Seeds of Wisdom RV and Economic Updates Friday Morning 1-3-25

Good Morning Dinar Recaps,

RIPPLE XRP NEWS: CEO BRAD GARLINGHOUSE ‘EXCITED’ FOR 2025 AND REAL-WORLD UTILITY

▪️Brad Garlinghouse expressed his enthusiasm for 2025 on X, highlighting the increasing momentum and greater focus on real-world utility.

▪️Ripple made considerable strides in reshaping the financial landscape by forging new partnerships with major financial institutions throughout the year.

Ripple CEO Brad Garlinghouse has shared his palpable excitement about the potential developments expected in the year 2025, a pivotal moment that could redefine the cryptocurrency landscape.

 He foresees substantial growth for Ripple and a broader transformation in the financial ecosystem as it increasingly embraces digital assets and blockchain technology, with a growing emphasis on real-world utility.

Apart from Brad Garlinghouse’s optimistic outlook, the XRP Army is equally enthusiastic about the prospects for XRP in the current year. A key catalyst for this optimism is the anticipated approval of an XRP-related Exchange-Traded Fund (ETF) by the SEC, which many believe could significantly boost XRP’s legitimacy and market appeal.

Furthermore, the prospect of pro-crypto leadership under a Donald Trump presidency, alongside appointments such as Paul Atkins as the incoming SEC Chair, Scott Bessent as Treasury Secretary, Billy Long overseeing IRS commissions, and David Sacks in the newly created role of AI and Crypto Czar, signals a promising shift towards a more favorable regulatory environment for digital assets.

Additionally, the long-awaited settlement of the SEC lawsuit against Ripple, a legal battle that has cast a shadow over XRP’s potential, is viewed as a hopeful turning point. Together, these developments suggest not only a brighter future for Ripple but also for the broader cryptocurrency market.

Ripple 2024 Highlights

In 2024, Ripple marked a series of significant milestones that reinforced its mission to transform the financial landscape. The year began with a partnership with EasyA to launch an educational program aimed at teaching over 750,000 developers how to utilize smart contracts on the XRP Ledger. This initiative bolstered Ripple’s commitment to fostering community engagement and innovation.

Ripple also collaborated with SBI Group and HashKey DX to develop customized solutions on the XRP Ledger, with SBI becoming the first Japanese corporation to implement these blockchain solutions in supply chain finance. 

A pivotal moment came in February when Ripple acquired Standard Custody, bringing it closer to securing a coveted U.S. charter and solidifying its presence in the U.S. market.

The announcement of a partnership with Clear Junction in June highlighted Ripple’s dedication to enhancing cross-border payment capabilities with European banks, adding credibility to its operations.

Lastly, Ripple introduced its stablecoin, RLUSD, fully backed by U.S. Treasuries, bank deposits, and cash equivalents through a New York Department of Financial Services (NYDFS) trust charter. Potential applications for RLUSD include cross-border payments, corporate treasury functions, decentralized finance (DeFi), and trading collateral, along with the advantage of over 90 global payout markets.

These strategic initiatives contributed to XRP’s impressive rise from $0.62 at the start of the year to an all-time high of $2.89 by December 3, with current pricing at $2.40. As we begin this new year, market sentiment remains cautiously optimistic as investors keep a close eye on Ripple’s trajectory and regulatory developments.

@ Newshounds News™

Source:  Crypto News Flash

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X MONEY TO SUPPORT CRYPTO AT LAUNCH? BEST WALLET COULD BE THE MISSING LINK

The imminent debut of Elon Musk’s X Money, also known as X Payments, is sparking widespread speculation.

Theories surrounding the payment platform are swirling after X CEO Lindas Yaccarino confirmed on New Year’s Eve that it’ll launch in 2025 alongside X TV and Grok.

According to American entrepreneur Alex Finn, leaked code recently suggested it’ll be launching imminently – possibly even today.

What’s more, it might only be available in 39 US States initially, where X Money’s backbone, X Payments LLC, has secured regulatory approvals.

