Seeds of Wisdom RV and Economic Updates Tuesday Morning 12-10-24

Good Morning Dinar Recaps,

ARGENTINA ALLOWS U.S. CRYPTO ETFS TO ENTER THE LOCAL MARKET

Argentina’s financial regulator allowed foreign crypto-related products from the United States to enter the local market, which will unlock the inflow from overseas.

The board directors of Argentina‘s securities regulator, Comisión Nacional de Valores (CNV), announced that the U.S. exchange-traded fund (ETF), including crypto-related ETFs, are now available in the country.

Under CEDEAR’s program, which is regulated by RG No. 1030, Bitcoin spot ETF and Ethereum spot ETF will be released and ready to trade. This product was prohibited under Law No. 27440 for 6 years.

“it is a pleasure to announce these first approvals, which constitute new investment options provided for in this very innovative law,”  CNV’s president Roberto E. Silva, on official statement.

Although details on which Bitcoin ETF issuer would be allowed to enter the country are not provided, the commission is opening the door for digital asset investment through the capital market.

In the same document, CNV also announced that gold ETFs are allowed to enter the capital market with the GLD ticker, as well as the S&P 500 index. Chinese stock market indexes with FXI ticker were also introduced.

The regulators hope that these innovations of law could boost passive management indices, commodities, and digital assets, which are listed abroad and not publicly offered around the territory.

Argentina’s public Bitcoin mining

Argentina, one of the countries in Latin America that allow Bitcoin for transactions, publicly showcases Bitcoin mining, which is powered by the Central Bank of Argentina (BCRA).

This Bitcoin mining installation symbolises support from the government and embraces the future of digital money through cryptocurrency. This was the first central bank to showcase Bitcoin mining.

An aggressive move is part of Argentina’s President Javier Milei’s vision to fight against hyperinflation, which skyrocketed to almost 300% in April 2024, and to drive the digital economy in the country. Since then, according to Trading Economics, the inflation rate has gradually decreased to under 200% in less than a year.

@ Newshounds News™

Source:  Crypto News

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UAE’S CENTRAL BANK APPROVES FIRST AED-BACKED STABLECOIN

The first AED-backed stablecoin has received approval from the UAE’s central bank. This marks a key change in the country’s digital currency system. The UAE central bank’s move strengthens cryptocurrency regulations and sets new rules for digital currency and stablecoin approval.

This step makes crypto transactions safer and more stable.  This stablecoin approval shows the UAE’s push toward digital currency growth.

How UAE’s First AED-Backed Stablecoin Addresses Cryptocurrency Challenges

AE Coin Launch and Implementation

AE Coin got the first license to create a UAE Dirham-linked stablecoin under new payment rules. One AE Coin equals one dirham, making it a stable payment option. Ramez Rafeek, General Manager of AED’s stablecoin, says:

“AE Coin harnesses the speed and efficiency of blockchain technology, offering instant, secure, and cost-effective transactions. It simplifies transfers, making them faster and more seamless. In a rapidly evolving digital world, AE Coin sets a new standard for trust, security, and innovation in digital currency.”

Market Growth and Transaction Patterns

UAE’s stablecoin market grew to US$9.8 billion in early 2024, up 55% from 2023. Stablecoins lead with 51% of crypto activity, more than Bitcoin and Ether combined. This growth shows trust in cryptocurrency regulations and digital money systems.

Retail and Institutional Adoption

Small transfers make up 93% of all transactions, but big institutions move most of the money. Business and institutional trades account for 74% of all value moved. The AED-backed stablecoin will likely boost these numbers by offering a safe, regulated platform.

Future Developments and Market Impact

More stablecoins are coming to UAE. Tether plans to launch its AED-backed coin in early 2025 with Green Arcon Investments Ltd and Phoenix Group PLC. This makes UAE a stronger digital currency center. The UAE central bank’s rules ensure these new tools are safe and stable.

Integration with Financial Services

The new stablecoin will change online shopping, money transfers, and decentralized finance. It gives companies and people modern banking tools while keeping traditional currency stability through cryptocurrency regulations.

@ Newshounds News™

Source:  Watcher Guru

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DO YOU NEED A TRUST TO EXCHANGE CURRENCY  |  Youtube

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Seeds of Wisdom RV and Economic Updates Monday Evening 12-09-24

Good Evening Dinar Recaps,

CRYPTO INDUSTRY FRUSTRATED OVER POSSIBILITY OF SEC COMMISSIONER CAROLINE CRENSHAW’S RENOMINATION

Coinbase COO Emilie Choi called Caroline Crenshaw, one of two SEC commissioners to oppose Bitcoin ETFs, 'anti-crypto.'

On Dec 11, the U.S. Senate Banking Committee will decide whether to renominate Caroline Crenshaw, a Democrat Securities and Exchange Commission (SEC) commissioner. Crenshaw has always been a staunch critic of cryptocurrencies and the crypto community is not happy with the prospect of her re-election.

Crenshaw is ‘anti-crypto,’ says Coinbase COO

Crenshaw, who was sworn into her role in August 2020, was one of two SEC commissioners who opposed the approval of spot Bitcoin exchange-traded funds (ETFs) in January. In her letter dissenting from the SEC’s decision, which Crenshaw called “unsound and ahistorical,” she wrote:

“I fear that today we are setting ourselves up for tomorrow’s failure, and it will be the investors that we have a duty to protect who will ultimately pay the price.”

SEC commissioner, Jaime Lizárraga, the only other SEC commissioner who voted against Bitcoin ETFs, did not add his name to her letter.

According to James Seyffart, a Bloomberg ETF analyst, Crenshaw was even “more vehemently anti-crypto” than SEC chair Gary Gensler, who has been called “evil” himself. In fact, she served as more than “just an ally to Gensler,” Seyffart wrote in an X post earlier this week.

In a Dec. 7 X post, Coinbase president and COO Emilie Choi wrote:

“Caroline Crenshaw is anti-crypto. She even embarrassingly opposed Bitcoin ETFs. The SEC has to change.”

Given Crenshaw’s widely-known opinions against crypto, the community is frustrated with the upcoming vote on Wednesday.

Alexander Grieve, vice president of government affairs at crypto investment firm Paradigm, called it “one last “gift” for crypto” that Democrat Senate Banking Chair Sherrod Brown is “trying to ram through” before he gives up his chair.

If the Senate vote passes, Crenshaw will hold on to her position in the SEC till 2029. However, if she’s not confirmed by the Senate, president-elect Donald Trump will be free to nominate someone as replacement.

Austin Campbell, CEO of digital payments firm WSPN, wrote in an X post:

“I will remind all Democrats that Caroline Crenshaw voted that the SEC should disobey a Federal judge, break the law, and instead reject BTC ETFs after being ordered to approve them by a court.”

Trump’s SEC chair pick has received the crypto community’s approval

Earlier this week, Trump appointed Paul Atkins, a former SEC commissioner known for being pro-crypto, to be the next SEC chief. The crypto industry welcomed the news with open arms.

Atkins, who served as a Republican SEC commissioner from 2002 to 2008, is expected to take a much more lenient approach to regulating crypto than Gensler. Atkins is known for his advocacy of free-market principles and investor protection and his focus on clarifying complex financial markets.

Atkins’ nomination. is “sorely needed and cannot come a day too soon,” Coinbase chief legal officer Paul Grewal said in an X post.

@ Newshounds News™

Source:  Crypto Slate

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BRICS NEWS: BRICS & US MAY BE SET TO RACE FOR BITCOIN SUPREMACY IN 2025

With the asset class gaining significant attention over the course of the year, both BRICS and the US could be set to race for Bitcoin supremacy in 2025. Indeed, the economic alliance has discussed its interest in integrating the leading asset. Moreover, with the return of Donald Trump to the White House, the United States is looking to emerge as a global leader.

In a recent interview, Eric Trump reiterated these hopes. He explained the path that the US has toward becoming a cryptocurrency superpower. 

Yet, the incoming presidential administration is certainly not alone in those aspirations. His position regarding BTC has mirrored those that Russian President Vladimir Putin has shared in recent weeks.

BRICS & US Face Off in Bitcoin Race: Who Will Become Global Leader?

Bitcoin is certainly having its moment this year. The token is leading an emerging asset class, as it reached a six-figure price for the first time in history last month. Moreover, it became the first crypto-based ETF in the United States, opening the door to increased institutional investment and interest.

