World's Largest Gold Deposit Found, Worth Over Us$80 Billion

World's Largest Gold Deposit Found, Worth Over Us$80 Billion

Mike McRae  Thu, November 28, 2024

A deposit of high-quality gold ore containing around 1,000 metric tons (1,100 US tons) of the precious metal has been discovered in central China, according to Chinese state media.

Valued at approximately 600 billion yuan or US$83 billion, the discovery could be considered the largest and most lucrative reservoir of gold ever uncovered, surpassing the 900 metric tons estimated to lie within the mother of all gold reserves, South Deep mine in South Africa.

The Geological Bureau of Hunan Province announced the detection of 40 gold veins within a depth of 2 kilometers (1.2 miles) in the northeast Hunan county of Pingjiang.

These alone were thought to contain 300 metric tons of gold, with 3D modeling suggesting additional reserves may be found to a depth of 3 kilometers.

"Many drilled rock cores showed visible gold," says bureau prospector Chen Rulin.

Core samples suggest every metric ton of ore could contain as much as 138 grams (nearly 5 ounces) of gold – an extraordinary level of quality considering ore excavated from underground mines is considered high grade if it contains more than 8 grams.

China already dominates the world's gold market with reserves considered to be in excess of 2,000 tons earlier in 2024, its mining industry contributing around 10 percent of the global output.

TO READ MORE:  https://www.yahoo.com/news/worlds-largest-gold-deposit-found-012530485.html

Iraq Economic News and Points to Ponder Thursday Afternoon 11-28-24

Al-Sudani: We Have Contact With Trump's Team And They Want To Develop Relations With Us

Thursday 28 November 2024 11:08 | PoliticsNumber of readings: 358

Baghdad / NINA / Prime Minister Mohammed Shia al-Sudani stressed: "Iraq's relations with the United States are institutional according to the strategic framework agreement."

Al-Sudani said in an interview with the Spanish newspaper El Mundo: "We have communication with Trump's team and they want to develop relations with us."

Regarding Iraq's relations with Spain, he explained: "We are facing a distinguished stage in relations with Spain and there is a mutual desire to develop and advance them in all fields," adding: "Spain is part of the international coalition that helped us eliminate the terrorist ISIS, and based on our request, the mission of the international coalition will end within two years due to the lack of justification for its existence."

He said: "There are Spanish companies in Iraq, especially in the railway and transportation sector, and we are keen to have more companies for their efficiency and experience in implementing projects. We will sign several memoranda of understanding with Spain and there is a financial ceiling of 200 million euros to one billion euros to cover projects implemented by the Iraqi and Spanish private sectors."

He pointed out that a railway project worth 250 million dollars was referred to a Spanish company, and negotiations are underway with another Spanish company on a high-speed train project between the governorates of Najaf and Karbala.

Regarding the situation in Iraq, Al-Sudani said: "The capabilities of our security services have reached an advanced stage and there is political stability that has been reflected in the general situation of the country."

Regarding the ceasefire in Lebanon, the Prime Minister described the agreement as an important event, expressing his hope that it will include the Gaza Strip to reflect on the stability of the region.

He continued: "Our laws stipulate non-recognition of the Zionist entity, and the Palestinians are the owners of the land and the cause, and they are the ones who decide the formula for the solution to their cause." / End 2   https://ninanews.com/Website/News/Details?Key=1171569

Gold Falls On Dollar Strength

Thursday 28 November 2024 08:49 | Economic  Number of readings: 214

Baghdad / NINA / Gold prices fell on Thursday, pressured by the rise of the dollar, amid anticipation of economic data indicating that the Federal Reserve (the US central bank) may follow a more cautious approach to interest rate cuts.

Spot gold fell 0.3 percent to $ 2627.60 per ounce, and US gold futures fell 0.5 percent to $ 2627.00.

The dollar index rose 0.1 percent, reducing the attractiveness of gold for holders of other currencies.

As for other precious metals, silver fell about one percent to $ 29.78 per ounce, platinum 0.1 percent to $ 928.05, while palladium stabilized at $ 972.75. https://ninanews.com/Website/News/Details?key=1171543

Oil Falls After US Gasoline Stocks Rise

Energy   Economy News – Baghdad  Oil prices fell slightly in Asian trading on Thursday after a surprise jump in U.S. gasoline stocks ahead of the Thanksgiving holiday raised concerns about demand in the world's biggest fuel consumer.

Brent crude futures were down 4 cents, or 0.1 percent, at $72.79 a barrel by 02:20 GMT, while U.S. West Texas Intermediate (WTI) crude futures were down 1 cent at $68.71 a barrel.

Trading is expected to be light due to a holiday in the United States.

The U.S. Energy Information Administration said Wednesday that gasoline stocks in the country rose by 3.3 million barrels in the week ending Nov. 22, contrary to expectations for a slight draw in fuel stocks ahead of the holiday season.

Oil analysts had expected U.S. gasoline stocks to fall by 46,000 barrels last week, according to a Reuters poll ahead of the EIA report.

OPEC+ members are discussing a further delay to a planned oil output increase that was due to start in January, two sources from the producer group told Reuters on Tuesday. The group is due to meet on Sunday to decide policy for the first months of 2025.  https://economy-news.net/content.php?id=50314

Government Communication: All Institutions Are Required To Introduce Electronic Payment By July 2025

Electronic payment device at gas stations  Money and business  Economy News – Baghdad    The Government Communication Team confirmed on Thursday that the number of institutions using electronic payment has increased to 780 and the number of payment cards has increased to 20 million, noting that the government’s plan stresses the obligation of all institutions to introduce electronic payment by July 2025.

The head of the government communication team, Ammar Munim, said in a statement reported by the official news agency, and seen by "Al-Eqtisad News", that "there are about 780 institutions that have been converted to electronic payment, and the number of electronic cards has increased from 14 million cards to 20 million cards, in addition to the amounts that were traded during the campaign reaching one and a half trillion dinars."

He added, "We have a set of measures that have allowed for an increase in the number of electronic cards and the number of ATMs, and the conversion of institutions to electronic payment. The culture among citizens has been strengthened to use cards to transfer their money inside and outside Iraq electronically without any difficulty."

He added, "The national campaign to support the electronic payment process encouraged citizens through simplified procedures from the government, and it is an educational campaign."

He stressed that "the government has taken important measures through which it has directed all institutions to develop a plan to move to electronic payment by the end of this year and for all institutions to enter the electronic payment process by the beginning of July of next year 2025." 58 views  Added 11/28/2024 - 5:53 PM  https://economy-news.net/content.php?id=50346

Central Bank Sales Rise To More Than $288 Million In Currency Auction Today

Thursday 28 November 2024 14:54 | Economic Number of readings: 104

Baghdad / NINA / The Central Bank of Iraq's dollar sales increased to more than $ 288 million in the currency auction, compared to yesterday, Wednesday.

The bank sold $ 288 million, 258 thousand and 12 in its auction today, covering it at a basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, and at a rate of 1310 dinars per dollar for foreign transfers, and at a rate of 1305 dinars per dollar in cash.

Most of the dollar sales went to strengthen balances abroad in the form of transfers and credits, which amounted to $ 275 million, 158 thousand and 12, up 95% from cash sales of $ 13 million and 100 thousand.

The number of banks that purchased cash dollars was one bank, while the number of banks that met requests to enhance balances abroad was 11 banks, and the total number of exchange companies participating in the auction was 15 companies.  https://ninanews.com/Website/News/Details?key=1171609

Sudanese Advisor: The Government Has Taken Decisions That Grant Privileges To Investors

Political | 03:51 - 11/28/2024  Mawazine News - Baghdad -  The Prime Minister's Advisor for Industry and Private Sector Development, Hamoudi Al-Lami, announced that the government has taken decisions to grant privileges to investors, while indicating that the facilities include granting tax exemptions.

Al-Lami said in a speech at the Greek-Arab Economic Forum in Athens, that "Iraq, after the formation of the current government two years ago headed by Prime Minister Mohammed Shia Al-Sudani, had one of its priorities to support the industrial sector, and the government has begun to implement this promise it made," noting that "the government has taken decisions, including activating Investment Law No. 13 of 2006, and additional amendments were made to it to grant more privileges to investors."

He explained that "the government has taken decisions, including forming committees to grant incentives and privileges to investors and guarantees for investment," noting that "foreign investors have the right to lease industrial lands for a period of 50 years, renewable."

Al-Lami explained that "Iraq has great opportunities for investment, especially after the security stability, and the Arab brothers played a major role in activating various sectors in Iraq and they are now spread across all Iraqi governorates," stressing that "Iraq is now witnessing a renaissance in activating sectors, and there are investment opportunities that were presented two months ago and will be followed by other opportunities that will be announced soon."

He continued: "Iraq has a great wealth of minerals that exceeds its importance, oil, as oil is now suffering from some disturbances due to the political situation, the issue of the environment and carbon emissions," explaining that "Iraq has begun to invest in the great wealth of minerals as it has 10 billion tons of phosphate rocks that are used in the phosphate and phosphate fertilizer industry, which has become a great need due to the increasing demand for food that requires agriculture, which in turn needs fertilizers."

He added that "any production of the phosphate industry is accompanied by uranium production, and the investor can use the uranium to produce energy or sell it to power plants," noting that "the National Investment Law started with simple and specific investments in the construction sector and has now shifted to investing in the industrial sectors (chemical and petrochemical)."

Al-Lami stated that "the investor obtains full tax exemptions for importing production line equipment and raw materials."   https://www.mawazin.net/Details.aspx?jimare=256998

For current and reliable Iraqi news please visit:  https://www.bondladyscorner.com/

Seeds of Wisdom RV and Economic Updates Thursday Morning 11-28-24

Good Morning Dinar Recaps,

ROBINHOOD CRYPTO EU EXPANDS OFFERINGS WITH CIRCLE USDC STABLECOIN

Robinhood Crypto EU adds USDC stablecoin, providing users access to regulated dollar-backed digital assets and expanding crypto offerings.