X Payments to Include Crypto?

At its core, X Money will enable users of X (formerly Twitter) to tip content creators.

With financial incentives enabled by X Money, creators might be more inclined to produce richer content that enhances X’s offerings – especially those who aren’t reliant on conventional ad revenue models.

The platform’s exact details have not yet been disclosed. Yet, Finn announced it’ll support crypto in a self-hosted X space.

There’s surging suspicion that X Money will support Bitcoin ($BTC) and Dogecoin ($DOGE), owing to Musk’s already accepting $DOGE payments at Tesla. Musk also holds $1.1B $BTC for his $1.19T supercar company.

Considering Elon Musk’s Web3 advocacy, crypto and even meme coin support wouldn’t come as a surprise.

Supporting crypto could also provide huge user benefits, owing to its decentralized nature and speedy processing times. As one X user commented in response to Finn’s post, “No permission needed, no holding back, just pure opportunity.”

Best Wallet Could Streamline X Money

Using a reliable crypto wallet like Best Wallet will be an essential accessory for those interested in Musk’s payment platform. That’s because you need a good wallet for your crypto before you can use it to tip anyone.

Best Wallet is on track to attract 40% of the 11B non-custodial wallet market by 2026. It sets itself apart from competitors like MetaMask owing to its unwavering support of presale projects and 60+ blockchain networks.

Best Wallet’s multi-blockchain support and user-friendly functionality should meet X Money payment requirements.

Another perk is its off-ramping function. Users can easily convert crypto into 100 fiat currencies (including $GBP, $USD, and $EUR) in their bank accounts. This means content creators being tipped in X Money can easily convert their funds into real-world currency for everyday spending.

For just $0.023375, $BEST token buyers can join the crypto wallet token project and have a say in the Best Wallet ecosystem’s future. Given the radical disruption changes to the game that launches like X Money pose, it’s no wonder Best Wallet’s presale has already raised over $6.2M.

However, this isn’t financial advice. Be sure to always do your own research before making any bold investment choices.

@ Newshounds News™

Source:  Bitcoinist

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XLM NEWS TODAY:

XLM'S SHOCKING POTENTIAL EXPOSED IN X'S NEW PAYMENT SYSTEM

Could Stellar be the underlying network of X's new payment system?

@ Newshounds News™

Source:  Youtube

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Seeds of Wisdom RV and Economic Updates Thursday Evening 1-2-25

Good Evening Dinar Recaps,

HOW DISTRIBUTED LEDGER TECHNOLOGY CAN ENHANCE CROSS BORDER PAYMENT SOLUTIONS

Over the last few years, financial institutions around the world have embraced tokenization for capital market asset management. Kelvin Li, Head of Platform Tech and Jessica Cao, Head of International Financial Institutions Partnerships at Ant International, discuss how distributed ledger technology can be leveraged with tokenized assets to enable interoperability.

Tokenization as a concept can have different meanings. In the domain of payments and settlement, it typically refers to the integration of new technologies to either expand their capabilities or improve their performance through distributed ledger technology (DLT). 

According to a 2024 McKinsey report, the tokenized asset market is projected to grow to $1.9T by 2030, with tokenized deposits projected to reach a market capitalization of $1.1T and other assets classes making up the remaining $0.8T.

The nature of tokenized deposits could inherently lend itself to facilitate near real-time in a cross border environment. The current offering of tokenized deposits is bounded by a single platform or issuer, while cross border payments entail different currencies and payment systems. This means that tokenized deposits would need a way to be exchanged to ensure the transfer of funds from one jurisdiction to another can be completed end-to-end.

Considering its potential to revolutionize cross border payments, leading industry players are working towards an interoperable tokenized asset ecosystem that could address these challenges. One solution could be a token exchange model enabled by liquidity providers. While liquidity provision is not a novel concept, innovation in the Web 3.0 space, by platforms such as Uniswap, significantly popularized and advanced the concept by making liquidity provision more accessible. In the regulated world, a similar model can be borrowed to incentivize liquidity provision.