Amid its rise, all eyes are on exposure. Businesses are looking into the acquisition of crypto, but so too are countries. With no established global leader, both BRICS and the US could be set to engage in a race for Bitcoin supremacy in 2025.

Speaking to CNBC, Eric Trump noted that “sensible” regulation may be the only thing standing between the United States and a position as a cryptocurrency superpower. Moreover, he noted President-elect Donald Trump has all intentions to “make America the crypto capital of the world.”

Well, they are certainly not the only thing. With Russia loosening its ban on cryptocurrency earlier this year, BRICS may be looking to increase adoption. Specifically, they have sought to use the asset class in trade and have noted belief in its potential.

As the country has just voted to classify crypto as property, Putin has discussed the leading asset. When talking about foreign exchange reserves, the president questioned their necessity if they could be confiscated for political purposes. Specifically, Putin seemed to be alluding to Western sanctions that froze $300 billion in Russian reserves.

But that isn’t the same with Bitcoin. “Who can prohibit it? No one,” he said about the token. That seems to indicate that both BRICS and the US are set to explore the asset class in greater measures this year. That could have them on a collision course for status, with Bitcoin only gaining in the process.

@ Newshounds News™

Source:  Watcher Guru

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IS YOUR CRYPTO WALLET AS SAFE AS YOU THINK?  |  Youtube

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Seeds of Wisdom RV and Economic Updates Monday Afternoon 12-09-24

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IRAN MOVES TO REGULATE CRYPTO INSTEAD OF IMPOSING LIMITS: REPORT

Iran’s finance minister said the country’s government plans to regulate cryptocurrencies instead of limiting their usage.

The Iranian government is looking to embrace crypto assets by adding more regulations instead of outright restrictions, its Minister of Economic Affairs and Finance Abdolnaser Hemmati said.

According to a report from Iran’s state-run news agency Nour News, Hemmati said during a national event on Saturday that the government aims to eliminate the negative impacts of cryptocurrency on the economy, and leverage its positive effects. The minister added that digital money falls under the jurisdiction of the Iranian central bank.

Hemmati said he hopes to see cryptocurrencies used to boost youth employment in Iran, help counter U.S. sanctions and align the country’s activities with the global economy.

On the same day as Hemmati’s speech, the Central Bank of Iran published a new document that summarized its arrangement for upcoming policies on cryptocurrencies, Nour News reported. The upcoming policies aim to support crypto traders to comply with local tax and anti-money laundering laws, according to the report.

Iranian investors currently hold an estimated $30 billion to $50 billion worth of crypto assets, the report said, citing economist Mohammad Sadegh Alhosseini. This is roughly equivalent to a third of the entire gold market in the country, according to the expert.

The announcement from the Iranian government comes as U.S. President-elect Donald Trump builds anticipation for a positive regulatory environment for cryptocurrencies.

Since his reelection last month, Trump has appointed several pro-crypto candidates to spearhead various efforts during his upcoming term, recently naming long-time crypto supporter Paul Atkins to head the Securities and Exchange Commission.

@ Newshounds News™

Source:  The Block

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CZECH REPUBLIC IS NOW CRYPTO-FRIENDLY! HERE’S WHAT CHANGED

The Czech Republic has introduced new crypto-friendly laws, making it easier for crypto businesses to operate in the country.

These laws include easier access to bank accounts for crypto businesses and a three-year tax exemption on crypto investments.

These reforms aim to attract more crypto businesses to the Czech Republic and prevent them from moving to other countries.

The Czech Republic has made the news headlines with bold new crypto regulations aimed at transforming the sector. These changes address long-standing challenges for crypto businesses and could make the country a hotspot for digital asset innovation.

Crypto Firms Finally Get a Break

Crypto businesses in the Czech Republic have long struggled to open bank accounts due to skepticism from financial institutions. Banks, wary of crypto’s volatility, often denied these businesses basic banking services, making operations incredibly challenging.

That’s about to change. The new reforms will make it easier for crypto companies to access banking services, removing a major barrier to growth. This shift could pave the way for smoother operations and attract more businesses to the Czech market.

A Tax Break to Boost Investments

But wait, there’s more. A three-year tax exemption for crypto investments has also been introduced. This means that profits from crypto will be treated just like profits from stocks. So, crypto businesses can breathe a little easier, knowing they’re now on the same playing field as more traditional investments. It’s a big win, and it’s meant to make the Czech market way more attractive to investors—both local and international.

Why Act Now? The Clock’s Ticking

Deputy Speaker Jan Skopeček explained the need for swift action, emphasizing that the government had to act now to retain crypto businesses. Without these changes, many companies could relocate to countries with more favorable crypto laws, leading to economic losses.

The urgency also ties to the European Union’s upcoming Markets in Crypto Assets (MiCA) regulation. While MiCA aims to harmonize crypto rules across the EU, its rollout has caused uncertainty. Many companies are still awaiting approvals or navigating compliance challenges, and some have already left Europe or modified their operations to align with the evolving rules.

The Road Ahead Is Not Easy

These reforms show the Czech Republic’s determination to stay ahead in the digital revolution. By easing banking access and offering tax incentives, the country is positioning itself as a more attractive hub for crypto firms.

However, challenges remain.  While the reforms are promising, businesses may still encounter unexpected hurdles as the new policies are implemented. The coming months will reveal whether the Czech Republic can truly establish itself as a crypto-friendly destination.

@ Newshounds News™

Source:  Coinpedia

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FINANCIAL REVOLUTION 2024: WHAT YOU NEED TO KNOW!  |  Youtube 

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Seeds of Wisdom RV and Economic Updates Monday Morning 12-09-24

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RIPPLE CEO ON 60 MINUTES: GARLINGHOUSE OPENS UP ON $150 MILLION SEC FIGHT, CRYPTO WAR AND MORE

Ripple CEO Brad Garlinghouse appeared in an interview on 60 Minutes, airing on December 8, 2024, where he discussed the company’s ongoing legal fight with the U.S. Securities and Exchange Commission (SEC).

Garlinghouse criticized the SEC’s approach, stating that it was a key reason why Ripple and two other companies formed the industry super PAC, FairShake, to fight back against what he described as a “war on crypto.” He suggested that FairShake might not have existed if the SEC had a different chairman than Gary Gensler.

When an SEC spokesperson said that the amount spent by the crypto industry on legal defense is minimal compared to the losses investors have faced due to frauds and market failures, Garlinghouse revealed Ripple’s financial contributions, revealing that the company has spent over $150 million fighting the SEC’s stance on XRP.

He said that Ripple argues XRP should not be treated like a stock and be subject to the same registration and disclosure requirements. Garlinghouse stressed that Ripple is not seeking to be deregulated but instead asking for clear regulations from Congress to address the unique nature of digital assets.

“I went to Harvard Business School. I think I’m reasonably intelligent about something like, “What is a security?” So never once had I considered the possibility– that, “Okay, maybe XRP’s a security. We haven’t been asking to be deregulated. We’ve been asking to be regulated. So we have been saying, “Hey, look, just give us clear rules of the road,” he said.

XRP Price Reacts:

XRP, Ripple’s cryptocurrency, is currently experiencing a surge, approaching the $2.60 mark. At the time of writing, it was trading at $2.55, a 4.5% increase. Investors are optimistic about the future of the crypto industry, especially under a potential Trump presidency, as Ripple’s blockchain-based payment system continues to gain attention.

Previously, XRP’s price saw a boost following speculation about a possible meeting between Garlinghouse and President-elect Trump, as well as news about SEC Chairman Gary Gensler’s resignation.

@ Newshounds News™

Source:  Coinpedia

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HONG KONG TO INTRODUCE STABLECOIN FRAMEWORK

Hong Kong is establishing a bill that outlines a detailed framework for stablecoin issuers and marketers.

Under the proposed framework, stablecoin issuers and marketers must secure licenses from the Hong Kong Monetary Authority (HKMA). 

The rule applies to all stablecoins, including those pegged to the Hong Kong dollar, while issuers are required to maintain reserve assets in local banks. Foreign custody might also be allowed by HKMA under specific conditions.

New compliance measures will be implemented, such as a minimum paid-up capital requirement of HK$25 million, as well as proof of robust financial health, sufficient liquidity, and risk management frameworks. Misrepresentation or false promotion of stablecoins is explicitly prohibited.

