‘NOT DELAYING’ THE RIPPLE APPEAL TO 2025

Ripple’s legal battle with the U.S. Securities and Exchange Commission (SEC) continues, with the SEC requesting yet another extension for its main brief submission, now pushing the deadline to January 2025. According to legal analyst Fred Rispoli, this request hints at more than just logistical issues; it shows that the SEC is struggling with its resources in handling cryptocurrency cases, adding to an already packed agenda.

During his appearance on the “Good Morning Crypto Show,” Rispoli said that Ripple’s appeal will focus exclusively on written submissions, characterizing the situation as a “battle of briefs” rather than live courtroom confrontations. Oral arguments are expected to take place in late 2025, providing both parties an opportunity to strengthen their positions.

However, former SEC attorney Marc Fagel countered Rispoli’s assessment, asserting that the SEC merely selected a date to file its briefs within the established timeline and that there are no delays occurring.

Taking to his X handle, Rispoli wrote,

“False. The SEC simply picked a day to file their briefs within the allocated time period. Nothing is being delayed.”

Gary Gensler, New Laws and More
On the show, Fred also discussed how a new law could affect Ripple. If a law were passed stating it would start on January 1, 2026, it might make the current legal arguments irrelevant, as long as it clearly includes Ripple. If the law is unclear about Ripple’s status, the appellate court might send the case back to the trial court for more clarification.

Fred said that new SEC leadership could greatly impact Ripple’s lawsuit.  Regarding Gary Gensler, the current SEC chairman, Fred predicted there’s a “0% chance” he’ll still be in that role by 2026.

@ Newshounds News™

Source:  CoinPedia

~~~~~~~~~

🌱ZIMBABWE DITCHES U.S. DOLLAR FOR GOLD-BACKED CURRENCY. WHAT DOES IT MEAN?   |  Youtube

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Seeds of Wisdom RV and Economic Updates Monday Morning 10-28-24

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BIS PROJECT DEMONSTRATES AUTOMATED CROSS-BORDER TRANSACTION COMPLIANCE',.

Project Mandala uses zero-knowledge proofs to complete compliance checks across different jurisdictions.

The Bank for International Settlements (BIS) and its central bank partners have shown through Project Mandala that regulatory compliance can be embedded into cross-border transaction protocols.

The project is a collaboration involving central banks worldwide, including the BIS Innovation Hub Singapore Centre, the Reserve Bank of Australia, the Bank of Korea, Bank Negara Malaysia and the Monetary Authority of Singapore (MAS).

On Oct. 28, the BIS updated its page for Project Mandala, highlighting that the project has reached its proof-of-concept stage.

The project, which seeks to automate compliance for cross-border transactions, is one of the BIS’ key projects for 2024. On Jan. 23, the BIS included Project Mandala in its work program.

The project also aligns with the G20 priority actions for enhancing cross-border payments.

Automated compliance checks in cross-border transactions
In an explainer video, the BIS detailed that, during the proof-of-concept phase of Project Mandala, all participant institutions, including commercial banks, central banks and other regulated financial entities, will operate a Mandala node within their systems.

Participants will interact through a peer-to-peer messaging system, which will help them obtain relevant policies applicable to transactions. The system will then transmit the necessary data to generate proof of compliance and manage any other information needed for automated compliance checks.

Within the Mandala system, rules across jurisdictions are stored in a repository and distributed across relevant parties. The data is applied against consumer transaction data to ensure that cross-border transactions are compliant.

How Project Mandala would streamline cross-border transactions. Source: BIS

The system implements zero-knowledge proofs to complete transaction compliance checks privately. ZK-proofs allow a prover to convince a verifier that a particular claim is true without revealing the details of the claims.

BIS “optimistic” about early results
In an announcement, Maha El Dimachki, head of the BIS Innovation Hub Singapore Centre, said that the central bank is optimistic about the potential of Project Mandala’s early results to enhance cross-border payments.

The official said that Mandala is “pioneering the compliance-by-design approach to improve cross-border payments without compromising privacy or the integrity of regulatory checks.”

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

HONG KONG PARTNERS CENTRAL BANKS OF BRAZIL, THAILAND FOR TOKENIZATION. TO OFFER DIGITAL BOND GRANTS

Today the Hong Kong Monetary Authority (HKMA) announced collaborations with the central banks of Brazil and Thailand for cross border tokenization transactions, including atomic settlement of digital asset transactions (delivery versus payment / DvP) and wholesale CBDC (payment versus payment / PvP). Additionally, the HKMA plans to provide grants of up to HK$2.5 million for digital bond issuances to promote Hong Kong as a tokenization venue.

Hong Kong has previously issued two tokenized government green bond issuances, one tokenized (so the primary issuance was conventional) the other natively digital. The second one was worth more than US$750 million across multiple currencies and was the largest digital bond at the time. It has since been eclipsed by two KfW issuances.

As part of Hong Kong’s push to promote the digital asset ecosystem, it soon plans to publish guidelines for a new Digital Bond Grant Scheme that will offer a maximum grant of HK2.5 million for each eligible issuance.

Cross border collaborations
Given Brazil’s hugely successful launch of its Pix real time payment system, many are eagerly watching the progress of DREX, the Banco Central do Brasil’s wholesale CBDC and tokenization project. DREX recently announced the 13 themes to be trialed and re-opened applications for participants.

Now DREX and Hong Kong’s Project Ensemble tokenization project will trial cross border transactions, including for trade finance and carbon credits.

Previously, Hong Kong conducted a trial with the Banque de France.

HKMA unveiled a similar collaboration with the Bank of Thailand, with whom it previously partnered for CBDC in Project Inthanon-LionRock. That initiative expanded to mBridge, the cross border CBDC project that has reached the minimum viable project stage.

The Thai collaboration will involve Thailand’s Project San, an internal experiment that is testing a tokenization ecosystem. This includes wholesale settlement, Ethereum-compatible ledgers for tokenized deposits and digital assets, plus an interoperability mechanism.

HKMA emphasized the interoperability work, specifically how to enable the interoperability of separate distributed financial market infrastructures (dFMIs).

For the interoperability aspect, the HKMA is also a new associate member of the Linux Foundation (LF) Decentralized Trust (an evolution of Hyperledger), joining seven other central bank members that are collaborating on the technical requirements for central bank digital currencies (CBDC).

Project Ensemble Sandbox update
Additionally, the HKMA provided an update on its Project Ensemble Sandbox for wholesale CBDC, tokenized deposits and tokenization. It previously outlined some of the planned use cases, and today disclosed which ones have completed. JP Morgan has joined the sandbox alongside two technology firms, R3 and Tencent affiliate, WeBank Technology Services.

It added a new use case for tokenized or digital funds involving China Construction Bank (Asia), Fubon Bank (Hong Kong), JETCO and OSL Digital Securities.

These announcements were part of the Hong Kong Fintech Week. This morning, keynotes by the Treasury, Securities and Futures Commission and HKMA involved sharing other updates on stablecoins and cryptocurrency.

@ Newshounds News™

Source:  Ledger Insights