At a mature stage where token types are no longer a barrier to payments, we then can reap the benefits of DLT to enable lower costs, real-time atomic payments, more efficient reconciliation and more secure transmissions, bringing about the next evolution of cross border payments.

Enabling Liquidity Providers in Token Exchange

Liquidity providers would play a key role in facilitating cross-issuer or cross-currency tokenized deposit transfers. In this context, the liquidity provider would perform the token exchange and provide the price quotation for different token pairs. Leveraging smart contracts, the liquidity provider can perform on-chain fulfilment of the token swap, ensuring transparent, immutable and secure transactions to occur in real-time. In addition, programmability embedded in the tokens, such as conditional payments, would be able to enhance transaction efficiency and flexibility.

For example, conditional payments can automate processes such as releasing funds only when predefined conditions are met, reducing the need for intermediaries for lower cost and mitigating risks of disputes. 

This programmability can also enable features like automated compliance checks, escrow arrangements, or milestone-based disbursements, all of which can streamline operations.

While liquidity providers are rewarded with liquidity cost and price spread, the entry of more liquidity providers will unlock additional liquidity. Additionally, liquidity providers could exchange tokenized deposits with each other, creating a more robust and interconnected liquidity network.

This would further enhance market efficiency by enabling seamless transfers and price discovery across different currencies and platforms.

We do recognize the potential drawbacks of this structure, such as the risk of liquidity fragmentation, as liquidity providers would need to separately fund both fiat and token accounts. This could lead to higher costs and, consequently, less efficient price discovery.

However, this structure can be more inclusive compared to existing payment services, potentially driving higher efficiency in cross border payments from end to end.

Ant International’s Multi-Currency Tokenization Deposit for FX Payments

At Ant International, due to the global nature of e-commerce transactions, we initiate and receive payments around-the-clock in multiple jurisdictions. We are piloting an approach for a deposits token exchange model. 

Partnering with a liquidity provider, we facilitated cross border payments by leveraging banking partners to provide off-chain FX pricing through Price Oracle. 

The tokens used to complete the cross border payments were denominated in different currencies and by different issuers. We found that the token exchange model was a potential solution for cross border payments using tokenized deposits and intend to scale up this usage in the future.

With the tokenized asset market and global business-to-business payments market set to increase exponentially in the coming years, financial institutions have started to review and enhance their existing solutions and infrastructure to ensure they are strategically positioned to support this growth. But one asset class or a single financial institution alone will not make a big enough impact.

In order to enhance cross border payment solutions across the entire industry, public-private collaboration still remains key, through industry-wide initiatives. We have already seen a number of forward-looking central banks and regulators launch such programs, which are still ongoing. 

These projects will not only help to advance existing technology, they also have the potential to enhance existing laws and regulations and ensure that the key users and beneficiaries of tokenization are protected.

@ Newshounds News™

Source:  Ledger Insights

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CHINA’S NEW RULES FORCE BANKS TO FLAG TRANSACTIONS WITH CRYPTO: REPORT

China’s new rules require banks to flag risky transactions, including those involving crypto, making it harder for mainland investors to trade digital assets.

China‘s foreign exchange regulator, the State Administration of Foreign Exchange, has rolled out new rules requiring banks to keep a closer eye on transactions involving digital assets, the South China Morning Post has learned, citing the regulator’s announcement.

The rules, applicable to local banks in mainland China, focus on identifying “risky foreign exchange trading behaviors,” the report reads. These include underground banking, cross-border transactions involving crypto, and illegal financial activities.

Banks now have to track transactions by checking things like who’s involved, where the money is coming from, and how often the trades are happening. Additionally, Chinese banks are also expected to create risk-control measures for these entities and limit their access to certain services, the report says.

The new rules are part of China’s push to tighten control over crypto, including Bitcoin trading and mining, which officials see as a risk to financial stability.