HKMA has also further expanded its authority to oversee, investigate, and enforce compliance.

The Stablecoins Bill will be introduced into the Legislative Council for a first reading on December 18.

“The legislative proposal is essential for Hong Kong in fulfilling our obligations as a member of the Financial Stability Board,” Christopher Hui Ching-yu, Secretary for Financial Services and the Treasury, said in a statement.

“This risk-based proposal aims to promote a robust regulatory environment, which is in line with Hong Kong’s approach to virtual-asset development.”

Hong Kong's bill positions it as an early mover alongside the EU and Japan. In July, Circle, the issuer of the USD Coin (USDC) and Euro Coin (EURC) stablecoins became the first global stablecoin issuer to achieve compliance with the European Union's Markets in Crypto-Assets (MiCA) regulatory framework.

In June, the Japanese parliament enacted a law recognizing stablecoins as a form of digital currency. According to the legislation, stablecoins must be tied to the yen and ensure holders can redeem each token at its full face value.

Hong Kong has made significant strides in an attempt to establish itself as a crypto-friendly regional hub. Just last month, Hong Kong proposed waiving crypto tax for wealthy individuals in an attempt to strengthen its position as a leading regional crypto hub.

In a 20-page proposal, the Hong Kong government said the tax exemption would apply to private equity funds, hedge funds, and the investment vehicles of wealthy individuals on cryptocurrency gains, private credit investments, and other asset classes.

@ Newshounds News™

Source:  BlockHead

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Mason afternoon chat  |  Youtube

Enlightenment/Spiritual growth ~ Mason explains how the government instilled racial divisions and how the UNIVERSE can bring different ethnic groups together to live in harmony.

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Seeds of Wisdom RV and Economic Updates Sunday Afternoon 12-08-24

Good Afternoon Dinar Recaps,

BRICS NEWS:  THE US DOLLAR’S CLOUT IS DECREASING GLOBALLY, SAYS BRICS

BRICS member Russia has commented on the recent 100% tariff threats issued by President-elect Donald Trump for cutting ties with the US dollar. Russian President Vladimir Putin spoke about the threats by poking fun at the American economy and its dwindling power. The clout that the US carried a few decades ago is no longer in existence as developing countries have come far ahead in steering their economy to prosperity.

While their economy is becoming prosperous, BRICS is focusing on boosting their local currency and not the US dollar. The bloc is determined to use local currencies first and keep the US dollar in the backseat of the global economy.

BRICS: The U.S. Dollar’s Global Influence Is Decreasing

BRICS leader and Russian President Putin explained that after Trump’s presidency, American leaders have done a great deal to undermine the US dollar. The sanctions and weaponization of the USD led to emerging economies ganging up against the White House. “The US dollar’s clout is decreasing globally,” said Putin.

He also said that America’s share in the global economy is shrinking while BRICS is rising. “Given that the US share in the global economy is shrinking, the dollar’s influence on global economic processes is also falling. And as this happens, new tools come to the fore,” he said.

“It’s been four years since the [US] President-elect was in the White House. During this time, the economy has undergone many changes, both globally and in America.

His successors, his political opponents, have done a great deal to undermine the fundamental role of the dollar as a global reserve currency,” Putin summed it up. It now needs to be seen how BRICS will counter Trump’s threat of reducing dependency on the US dollar.

@ Newshounds News™

Source:  Watcher Guru\

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YOU WON'T BELIEVE HOW EASY IT IS TO SPREAD CHRISTMAS JOY!  |  Youtube

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Seeds of Wisdom RV and Economic Updates Sunday Morning 12-08-24

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COINBASE REVEALS LETTERS WHICH EXPOSES FDIC’S ROLE IN OPERATION CHOKEPOINT 2.0

Coinbase reveals FDIC "pause letters", showing efforts to restrict crypto banking services. Documents support Operation Chokepoint 2.0 claims.

▪️Coinbase obtained FDIC "pause letters" revealing efforts to limit banking access for crypto firms in 2022 through FOIA requests.

▪️FDIC's communications showed deliberate delays and questions aimed at halting crypto-related banking activities, fueling "Operation Chokepoint 2.0."

▪️Crypto industry leaders argue government actions restrict legal crypto businesses' access to banking services.

Coinbase, one of the largest crypto exchanges in the U.S., has made public a series of documents that point to the Federal Deposit Insurance Corporation’s (FDIC) involvement in restricting banking access for crypto companies. 

The letters, obtained through a Freedom of Information Act (FOIA) request, suggest that in 2022, the FDIC instructed banks to halt or limit services to crypto businesses.

The exchange’s legal team asserts that these documents provide evidence of a concerted effort by federal agencies to suppress the crypto industry.

Coinbase Exposes FDIC’s ‘Pause Letters’, Proving Role in Crypto Banking Restrictions
Coinbase recently revealed a set of “pause letters” sent by the FDIC to financial institutions in 2022. These letters requested that banks temporarily halt crypto-related activities until further review of compliance and risk factors.

The documents, uncovered through legal action by the exchange, shed light on the FDIC’s efforts to limit the banking services available to crypto businesses.

The “pause letters” explicitly instructed banks to pause any crypto asset-related activities. This signals a proactive stance by regulators to discourage financial institutions from engaging with cryptocurrency industry.

Paul Grewal, Coinbase CLO commented,

“The letters that show Operation Chokepoint 2.0 wasn’t just some crypto conspiracy theory. FDIC is still hiding behind way overbroad redactions. And they still haven’t  produced more than a fraction of them.”

Last month, Coinbase CLO Paul Grewal revealed that the FDIC has been actively working to restrict banks from offering crypto services.

Operation Chokepoint 2.0 Allegations and Its Impact on Crypto Firms

The documents made public by Coinbase have rekindled the debate around “Operation Chokepoint 2.0,” a term coined by critics to describe alleged government efforts to stifle the crypto industry. According to the exchange legal team, these letters provide concrete evidence of a coordinated strategy by the FDIC to limit crypto firms.

Crypto executives have long complained about the difficulties of securing banking relationships due to regulatory uncertainty. The letters confirm that federal agencies have been using informal measures to suppress the industry.

However, in recent reports, US Rep. French Hill has vowed to investigate Operation Chokepoint 2.0, which he argues targets industries like crypto through politicized debanking. He has called for transparency in financial oversight and stronger protections for businesses facing unfair regulatory practices.

According to reports, Banks were asked to submit detailed analyses, including risk assessments and income projections, before moving forward with offering crypto services. This level of scrutiny and the subsequent delays were a tactic to stop financial institutions from entering relationships with the crypto sector.

Coinbase has vowed to continue pursuing transparency, despite heavy redactions in the documents released by the FDIC. As Coinbase legal chief Paul Grewal stated, further disclosure will provide additional clarity on the extent of the regulatory actions taken against the industry.

Similarly, John Deaton recently called for the incoming US government to hold accountable those responsible for debanking crypto firms.

@ Newshounds News™

Source:  CoinGape

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BRICS NEWS:  SOUTH AFRICA SAYS BRICS HAS NO PLANS TO CREATE NEW CURRENCY AFTER TRUMP ISSUES WARNING AGAINST DEDOLLARIZATION: REPORT

Reports on a new BRICS currency designed to compete against the US dollar are fundamentally false, according to leaders in South Africa.

In a statement, South Africa’s Department of International Relations and Cooperation (DIRCO) says BRICS is not working on a currency that could be used as an alternative to USD, reports Bloomberg.

According to DIRCO, reports have misinterpreted the intentions of the economic bloc about trade settlements between member nations.

“Recent misreporting has led to the incorrect narrative that BRICS is planning to create a new currency. This is not the case. The discussions within BRICS focus on trading among member countries using their own national currencies.”

In May of last year, reports emerged that BRICS was working on a new currency backed by gold and potentially additional precious metals and assets in a push to abandon the US dollar.

Despite those reports, South Africa is now saying that BRICS has no intention of promoting de-dollarization efforts.

“South Africa supports the increased use of national currencies in international trade and financial transactions to mitigate the impact of foreign exchange fluctuations, rather than focusing on dedollarization. The strengthening of correspondent banking networks and the development of infrastructure for settlements in national currencies could further this aim.”