~~~~~~~~~

🌱WHAT ARE BONDS? WHY WE WATCH ISAAC. WHAT IS ISAAC'S WORD WHEN HE IS COMPLETE?  |  Youtube

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Seeds of Wisdom RV and Economic Updates Sunday Afternoon 10-27-24

Good Afternoon Dinar Recaps,

INDO-PACIFIC NATIONS OUTPACING THE US IN CRYPTO REGULATION, SEC COMMISSIONER SAYS

A U.S. Securities and Exchange Commission (SEC) commissioner has urged the U.S. to adopt a more proactive approach to crypto regulation, pointing to the leadership of Indo-Pacific nations like Japan, Singapore, and Hong Kong. He emphasized that these countries have crafted clear frameworks that foster innovation while protecting investors, in contrast to the U.S., where unclear guidelines leave market participants struggling with uncertainty.

SEC Commissioner Urges US to Learn from Indo-Pacific’s Crypto Leadership
U.S. Securities and Exchange Commission (SEC) Commissioner Mark T. Uyeda compared the U.S. SEC’s regulatory approach to those of other countries, especially in the Indo-Pacific, regarding crypto and fintech, at the AIMA APAC Annual Forum in Hong Kong on Wednesday.

He stressed that while the U.S. continues to grapple with unclear regulatory frameworks for digital assets, countries like Japan, Singapore, Hong Kong, and Australia have taken a leadership role in fostering innovation while protecting investors.

Uyeda praised the regulatory advancements in the Indo-Pacific, stating: “I believe there is much to learn from market regulators in the Indo-Pacific region on how to promote these values and objectives.”

The SEC commissioner highlighted how countries in the region have crafted forward-looking regulations that balance the need for innovation with investor protection.

For instance, Hong Kong has introduced a stablecoin licensing regime, Singapore has committed $150 million to promote fintech, Japan has issued guidelines for crypto exchange supervision, and Australia has its own regulatory sandbox.

Uyeda said:

My impression is that Hong Kong, Singapore, Japan, and Australia, among others, have shown leadership in how to facilitate crypto and fintech capital formation and innovation while promoting investor protection.