China has taken a tough stance on crypto over the years. Back in 2017, Beijing banned initial coin offerings and shut down domestic crypto exchanges to prevent financial risks. By 2021, things escalated with a full ban on crypto trading and mining. Despite these restrictions, it’s still technically legal for individuals to hold digital assets, though the gray areas in regulation keep things complicated.

@ Newshounds News™

Source:  Crypto News

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Seeds of Wisdom RV and Economic Updates Thursday Afternoon 1-2-25

Good Afternoon Dinar Recaps,

BINANCE MADE HISTORY: FIRST CRYPTO EXCHANGE TO SECURE BROKER-DEALER LICENSE IN BRAZIL!

▪️Binance crypto exchange secures broker-dealer license in Brazil.

▪️Richard Teng highlights Binance’s dedication to compliance and Brazil’s clear crypto regulatory framework.

▪️Brazil marks Binance's 21st regulatory milestone, solidifying its global leadership in crypto markets.

Binance, the world’s leading cryptocurrency exchange, has made a significant move in Brazil by securing approval from the Central Bank of Brazil to acquire a licensed broker-dealer institution. This marks Binance’s 21st global regulatory achievement, and it’s a big win for the platform in Latin America’s largest market.

Binance’s New License in Brazil

With the full approval to take over Sim;paul, a licensed broker-dealer, Binance can now operate with even more efficiency in Brazil. The license not only allows Binance to distribute securities and issue electronic money, but it also makes Binance the first crypto exchange to hold a broker-dealer license in the country.

This new approval positions Binance to better comply with Brazil’s growing regulatory framework for crypto assets.

However, Richard Teng, Binance’s CEO, expressed his excitement about the approval on X. He said Brazil is a growing crypto market, and this approval shows Binance’s commitment to following the rules while offering a safe platform for its users. Teng thanked local regulators for their work in setting clear rules for the industry.

Brazil’s Efforts to Regulate Crypto

Brazil, ranked 10th in the global crypto adoption index, is taking steps to regulate the crypto industry. The Central Bank and IRS have created proposals for new rules and are asking experts and the public for feedback.

Additionally, legislators in the country are discussing bills related to asset segregation and stablecoins, signaling a future-forward approach to crypto regulation.

Binance’s Expanding Global Reach

This approval is just one example of Binance’s commitment to global expansion. The company has also received regulatory approval in other countries like Argentina, India, Kazakhstan, and Indonesia. Binance holds licenses in places like Dubai, France, Japan, and El Salvador, showing its global reach and commitment to following rules everywhere.

@ Newshounds News™

Source:  Coin Pedia

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MEMBERS OF US CONGRESS BACKED BY CRYPTO PACS TO TAKE OFFICE ON JAN. 3

Interest groups suggested that a majority of lawmakers in the US House of Representatives would be “pro-crypto” after the 2024 election.

United States lawmakers who benefitted from support from the cryptocurrency industry in their respective 2024 primaries or elections will soon be sworn into office for the 119th session of Congress.

Crypto executives and political action committees (PACs) like Fairshake and its affiliates poured millions of dollars into media buys to support “pro-crypto” candidates in the 2024 election cycle, which could have contributed to some politicians winning in certain tight races across the country.

One of the most high-profile elections saw Republican Bernie Moreno defeating incumbent Ohio Senator Sherrod Brown by roughly 200,000 votes after the Defend American Jobs PAC spent more than $40 million.

According to data from the election influence tracking website Follow The Crypto, 10 new members of the US Senate expected to be sworn in benefitted in some way from funding from the cryptocurrency industry.

From a $6,600 individual contribution from Ripple co-founder Chris Larsen to Maryland Senator Angela Alsobrooks to more than $10 million from the Protect Progress PAC — also a Fairshake affiliate — to support Michigan Senator Elissa Slotkin, crypto money arguably influenced the composition of the next US Senate just as much if not more than other special interest groups.