▪️Robinhood Crypto EU added Circle's USDC stablecoin, giving 24M registered accounts access to the dollar-backed asset

▪️Circle's CEO confirmed USDC’s inclusion on Robinhood EU, alongside EURC, benefiting from Europe’s clear crypto regulations.

▪️Robinhood EU supports 30+ digital assets.

Robinhood Crypto EU has expanded the options available on its platform, now including Circle’s USDC stablecoin to its European customers. The integration allows users to access a regulated digital asset that is dollar-based, expanding Robinhood’s product portfolio in the crypto space.

Robinhood Introduces USDC Stablecoin To European Users
According to a recent post on X, Robinhood Crypto EU has incorporated Circle’s USDC into its platform, enabling 24 million registered accounts to access the dollar-backed digital asset. This addition aligns with the trading platform’s strategy of offering users compliant options in the cryptocurrency space.

Circle’s CEO, Jeremy Allaire, acknowledged USDC coming on Robinhood stating that the platform could further boost the use of stablecoins in Europe. Beside USDC, Allaire emphasized on EURC, the euro stablecoin of Circle, as both assets operate within the framework of European regulations.

Circle’s CEO added,

“EURC is the largest Euro Stable, has grown fast this year, is taking advantage of clear and fair regulations in Europe (alongside USDC!) and is growing TX volume, onchain FX use, and more and more exchanges and wallets launching support.”

Crypto Services Across European Markets
Robinhood continues to broaden its cryptocurrency portfolio, offering support for over 30 digital assets. The platform provides the lowest-cost trading across European markets, further cementing its position as a leading crypto platform. The inclusion of USDC in its offerings demonstrates dedication to providing investors with a diverse range of options.

Recently, the trading platform added Dogwifhat (WIF), a Solana-based meme coin, to its list of supported cryptocurrencies. The listing triggered a surge in WIF price and trading volume, highlighting its influence on market trends within the crypto sector.

In parallel developments, Circle launched USDC stablecoin and Cross-Chain Transfer Protocol (CCTP) on the Aptos blockchain. This integration enables the native issuance of USDC on Aptos, improving its functionality within the network. It also enhances cross-chain interoperability and reduces dependence on bridged versions of the stablecoin.

The CCTP rollout facilitates seamless transfers between Aptos and other blockchains, such as Ethereum, Solana, and Base. The move complements Circle’s USDC strategy, further expanding its usability in decentralized finance.

@ Newshounds News™
Source:  CoinGape

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METAMASK INTEGRATES VENMO TO ENHANCE FIAT-TO-CRYPTO ONRAMP OPTIONS

MetaMask added a fiat on-ramp feature through Venmo, allowing US users to buy crypto using the payment app, according to a Nov. 27 announcement.

Crypto-focused fintech Moonpay enabled the new payment method.

Venmo, a PayPal subsidiary, introduced crypto transfers for its customers in April 2023. The company has supported buying, holding, and selling crypto since 2021.

Although the MetaMask fiat-to-crypto option is available in roughly 200 countries, the Venmo partnership is only available for US users.

Efforts on payments
MetaMask first launched a fiat-to-crypto feature in April 2023 and has since added support for payment options via Apple Pay, debit and credit cards, PayPal, wire transfer, and ACH bank transactions.

Other MetaMask partners include Transak, Stripe, Sardine, and Banxa, among others.

The company recently launched the MetaMask Card in August in partnership with Mastercard and crypto service provider Crypto Life. The card is still in its pilot phase and is only available in Europe and the UK.

The debit card allows users to spend balances in USD Coin (USDC), Tether USD (USDT), and Wrapped Ethereum (WETH) at any vendor that accepts Mastercard. Additionally, the card is supported by Apple Pay and Google Pay.

@ Newshounds News™

Source:  CryptoSlate

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Seeds of Wisdom RV and Economic Updates Wednesday Evening 11-27-24

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TRUMP’S TEAM PICKS PAUL ATKINS FOR SEC CHAIR: REPORT

In the ongoing developments surrounding the rapidly evolving cryptocurrency landscape, Donald Trump’s team has reportedly consider a new Securities and Exchange Commission (SEC) chair to replace the current chair, Gary Gensler. According to the latest report, the Trump’s team has consider pro-crypto former commissioner Paul Atkins for the SEC chair position.

Trump’s Team Consider Paul Atkins to Replace Gary Gensler
Atkins is known for his crypto expertise and innovative stance in supporting this rapidly evolving landscape. Following his election as SEC chair, there is a strong possibility that he could actively back and promote U.S. crypto regulation while encouraging rapid growth in the sector.

Recently, Eleanor Terrett, a journalist at Fox Bussiness, noted on X (formerly Twitter),

“Atkins is someone who is not only crypto-savvy but possesses a deep understanding of the inner workings of the agency as both a former commissioner and staffer under two prior SEC Chairs — Richard C.”

Terrett further added that Atkins is seen as being capable of establishing a pro-innovation agenda while returning the agency to the so-called “gold standard” many in the Republican Party feel was lost under outgoing chair Gary Gensler.

Current Market Outlook
Following this much-awaited update, the overall cryptocurrency market began turning green.

As of press time, top assets including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) have registered gains of over 2.75%, 7.5%, and 6%, respectively, in the past 24 hours. Meanwhile, other major cryptocurrencies are experiencing similar upside momentum.

@ Newshounds News™

Source:  CoinPedia

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TETHER DOESN’T LIKE MICAR SO DITCHES EURO STABLECOIN

Tether, the issuer of the world’s largest stablecoin, doesn’t like Europe’s MiCA regulations. Other stablecoin issuers are also not keen on the requirement to put a substantial proportion of reserves into bank accounts, as required by MiCAR. But they nonetheless comply. Tether isn’t willing to do so, and today it confirmed it is shutting down EURT, its Euro stablecoin. Users have a year to redeem the coin.

EURT has a market capitalization of €26 million compared to Tether’s USD stablecoin at $132 billion. To date Tether has operated offshore so it’s likely just not worth the work involved to become MiCAR compliant.

MiCAR requires 30% of reserves to be held in bank accounts, with 60% for larger stablecoins. Tether views this as risky compared to investing in Treasuries. Bank deposits also pay less than government bonds.

“Until a more risk-averse framework is in place — one that fosters innovation and offers the stability and protection our users deserve — we have chosen to prioritize other initiatives,” Tether said in a statement.

Tether is known for keeping most of its stablecoin reserves in high risk assets in the past. The company is also accident prone. Over time the quality has improved significantly, but over 15% of its reserves would be considered moderate to high risk.

Instead of becoming MiCAR compliant itself, Tether’s investment arm (with assets separate from the stablecoin) has invested in Quantoz, a company that plans to issue MiCAR compliant US dollar and euro stablecoins. Quantoz will also use Tether’s Hadron tokenization infrastructure.

What about USDT in Europe?
MiCAR came into force for stablecoins at the end of June, but much of the regulations only apply from year end, at which time enforcement actions become a possibility.

The regulations don’t just apply to Euro stablecoins, but other currencies as well. There are caps of €200 million in daily transactions for non euro coins. Given Tether’s USDT sometimes transacts around $100 billion in a day, one might think it would breach these limits.

However, the limits relate to everyday retail transactions. It excludes crypto transactions and all investment transactions and only applies where both the payer and the recipient are within the EU. We previously published a deeper dive into the limits.

Meanwhile, Paxos, the regulated stablecoin issuer has acquired a MiCAR compliant firm, Membrane Finance.

 Newshounds News™

Source:  Ledger Insights

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Seeds of Wisdom RV and Economic Updates Wednesday Morning 11-27-24

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TRUMP EYES HANDING CFTC OVERSIGHT OF CRYPTO: REPORT

Donald Trump's team is considering handing the regulation of crypto exchanges and spot markets for cryptocurrencies deemed commodities to the CFTC.

Donald Trump’s incoming administration reportedly wants the US Commodity Futures Trading Commission to oversee the crypto industry — a move that could drastically roll back some of the regulatory power from the Securities and Exchange Commission.

The role could see the CFTC take on the regulation of spot markets for digital assets deemed commodities and crypto exchanges, Fox Business reported on Nov. 26, citing sources familiar with the matter.

United States President-elect Trump’s team says the SEC’s enforcement actions against industry players have slowed crypto innovation in the US and that a less stringent approach is needed to facilitate growth, Fox reported.

If the CFTC is handed regulatory control of crypto, it would be a big win for the industry, which has long signaled the agency would be its preferred regulator as it’s perceived to be fairer and has a lighter touch.

“With adequate funding and under the right leadership, I think the CFTC could hit the ground running to begin regulating digital commodities on day one of Donald Trump’s presidency,” former CFTC chair Chris Giancarlo told Fox.

Giancarlo tried to convince the Senate Agriculture Committee — which oversees the CFTC — to support the CFTC’s oversight of the spot crypto market by noting that the regulator had called Bitcoin a commodity in 2015.

The CFTC approved Bitcoin options under Giancarlo’s leadership in December 2017.

Current CFTC Chair Rostin Behnam, who shares mostly moderate views on crypto, asked the Senate Agriculture Committee for extra funding to regulate crypto markets more effectively.

The CFTC’s $706 million operating budget to police fraud and market manipulation is more than four times smaller than the SEC’s $3 billion for the 2024 financial year.

The commodities regulator employs only about 700 staff compared to the SEC’s 5,300.

Around 50% of the CFTC’s enforcement actions have been brought against crypto businesses in 2024 — which Behnam has called a “staggering statistic” for an agency that isn’t mandated to regulate the industry.

Some of this enforcement action has come against crypto companies that are not even US-based.