The U.S. regulator emphasized that many companies have been forced to navigate these uncertainties on their own. “My view is that the SEC could do much more in addressing the key gating question of whether a crypto asset is a security.

Market participants have been forced to struggle with this analysis and decipher SEC views from various settled enforcement actions and litigation in the courts,” he detailed. 

“One concern expressed by market participants has been that the SEC has not provided sufficient guidance on key issues, such as when does a particular crypto offering need to be regulated as a security offering.”

In comparison, the SEC’s approach has been less clear, leaving market participants uncertain about key regulatory issues, Uyeda pointed out, adding:

By comparison to the Indo-Pacific region, the SEC’s current regulatory approach to crypto and related technology is less advanced.

Uyeda urged the SEC to learn from the Indo-Pacific’s proactive stance and become more transparent and engaged with the crypto industry. He pointed to fintech events and regulatory sandboxes used by regulators in the region as examples of how to support innovation. 

In contrast, the U.S. lacks a specific registration form for crypto, making the regulatory process difficult for issuers. 

Uyeda warned that the U.S. must not “bury our heads in the sand about the growing benefits and risks of crypto and financial technology,” calling for the SEC to take a more active role in addressing these challenges.

@ Newshounds News™

Source:  Bitcoin News

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WILL JAPAN LAUNCH BITCOIN AND ETHEREUM CRYPTO ETFS? KEY INDUSTRY GROUP PUSHES FOR APPROVAL

In a recent move to boost the growth of crypto investment products in Japan, a coalition of Japanese companies has recommended that any upcoming exchange-traded funds (ETFs) in the region should focus on Bitcoin (BTC) and Ethereum (ETH).

This recommendation comes as Japan debates whether to follow the US and other nations that have already approved crypto-backed ETFs.

The Push For Crypto ETF Approval
It is no more news that the recent introduction of crypto ETFs in the US and other major countries such as Hong Kong is viewed as a milestone for the digital asset industry, following years of regulatory resistance.

Despite the embrace crypto ETFs have received from these countries, Japan, on the other hand, has been so far cautious on this front, with officials from the Financial Services Agency (FSA) previously expressing reservations about the advantages of these ETFs.

However, as of October 25, a certain group, which includes prominent financial institutions appears to be pushing and urging the country’s regulator to prioritize Bitcoin and Ethereum ETFs due to their “market value and long-term performance” which make them “well-suited” for asset-building over medium to long-term horizons.

Particularly, the group’s proposal highlights the perceived reliability of Bitcoin and Ethereum, pointing out their track records, and significant market caps, which are key players in the overall digital currency market.

As Japan explores a potential shift in its stance on crypto ETFs, this coalition seems to ensure that the focus remains on well-established assets such as Bitcoin and Ethereum.

In addition to recommending that Bitcoin and Ethereum be prioritized in potential ETF offerings, the coalition also advised that Japan reconsider its tax policies on crypto income.

Japan’s tax rate on crypto gains can reach as high as 55%, which many argue is a deterrent to individual and institutional investors.

The group suggested that a separation of tax on income earned from cryptocurrencies could help make Japan a more “competitive” destination for digital currency investment.

Notably, members of this coalition include key players in Japan’s financial landscape, such as Mitsubishi UFJ Trust and Banking Corp., Sumitomo Mitsui Trust Bank Ltd., crypto exchange bitFlyer Inc., and brokerage firms like Nomura Securities Co. and SBI Securities Co.

These institutions with vast industry experience have collectively expressed their concerns and recommendations as a consensus rather than individual opinions.

The coalition’s insights come when Japan’s digital currency regulatory environment is under close examination, and the FSA has confirmed its intent to review its regulatory policies. However, this review is expected to take time and its outcome remains uncertain.

@ Newshounds News™

Source:  Bitcoinist

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RUSSIA PUBLISHES NEW CRYPTO LAW EXPANDING STATE CONTROL OVER DIGITAL ASSETS

Russia’s new crypto law amplifies state control, enabling regional restrictions, tighter infrastructure regulations, and enhanced transaction monitoring.

State Authority Over Digital Currency Grows as Russia Publishes New Law
The Russian government released a document on Friday detailing a law signed by President Vladimir Putin that broadens the scope of digital currency regulations. 

This new law significantly extends government oversight of cryptocurrency mining activities and related infrastructure across the nation.

Taking effect on Nov. 1, the legislation includes several amendments designed to strengthen oversight and impose limitations on crypto mining activities based on regional needs. 