The makeup of the US House of Representatives is a similar story, with 63 new members taking office in January. Fairshake and its affiliates poured millions of dollars into primary races in 2024 to support both Democratic and Republican candidates who had expressed views favoring the crypto industry.

In one of its biggest expenditures resulting in a win for the candidate, Protect Progress spent roughly $1.7 million in media buys to back Alabama Representative Shomari Figures over Anthony Daniels in the primary for the state’s 2nd Congressional District. Some House candidates, including Texas Representative Sylvester Turner, appeared to have not received any support from crypto executives or PACs.

No signs of crypto money stopping in the next election cycle

According to the advocacy group Stand With Crypto — which also attempted to influence US voters to choose candidates it considered favorable to the industry — roughly 270 lawmakers in the next session of Congress will be “pro-crypto,” with a clear majority in the House.

The composition of both chambers could affect legislation in 2025 on how to regulate crypto in the US through proposed bills like the Financial Innovation and Technology for the 21st Century Act (FIT21).

After their 2024 election wins, some in the industry have suggested that they will continue their approach to supporting candidates in the 2026 midterms and beyond. As of November, Fairshake reported having roughly $103 million to be used for the 2026 election cycle, primarily funded by Coinbase and Ripple. All 435 House members, serving two-year terms, will be up for election again at that time.

@ Newshounds News™

Source: CoinTelegraph 

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Seeds of Wisdom RV and Economic Updates Thursday Morning 1-2-25

Good Morning Dinar Recaps,

BRICS NEWS: TURKEY BACKTRACKS ON ALLIANCE, JOINS SAUDI ARABIA

▪️Turkey and Saudi Arabia won’t join BRICS as both nations pulled back their membership plans.

▪️Trump’s planned return and threats of heavy tariffs on nations moving away from the U.S. dollar have made countries hesitant to join the economic bloc.

Turkey has withdrawn its interest in joining the BRICS economic alliance. Turkey’s decision aligns with Saudi Arabia’s, marking a significant setback for the bloc’s expansion plans ahead of 2025. The move is regaining momentum in light of escalating geopolitical tensions and the risks of American action against countries trying to lessen dollar dependence.

Key Nations Step Back from BRICS Membership

Turkey’s failure to go forward with BRICS membership is a key political twist. Turkey is a NATO member and would have been the first to join both alliances. The country spent considerable time propagating for the membership throughout the year, but it rejected the offer given to it as one of the first batches of partner countries.

Saudi Arabia’s case is similar to Turkey’s, although, at one point, it agreed to a request during the 2023 annual summit. The Kingdom has officially suspended its membership process, thus contributing to increasing problems confronting the economic bloc in its formative stage.

U.S. Opposition and Economic Pressures Shape Decision-Making

The expected return of Donald Trump to power in the White House has brought new considerations regarding membership of the BRICS group. As previously reported by Crypto News Flash, Trump’s threat of 100% tariffs on nations willing to leave the U.S. dollar has become a major impediment to potential members.

As a result of such policy, BRICS has been able to enlist nine new partner countries, and here again, the two most relevant participants, Turkey and Saudi Arabia, are conspicuous in their absence. The block’s attempts to counter de-dollarization have intensified and lost ground, especially considering the possible continuation of the American opposition under the Trump presidency.

Impact on BRICS’ Future Trajectory

The partial withdrawal of interest from Turkey and Saudi Arabia shows the dynamics that countries face in the world today when trying to find new economic alliances while keeping their time-tested allies. In addition to Turkey, Nigeria, Vietnam, and Algeria rejected an invitation to join the alliance, implying that other potential members have also been reluctant.

These developments raise fundamental questions about the BRICS expansion model and its capacity to attract major players in an increasingly polarized global landscape. The circumstances show how the membership of the economic alliance has changed from purely financial aspects to a political stand.

It is difficult to say conclusively whether the bloc’s objectives will be achieved and why its endeavors, such as de-dollarization, have recently intensified.