South Africa’s statements come as President-elect Donald Trump issued an ultimatum against BRICS. Trump says on the social media platform Truth Social that he plans to take severe measures if BRICS creates or backs a dollar alternative.

“The idea that the BRICS Countries are trying to move away from the dollar while we stand by and watch is OVER. We require a commitment from these countries that they will neither create a new BRICS currency, nor back any other currency to replace the mighty US dollar or, they will face 100% tariffs, and should expect to say goodbye to selling into the wonderful US economy.

They can go find another ‘sucker!’ There is no chance that the BRICS will replace the US dollar in international trade, and any country that tries should wave goodbye to America.”

As a whole, BRICS nations have expressed varying levels of support for a common currency, with leaders in Russia and Brazil firmly behind the idea. South Africa is the most conservative, expressing the need for a cautious approach while emphasizing the importance of the US dollar.

@ Newshounds News™

Source:  DailyHodl

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IMMEDIATE SUPPORT FOR VICTIMS - LISTEN NOW! AUDIO  |  Youtube

WE ARE ALL VICTIMS OF COMMON LAW CRIMES.  Mason explains and gives us a remedy through Victims Support Services.

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Seeds of Wisdom RV and Economic Updates Saturday Afternoon 12-07-24

Good Afternoon Dinar Recaps,

THE QUANTUM FINANCIAL SYSTEM'S NETWORK  —  ISO 20022  COMPLIANT COINS

▪️Ripple XRP

Institutional coins, network of smart contracts, removes 3rd party verification, reduces fraud and illegal activities.

The digital currency, XRP, acts as a bridge currency to other currencies. It does not discriminate between any fiat/cryptocurrency, which makes it easy for any currency to be exchanged for another.  It is scalable.  XRP Provides Global Liquidity, backed by gold, part of the ISO20022 ecosystem.

ISO20022 is a worldwide industry standard that has been brought in to regulate the interchange of electronic data between financial institutions.

Ripple works on an open-source and peer-to-peer decentralized platform that helps in easily transferring various forms of fiat money, be it pound, dollars or rupees, or cryptocurrencies, like Ether or Bitcoin.

Its services included being a medium of exchange, international payment settlement and remittance system.
XRP is the digital asset native to the Ripple system. It is touted as being easy to use with almost free, instant transactions. Ripple is built upon distributed open source protocol, a consensus ledger and the aforementioned digital asset known as XRP.

Built for enterprise use, XRP enables real-time global payments anywhere in the world. XRP offers banks and payment providers a reliable, on-demand option to source liquidity for cross-border payments and has been increasingly adopted by banks and payment networks as settlement infrastructure technology.

▪️Stellar XLM

Digital Currency backed by Silver, part of the ISO20022 ecosystem.
XLM/Stellar Network: the people’s coin, people can create/send/trade all forms of money (fiat and digital), undeveloped nations.  Partnered with VISA and MoneyGram.

Stellar is a cryptocurrency and open source protocol for value exchange founded in early 2014 with a similar structure to that of the competing blockchain solution, XRP. Stellar claims to be platform that connects banks, payments systems, and people.

Stellar aims to achieve this through its completely decentralized consensus platform. It is designed to support any type of currency and has a built in decentralized exchange that can be used to trade any type of currency or asset.

The Stellar ledger records all the balances and transactions belonging to every account on the network. A complete copy of the Stellar ledger is then hosted on each server that runs the open source Stellar software. These servers form the decentralized Stellar network. To verify the network these servers then sync and validate the ledger through process known as consensus.

▪️Quant QNT

Quant is a versatile plug-and-play solution connecting different blockchains and enterprise software without requiring new infrastructure.

Using distributed ledger technology (DLT) and APIs through the Overledger API gateway, it enables seamless communication between blockchains.

Quant also supports multi-ledger tokens (MLTs) backed by fiat funds held in escrow, serving entities like central banks, banks, fintechs, payment systems, and marketplaces.

These MLTs function as stablecoins, vouchers, loyalty points, and eMoney, facilitating fast and transparent cross-border bank payments.

The union of Quant (QNT) and the ISO 20022 standard signifies a groundbreaking alliance within the Quantum Financial System.

Quant, focused on blockchain interoperability, integrates ISO 20022's universal financial messaging standard to enhance connectivity between diverse networks.

By adhering to ISO 20022, Quant aims for standardized, efficient, and secure transactions, propelling faster speeds, reduced costs, and improved transparency.  Moreover, this integration represents a vital step toward leveraging quantum computing in finance.

While promising, challenges like widespread adoption and regulatory alignment must be addressed.
Yet, the amalgamation of Quant QNT with ISO 20022 paints a future where quantum technology and interoperability revolutionize finance.

▪️ XDC/ XinFin Network

Digital Currency backed by Copper, part of the ISO20022 ecosystem.
Fintech coin (VISA/MC), partnered with Flare Network/DeFi (decentralized finance) = bridge between institutional and retail.

XinFin is a Blockchain technology company focused on international trade and finance.
We have developed a highly scalable, secure, permissioned and commercial grade Blockchain architecture.

XinFin blockchain is powered by XDC01 protocol, which is built over the first of its kind Hybrid Blockchain architecture to eliminate the inefficiencies in global trade and financing and to enable institutions provide real time settlement as well as enabling cross border smart contracts.

With an aim to bridge the global infrastructural deficit with their open source marketing platform - TradeFinex, XinFin has created a seamless platform for financiers, suppliers and beneficiaries across industries worldwide.

The primary goal of XinFin is efficiently facilitate capital deployment and minimize pressure on the infrastructural deficit by enabling a peer to peer trade and financing between governments, corporates, communities and suppliers.

They use blockchain and IoT to enable the transaction of community driven digital asset.

▪️Algorand ALGO

Digital Currency backed by precious metal Palladium, part of the ISO20022 ecosystem.

Algorand is an open source, pure proof of stake blockchain protocol.
It requires a negligible amount of computation, and generates a transaction history with low “fork” probability.

This protocol aims to remove technological barriers: decentralization, scalability, and security, that have undermined the acceptance of mainstream blockchain.

Algorand implements a new Byzantine Agreement (BA) protocol to reach consensus among users on the next set of transactions.

To scale the consensus to many users, Algorand uses a novel mechanism based on Verifiable Random Functions. There are two types of smart contracts on the Algorand network: 

Layer 1 on-chain, and Layer 2 off-chain, by moving the most computationally intensive smart contracts off-chain, Algorand frees up space on the network for simple transactions, thus reducing congestion to improve processing speed.

▪️Iota MIOTA

Digital Currency backed by precious metal Iridium, part of the ISO20022 ecosystem.

IOTA is an open source, public distributed ledger that is used for providing secure payments and communications between devices on the “Internet of things.
The IOTA ledger stores transactions in a directed acyclic graph structure, called a Tangle.

The Tangle is used instead of the blockchain structure commonly seen in other cryptocurrencies, such as Bitcoin.

This tangle structure is part of what enables IOTA to keep its transactions free, regardless of the size, In addition the confirmations are almost instant and the systems capability is unlimited.

▪️Hedera HBAR

The integration of Hedera HBAR into the ISO 20022 framework within the Quantum Financial System (QFS) marks a significant stride in the evolution of finance.

Hedera Hashgraph's unique consensus algorithm, combined with the standardized messaging of ISO 20022, promises several advantages.

This integration facilitates: Interoperability, Security, Efficiency, Transparency and Auditability, Global Adoption.

These tokens are mainly utilized to power decentralized applications to protect the network from malicious attacks and for paying network services.

While promising, challenges such as regulatory compliance and market acceptance remain.
Nonetheless, this integration paves the way for a more efficient, transparent, and globally accessible financial landscape.

▪️Cardano ADA

Cardano (ADA) is a third-generation blockchain platform built to address the limitations of earlier blockchain systems like scalability, interoperability, and sustainability.

Developed with a strong emphasis on academic research and peer-reviewed protocols, Cardano is known for its innovative approach to decentralization and energy efficiency through its Ouroboros proof-of-stake (PoS) consensus mechanism.

As one of the few cryptocurrencies aligned with the ISO 20022 messaging standard, Cardano is uniquely positioned to integrate seamlessly into the evolving global financial system.

This makes ADA particularly appealing for use cases like cross-border payments, remittances, and other financial services requiring high levels of interoperability and regulatory compatibility.