Meanwhile, the SEC’s leadership is set to change, with Chair Gary Gensler confirming last week that he will resign on Jan. 20, 2025, when Trump is inaugurated.

SEC Commissioner Jaime Lizárraga will also step down from his position on Jan. 17, motivated by a desire to spend more time with his wife, who is reportedly battling cancer.

@ Newshounds News™

Source:  CoinTelegraph

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🇲🇦 MOROCCO’S CENTRAL BANK DRAFTS CRYPTO LAW

The Bank Al Maghrib has drafted a law to regulate crypto assets, currently under review for adoption. Governor Jouahri also revealed that the bank is studying the potential of a central bank digital currency (CBDC) to meet financial policy goals.

@ Newshounds News™

Source:  Crypto Insider

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BRAZIL CONGRESSMAN PROPOSES CREATING A NATIONAL BITCOIN RESERVE

A congressman from Brazil has officially proposed a bill to establish a strategic Bitcoin reserve in the country: the Bitcoin Sovereign Strategic Reserve. The Reserva Estratégica Soberana de Bitcoins (RESBit) aims to diversify the country’s Treasury. According to Portal do Bitcoin, a Brazilian media platform, Congressman Eros Biondini filed the proposal on Monday.

“The creation of RESBit is a strategic measure that positions Brazil as a leader in the new digital economy, reducing economic risks and expanding opportunities for technological and financial development,” wrote Biondini in the justification for the bill. “The approval of this project is essential to guarantee the country’s economic sovereignty and align Brazil with global innovation trends.”

As presented, the bill stipulates planned and gradual acquisitions of Bitcoin, up to 5% of Brazil’s national reserves. Biondini’s proposal would also make the Central Bank of Brazil responsible for the acquisition and management of the RESBit.

Brazil’s cryptocurrency market now stands as the 10th largest in the world, according to Chainanalysis data. Brazil has seen a rise in crypto exports over the last two months, likely contributing to the pitch of a new Bitcoin reserve.

The king cryptocurrency by market cap has surged to new all-time highs over the last month following the US election. Additionally, the country has seen an influx of stablecoin usage within the country. The US dollar-pegged digital asset accounted for almost 70% of all crypto-related transactions.

Multiple countries and governments around the world have turned the tide on crypto regulation. Nations are opting to involve the growing industry in everyday finance. Brazil as a BRICS member has been forward in involving crypto within the bloc, especially Bitcoin and Ripple (XRP).

Central banks and corporate interest in Bitcoin and blockchain technology continue to rise worldwide. While there is some opposition, as seen in Europe as an example, it is clear that most are in favor of establishing crypto reserves. The US is even seeking a similar program under incoming president Donald Trump.

@ Newshounds News™

Source:  Watcher Guru 

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Seeds of Wisdom RV and Economic Updates Tuesday Evening 11-26-24

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IS RIPPLE CEO BRAD GARLINGHOUSE PICK FOR DONALD TRUMP’S CRYPTO CZAR?

Ripple CEO Brad Garlinghouse is rumored to be Donald Trump's pick for Crypto Czar as Ripple eyes IPO and expands post-SEC victory.

▪️Ripple CEO Brad Garlinghouse may become Trump's Crypto Czar, says ex-executive Sean McBride.

▪️50M XRP tokens, worth over $70M, recently moved between unidentified wallets.

▪️Ripple preps for IPO and leadership change as SEC legal battle ends.

Ripple CEO Brad Garlinghouse has become a key figure in discussions around the rumored “Crypto Czar” position in Donald Trump’s White House. Speculation about Garlinghouse’s potential role in shaping U.S. crypto policy gained momentum following comments from former Ripple executive Sean McBride.

This comes amid notable developments in the crypto industry, including the movement of 50 million XRP tokens valued at over $70 million between unidentified wallets.

Ripple CEO Brad Garlinghouse Pick for Donald Trump’s Crypto Czar?
The concept of a “Crypto Czar” role emerged as Donald Trump’s incoming administration considers creating a dedicated position to oversee crypto policy. Former Ripple executive Sean McBride hinted at the possibility of Ripple CEO Brad Garlinghouse stepping into this role. McBride shared his thoughts on X (formerly Twitter), saying,

“There is a real and growing possibility Brad Garlinghouse will be chosen as Trump’s new Crypto Czar.”

According to McBride, Garlinghouse may step down from his position as Ripple CEO if appointed. He also suggested that Ripple already has plans for leadership succession. This potential move aligns with Ripple’s recent resolution of its legal battle with the SEC, a development that may allow Garlinghouse to take on broader responsibilities.

Ripple, under Brad Garlinghouse’s leadership, has become a leading player in the blockchain and digital asset space, with its native token XRP seeing renewed attention from investors. The company has been preparing for an IPO and expanding its offerings, positioning itself for future growth.

Crypto Community Divided on Candidates for Crypto Czar
While Ripple CEO Brad Garlinghouse’s name is in the spotlight, other candidates are also being considered for the role. 

Chris Giancarlo, the former chairman of the Commodity Futures Trading Commission (CFTC), is viewed as a strong contender. Known as “Crypto Dad,” Giancarlo has consistently supported regulatory clarity for blockchain and digital assets. Reports suggest Giancarlo removed himself from consideration for SEC Chair, leaving him available for the crypto-specific role.

Another candidate is Brian Armstrong, CEO of Coinbase. Armstrong has received public support from Charles Hoskinson, founder of Cardano. Hoskinson emphasized Armstrong’s ability to navigate regulatory challenges and unite the crypto industry. Armstrong has reportedly met with Trump’s team to discuss crypto policy, fueling speculation about his potential appointment.

Former Comptroller of the Currency Brian Brooks and Ripple’s Brad Garlinghouse are also viewed as viable choices. Each candidate brings unique experience to the role, with Trump’s team said to be carefully vetting options before making a decision.

Ripple Timing Could Influence Garlinghouse’s Move
Garlinghouse’s potential transition to a government role comes at a pivotal time for Ripple. With its lengthy SEC legal battle largely resolved and plans for an IPO rumored, the company is in a strong position. Former Ripple executive McBride commented,

“I think the timing works for Brad and Ripple given some of the other things happening publicly and behind the scenes.”

Ripple has also been focused on product launches and potential mergers, signaling a period of growth and transformation. If Garlinghouse steps down, Ripple is expected to have a smooth leadership transition, ensuring continued progress in the rapidly evolving blockchain space.

@ Newshounds News™

Source:  CoinGape

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BRICS MOVING AWAY FROM THE DE-DOLLARIZATION AGENDA

Russia’s President Vladimir Putin proudly displayed a mock-up currency bill at the 16th summit in Kazan this year. The BRICS alliance clarified that the banknote is unofficial and was only a display presented by Putin. The theatrics of a BRICS currency followed Russia’s de-dollarization agenda to evade sanctions.

However, the de-dollarization agenda has no takers even among the existing BRICS members. Countries like India, South Africa, and Brazil are slowly taking a step back as the dust settles after the summit. Only desperate countries like Russia, China, and Iran are advancing de-dollarization using BRICS as a stepping stone.

BRICS: Russia & China’s De-Dollarization Plans Find No Takers

No serious development about launching a new BRICS currency is taking shape within the bloc. The formation of a BRICS currency is consensus-based and needs the approval of all members before taking shape. India has distanced itself from the de-dollarization agenda despite being a member of the BRICS alliance.

India needs the US dollar to survive, as without it, its goal of becoming the third-largest economy will stall. The Indian economy is closely tied to businesses in the US for the IT sector, not other BRICS countries. The de-dollarization initiative pushed by BRICS members Russia and China will only hamper India’s economy and businesses.

China and Russia are only using the BRICS bloc to further their agenda of global financial domination. Even Iran has joined the bandwagon as its economy is battered by US sanctions. While BRICS de-dollarization is growing slowly, it has now become a ‘one step forward and two steps back’ type of approach.

The steps to de-dollarization are long and hard and without unity from the members, it will remain a distant dream. The US dollar has more benefits than other currencies as it can sustain the harsh yet competitive currency markets.

@ Newshounds News™

Source:  Watcher Guru

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Seeds of Wisdom RV and Economic Updates Tuesday Morning 11-26-24

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 CRYPTO REGULATIONS : UK’S FCA UNVEILS PLAN TO FULLY REGULATE CRYPTO ASSETS BY 2026

Right now, with a Bitcoin holding of 61,000 BTC, the United Kingdom is the third largest Bitcoin holder, after the United States (207,189 BTC) and China (194,000). Devere Group CEO Nigel Green recently advised the UK government to follow Donald Trump’s strategy to create a Bitcoin national reserve. Could the BTC reserve strategy transform the UK? Let’s listen to what Green has to say!

Nigel Green’s Vision for a UK Bitcoin Reserve
Recently, US President-elect Donald Trump proposed his plan to create a Bitcoin reserve in the United States. The plan has been received well by most. Many experts think that Trump’s move would help the US economy overcome significant challenges, including inflation and public debt.

 Financial expert Nigel Green also praised the United States’s new Bitcoin reserve strategy. Highlighting the prime benefits of the move, he advised the United Kingdom to adopt a similar strategy to boost the economy.

Strategic Benefits of a Bitcoin Reserve
The global market is notoriously volatile. Key issues faced by many western countries, including the UK, are inflation and rising public debt.

 The national debt of the United Kingdom now stands at 2.8 trillion Euro – roughly equivalent to the value of all the goods and services produced in the UK in a year.

In the last financial year alone, the UK government borrowed at least 125.1B Euro. Last month, the government borrowed nearly 17.4B Euro – the second highest borrowing in October since 1993. The annual inflation rate in the United Kingdom sharply grew from 1.7% to 2.3% in October.  

Green highlighted the unique advantages of a Bitcoin reserve strategy to address critical economic issues like inflation, currency devaluation and market volatility. He also pointed out its potential to attract crypto entrepreneurs and blockchain innovators, thereby stimulating economic growth.