At the same time, it can be stated that the very potential of this process may force its participants and potential members to rethink existing approaches and solve a number of problems that stem from the fact of their existence as actors in the current system of international relations and the modern world economy.

@ Newshounds News™

Source:  Crypto News Flash

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BRICS NEWS:  23 COUNTRIES SHOW INTEREST TO JOIN BRICS IN 2025

The number of countries willing to join the BRICS alliance in 2025 is rapidly growing. More than 20 countries have expressed their interest in joining the bloc and participating in decision-making.

The group is ushering in a new financial era independent from the clutches and dominance of the US dollar. The alliance is pushing de-dollarization as its sole goal, aiming to make local currencies the center of all trade and transactions.

BRICS: 23 Countries Express Interest to Join Alliance in 2025

A Russian diplomat confirmed that around 23 countries are showing interest in joining BRICS in 2025. Russian Presidential aide Yury Ushakov revealed that the alliance is open to inviting like-minded countries to join the bloc. The move will strengthen the prospects of local currencies and challenge the US dollar on the global stage.

“The doors of the association remain open to like-minded countries. At the moment, over two dozen more countries have shown interest in a systemic dialogue with BRICS,” in 2025 said Ushakov. Emerging economies find the alliance lucrative as it’s the only group that’s challenging the hegemony of the US dollar.

The countries that want to join BRICS in 2025 are: “Azerbaijan, Bahrain, Bangladesh, Burkina Faso, Cambodia, Chad, Colombia, the Republic of the Congo, Equatorial Guinea, Honduras, Laos, Kuwait, Morocco, Myanmar, Nicaragua, Pakistan, Palestine, Senegal, South Sudan, Sri Lanka, Syria, Venezuela, and Zimbabwe,” said the aid

However, Ushakov explained that uncontrolled expansion would lead to the association breaking up its thought process. He said that BRICS needs to cherry-pick its partners carefully in 2025 to thrive and survive. “It is clear that uncontrolled expansion of our association would break its backbone. We believe that we need gradual, harmonized, and accurate steps. Like those we have been taking throughout our chairmanship,” Ushakov summed it up.

@ Newshounds News™

Source:  Watcher Guru

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Franklin Templeton predicts Bitcoin reserves to expand globally in 2025

Politicians in Germany and Hong Kong have signaled their interest in adopting strategic Bitcoin reserves for their nations.

@ Newshounds News™

Source:  CoinTelegraph

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Proposal mandating the Swiss National Bank to hold Bitcoin now underway

The Swiss Bitcoiners must rack up 100,000 signatures from Switzerland’s 8.92 million residents by June 30, 2026, to trigger a public referendum.

@ Newshounds News™

Source:  CoinTelegraph

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Seeds of Wisdom RV and Economic Updates Wednesday Morning 1-1-25

Happy New Year Dinar Recaps,

80% OF JAPANESE BANKS TO ADOPT XRP BY 2025: A GAME-CHANGER FOR FINANCE

Japan’s financial sector is undergoing a transformative shift as nearly 80% of the nation’s banks plan to integrate XRP into their systems by 2025.

This groundbreaking move is expected to redefine cross-border payments and remittances while advancing blockchain technology adoption in mainstream finance.

Yoshitaka Kitao, CEO of SBI Group, a prominent financial institution in Japan, has voiced strong support for XRP, emphasizing its utility in international remittances. He highlighted RippleNet’s growing adoption and XRP’s role in enhancing transaction efficiency. Unlike Bitcoin, which Kitao describes as lacking inherent value, XRP’s utility-driven demand underscores its long-term potential.

This initiative is particularly significant for Japan, a country with a sizable expatriate and migrant worker population that relies heavily on remittances. XRP’s integration promises to streamline cross-border transactions, offering faster, cheaper, and more reliable financial solutions.

Economic and Institutional Impact of XRP Adoption

Japan’s adoption of XRP could serve as a global model for blockchain-based financial systems. With one of the world’s largest economies leading the charge, other countries may follow suit. Western nations have already begun regulating cryptocurrencies more rigorously, signaling a broader shift toward institutional adoption of blockchain solutions.