@ Newshounds News™

Source:  https://qfs.live/

~~~~~~~~~

END OF CRYPTO CRACKDOWNS? LAWMAKER SAYS 'REGULATION BY ENFORCEMENT IS OVER'

A top lawmaker says the U.S. is shifting from “regulation by enforcement” to clear oversight, with new leadership poised to boost cryptocurrency and AI innovation.

A New Era for Crypto and AI Regulation

U.S. House Financial Services Committee Chairman Patrick McHenry has highlighted progress in crypto regulation, focusing on new leadership roles and the evolving oversight of cryptocurrencies and artificial intelligence (AI). In a post on social media platform X Friday, McHenry praised the creation of a “crypto and AI czar” as a major development.

“The mere fact that the U.S. now has a crypto and AI ‘czar’ reflects the impact of the Financial Services Committee,” he claimed, emphasizing:

The era of regulation by enforcement is over.

“With folks like David Sacks and Paul Atkins, the future of the digital asset ecosystem in the U.S. is brighter than ever,”the congressman added. “Paul Atkins has the expertise and experience needed to restore faith in the SEC. I’m confident his leadership will lead to clarity for the digital asset ecosystem and ensure U.S. capital markets remain the envy of the world,” the congressman continued.

President-elect Donald Trump recently announced two significant appointments: David Sacks as the White House AI and Cryptocurrency Czar, and Paul Atkins as Chair of the Securities and Exchange Commission (SEC), replacing Chair Gary Gensler. 

Sacks, a venture capitalist and former Paypal executive, is tasked with developing a legal framework to bolster the U.S. crypto industry and ensure global competitiveness in artificial intelligence. 

Atkins, a former SEC commissioner known for his pro-crypto stance, is expected to shift the agency’s approach towards more lenient regulations, potentially easing enforcement actions against digital asset firms. 

These appointments signal the incoming administration’s intent to foster innovation in emerging technologies while reconsidering existing regulatory measures.

McHenry has announced he will retire from Congress at the end of his current term, which concludes in January 2025. As Chairman of the House Financial Services Committee, he has been a leading advocate for clear regulatory frameworks in the digital asset sector.

His comments come amid growing calls for a balanced regulatory approach that fosters innovation while ensuring investor protection. Industry observers have long criticized “regulation by enforcement” for creating uncertainty and stifling growth, making this transition a welcomed change for stakeholders.

The new focus on leadership and structured policies marks a pivotal moment for U.S. cryptocurrency and AI development, with advocates anticipating a more supportive environment for innovation.

@ Newshounds News™

Source:  Bitcoin News

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Saturday Morning 12-07-24

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FORMER NY FED PRESIDENT ARGUES BITCOIN COULD UNDERMINE USD, SUGGESTS PRIORITIZING REGULATORY FRAMEWORK

Bitcoin has recently surged past $100,000 following Donald Trump‘s election victory. Amidst broader market sentiments, the crypto community eagerly anticipates that Trump administration will prove to be pro-crypto and will stand behind his promise of a strategic BTC reserve for the United States.

Advocates believe it could serve as a hedge against inflation and a diversification tool in portfolios. However, Bill Dudley, former president of the Federal Reserve Bank of New York, has criticized Bitcoin’s role as money, describing its volatility and lack of income generation as its shortcomings.

As per a latest Bloomberg report, Bill Dudley, former president of the Federal Reserve Bank of New York, has expressed concerns over the idea of incorporating Bitcoin into the U.S. national reserves and argues that it would not benefit most Americans. He emphasized that such a move might not align with the nation’s best interests and could divert focus from more inclusive economic policies.

Can Bitcoin Undermine USD’s Status?

He noted that incorporating Bitcoin into the US national reserves could undermine the dollar’s status as the global reserve currency and primarily benefit specific interest groups rather than the broader American public.

Notably, Bill Dudley stated that Bitcoin is a weak asset, noting reasons such as price volatility, lack of widespread acceptance as payment, and slow and expensive transaction processes that make BTC a weak asset.

He also noted the risk of individuals losing access to their Bitcoin holdings and that, unlike traditional financial assets, Bitcoin does not generate income through interest or dividends. “Bitcoin is not connected to any cash flows like interest or dividends, and its price is driven purely by speculative demand,” he explained.

The former Fed chair also noted that the absence of an exit strategy for a Bitcoin reserve would make it a liability. “The government would end up holding tokens that produce no income, offering no real value to the majority of Americans,” he said.

Suggests To Focus On Comprehensive Regulations-

Notably, Dudley argued that creating a Bitcoin reserve for the U.S. would require the Treasury to increase borrowing, raising debt servicing costs or requiring the Fed to print more money, ultimately fueling inflation.

Instead of focusing on Bitcoin as a reserve asset, Dudley has called for the Trump administration to prioritize creating a robust regulatory framework for the crypto industry.

He stressed the need for clear rules to protect consumers, regulate stablecoins, and prevent the use of cryptocurrencies in criminal activities. “Crypto technology has the potential to improve the financial system,” Dudley noted. “However, without strong guardrails, fraud and abuse will continue to undermine trust and hinder progress.”

Market Optimism Prevails
Nevertheless, there is market optimism amidst expectations of a more crypto-friendly administration. Also, the nomination of digital asset-friendly Paul Atkins to chair the SEC provided the final boost as bitcoin surpassed $100,000 to record highs.

Recently, Trump nominated venture capitalist David Sacks as the White House AI & Crypto Czar, who is expected to push Trump’s crypto and AI pro-innovation plans forward.

@ Newshounds News™

Source: Coinpedia 

~~~~~~~~~

GARY GENSLER QUIETLY SETS AGGRESSIVE CRYPTO CRACKDOWN IN MOTION BEFORE LEAVING, WARNS FORMER SEC OFFICIAL

SEC Chair Gary Gensler is orchestrating a last-minute push to cement aggressive crypto enforcement, with secret promotions signaling a looming regulatory crackdown despite leadership changes.

Former SEC Official Warns of Crypto Crackdown Despite Incoming Pro-Crypto Chair

John Reed Stark, former head of the U.S. Securities and Exchange Commission’s (SEC) Office of Internet Enforcement, has highlighted significant developments within the agency that he believes could impact the cryptocurrency sector.

“SEC Chair Gensler pulls off the first reverse Saturday Night Massacre,” Stark wrote in a post on social media platform X on Wednesday, referencing Chair Gary Gensler’s recent moves.

Stark addressed the SEC’s leadership transition and the calculated steps Chair Gary Gensler is taking to solidify the agency’s enforcement priorities before leaving office. “It looks like former SEC Commissioner Paul Atkins will be the next SEC Chair. A phenomenal choice,” he wrote.

Known for his pro-business approach, Atkins is expected to bring a different focus to the SEC. However, Stark pointed out that Gensler has been laying the groundwork to ensure the agency’s crypto enforcement efforts remain robust. “Meanwhile, current SEC Chair Gary Gensler is quietly working behind the scenes to lead the SEC from the grave,” he noted, adding:

Along these lines, Gensler just promoted three of the best, brightest, experienced and most dedicated crypto-enforcement lawyers in SEC ranks to senior executive positions—running the SEC’s Trial Unit and running the SEC’s Crypto Unit.

Although the promotions have not been formally disclosed, Stark claimed they are already finalized. He noted the secrecy surrounding the moves, stating: “Interestingly, the SEC has not publicly announced these promotions and seems to be keeping them quiet (which is unprecedented). But these well-deserved promotions are a done deal.”

Crypto firms, Stark warned, should prepare for intensified regulatory pressure even after Gensler leaves office on Jan. 20. He predicted:

The Stark reality is that it looks like the crypto-fight is on post-January 20th. So get ready for World War III on day one Chair Atkins, because these three crypto-enforcement lawyers, who are now in charge, are some of the best in the business and will not roll over easily.