Global Competition and the Risk of Falling Behind
Emphasising the risk of falling behind in the race for global technology and financial leadership, Green noted that many nations have already crafted their own crypto strategies.

Recently, marking an end to the long-standing rule of the Conservative Party, Keir Starmer, a Labour Party leader, was elected as Prime Minister.

Financial experts like Green seem confident that the new Labour party leadership would be open to revolutionary policies, like creating a UK Bitcoin reserve, to swiftly improve the country’s economic health.

@ Newshounds News™

Source: CoinPedia  

  ~~~~~~~~~

 NY FED EXPLORES FINANCIAL STABILITY RISKS OF DIGITAL ASSETS AMPLIFIED BY LACK OF COHERENT REGULATION

The New York Federal Reserve (NY Fed) published a report on the financial stability implications of digital assets. It concludes that the risks have been small so far because of the size of the sector. But if it becomes larger, it could pose risks to the broader financial system.

It identifies many of the risks outlined in previous reports but with some nuances.

Digital assets have big booms and busts, with the Bitcoin price falling more than 70% from its 2021 peak. Other factors exacerbate these large price swings. They include what the Fed refers to as funding risk or run risks. 

 A range of digital asset players have suffered runs, including centralized exchanges (CEXs), crypto lenders, stablecoins, and even DeFi protocols. The example of the latter was the Anchor Protocol relating to the collapsed Terra platform.

On top of the booms and busts, and the run risk, the sector uses a high degree of leverage which exaggerates the other risks. Plus, the crypto ecosystem is highly interconnected.

The NY Fed wrote about a lack of a strong and cohesive regulatory environment that amplifies the vulnerabilities. This is more about many crypto entities being offshore, or entities such as decentralized autonomous organizations (DAOs) lacking a clear legal status.

Stablecoins under the spotlight
Given the assessment focuses on financial stability, the NY Fed didn’t dwell on the threat of stablecoins to the singleness of money.

Instead, it is particularly concerned by stablecoins because of their interconnectedness – both within the crypto ecosystem and with the mainstream economy. They “appear to contribute not only to the instability of the digital ecosystem but also to systemic risk,” wrote the NY Fed authors.

While there’s a perception that stablecoins are redeemable, in a crunch only option for many people is to trade them in the secondary market.

Maturity transformation is a known issue in banking – where banks lend on mortgages against demand deposits. The NY Fed argues that maturity transformation can also happen with stablecoins if their assets are illiquid or have longer maturities. It acknowledges that the asset quality of the larger stablecoins has improved over time. 

 However, a good 15% of Tether’s assets are still relatively risky, “making Tether riskier than most prime MMFs, a sector that experienced destabilizing runs in 2008 and 2020.”

The ease of switching between stablecoins can amplify the stablecoin run risk. Decentralized stablecoins such as the DAI (now USDS) are considered riskier because it takes longer for DAOs to react.

Regarding interconnectedness, stablecoins are used by lending protocols, so a run on a stablecoin results in users withdrawing lending and borrowing rates rising significantly.

What the NY Fed is really concerned about is if a large stablecoin had to suddenly liquidate a lot of Treasuries, then that could impact mainstream financial markets.

The paper also explores the growing interconnectedness between digital assets and mainstream finance in other ways.

This interconnectedness, combined with the volatility and fragility of crypto, and high leverage is why it considers digital assets a potential financial stability risk.

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Source: Ledger Insights 

 ~~~~~~~~~

IS CRYPTO THE ANSWER TO YOUR FINANCIAL PRAYERS? | Youtube

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BRICS: NEWS INDIA EXTENDS CBDC PAYMENTS TO NEW COUNTRIES

BRICS member India is strengthening its CBDC mobile payment ties with many more countries for cross-border transactions. Bloomberg reported that India is partnering with multiple countries in South Asia to process mobile payment systems. 

The countries include the Philippines, Sri Lanka, and its BRICS counterpart the United Arab Emirates (UAE). T Rabi Sankar, Deputy Governor of the Reserve Bank of India (RBI) confirmed the development at the conference in Cebu, Philippines.

In addition, BRICS member India has already maintained the CBDC payment agreement with Bhutan and Nepal. The RBI is collaborating with ASEAN countries to integrate the platform for all like-minded nations. For the uninitiated, India is among the first countries in the world to successfully launch the pilot batch of the CBDC testing.

BRICS country India is assessing the possibilities of launching the CBDC digital currency for government, retail, and institutional usage.

It is also studying the impact a CBDC currency could have on the overall economy, banking systems, and monetary policies. When asked about when the CBDC digital currency could be launched, Sankar said that India is not in a hurry. “We are in no hurry to roll it out immediately. Once we have some visibility of what the outcome or impact will be, we’ll roll it out. We don’t keep a specific timeline for that.”

@ Newshounds News™

Source: Watcher Guru

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WHY XLM: IS STELLAR THE MOST UNDERRATED CRYPTO?

▪️Stellar has seen a significant price surge, sparking renewed interest in its potential.

▪️Stellar's co-founder, Jed McCaleb, emphasizes its real-world utility, advanced features, and potential to revolutionize global finance.

▪️Stellar's high transaction volume, native stablecoins, decentralized exchange, and secure smart contracts ensure it as a strong player.

The Stellar market has soared by an astounding 478.057% since November 5, making waves across the crypto community. This unexpected price surge has left many asking: Could Stellar be one of the most underrated projects in crypto?

Co-founder Jeb McCaleb recently shared insights that reveal the true power behind Stellar—insights that most people have overlooked until now. What makes this project so special? Let’s dive deeper and uncover why Stellar might just be more than meets the eye.

Steller’s Growing Popularity
Stellar’s popularity has grown significantly in recent years, with the sharp rise in XLM’s price this month showing the growing interest in the project. While McCaleb acknowledged this increased attention, he pointed out that many people still don’t fully understand the potential of Stellar.

Despite the buzz, he believes the project remains underrated.

Stellar vs. Ethereum
One of McCaleb’s key points was about the scale of Stellar’s daily transactions. He noted that Stellar handles at least ten times more transactions daily than Ethereum, and a large portion of these transactions involve real-world payments.

This impressive transaction volume, combined with its practical use cases, is a major reason for the recent rise in XLM’s price.

Stellar’s Powerful Features
Stellar offers several unique features that have contributed to its popularity and price surge:

▪️Native Stablecoins: Stellar supports its own stablecoins, which makes it perfect for cross-border payments.
▪️Built-in Decentralized Exchange (DEX): Stellar’s integrated DEX allows easy token swaps without the need for third-party exchanges.
▪️On-Chain Governance: The project includes built-in governance features, ensuring more transparency and security.
▪️Safer Smart Contracts: Stellar’s platform allows secure smart contracts, making transactions safer.
▪️Passkey and Multi-Signature Support: The network enhances security with passkey support and native multi-signature features.

McCaleb also emphasized Stellar’s efficiency, noting that the platform supports fast transactions with near-zero fees. This cost-effectiveness and speed make it a top performer in the crypto space, and a big reason why Stellar is gaining more attention.

The Future of Stellar
McCaleb described Stellar as a powerful payment system that fits perfectly with the true purpose of cryptocurrency. He hopes that both businesses and individuals will soon recognize the value of using Stellar for financial transactions. He also predicts that Stellar will play a major role in the global financial system in the near future.

FAQs
What makes Stellar XLM unique?
Stellar’s unique features include native stablecoins, a built-in DEX, on-chain governance, safe smart contracts, and a scalable, secure platform ideal for financial transactions.

Is Stellar XLM underrated?
Despite its strong fundamentals and growing popularity, Stellar is often considered underrated due to a lack of widespread understanding about its real-world impact and capabilities.

What’s clear is that Stellar’s journey has only just begun, and its impact will soon be seen in the crypto industry.

@ Newshounds News™

Source:  CoinPedia

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AUSTRALIA BEGINS CONSULTATION ON OECD CRYPTO REPORTING FRAMEWORK

Australia’s Treasury seeks input on implementing the crypto-asset reporting framework within its domestic tax laws.

Australia’s Treasury Department released a consultation paper seeking feedback on applying an international reporting standard for cryptocurrency transactions. The initiative is part of a broader effort to enhance tax transparency and combat global tax evasion.

The consultation, launched on Nov. 21, focuses on implementing the Organisation for Economic Co-operation and Development’s (OECD) Crypto-Asset Reporting Framework (CARF).

The OECD framework sets standardized rules for collecting tax data on crypto-asset transactions and sharing that information among tax authorities.

The paper presents two options for implementing CARF: adopting the framework into Australian tax law or taking a more tailored approach that would target the needs of the Australian Taxation Office.

Adopting an international standard on crypto reporting
In 2022, the OECD — an intergovernmental organization creating international standards — developed and released CARF to combat global tax evasion using crypto assets.

The OECD developed CARF in 2022 to combat global tax evasion through crypto assets. In 2023, 47 countries, including Australia, committed to adopting the framework. The initiative is expected to enhance visibility into crypto transactions and bolster international information exchange.

Australia is now moving toward integrating CARF into its tax law by consulting with stakeholders.

OECD’s CARF will mandate crypto exchanges and wallet providers to report specific crypto transactions to the relevant tax authorities. The information collected would include digital asset purchases.

According to the consultation paper, CARF reporting requirements may start in 2026. The Treasury stated:

“Subject to a final decision of Government, it is envisaged that CARF reporting requirements would commence from 2026, to ensure the first exchanges between the ATO and other tax authorities could take place by 2027. This timeframe would also be subject to future legislative priorities.”

The Treasury also said this timeframe will provide enough lead time for reporting crypto providers to update their systems.

Other countries implementing CARF into tax laws
Other jurisdictions have also started integrating CARF into their domestic laws. On April 18, Canada announced it would apply the framework by 2026.