The integration of XRP also has the potential to drive financial inclusion. By reducing remittance costs, it can empower individuals in underbanked regions, creating a ripple effect of economic opportunities. Furthermore, as institutional investment in XRP increases, its mainstream acceptance is poised to grow, further legitimizing blockchain-based financial models.

XRP’s Role in Global Financial Transformation

Ripple’s On-Demand Liquidity (ODL) network, which leverages XRP for seamless cross-border payments, continues to expand globally. This network has already positioned XRP as a vital player in the future of finance. If other countries adopt similar models, XRP’s utility and market value could experience significant growth.

While the exact number of Japanese banks implementing XRP by 2025 remains uncertain, the current trajectory indicates a profound transformation in Japan’s banking landscape. As global financial systems evolve, XRP is cementing its role as a cornerstone of blockchain-enabled finance.

Daily Technical Outlook: XRP/USD – December 31, 2024

XRP/USD is trading at $2.03054, up 0.64%, reflecting a cautious recovery amid ongoing bearish sentiment. The pivot point at $2.14005 serves as a critical level. Immediate resistance is seen at $2.17118, with further barriers at $2.35413 and $2.51623. On the downside, immediate support is at $2.01000, with deeper protection at $1.95654 and $1.79139.

Technically, XRP remains under pressure, trading below the 50 EMA at $2.14005, indicating bearish momentum. The RSI at 37.43 hovers in the oversold zone, hinting at potential consolidation before a breakout. A descending triangle pattern dominates the 4-hour chart, suggesting a continuation of the downtrend unless prices break decisively above $2.17118.

While a sustained breakout above $2.17118 could spark bullish momentum, failing to hold above $2.01000 may accelerate declines toward $1.95654. Traders should monitor these levels closely as XRP approaches a decisive inflection point.

@ Newshounds News™

Source:  FX Leaders

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FOUR TRENDS THAT SHOW THE FUTURE OF CROSS-BORDER PAYMENTS

The global economy is an intricate web of transactions, and cross-border payments serve as its financial backbone.

For much of its history, that backbone has been creaky, slow and inefficient. But throughout 2024, the cross-border payments sector evolved at a breathtaking pace, driven by technological innovation and changing customer expectations, while simultaneously grounded in regulatory and compliance considerations.

Four central themes emerged throughout PYMNTS’ coverage of the space this year:  growing collaboration between FinTechs and financial institutions (FIs); the maturation of blockchain as a key cross-border rail; smarter compliance tools powered by artificial intelligence (AI) and machine learning; and the emergence of real-time payment infrastructure.

Financial Institutions and FinTechs: A New Era of Collaboration

In 2024, we witnessed a convergence and an evolution of FinTech and FI partnerships that worked to reshape the cross-border payments landscape. FIs brought the scale, infrastructure and regulatory expertise, while FinTechs contributed agility, innovation and customer-centric solutions.

“The [cross-border] space is very fragmented, and there’s a lot of opportunity for someone to emerge and dominate that space — or help banks improve the service that they offer,” Andy Elliott, vice president of strategy at EvonSys, told PYMNTS.

The convergence also signals a shift in mindset. Rather than viewing FinTechs as disruptors, FIs now see them as partners essential for navigating an increasingly digital economy. This symbiosis will likely deepen, leading to hybrid models where the lines between traditional banking and FinTech blur further.

Blockchain and Stablecoins: Building the Infrastructure of Tomorrow

Blockchain technology has long held the potential to transform cross-border payments by offering faster, more secure and cost-effective solutions. In 2024, we witnessed the maturation of this technology, with stablecoins — cryptocurrencies pegged to stable assets like fiat currencies — emerging as a viable medium for international transactions. Major players like PayPal and Circle have introduced their own stablecoins to modernize cross-border remittances and B2B transactions alike.