@ Newshounds News™

Source:  Bitcoin News

~~~~~~~~~

FINANCIAL REVOLUTION 2024: WHAT YOU NEED TO KNOW!  |  Youtube

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XRP LAWSUIT NEWS: ATKINS WON’T DISMISS THE RIPPLE CASE, SEC VS XRP TO CONTINUE

Gary Gensler's departure in January 2025 could leave the SEC’s stance on Ripple unchanged, with Jorge Tenreiro playing a key role in the ongoing case.

As the SEC’s appeal deadline for Ripple approaches in January 2025, the transition in leadership raises questions about the future of crypto regulations.

Gary Gensler, the controversial head of the U.S. Securities and Exchange Commission (SEC), will step down on January 20, 2025, as announced by the agency recently. Gensler, who was widely criticized by crypto investors during his tenure, will leave just days before a major decision in the SEC’s ongoing legal battle with Ripple, set for January 25, 2025.

What Gary Gensler’s Departure Means for the SEC’s Ripple Lawsuit

However, despite Gensler’s departure, the future of the SEC’s approach to crypto remains uncertain. Bill Morgan, an attorney closely following the case, pointed out that the SEC’s new chief litigation counsel, Jorge Tenreiro, is deeply involved in the Ripple litigation.

Tenreiro, who will be the key lawyer in the SEC v. Ripple case, may continue in this role even after the confirmation of the new SEC commissioner, Paul Atkins. Morgan expressed skepticism about any significant shift in the SEC’s stance on crypto if Tenreiro remains in charge of the litigation.

Morgan warned against assuming that the SEC’s decision not to file its brief in the Ripple case by January 15, 2025, signals a change in approach. He said that Tenreiro would still be handling it.

Morgan wrote, “If Tenreiro stays in the new role it will not signal a big change in SEC enforcement policy towards crypto. Even if there is a change the SEC v Ripple Appeal may continue.”

Jorge Tenreiro’s Role: Will the SEC’s Stance on XRP Change?
In response, Marc Fagel, a former SEC lawyer, clarified that trial counsel like Tenreiro do not make policy decisions; they handle enforcement actions approved by the SEC’s Commissioners.

 Fagel asked whether there was any example of a new SEC administration dismissing a pending enforcement action, though he acknowledged that future changes could deviate from past norms.

As the January 2025 appeal deadline approaches, it remains to be seen how the SEC’s leadership transition will impact the outcome of the Ripple case and the agency’s overall approach to the cryptocurrency market.

FAQs

What impact will Gensler’s departure have on the Ripple lawsuit?
Despite Gensler’s exit, the SEC’s approach may remain the same, with Jorge Tenreiro continuing to handle the Ripple case.

Will the SEC’s stance on crypto change after Gary Gensler leaves?
Legal experts suggest the SEC’s crypto policy may not change significantly, even with a leadership transition and Tenreiro in charge.

What is the significance of the January 2025 Ripple case appeal deadline?
The Ripple appeal deadline in January 2025 is pivotal for the future of crypto regulation, potentially shaping the SEC’s approach.

@ Newshounds News™

Source:  Coinpedia

~~~~~~~~~

RIPPLE TARGETING YEAR-END RLUSD STABLECOIN LAUNCH: REPORT

Ripple is pushing to launch its U.S. dollar-pegged stablecoin, RLUSD, by the end of 2024, though regulatory approvals and the holiday season could cause delays.

This sentiment comes from Ripple CTO David Schwartz. Speaking at The Block’s Emergence conference in Prague, Schwartz expressed optimism despite challenges.

“I’m very hopeful it will happen this year, but once you start running into Christmas and New Year’s, people are gone,” he said, according to The Block.

RLUSD was initially announced in April and will operate on both the XRP Ledger and Ethereum. Testing began in August, and Ripple has partnered with exchanges Uphold, Bitstamp, and Bitso, alongside market makers B2C2 and Keyrock, to ensure liquidity.

No release on December 4

One of the main obstacles is obtaining regulatory approval from the New York State Department of Financial Services

There was speculation that Ripple’s stablecoin would be released on December 4. However, the company addressed this speculation on X, stating, “Despite some rumors, RLUSD isn’t launching today. We’re working closely with the NYDFS on final approval and will share updates as soon as possible.”

@ Newshounds News™

Source:  Crypto News

~~~~~~~~~

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WHO IS DAVID SACKS? AND WHY HAS DONALD TRUMP MADE HIM CRYPTO CZAR?

▪️David O. Sacks Becomes White House AI & Crypto Czar Under Trump's Administration.

▪️Former PayPal COO Brings Expertise in Tech and Venture Capital to Federal Leadership.

▪️Close Ties to Trump and Musk May Boost Fresh AI-Crypto Strategies for U.S. Leadership.

Former PayPal executive and renowned venture capitalist David O. Sacks has been appointed by Donald Trump as the White House’s first “AI & Crypto Czar.” This new role is part of Trump’s plan to position America as a global leader in artificial intelligence (AI) and cryptocurrency, two rapidly growing fields shaping the future. The announcement came shortly after Bitcoin reached its $100k milestone.

Why Trump Appointed David Sacks Only?
In a post on Truth Social, Trump announced Sacks’ appointment and highlighted his mission to create a clear legal framework for the cryptocurrency sector. However, Trump’s decision to appoint Sacks arose from his impressive track record as a tech entrepreneur and investor.

Sacks, a founding-era COO of PayPal and a key member of the “PayPal Mafia,” has built and supported some of Silicon Valley’s most successful ventures. His expertise in technology and finance makes him tackle the challenges and opportunities in AI and crypto effectively.

Meanwhile, some experts even hint that Trump’s decision to appoint Sacks is seen as a reward for his loyal support during the campaign. Sacks played a pivotal role in fundraising for Trump, helping to raise $12 million during a high-profile event earlier this year.

What Changes Could Sacks Bring?
David Sacks will focus on creating clear rules for cryptocurrencies to remove confusion and help the U.S. digital asset industry grow. His goal is to support crypto businesses and position the United States as a global leader in digital innovation.

According to Trump, he will “steer us away from Big Tech bias and censorship,” ensuring a balanced digital landscape that supports open discourse. Sacks will also focus on safeguarding free speech in the online space

Additionally, Sacks will chair the Presidential Council of Advisors for Science and Technology, guiding the administration’s policies on emerging technologies.

Sacks Close Ties to Trump and Musk
Sacks has been a strong Trump supporter of Trump, hosting fundraisers and rallying tech industry donors. He also shares close ties with Elon Musk, who has made waves in AI through his company xAI and chatbot Grok. This connection could bring fresh ideas and partnerships to the administration’s tech strategy.

@ Newshounds News™

Source:  Coinpedia

~~~~~~~~~

PHILIPPINES COMPLETES WHOLESALE CBDC TRIAL

Today Bangko Sentral ng Pilipinas (BSP) said it completed Proof of Concept trials for its Project Agila wholesale central bank digital currency (wCBDC) along with participating financial institutions.

Specifically, the latest trial tested whether banks in the Philippines can pay each other outside of bank operating hours during evenings, weekends and holidays.

“Wholesale CBDCs are expected to enhance liquidity management, reduce settlement risks, and support financial stability,” said BSP Governor Eli M. Remolona, Jr.

“Insights from this project will guide the BSP’s CBDC roadmap. Our goal is to leverage new technologies to further enhance the efficiency and resilience of the national payment system.”

While the bank hasn’t yet released a report about specific findings, the central bank shared its plans earlier in the year. Many wCBDC trials are quite speculative, but this one is less so. 

The central bank plans to launch a wCBDC during Mr Remolona’s term, which ends in 2029. It is expected to be sooner rather than later, with 2025 or 2026 previously floated as potential timeframes.

Apart from out of hours payments, the wCBDC will potentially be used for securities settlement and cross border payments. The central bank is an observer in the mBridge DLT cross border payment system used by the central banks of China, Hong Kong, Saudi Arabia, Thailand and the UAE.

During 2023 the BSP assessed various blockchain technologies, selecting Hyperledger Fabric.

@ Newshounds News™

Source: Ledger Insights 

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Seeds of Wisdom RV and Economic Updates Thursday Evening 12-05-24

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BRICS NEWS:  BRICS: WHY TRUMP’S 100% TARIFF PLAY MAY FURTHER DE-DOLLARIZATION

With the president-elect targeting the BRICS bloc specifically, Donald Trump’s proposed 100% tariff plan may only further global de-dollarization efforts. The statement has been met with increased opposition from countries in the global south. Moreover, it represents another clear attempt at the West weaponizing the greenback.

If enacted, the tariff could be the catalyst for inciting continued efforts to abandon the US dollar on a global scale. Although BRICS nations have previously said that they would not seek to ditch the currency, Trump’s policies could drive a necessary recalculation of what would be best for these countries.