 On May 18, Switzerland issued a public consultation for applying the standards to its local tax laws. The country also intends to implement the framework to enhance tax transparency for crypto assets.

Meanwhile, New Zealand introduced the framework in a new tax bill. On Aug. 27, the New Zealand Minister of Revenue submitted a proposal to implement the framework into its laws. Crypto providers are expected to collect information starting on April 1, 2026, and submit them by June 30, 2027.

@ Newshounds News™

Source:  CoinTelegraph   

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WISDOMTREE FILES FOR XRP ETF VIA DELAWARE TRUST, JOINS BITWISE, CANARY CAPITAL IN THE RACE

Moving beyond Bitcoin, asset managers are now eyeing towards XRP as the next big player in the ETF space. In a latest develoment, the Global ETF provider WisdomTree has filed to launch an XRP ETF in the U.S. notably, this is the third filing to establish a spot XRP ETF in the country. Moreover, the XRP price soared over 10% after the announcement.

Eleanor Terrett Confirms The Legitimacy
The trust filing represents a preliminary step in the ETF launch process, preceding a formal application to the SEC.

The update was shared by Fox journalist Eleanor Terrett. Terrett also confirmed the legitimacy of the filing with WisdomTree, which manages over $100 billion in assets.

 Also, just recently, the organization introduced its physical Ripple ETP in Europe. The latest Delaware filing shows the firm’s growing interest in Ripple’s native token.

Additionally, two other firms have filed for an XRP ETF. In October, Bitwise and Canary Capital filed for spot XRP ETFs with the U.S. SEC.

XRP Surges 10%
The news has driven a notable price surge for XRP, with its value rising over 10% in intraday trading. Many market experts anticipate that if XRP breaks out above $1.50, its price could rally to over $2 in the short term.

Renowned analyst Armando Pantoja in a bullish outlook has suggested that XRP could surge to $8-$30. This optimism stems from expectations that Ripple’s long-standing legal battle with the U.S. SEC may resolve favorably in early 2025 in line with Trump’s return and Gensler’s exit.

With SEC Chair Gary Gensler set to resign, speculation is mounting around the future of XRP ETFs, particularly due to the Ripple SEC case. Experts believe that Gensler’s departure could lead to a relaxation in regulations potentially easing the path for XRP ETFs under new leadership.

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Source: CoinPedia 

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NEW OIL-RICH MIDDLE EASTERN COUNTRY EXTENDS SUPPORT TO BRICS

The BRICS alliance is gaining the support of oil-rich Middle Eastern countries in its aggressive global push towards de-dollarization. The bloc inducted oil exporting nations like the UAE, Egypt, and Ethiopia during the 15th summit in South Africa. It also invited Saudi Arabia to join the group but the Kingdom is yet to officially decline the offer.

As of 2024, the BRICS alliance controls nearly 30% of all the global oil supply. BRICS received a boost in the arms after it inducted oil-exporting countries into the alliance. It is now looking to take control of the oil and gas sector and push local currencies for cross-border transactions.

BRICS: Oil-Rich Bahrain Extends Support to the Alliance
Oil-rich Middle Eastern country Bahrain has extended full support for the BRICS alliance. 

Despite not receiving an invitation to be a part of the bloc, Bahrain has always attended the summits and programs held by the group. Bahrain did not receive an invitation to be a part of the ‘Partner Countries’ either which was sent during the 16th summit.

“We (Bahrain) take part in the BRICS Plus group’s activities. We always participate in all BRICS Plus meetings,” said the Middle Eastern nation’s Ambassador to Russia Ahmed Al Saati. 

The oil-rich nation is keen on supporting BRICS without being a part of the alliance. “This is an international association. An invitation should come from the organization itself. However, we have always been participating; we attended the Nizhny Novgorod event,” the Ambassador explained to Russian news outlet Tass.

The development indicates that emerging economies, including oil-rich nations, are keen on supporting BRICS. They find it to be an alternative to the Western-dominated global financial sector. This puts the Western hegemony at risk as developing countries are seeking alternative options to the US dollar.

@ Newshounds News™

Source:  Watcher Guru

~~~~~~~~~

RIPPLE NEWS: $3.8B TOKENIZED FUND LAUNCHES ON XRPL

Ripple and Archax just made a big move that could change how institutional finance works. Together, they’ve launched the first ever tokenized money market fund on the XRP Ledger (XRPL). It’s based on abrdn’s $3.8 billion US Dollar Liquidity Fund, and it’s a huge deal for anyone watching the rise of tokenized assets.

A Major Step by Ripple
This isn’t your everyday blockchain project. Ripple has invested $5 million into abrdn’s Lux fund tokens, signaling its serious commitment to real-world asset (RWA) tokenization. ]

Archax, being a UK-regulated exchange, adds the compliance and trust needed for institutional adoption. Ripple’s XRPL technology brings in efficiency, aiming to make financial transactions smoother and cheaper.

The best part? This is the first tokenized fund on XRPL. That means the fund gets all the benefits of blockchain, like fast settlements and less reliance on middlemen. It’s not just innovation—it’s problem-solving.

Why Tokenized Assets Are a Big Deal
Tokenized funds are growing fast. They already manage over $1 billion in assets, and experts believe this could skyrocket to $16 trillion by 2030. Ripple, abrdn, and Archax are getting ahead of the curve, setting the stage for how tokenized assets could work in the future.

And there’s more. Duncan Moir from abrdn says this isn’t just about technology—it’s about saving time and money. Moving funds on-chain means faster processes and fewer delays. Ripple’s Markus Infanger agrees, calling XRPL a leader in helping institutions scale their operations.

What to Expect Next
This partnership is just the start. As tokenized assets grow, more institutions will likely jump on board. Ripple and Archax are leading the way, showing how blockchain can reshape finance.

For Ripple, this isn’t just a win. It’s a statement. They’re proving blockchain isn’t just about crypto—it’s about transforming the way money moves globally.

@ Newshounds News™

Source:   CoinPedia  

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WHY IRAQ’S FINANCIAL REVOLUTION IS A BIG DEAL  |  Youtube

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NEW TEXAS REGULATION: CRYPTO MINERS MUST REPORT POWER USAGE

Texas mandates crypto miners in ERCOT to report power usage, aligning mining growth with grid stability and efficiency.

Texas introduces a new rule requiring crypto miners to report electricity demand to manage power grid stability effectively.

Global trends show varying regulatory responses to crypto mining, from New York’s temporary moratorium to China’s outright ban.

In a move to better manage its power grid amid the growing popularity of cryptocurrency mining, Texas has introduced new regulations requiring crypto miners in the Electric Reliability Council of Texas (ERCOT) region to report their power demand.

Announced by the Public Utilities Commission of Texas (PUCT) Chairman Thomas Gleeson on November 21, the rule mandates Bitcoin [BTC] miners to provide detailed information about the location, ownership, and electricity demand of their operations.

This regulation aims to ensure stability and efficiency in the state’s power grid as the number of mining facilities increases.

The necessity for such regulations comes as Texas continues to attract a significant number of crypto mining operations due to its relatively low energy costs and crypto-friendly policies.

However, the surge in energy consumption by these operations has raised concerns about the potential strain on the state’s power infrastructure, especially during peak demand periods.

By having a clear picture of the energy demands from crypto mining, Texas can better prepare and adjust its grid management strategies to prevent outages and maintain reliable energy distribution.

Global regulatory trends in crypto mining
Texas is not alone in its efforts to regulate the energy use of crypto mining activities. Around the world, various jurisdictions have started implementing similar rules to address the environmental and infrastructural impacts of this burgeoning industry.

For example, New York recently passed a bill that places a temporary moratorium on certain types of cryptocurrency mining operations that use carbon-based fuel. This legislation is part of broader efforts to align the state’s crypto mining activities with its climate targets.

Similarly, countries like China have taken more drastic measures by completely banning cryptocurrency mining, citing excessive energy consumption and environmental concerns as primary reasons.

These global shifts in the regulatory landscape indicate a growing awareness and response to the complex interplay between cryptocurrency mining and regional energy systems.

The new Texas rule is part of a broader trend where regional governments are scrutinizing the environmental and infrastructural impacts of cryptocurrency mining.

While more territories evaluate and implement regulations, crypto miners are increasingly required to adapt to these changing conditions. Compliance with such regulations not only supports local infrastructure but also pushes the crypto mining industry towards more sustainable practices.

As the BTC mining industry continues to expand, the introduction of regulatory measures like those in Texas is crucial for ensuring that growth is balanced with the needs and limitations of local power grids and environmental standards.

These regulations could set precedents for how other regions manage the intersection of technology, energy consumption, and environmental responsibility in the age of cryptocurrency.

@ Newshounds News™

Source:  AMBCrypto 

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COINBASE EXPLORES BLOCKCHAIN PARTNERSHIP WITH KENYA'S SAFARICOM

Coinbase is reportedly exploring a partnership with Safaricom to enhance M-PESA with blockchain technology. This move aligns with Coinbase’s broader strategy of promoting crypto adoption in Africa, particularly in Kenya and Nigeria. Coinbase is also working with the Kenyan government to foster blockchain development and education.

While regulatory uncertainties have previously hindered Coinbase’s operations in Kenya, recent positive developments and partnerships with local entities like Yellowcard suggest a growing interest in cryptocurrencies and blockchain technology in the country.

@ Newshounds News™

Source:  Bitcoin News

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HONG KONG’S ZA BANK IS FIRST BANK IN ASIA TO LAUNCH RETAIL CRYPTO SERVICES

Today Hong Kong digital bank Zhong An Bank (ZA Bank) unveiled a retail cryptocurrency trading service. It claims to be the first Asian bank to launch a retail service. Rather than building an exchange from scratch, like most banks, it is launching in partnership with an existing cryptocurrency exchange, HashKey Exchange

Initially the bank supports trading only in Bitcoin and Ethereum in both HKD and USD. For the first three months after activation, ZA Bank is offering 0% commission, with minimum investments of USD 70 or HKD 600.

The offering has been integrated with the main bank app. The bank cited a recent survey by the Hong Kong Association of Banks, saying it found that 70% of respondents would find it convenient to trade crypto via their banking apps.

“The rise of cryptocurrency presents investors with more diverse asset allocation opportunities,” said Calvin Ng, alternative CEO of ZA Bank. “As a bank, we prioritise security and compliance, which is why we’ve partnered with HashKey, a global-leading licensed virtual asset exchange, to meet regulatory standards and deliver bank-grade security in virtual assets trading – our key competitive advantage in the Asian market.”

ZA Bank is Hong Kong’s largest digital bank with 800,000 users as of June 2024 (Hong Kong population 7.5m). The company is owned by ZA Global, an affiliate of Zhong An, the large Chinese insurance company which was co-founded by the entrepreneurs behind some of China’s biggest technology firms – Alibaba, Tencent and Ping An insurance.

Other bank cryptocurrency services
While ZA Bank may be the first Asian bank to offer retail crypto trading, Singapore’s DBS Bank was the first to launch a crypto service almost four years ago, which it built in-house. However, the DBS Digital Exchange targets only institutional and accredited investors.

Probably the largest number of retail bank crypto services are in Latin America. Europe is catching up, especially with the enactment of the bulk of the EU’s MiCA crypto regulations at the end of this year. BBVA was one of the pioneers, starting a service in Switzerland in mid 2021, followed by the launch of Garanti BBVA Digital Assets in Turkey last year.

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Source:   Ledger Insights  