The law enables the Russian government to implement mining restrictions by location and define specific procedures and circumstances for banning mining operations. 

A notable provision in the law gives the government the power to stop digital currency mining pools from functioning in certain areas.

Additionally, the government now has the authority to regulate infrastructure providers supporting mining operations.

This legislation also grants multiple federal agencies, beyond the Federal Financial Monitoring Service (Rosfinmonitoring), access to digital currency identifier addresses. This expansion includes federal executive agencies and law enforcement, bolstering their capability to track transactions that may be linked to money laundering or terrorist financing activities.

Moreover, the amendments transfer responsibility for the national mining register from the Ministry of Digital Development to the Federal Tax Service, which will now oversee mining registrations for businesses and remove those with repeated infractions.

 While individual miners can continue without registering if they adhere to specific electricity consumption limits, companies and individual entrepreneurs must comply with new registration requirements.

In its approach to digital currencies, Russia is advancing crypto regulations and developing a state-backed digital currency, the digital ruble. The country has legalized crypto mining and permitted cryptocurrency use in international trade, aiming to bypass sanctions and reduce reliance on the U.S. dollar in foreign exchanges. 

Putin signed legislation in August allowing experimental frameworks for cryptocurrency use in international transactions. 

This law enables legal adjustments for cross-border crypto transactions, placing oversight of pilot projects with the Bank of Russia and requiring approval from the Finance Ministry, Federal Security Service, and Rosfinmonitoring.

@ Newshounds News™

Source:   Bitcoin News 

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Seeds of Wisdom RV and Economic Updates Sunday Morning 10-27-24

Good Morning Dinar Recaps,

BLOCKCHAIN LIFE 2024 GATHERED THE LEADERS OF THE CRYPTO COMMUNITY FROM 120 COUNTRIES IN DUBAI

Dubai, UAE, October 26th, 2024, Chainwire

The 13th edition of the Blockchain Life Forum, the premier gathering for cryptocurrency leaders worldwide, recently concluded with an astounding attendance of over 12119 participants.

The forum showcased over 200 esteemed speakers, featuring industry pioneers and executives from top companies, including OKX, CoinMarketCap, Bitmain, Bybit, Binance, Animoca Brands, Circle, BingX, ICP, Kraken, TON, Sandbox, Polygon, Litecoin, Sui, BNB Chain, Cardano, DYDX, VeChain, Osmosis, Chiliz, Algorand, Ether Fi, Manta, Mantle, Delysium, and many more.

The exhibition of crypto companies featured 125 amazingly beautiful booths. Major players such as OKX, Bitmain, BingX, KuCoin, Bitget, Listing.Help, and Uminers offered attendees an exclusive glimpse into the latest technologies and innovations shaping the crypto landscape.

As a spectacular finale to the forum, participants enjoyed the Legendary AfterParty at one of the world’s premier clubs, SKY2.0. 

This informal networking event provided a platform for top industry figures to connect, complemented by a dazzling live performance from internationally celebrated artist French Montana, who thrilled over 1,200 attendees with his chart-topping hits.

@ Newshounds News™

Source:  Crypto News Flash

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NETHERLANDS PROPOSES CRYPTO TAX COMPLIANCE TO ALIGN WITH EU STANDARDS

Aligning themselves with the tax reporting rule on digital currency enacted by the European Union (EU), the Netherlands revealed its intention to apply tax monitoring rules on crypto. 

The Dutch government, an EU member, is obliged to accept and apply the new reporting requirement, a structure meant to assist EU member states in controlling digital currencies.

New Reporting Policy
The Dutch Ministry of Finance announced that the government seeks to pass a new policy that will ensure that activities related to cryptocurrencies will be reported and subjected to tax.

According to tax authorities, under the proposed legislation, the government will require crypto service providers to gather and share their users’ data with the Dutch taxation agency starting January 2026.

The Dutch Taxation and Tax Authorities noted, however, that digital currency owners are already required to submit a tax return on their balance and that the measure would not effect them.

Citing that the suggested step will improve cooperation among EU members by exchanging crypto data and transactions, State Secretary for taxes and Tax Authorities Folkert Idsinga clarified that the bill is viewed as an important initiative made by the Dutch government on crypto taxes.

“This will combat tax avoidance and evasion, and European governments will no longer miss out on tax revenues,” Idsinga said.

Under the new rule, digital asset service providers should submit the user data of individuals who are residents of EU member nations. They must submit the data to the Dutch tax administrator, which can be shared by the tax agency with other tax authorities across the regional bloc.