Trump’s 100% Tariff Could Mirror Sanctions, Drive Global De-Dollarization

Following his historic victory in the 2024 presidential election, the US dollar has remained a focus for Donald Trump’s incoming administration. Specifically, he has continually said that losing the greenback as the world’s currency would be akin to the country “losing a war.” Therefore, its position in global finances remains a focal point.

That led the incoming president to issue a stark warning to BRICS nations. “The idea that the BRICS are trying to move away from the dollar while we stand by and watch is OVER,” he said in a Truth Social post.

“We require commitment from these countries that they will neither create a new BRCIS currency to replace the mighty US dollar, or they will face 100% tariffs and should expect to say goodbye to selling into the wonderful US economy,” he added.

Yet, his recent statement only reinforced the reasons why nations are stepping away from trading in the currency. For BRICS and many others, Trump’s 100% tariff plan may only further de-dollarization. It once again shows that the United States wants to leverage its perceived power for its own economic gains and standing.

The imposition of Western sanctions drove Russia to initiate de-dollarization efforts through its BRICS alliance. The weaponization of the greenback saw the bloc further enhance trade deals. Ultimately, leading to the promotion of local currency trade.

That will only enhance under Trump’s tariff plan. Moreover, it will harm American industries. The current efforts to ditch the US dollar wouldn’t have the same effect on imports that the incoming presidents would. In the end, he may well be shooting his incoming administration in the foot.

@ Newshounds News™

Source: WATCHER GURU 

~~~~~~~~~

ASIA-PACIFIC (APAC) CRYPTO ADOPTION 2024: KEY TRENDS AND INSIGHTS TO KNOW

▪️The Asia-Pacific region has seen a surge in cryptocurrency adoption, far outpacing the global average.

▪️APAC's crypto adoption is driven by real-world use cases and cultural acceptance, rather than just financial speculation.

▪️Countries with better regulatory frameworks are witnessing higher adoption rates and increased institutional interest.

The Asia-Pacific (APAC) region is undergoing a major shift in how people use cryptocurrencies. From financial centers like Hong Kong and Singapore to growing markets in Southeast Asia, digital assets are becoming more mainstream. In APAC, crypto isn’t just a way to make money—it’s becoming part of daily life, driven by people and culture, not just technology.

Crypto Adoption Soars Across APAC

A recent report by Consensus, titled “Driven By Demand: The People-Powered Crypto Movement in Asia Pacific,” shows that crypto adoption in APAC has reached 22% in 2024—nearly three times the global average of 7.8%.

Thailand leads the way with a remarkable 43% adoption rate, followed by the UAE (37%), India (32%), and the Philippines (31%). Countries like South Korea (28%) and Hong Kong (24%) are also making progress, while Japan (12%) and Mainland China (17%) are lagging behind.

A Tool for Financial Inclusion

The survey, which included nearly 4,300 participants from ten APAC countries, reveals that more than half of respondents (51%) see digital assets as a key to financial inclusion. Additionally, 37% believe crypto gives them more control over their finances without relying on banks.

This shows that, in APAC, crypto isn’t just about making a profit—it’s a practical tool for everyday use and fits well with the region’s culture.

Crypto’s Everyday Value

Over the past year, the attitude toward cryptocurrencies in APAC has shifted significantly. With fewer scandals and more local activity, trust in the industry has grown. Unlike in some Western regions, where distrust of traditional banks drives crypto adoption, APAC users focus more on crypto’s practical benefits for daily life.

Interestingly, only 18% of people surveyed said they distrust banks. This suggests that in APAC, crypto is seen as a solution to real-world problems, not just a reaction to traditional financial systems.

Race to Become a Crypto Hub

The report also finds that 69% of respondents believe clear regulations are important to protect crypto users. However, the report suggests that regulation alone isn’t what’s driving adoption—it supports the strong demand already present in the market.

Countries with higher adoption rates, like Thailand and the UAE, benefit from clearer regulations, which help the crypto ecosystem grow.

APAC Leading the Global Crypto Charge

Michael Lau, Chairman of Consensus Hong Kong, pointed out that APAC is setting the pace for the global crypto market. He highlighted how recent Bitcoin and Ethereum ETF approvals, along with more institutional investments, are positioning APAC as a leader in creating a more connected global financial future.

With its mix of cultural acceptance, practical use, and evolving regulations, APAC is not only shaping the future of cryptocurrency—it’s influencing the global financial system.

This people-driven movement proves that when demand meets innovation, real change happens.

@ Newshounds News™

Source: Coinpedia 

~~~~~~~~~

ISO 20022: The Future of Finance, Explained  |  Youtube

Be sure to check out our Timeline and Roadmap with detailed information on the Timeline of the QFS from the beginning, to where we are now, to the expected LIVE date.

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Seeds of Wisdom RV and Economic Updates Thursday Afternoon 12-05-24

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CITI, JP MORGAN, OTHERS COMPLETE TOKENIZATION SETTLEMENT TRIALS

Ten institutions completed simulated trials of the Regulated Settlement Network (RSN), exploring the use of a shared DLT network to settle tokenized transactions. It was an extension of previous trials of the Regulated Liability Network conducted last year, which included tokenized commercial bank money and tokenized central bank money on the same network.

This time tokenized Treasuries and investment grade bonds were also on the shared ledger, enabling delivery versus payment for wholesale transactions. The trials also explored interoperability with external DLT networks.

Securities Industry and Financial Markets Association (SIFMA) acted as coordinator for the institutions involved, which were Citi, J.P. Morgan, Mastercard, Swift, TD Bank N.A., U.S. Bank, USDF, Wells Fargo, Visa, and Zions Bancorp, led by SIFMA.

The group published three reports on the business, technology and legal aspects and will hold a virtual briefing on the RSN trials at 1pm Eastern Time.

The Benefits of Shared DLT Ledgers

Shared institutional networks for tokenized assets are attracting attention for several reasons. If a tokenized Treasury is settled using central bank money on the same ledger, settlement risks are eliminated almost entirely. Smart contracts enable automation and straight through processing. And always-on networks allow for settlement outside of working hours and batch cut off times. That could prove especially convenient to assist overseas clients.

Five thoughtful use cases each demonstrated different benefits. While immediate settlement of Treasury transactions is risk free, institutions prefer net settlement to reduce cash demands.

Today just 20% of repo transactions are centrally cleared, but new SEC rules will require a far larger proportion. Hence, one of the use cases ran a central counterparty (CCP) using the shared ledger that offered multiple settlement windows during the day. That allows firms to settle intraday and take advantage of netting.

While the RSN could become a major network, the group recognizes it won’t be the only DLT network. So other trials explored interoperability with non RSN networks, either using Swift orchestration or via direct APIs.

For example, Mastercard has its Multi Token Network (MTN) which tested payments between two banks using MTN. The interbank settlement was performed on the Regulated Settlement Network (RSN) using central bank money.

Meanwhile, RSN trials used the Canton DLT from Digital Asset. Deloitte assisted SIFMA in coordinating the project and Sullivan & Cromwell provided legal input.

Contributors included BNY Mellon, Broadridge, the  Depository Trust and Clearing Corporation (DTCC), International Swaps and Derivatives Association (ISDA), Tassat Group, and the non profit MITRE Corporation. The New York Innovation Center (NYIC) at the Federal Reserve Bank of New York participated as a technical observer.

@ Newshounds News™

Source:  Ledger Insights

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VANCOUVER MAYOR PUSHES BITCOIN AS RESERVE ASSET IN BOLD FINANCIAL PLAN

Vancouver is the latest city to join the discussions on adding Bitcoin to the government’s financial reserves. At a city council meeting on November 26th, Mayor Ken Sim submitted his notice of motion, where he plans to introduce his proposed Bitcoin bill on December 11th.

The city’s proposal is titled ” Preserving the city’s purchasing power through diversification of financial resources: Becoming a Bitcoin-friendly city. ” It aims to integrate Bitcoin into the city’s financial system and make Vancouver a “Bitcoin-friendly city,” using Bitcoin as a hedge against inflation and promoting economic development.

Vancouver Makes A Move Towards BTC Adoption

Vancouver Mayor Ken Sim is taking the necessary steps to prepare the city for the blockchain. 