~~~~~~~~~

THE UGLY TRUTH ABOUT THE 2020 ELECTION CONTROVERSY NO ONE TELLS YOU  |  Youtube

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THE ECONOMIC RESET: NESARA & GESARA EXPLAINED  |  Youtube

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XRP LAWSUIT NEWS: EX-SEC ATTORNEY SAYS ‘NO SETTLEMENT’ BECAUSE GENSLER WON ‘HALF THE CASE’

XRP’s price surged massively following Gary Gensler’s announcement that he will step down as SEC Chairman in January 2025. This revelation has sparked speculation about whether the XRP-SEC lawsuit could come to an end before Gensler’s departure.

A social media user speculated that Gary Gensler and the SEC might offer a settlement before he leaves, in an attempt to avoid looking like total losers, or to at least make it seem like they had a win.

However, former SEC lawyer Marc Fagel responded, saying that the SEC has already won half of the case. He doubts the same commissioners who voted to appeal the other half would change their stance now. While it’s possible, he finds it unlikely and reassured that the case won’t get dismissed.

He wrote, “They already won half the case. I don’t know why the same commissioners who voted to appeal the other half would reverse course now. Possible, but seems unlikely.”

Conclusion: What’s Next For Ripple And XRP?

XRP has reached $1.5, with an increase in trading volume. Analysts are bullish, with some predicting a price surge to $2 in the near term. XRP is currently showing strong bullish momentum, and the launch of an XRP exchange-traded fund (ETF) in the U.S. could push its price even higher.

The recent rise is also fueled by new developments, such as the listing of physical XRP across major European exchanges. Ripple’s CEO, Brad Garlinghouse, has expressed optimism about the future of XRP, especially with Donald Trump’s potential Treasury Secretary pick, Scott Bessent, which could further benefit XRP’s outlook.

According to lawyer Jeremy Hogan, the Ripple vs. SEC case could be resolved by spring or early summer 2025. Gensler’s exit may speed up the process and lead to a more favorable regulatory environment for XRP.