Public Feedback
The Dutch government said that it wants to know the opinion of the public on the proposed tax monitoring law. There will be a consultation period that will run until November 21 wherein the people are encouraged to give their concerns and reactions to the new policy.

The feedback gathered during the consultation will be used to draft the final version of the legislation. Tax authorities aim to submit the proposed measure to the country’s House of Representatives next year.

EU Crypto Tax Reporting
In October 2023, the EU introduced DAC8, a crypto taxation rule that requires all crypto service providers across the EU to provide their respective tax authorities with their users’ data.

The Dutch government said that DAC8 allows data exchange between tax authorities within the EU, limiting the administrative burden for crypto service providers because they only need to communicate with the proper authorities in the country they are registered.

“Without this DAC8 directive, providers could be asked for information by any member state,” Dutch tax authorities explained.

@ Newshounds News™

Source:  Bitcoinist

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🌱SWIFT & MBRIDGE: THE FUTURE OF CROSS-BORDER PAYMENTS?  |  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 Afternoon 10-26-24

Good Afternoon Dinar Recaps,

FED RATE CUT TO HAPPEN 2 DAYS AFTER US ELECTION, POSSIBLE MARKET IMPACT?

▪️The US Fed rate cut is imminent in November with 0.25% cut in view

▪️FOMC policy meeting will hold on Nov 7, two days after coming US election

▪️Bitcoin might benefit from this potential market rattling ahead

Beyond Bitcoin trend, one of the most important conversations on Wall Street now is the potential Fed rate cut in November. With the US economic data coming in below expectations, there is a higher level of certainty of a rate cut next month. The timing, however, has created a new conversation on what this might mean for the broader market.

US Fed Rate Cut: What Is With the Timing?
In September, the Federal Open Market Committee (FOMC) slashed interest rate by 50 basis points. This pivot comes after about 4 years of aggressive monetary policies. At the time, Federal Reserve officials including Chairman Jerome Powell revealed that more cuts are likely, depending on economic outlook.

Recent economic data shows a need for more cuts. Although the latest US PPI inflation data comes in hotter than expected, jobless claims remain a concern to tackle. With the outlook, many projected a 25 basis point Fed rate cut for November and possibly December.

A recent Beige Book report from the apex bank confirmed the need for further cuts, leaving the question of the timeline. Per a report from MarketWatch, the Fed officials are silently preparing for the November policy meeting on the 7th. This is 2 days after the US Presidential election between Donald Trump and Kamala Harris.

It remains unclear what the market impact will be as the elections might not have produced a winner by then. This is bound to leave the market investors highly cautious based on the broader uncertainty on what to expect. However, more clarity on what to expect with the release of PCE Inflation and the October job report next week.

What is in it for Bitcoin?
US Fed rate cut events are historically bullish for Bitcoin (BTC) and the broader crypto market. Branded as a hedge against inflation, Bitcoin might gain more attraction from investors over time.

This thesis stems from the likelihood of the US Dollar losing its purchasing power with excess capital flow amid the Fed rate cut push. This is already playing out as many firms are already exploring keeping funds in digital currencies as a hedge.

In a major twist, Microsoft shareholders will vote in the coming weeks about investing in Bitcoin. Following this revelation, top proponents like Michael Saylor has offered to help Microsoft make trillions through BTC if the leadership is open to talk.

@ Newshounds News™

Source:  CoinGape

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CARDANO FOUNDER REVEALS EPIC BITCOIN PLAN: DETAILS

Cardano founder Charles Hoskinson has teased an ambitious plan to enhance Bitcoin’s ecosystem by relaunching the Bitcoin Education Project in 2025 and introducing advanced resources for Bitcoin developers.

Hoskinson started The Bitcoin Education Project in 2013, providing free, peer-reviewed content on Bitcoin and the digital asset environment.  Now, as he noted in a tweet, with Bitcoin “back in the family,” he intends to relaunch the Bitcoin Education Project in 2025 as well as develop a new edition of his course in the educational program.

The new edition, according to Hoskinson, will not only update previous content but will also include resources specifically for developers looking to build applications on the Bitcoin network.

In a push to expand the programming toolkit available for Bitcoin developers, Aiken education — a modern programming language and toolkit for developing smart contracts on the Cardano blockchain — will be prepared for Bitcoin developers, including hosting on Maestro and using the hyperledger GitHub.

@ Newshounds News™

Source:  U Today

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🌱 THE CONSTITUTION CALL WITH SILVER 57 JIM. LOWTIDE, R JAX AND MASON GREAT INFO - DID YOU KNOW?  |  Youtube

 Replay of the Constitution Live Call from last night October 25, 2024 with guest speaker Mason.

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

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