As a Bitcoin supporter, Sim is pushing for widespread adoption to hedge against inflation and promote economic development. In a November 27th meeting, Mayor Sim filed a motion of notice detailing his plan to present the proposal to adopt Bitcoin on December 11th.

Under the proposal, Vancouver will transform into a “Bitcoin City” and authorize the city government to diversify its resources to include Bitcoin. If the council approves, residents of Canada’s third-largest city can purchase Bitcoin.

However, it isn’t clear in the proposal if Sim also authorizes setting up a Bitcoin strategic reserve, similar to the one being pushed by US senator, Cynthia Lummis.

Mayor Sim And His Campaign For Bitcoin

Sim is one of the country’s most vocal supporters of Bitcoin. During the campaign, Sim’s party announced it would accept cryptocurrency donations. He explained that their commitment to blockchain technology demonstrates their plan to accept crypto as donations. He also teased the electorate that he will push for crypto-related policies if he wins.

Sim became Vancouver’s mayor in October 2022. During his tenure as city mayor, he rarely gave speeches or talks on Bitcoin and cryptocurrencies. Interestingly, a book titled “The Bitcoin Standard” by Saifedan Ammous was seen in the mayor’s office during his interview with Global News on November 25th. Many observers pointed to this item in his office as evidence of the mayor’s interest in crypto.

Push For BTC Mainstream Adoption Intensifies

Today, Bitcoin continues to surge in price thanks to a growing mainstream adoption. Sim’s move to integrate Bitcoin into Vancouver’s financial system is just one of the many proposals reported recently. According to Jeff Booth, a blockchain author, Mayor Sim’s proposal aims to promote the adoption of Bitcoin as a reserve asset.

Aside from Vancouver, a few states and governments are working overtime to fast-track Bitcoin’s mainstream adoption.

 For example, the state of Florida plans to tap a portion of its pension funds and use it to buy crypto. Pennsylvania is also planning to set up a Bitcoin reserve. Then, there’s the city of Detroit, which teases a plan to accept Bitcoin as a payment option.

@ Newshounds News™

Source:  Bitcoinist   

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MARTIAL LAW VS DEMOCRACY WHICH IS BETTER FOR FREEDOM?  |  Youtube

South Korea's Martial Law and its effects.  It was overturned and only lasted for 6 hours.

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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Seeds of Wisdom RV and Economic Updates Thursday Morning 12-05-24

Good Morning Dinar Recaps, 

MISSOURI BILL WOULD BAN CBDCS, MAKE GOLD AND SILVER LEGAL TENDER

Missouri lawmakers have been trying hard to pass an anti-CBDC bill, and one of these days, they may succeed.

Attempts continue in the US state of Missouri to prohibit the potential use of central bank digital currencies (CBDCs). The state has seen several bills this year to stave off the digital currency, which does not currently exist in the United States.

Bullion yes, CBDC no

Republican Senator Rick Brattin pre-filed Senate Bill (SB) 194 on Dec. 1. The bill introduces changes to state law that would prohibit public entities from accepting a CBDC or participating in any testing of a CBDC. It also changes the definition of money in the state’s Uniform Commercial Code (UCC) to exclude CBDCs.

In addition to the provisions on CBDCs, the bill would require the state treasurer to keep at least 1% of state funds in gold and silver. It would also exempt the sale or exchange of gold and silver from the state capital gains tax and make gold and silver legal tender.

“The act declares that gold and silver shall be accepted as legal tender at their spot price plus market premium […] in the state of Missouri. Costs incurred in the course of verification of the weight and purity of any gold or silver […] shall be borne by the receiving entity.”

Massive legislative anti-CBDC push

The bill’s provisions on CBDC are similar or identical to those in other bills introduced in Missouri earlier this year.

SB 1352 would make numerous changes to the state UCC, including a prohibition on CBDCs. It is still in committee. House Bill 2780 would also ban CBDCs and affect a variety of commercial transactions. It passed a House vote and has been forwarded to the state Senate.

SB 826 concerned CBDCs alone and failed to pass. SB 736 and its companion bill in the state House of Representatives concerned CBDCs and gold and silver and failed to pass. Brattin had previously introduced SB 866, which contained substantially identical provisions with differences in wording. It died in committee.

Anti-CBDC legislation is being passed in an increasing number of US states. Louisiana and North Carolina have passed laws to that effect in recent months.

The struggle against CBDC has been taken up on the national level as well. The US House of Representatives passed the CBDC Anti-Surveillance State Act on May 23.

@ Newshounds News™

Source:  CoinTelegraph

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BITCOIN ENDORSED BY US FED CHAIR POWELL AND RUSSIA’S PUTIN IN HISTORIC SHIFT

In an unprecedented turn of events, Bitcoin received endorsements from two of the world’s most influential leaders yesterday. US Federal Reserve Chair Jerome Powell and Russian President Vladimir Putin independently acknowledged the cryptocurrency’s growing significance during separate events on December 4, 2024. Their remarks signal a potential paradigm shift in the global financial landscape, as Bitcoin continues to gain mainstream acceptance.

Jerome Powell Compares Bitcoin To Gold

During the New York Times DealBook Summit, Jerome Powell engaged in a  conversation with Andrew Sorkin about the role of cryptocurrencies in the banking system. When questioned about Bitcoin’s rising prominence and talks in Washington about creating a strategic BTC reserve, Powell outlined the Federal Reserve’s perspective.

“From the jobs that we have, what’s relevant is really two things,” Powell said. “One is just, you know, what role should crypto assets be allowed to play in the banking system. We try to keep the banking system safe and sound. We regulate and supervise banks, and we would want the interaction between the crypto business and the banks to not threaten the health and wellbeing of the banks.”

Powell added that the other task of the US Federal Reserve is consumer protection. “We would want the public to know crypto products and things like that. There’s sort of a consumer protection aspect of it. They need to understand exactly what it is. But we don’t regulate it directly and we don’t have that big of a role.”

When asked if he would ever own Bitcoin himself, Powell succinctly replied, “I’m not allowed to.”

Sorkin then suggested that BTC might symbolize people’s faith—or lack thereof—in the US dollar or the Federal Reserve. Powell responded by likening Bitcoin to a traditional store of value: “I don’t think that’s how people think about it. I mean, people use Bitcoin as a speculative asset, right? It’s like gold.

It’s just like gold, only it’s virtual. It’s digital. People are not using it as a form of payment or as a store of value. It’s highly volatile. It’s not a competitor for the dollar. It’s really a competitor for gold. You know, that’s really how I think of it.”

Vladimir Putin Highlights Bitcoin’s Resilience

On the same day, President Vladimir Putin spoke at the Russia Calling forum, where he discussed the diminishing dominance of the US dollar and the rise of alternative financial instruments. Putin emphasized the inevitability of new technologies like BTC in reshaping the global economy.

“The use of the dollar as a world currency gives the US a lot of money,” Putin stated. “Thanks to the dollar, the US continues to exploit other economies of the world for their benefit.

One thing is to prohibit the use of dollars and the other thing is not to use it. That is why we see (economic) processes with the use of other instruments.”

He pointedly added, “For instance, who can ban Bitcoin? Nobody. And who can prohibit the use of other electronic means of payment? Nobody. Because these are new technologies.

And no matter what happens to the dollar, these tools will develop one way or another, because everyone will strive to reduce costs and increase reliability.”

Putin also commented on the global shift away from the dollar: “Even the countries that are allies of the US reduced their currency reserves in dollars and in euros.”

Reactions From Community

The endorsements from Powell and Putin sparked immediate reactions from prominent figures in the cryptocurrency space. Vijay Boyapati, a former Google engineer and author known for his book The Bullish Case for Bitcoin, took to X to express his thoughts: 

“Jerome Powell calling Bitcoin digital gold is the biggest endorsement of Bitcoin yet, if you understand where financial power lies. Bigger than Fink or even Trump.”

David Bailey, CEO of BTC Inc and advisor to former President Trump’s team—who was instrumental in turning Trump pro-Bitcoin —also weighed in via X: “The Bitcoin Space Race is here. […] It couldn’t be more clear what’s happening. It must be a national priority to stand up the Strategic Bitcoin Reserve in the first 100 days of the Trump admin. We need an aggressive plan to grow USA’s proportional ownership of the Bitcoin supply.”

@ Newshounds News™

Source:  Bitcoinist   

~~~~~~~~~

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