@ Newshounds News™

Source:  CoinPedia

~~~~~~~~~

RWA INC ANNOUNCES $RWA TOKEN LAUNCH ACROSS MAJOR EXCHANGES ON NOVEMBER 25, 2024

On November 25, 2024, RWA Inc is set to launch its utility token $RWA on KuCoin, Gate.io, and MEXC, bringing years of hard work to fruition. Since its founding, RWA Inc has aimed to redefine how investors and businesses interact with real-world assets, by creating a trusted platform that bridges the gap between traditional markets and the Web3 space.

$RWA Token: Powering the Ecosystem

The $RWA token serves as the backbone of RWA Inc’s multi-asset platform, playing an integral role in the functions of its products and services. It supports staking mechanisms, reduces transaction fees, and powers user engagement across the ecosystem, including the Launchpad, Exchange, Community Hub, and the forthcoming Marketplace.

RWA Launchpad: The launchpad utilizes a tiered-staking mechanism, enabling users to stake $RWA and earn high APYs, allocation for launchpad projects, rewards, and early access to innovative ventures.
RWA Exchange: The exchange incorporates a tiered-staking system that reduces trading fees for investors and allows $RWA to be used for transaction fee payments.
Community Hub: While staking is not available, users can earn $RWA by engaging with campaigns, creating content, and participating in community-driven activities.
RWA Marketplace: In the forthcoming marketplace, $RWA will function similarly to the exchange, lowering transaction fees through staking and serving as a payment method for transactions.

In addition to its core functionalities, the $RWA token provides:

Governance: Token holders can participate in governance decisions, influencing the future development of the platform.
Access: The token grants priority access to launchpad projects, exclusive campaigns, and reward programs.
Liquidity: As the primary medium for transactions within the ecosystem, $RWA facilitates secure trading and ensures smooth operations across products.

IDO Fundraising Campaign

As part of RWA Inc’s launch it is actively raising $800,000 USD through a series of Initial DEX Offerings (IDOs). These IDOs are hosted on prominent launchpads Decubate, Eesee, and Ape Terminal, chosen for their reputations and ability to reach diverse investor audiences.

This multi-platform raise is designed to maximize brand exposure and offer investors the flexibility to participate using their preferred platforms. This approach effectively expands RWA Inc’s market reach, laying the foundation for a successful fundraising campaign and in turn, the next phase of the project development.

Exchange Listings

Upon the conclusion of the IDOs, the $RWA token is set to go live on three CEXs. This listing marks a pivotal moment for RWA Inc, with trading set to begin on November 25, 2024, at 10:00 AM UTC. Investors will be able to trade the token on KuCoin, Gate.io, and MEXC, three exchanges renowned for their global reach, reliable trading infrastructure, and support for innovative projects.

Go-to-Market Strategy

RWA Inc’s go-to-market strategy leverages its Launchpad for onboarding innovative startups and driving adoption of real-world asset tokenization. They are focused on a specific profile of token issuers, starting with Web2 startups/scaleups from seed to B-series stage, who are looking for disruptive ways to raise capital for their growth companies. With a carefully curated pipeline of projects ready for launch. RWA Inc will likely start onboarding its first clients shortly after launch.

The companies’ revenue streams are generated through their tokenization service, launchpad IDOs, listing fees, staking mechanisms, and transaction fees paid in $RWA, creating a diversified and sustainable model for platform growth.

To further strengthen the ecosystem, 50% of the platform’s profit has been committed to a buy-back and burn mechanism, fortifying long-term value for stakeholders.

The RWA Inc project was carefully designed for long-term value generation and aims to lead the tokenized RWA market by example. This strategic approach has garnered the company traction in what is the fastest-growing market in the Web3 space.

About RWA Inc:

RWA Inc offers end-to-end real-world asset tokenization through a cutting-edge multi-asset platform that includes tokenization as-a service, a launchpad, and a marketplace.

With a short-term focus on startup utility tokens for our go-to-market strategy, our primary emphasis is on strategically expanding into startup equity tokens, real estate, collectibles, and other asset classes via registered security tokens. 

As an innovator in the RWA niche, we help tech startups and established companies successfully launch utility and security compliant tokens and thrive in the Web3 market. Our approach addresses the need for extensive tokenization support for Web2 startups, fostering their dynamic growth potential. Our versatile solution aims to unlock opportunities across diverse asset classes, enhance liquidity, broaden market reach, support business development, and unlock asset value, effectively meeting market demands.

@ Newshounds News™

Source:  Blockchain Reporter

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XRP SECURES GOLDEN CROSS AGAINST BITCOIN, WHAT'S NEXT?

XRP has achieved a major technical pattern in its Bitcoin (BTC) pairing, forming a golden cross. This technical pattern, often seen as a bullish signal, occurs when a short-term moving average crosses above a long-term moving average. 

A golden cross happens when the 50-day simple moving average (SMA) crosses above the 200-day SMA, indicating potential upward momentum. XRP has been steadily gaining ground against Bitcoin in recent weeks. The recent altcoin bull run has seen funds flowing from Bitcoin into other cryptocurrencies, including XRP.

@ Newshounds News™

Source and Read more:   U Today  

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GOLDEN CROSS PATTERN EXPLAINED WITH EXAMPLES AND CHARTS

What Is a Golden Cross?
A Golden Cross is a chart pattern in which a relatively short-term moving average crosses above a long-term moving average. It is a bullish breakout pattern that forms when a security's short-term moving average (such as the 50-day moving average) crosses above its long-term moving average (such as the 200-day moving average) or resistance level.

As long-term indicators carry more weight, the Golden Cross indicates the possibility of a long-term bull market emerging. High trading volumes generally reinforce the indicator.

▪️A Golden Cross is a technical chart pattern indicating the potential for a major rally.

▪️The Golden Cross appears on a chart when a stock’s short-term moving average crosses above its long-term moving average.

▪️The Golden Cross can be contrasted with a Death Cross, which indicates a bearish price movement.

How Does a Golden Cross Form?
The Golden Cross is a momentum indicator, which means that prices are continuously increasing—gaining momentum. It means that traders and investors have changed their outlooks to bullish rather than bearish. The indicator generally has three stages.

The first stage requires that a downtrend eventually bottoms out as buyers overpower sellers. In the second stage, the shorter moving average crosses over the larger moving average to trigger a breakout and confirms a downward trend reversal.

Note
Support is a low price level that the market does not allow. Resistance is a high price level that the market resists. A breakout occurs when the price crosses one of these levels.

The last stage is a continuing uptrend after the crossover. The moving averages act as support levels on pullbacks until they cross back down.

The most commonly used moving averages for observing the Golden Cross are the 50-day- and 200-day moving averages. Generally, longer periods tend to form stronger, lasting breakouts. For example, the 50-day moving average crossover up through the 200-day moving average on an index like the S&P 500 is one of the most popular bullish market signals.

Day traders commonly use smaller periods like the 5-day and 15-day moving averages to trade intra-day Golden Cross breakouts. Some traders might use different periodic increments, like weeks or months, depending on their trading preferences and what they believe works for them.

But when choosing different periods, it's important to understand that the larger the chart time frame, the stronger and more lasting the Golden Cross breakout tends to be.

@ Newshounds News™

Source and Read More:  Investopedia  

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BRICS Breaking News: 🇨🇳 China discovers $83 billion gold reserve.

“This comes as gold prices have soared recently and are set to reach record highs in the coming months” 👀🔥

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Source:  X BRICS INFO

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A BIG CHANGE FOR THE IRAQI DINAR - Economic Ninja |  Youtube

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THE END OF THE DOLLAR: GLOBAL FINANCE SHIFT 2024  |  Youtube

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Source:  Seeds of Wisdom Team RV Currency Facts

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Seeds of Wisdom RV and Economic Updates Sunday Morning 11-24-24

Good Morning Dinar Recaps

STELLAR AND THIS NEW COIN: THE DEFI DUO WITH POTENTIAL TO MULTIPLY A CRYPTO PORTFOLIO

A seasoned crypto and a rising DeFi star are capturing investor attention, offering potential for major portfolio growth.

Investors are eyeing a dynamic pair shaking up the decentralized finance scene. One is a seasoned cryptocurrency with a solid track record. The other is a fresh player gaining rapid attention.

Together, they could offer a compelling opportunity to amplify investment returns. This duo might be the catalyst for significant portfolio growth.

Early access to ZDEX: A token with 1000x potential

The ZDEX presale is officially underway, offering early adopters a prime opportunity to invest in a rising DeFi star at an entry price of just $0.0019. By the end of the presale the price will increase to $0.0029, meaning that ZDEX will appreciate 50% even before it gets listed.

ZDEX is the cornerstone of ZircuitDEX, a next-generation decentralized exchange (DEX). Unlike many junk coins, DEX tokens are built to thrive, thanks to their high demand and real utility.

Take Raydium (RAY), which skyrocketed 1790% in a year, or Uniswap, starting at $1 and now over $8, an 8-fold price increase. ZDEX token has similar 1000x potential, ready to reward those who get in early.

Built on the ultra-fast Zircuit Layer 2 chain, ZircuitDEX is crafted to meet the needs of both new and seasoned DeFi traders with its key features:

▪️Lightning-fast transactions for smooth trading experiences

▪️Minimal slippage to ensure trades occur close to desired prices

▪️Near-zero fees for cost-effective transactions

Fully EVM-compatible, ZircuitDEX ensures smooth integration with Ethereum tools, while its implementation of zero-knowledge proofs (ZK proofs) provides enhanced security—a critical feature as market participants increasingly prioritize safeguarding their assets.

Riding the meme coin wave
ZircuitDEX’s built-in meme coin launchpad gives investors a front-row seat to the next viral crypto sensations. With exclusive access to promising meme projects, ZDEX is ready to replicate the explosive success of tokens like BRETT, which soared over 14,000%! As ZircuitDEX nurtures a vibrant, community-centered approach, it’s primed to become the hotspot for high-growth meme tokens.

Efficiency and profitability for liquidity providers
For liquidity providers, ZircuitDEX delivers up to 500x capital efficiency compared to traditional decentralized exchanges. Concentrated liquidity pools allow LPs to earn higher returns with lower capital input, while automated strategies streamline trading, making it easier for users to optimize their holdings. ZDEX token holders also gain governance rights, exclusive airdrops, trade incentives, and staking rewards—adding further value to early participation.

As anticipation builds, ZDEX is quickly becoming a must-watch in the DeFi space, with investors eager to capitalize on its potential for outsized returns.

Stellar: Decentralized network enhancing global financial collaboration
Stellar (XLM) is a decentralized, open-source payments network using blockchain to enable quick, low-cost fund transfers.

It does not favor any national currency and features its own cryptocurrency, Stellar Lumens. Since 2014, Stellar has processed billions of transactions and formed major partnerships. It allows transfers of any currency type, including digital versions of national currencies and cryptocurrencies like Bitcoin.

Unlike many cryptocurrencies aiming to replace financial systems, Stellar seeks to enhance them, offering a unified network for collaboration. Individuals can transfer funds globally using Stellar apps, and companies can develop blockchain applications or use the network for payments and currency conversion. The potential of Stellar’s technology makes it an attractive option in the current market cycle.

Conclusion
In conclusion, although established coins like XLM have less short-term potential during this 2024 bull run, ZircuitDEX offers an exceptional opportunity with 500X capital efficiency, lightning-fast transactions, and zero slippage. The ZDEX Token’s 70% presale discount and potential 500% returns upon launch make it a promising asset to enhance portfolio growth.

@ Newshounds News™

Source:  Crypto News

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THE FUTURE OF NFTS: A TRANSFORMATION, NOT A TOMBSTONE

What’s next fro non-fungible tokens? What’s shaping the industry going into potentially favorable 2025 and beyond?

As we navigate the landscape of digital assets, the question looms large: Are NFTs dead?

The fervor that once engulfed the NFT market has certainly dimmed since the euphoric days of 2021, often compared to tulip mania. However, rather than writing an epitaph for NFTs, we should consider a transformative future shaped by evolving perceptions and real-world utility.

The Loyalty of Web3 Audience
The first challenge that non-fungible tokens (NFTs) face is the inconsistency of the Web3 community. This community is very responsive to market conditions and quickly jumps from one trend to another and changes its loyalty overnight.

The market was cruel for NFTs, indicating that many enthusiasts came to participate in temporary hype rather than for long-term value. As the hype faded, interest waned, leading to disgruntled investors and deserted businesses.

When the reality set in, a number of the Web3 aficionados went shopping for bigger fish, and NFTs soon became out of favor, exposing the market’s appetite for bubble factors instead of fundamentals.

Web2’s Shift: Brands and Normies Depart
Simultaneously, the Web2 audience—once eager to explore blockchain and NFTs—has also moved on. Initially brands that adopted NFTs for promotion purposes have now lost interest in NFT amidst falling prices and the new narrative gaining the center stage.

The discussions about NFTs, primed before, remain dormant and have no elasticity to gain mainstream media attention. For the average consumer, NFTs are just a faded trend, just as the overemphasis on new technologies.

The Future Ahead?
So, what does this portend for the future of NFTs? In Web2, it is obvious that digital art is the new order, and NFTs are still necessary as a medium for auctioning and distributing this art.

Nevertheless, this is probably unlikely to start the next bull market. It is true that profile picture projects (PFP) will always amuse a select few, but they, too, are unlikely to trigger a mass market revival. Bull markets thrive on innovation, where originality intersects with scarcity, driving demand beyond supply.

The burning question is: what could give rise to this newness?

NFTs as the Core Infrastructure
Rather than a relic of a bygone era, NFTs hold the potential to be vital components of blockchain infrastructure. They can enhance identity protocols, facilitate social finance, enrich gaming experiences, and tokenize real-world assets.

When viewed through this lens, NFTs are as fundamental to blockchain as the ERC-20 standard is to decentralized finance(DeFi).

Imagine the scenarios: Instead of real estate parcels having only one owner, anyone can own a fraction of the property. This means that a house deed can be put on sale, and people can buy the NFT and trade it permissionless, making real estate transactions simpler.

Alternatively, NFT-backed real estate investments could allow investors to easily buy into real estate projects without owning the actual property. Fractional ownership might even allow groups to purchase vacation homes or shared assets, like a pair of skis, easily.

Moreover, NFTs are set to redefine community relationships through membership access, perks, and value exchange. A myriad of applications will emerge, such as health records management, credit history management, and embedding NFTs into everyday life.

Conclusion: Transformation is the Key to Success
While the NFT market as we know it may be undergoing a reorientation phase, it is far from dead. Instead of wailing its past, we should focus on the shifts that will redefine our understanding of NFTs. By recognizing their potential beyond digital collectibles, we can pave the way for a future where NFTs become integral to our digital lives—ushering in a new era of innovation and opportunity.

@ Newshounds News™

Source:  CryptoPotato

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DONALD TRUMP SELECTS PRO-CRYPTO SCOTT BESSENT AS TREASURY SECRETARY

▪️Donald Trump has nominated Scott Bessent, a hedge fund manager and crypto advocate, as Treasury Secretary.

▪️Bessent’s pro-crypto stance sparked optimism of a shift toward balanced regulation that would help the industry grow.

▪️His nomination is seen as a potential turning point for fostering innovation and clearer policies in the crypto space.

Donald Trump, the President-elect of the United States, has nominated Scott Bessent as Treasury Secretary for his administration. This decision has generated enthusiasm in the emerging industry due to Bessent’s pro-crypto reputation.

Bessent and Cantor Fitzgerald CEO Howard Lutnick had been considered strong favorites for the position. However, Lutnick was eventually nominated as Commerce Secretary.

Crypto Industry Welcomes Scott Bessent’s Nomination for Treasury Secretary
In a November 22 announcement on Truth Social, Trump praised Bessent as the ideal candidate to support his administration’s economic goals. The President stated that Bessent will play a pivotal role in strengthening the US economy, fostering innovation, and maintaining the dollar’s status as the global reserve currency.

“Scott will support my policies that will drive US competitiveness, and stop unfair trade imbalances, work to create an economy that places growth at the forefront, especially through our coming world energy dominance,” Trump added.

Wall Street veteran Bessent, who founded the international macro investment company Key Square Group, brings extensive experience to the role. He had previously served as the chief investment officer for the prominent investor George Soros.

While President Trump’s announcement did not directly reference cryptocurrencies, many in the digital asset space view Bessent’s appointment as a positive sign.

 In past statements, Bessent has described crypto as a symbol of financial freedom. He also called Bitcoin an alternative investment for younger investors disillusioned with the traditional financial system.

“I have been excited about the president’s embrace of crypto and I think it fits very well with the Republican Party, crypto is about freedom in the crypto economy is here to stay,” Bessent stated.

His pro-crypto stance has led many to believe his leadership could encourage a more balanced approach to digital asset regulation. This would contrast with the outgoing administration’s enforcement-heavy tactics, such as its controversial sanctions on decentralized platforms like Tornado Cash.

Indeed, crypto industry leaders have responded enthusiastically to Bessent’s nomination. Ripple CEO Brad Garlinghouse commended Bessent’s nomination, calling it a win for innovation. He noted that Bessent’s leadership could mark a turning point for crypto-friendly policies in Washington.

Similarly, Kristin Smith, CEO of the Blockchain Association, highlighted the importance of Bessent working with Congress to establish clear regulations, ensure fair tax treatment, and protect self-custody rights for digital assets.

“Critical to this nomination would be working with Congress on a regulatory framework for digital assets, protecting the right to self custody, pushing for clearer tax treatment of digital assets, and working closely with industry experts to protect our nation’s security,” Smith remarked.

@ Newshounds News™

Source: Be In Crypto    

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UNLOCKING PERSONAL SOVEREIGNTY: YOUR GUIDE TO TOTAL FREEDOM  |  Youtube

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🌱ELON MUSK'S BEDSIDE TABLE SECRETS REVEALED!  |  Youtube

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~~~~~~~~~

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Some “Gold Backed “ News Saturday 11-23-2024

Judy Shelton: "Why Don't We Use Our Gold As Collateral For A New Treasury Debt Instrument"

Arcadia Economics:  11-23-2024

Judy Shelton: "Why Don't We Use Our Gold As Collateral For A New Treasury Debt Instrument"

Former Trump economic advisor Judy Shelton has talked a lot about bringing gold back into the monetary system in the US.

And while she has not yet been officially brought back aboard Trump's team, it sure is fascinating to imagine what could happen if she is.

Because in a recent interview with David Morgan of The Morgan Report, in addition to sharing some fascinating monetary history, including how even Fed officials like Paul Volcker and Alan Greenspan agree that 2% inflation is far from the definition of stable, she also proposes the idea of using the nation's gold as collateral for a new treasury debt instrument.

Which is fascinating to hear, especially at the same time when the eastern half of the world continues to express a desire to turn to gold in place of treasuries.

So whether you're a monetary advocate, historian, or someone who just wants to navigate the changes to our monetary system that are coming, you're really going to enjoy this interview.

And to hear David Morgan talk with Judy Shelton, just click to watch the video now!

https://www.youtube.com/watch?v=aOnCTuKXgxY

**

Texas proposes gold and silver-backed currencies to compete with fiat money

Kitco News:  11-23-2024

(Kitco News) – In a quest for sound money, a Texas lawmaker has filed two bills that, if passed, would create gold and silver-backed transactional currencies, backed 100% by the underlying asset, that would serve as legal tender in the state.

According to a report from the Tenth Amendment Center, Texas State Representative Mark Dorazio filed House Bill 1049 and House Bill 1056 on November 12, two bills with similar language that would add provisions to different sections of the Texas legal code.

“Under the proposed law, the Texas Comptroller would issue gold and silver specie (coins) through the Texas Bullion Depository and also establish gold and silver transactional currency defined as ‘the representation of gold and silver specie and bullion held in the pooled depository account,’” wrote Mike Maharrey, Communications Director at the Tenth Amendment Center. “The Depository would be required to hold enough gold and silver to back 100 percent of the issued currency.”

If approved, the bills would enable “Holders of gold and silver specie and currency to use them as ‘legal tender in payment of debt,’ in the state of Texas,” he noted. “The gold and silver-backed currency would be electronically transferable to another person. Gold and silver-backed currency would be redeemable in specie or at the spot price of gold in U.S. dollars minus applicable fees.”

Said differently, the passage of either bill would allow anyone in the state to conduct business transactions using gold or silver. 

“The passage of this legislation would create a sound money alternative to U.S. dollars in both physical and electronic form,” Maharrey said. “Using gold and silver-backed transactional currency, any person or entity would be able to do business using a debit card that seamlessly converts gold and silver to fiat currency in the background. Private individuals and businesses would be able to purchase goods and services using assets held in the Texas Gold Depository in the same way they use dollars held in a bank today.”

He stressed that the ability to use gold and silver-backed transactional currencies “would give people a way to shield themselves from the rapid loss of purchasing power inherent in the fiat dollar.” 

“Over time, making gold and silver available for regular, daily transactions by the general public could have a wide-ranging impact,” Maharrey noted. “Professor William Greene is an expert on constitutional tender and said in a paper for the Mises Institute that if people in multiple states actually start using gold and silver instead of Federal Reserve notes, it would effectively nullify the Federal Reserve and end the federal government’s monopoly on money.”

According to Greene, “Over time, as residents of the state use both Federal Reserve notes and silver and gold coins, the fact that the coins hold their value more than Federal Reserve notes do will lead to a ‘reverse Gresham’s Law’ effect, where good money (gold and silver coins) will drive out bad money (Federal Reserve notes).”

“As this happens, a cascade of events can begin to occur, including the flow of real wealth toward the state’s treasury, an influx of banking business from outside of the state – as people in other states carry out their desire to bank with sound money – and an eventual outcry against the use of Federal Reserve notes for any transactions,” Greene added

“Gresham’s Law holds that ‘bad money drives out good,’” Maharrey explained. “For example, when the U.S. government replaced silver quarters and dimes with coins made primarily of less valuable copper, the cheap coins drove the silver out of circulation. People hoarded the more valuable silver coins and spent the less valuable copper money.”

This led him to ask, “So, how do you reverse Gresham?”

“The key is to make it easier to use gold and silver in everyday transactions,” he said. “The reason bad money drives out good is that governments put up barriers to using sound money in day-to-day life. That makes it more costly to spend gold and silver and incentivizes hoarding.” 

“When you remove legal and tax barriers, you level the playing field and allow gold and silver to compete head-to-head with Federal Reserve notes,” he added. “On an even playing field, gold and silver beat fiat money every time.”

Maharrey highlighted the U.S. Consitution to strengthen his case, noting that Article I, Section 10 decrees that “No State shall…make any Thing but gold and silver Coin a Tender in Payment of Debts.”

“In most states, debts and taxes must either get paid with Federal Reserve Notes (dollars), authorized as legal tender by Congress, or with coins issued by the U.S. Treasury — very few of which have gold or silver in them,” he said. “The creation of a transactional gold and silver currency would take another step toward that constitutional requirement, ignored for decades in every state. Such a tactic would undermine the monopoly of the Federal Reserve System by introducing competition into the monetary system.” 

The proposed bills will be assigned to Texas House committees when the 2025 legislative session begins on Jan. 14.

Texas gold-backed digital currency could aid in Bitcoin adoption

While Maharrey is looking to get gold and silver recognized as transactional currencies in their own right, the Texas legislature is also making progress on legislation to create a blockchain-based gold-backed token, which could benefit not only the yellow metal but also Bitcoin. 

In April 2023, two Texas lawmakers, Senator Bryan Hughes and Representative Mark Dorazi, introduced two separate bills for creating a state-issued digital currency backed by gold. And while the legislation is still working through the state’s Congress, one lawmaker thinks that once launched, the proposed gold-backed digital currency could help boost cryptocurrency adoption. 

As reported by Cointelegraph, Cody Harris, a Republican Party member of the Texas State House of Representatives, sat down for a fireside chat with Coinbase’s David Duong at the North American Blockchain Summit on Thursday and provided an update on the stats of the gold-backed token. 

“This [state-issued digital currency backed by gold] is something safe that people can get their feet wet with,” he said. “It’s more of a stepping stone to owning Bitcoin than competing with it or taking the place or something like that.”

Under the proposed plan, each digital currency token will represent a fraction of a troy ounce of gold held in trust and will enable holders to accumulate and spend gold via blockchain, removing a barrier that makes it difficult to utilize gold for daily transactions. 

Harris said the benefits of the token are twofold. Not only will it simplify the use of gold for everyday use, but it could also help skeptics become more comfortable with cryptocurrency by serving as a government-issued digital alternative to fiat, which is a stepping stone to helping them open to the idea of using decentralized assets like Bitcoin. 

For those who are hesitant to acquire BTC or explore crypto, he suggested that a state-issued coin would provide a higher “comfort level” than tokens issued by startups. 

But not all digital tokens are seen as equal in his eyes, with Harris saying that digital fiat – also known as central bank digital currencies (CBDCs) – would have an overall negative impact on the state and the public at large. 

“I think we would all agree that a CBDC is detrimental to the nation and the state of Texas,” he said, referring to the variety of threats CBDDs pose, such as surveillance and privacy concerns. 

Harris called for the crypto community and broader public to take an active role in the CBDC and digital asset conversation to make sure they aren’t saddled with a dystopian currency that enables things like social credit scores. 

“I think it makes it easier for us who are pro-Bitcoin to have conversations about why someone should change their perspective on it,” he said. “If we start at a CBDC, is it the goal of some parts of the US government? So let’s lock arms together and make sure that that doesn’t happen.”

https://www.kitco.com/news/article/2024-11-22/texas-proposes-gold-and-silver-backed-currencies-compete-fiat-money