The PYMNTS Intelligence report “Can Blockchain Solve the Cross-Border Payments Puzzle?“ explored how blockchain could revolutionize cross-border payments, assessed its current adoption and examined the future implications for financial institutions and businesses.

Unlike traditional systems burdened by intermediaries, stablecoins offer near-instant settlement and reduced transaction costs. However, challenges remain. Regulatory clarity is uneven across jurisdictions, creating hurdles for widespread adoption. Still, the groundwork laid in 2024 suggests that stablecoins could serve as a gateway for broader blockchain adoption in cross-border payments.

The next phase? Integrating these digital assets seamlessly into existing financial systems to drive mainstream usage.

Smarter Compliance Solutions: Turning Pain Points into Opportunities

Compliance remains one of the biggest challenges in cross-border payments, particularly in a world of tightening regulations and heightened scrutiny.

“Everything’s going more cross-border and getting regulated, so tax compliance regulation is huge for new business models in new markets,” Sovos CEO Kevin Akeroyd told PYMNTS in an interview posted in April.

Faulty cross-border payments cost merchants in the United States at least $3.8 billion in sales last year alone, according to the PYMNTS Intelligence report “Cross-Border Sales and the Challenge of Failed Payments.” Additionally, 70% of U.S. firms experienced higher rates of failed payments in cross-border sales compared to domestic sales.

But 2024 marked a turning point: the rise of smarter compliance solutions powered by AI and machine learning (ML). Advanced tools now enable real-time monitoring of transactions to detect fraud, ensure anti-money laundering (AML) compliance and verify customer identities.

The result? Compliance becomes less of a bottleneck and more of a competitive advantage. As these technologies evolve, they promise to bring greater efficiency and security to cross-border transactions, paving the way for more seamless global commerce.

Instant Payments: A Global Mandate

The demand for real-time transactions has skyrocketed, fueled by the expectations of consumers accustomed to instant gratification in their personal lives. In 2024, cross-border payments worked on catching up, with innovations in instant payment infrastructure taking center stage.

For businesses, instant payments mean improved cash flow, reduced reliance on credit and enhanced supplier relationships. For consumers, they eliminate the frustration of waiting days for funds to clear. As real-time payment networks expand and interconnect, they’re likely to become one of the default mode for cross-border transactions.

Ultimately, as PYMNTS’ Karen Webster noted in an interview posted in October, any focus on cross-border innovation needs to be on solving key frictions: moving money securely and safely, providing transparency throughout the process and optimizing the economics of cross-border transactions.

@ Newshounds News™

Source:  Pymnts

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Seeds of Wisdom RV and Economic Updates Tuesday Morning 12-31-24

Good Morning Dinar Recaps,

XRP, HBAR, XLM, AND OTHER UTILITY-BASED NETWORKS SHAPING THE FUTURE OF FINANCE

▪️XRP, Stellar, and Hedera are reshaping global finance and driving utility.

▪️These platforms are now gaining mass attention for their roles in various industries.

The adoption of utility-based protocols like Ripple’s linked XRP, Hedera (HBAR), and Stellar (XLM) is gaining momentum. According to entrepreneur and writer Max Avery, these networks are driving transformation in the global financial system.

The Role of Utility-Based Networks In Financial Systems

In a series of X posts, Avery highlighted the role of utility-based networks in the financial system. The analyst pointed out the contributions of experts like Hiromi Yamaoka, a former official at the IMF, in pursuit of an effective financial system.

According to Avery, Yamaoka has developed frameworks to promote collaboration between central banks and private firms.

This collaboration combines the technological efficiency of private companies with the trust and control of Central banks. Private companies like Constellation, Hedera, Stellar, and Ripple aim to innovate with programmable solutions. On the other hand, Central banks offer supervision and issue stable assets, such as Central Bank Digital Currencies (CBDCs).

"This is done by a joint effort. Central banks issue stable assets, like CBDCs, and provide oversight. Private entities, like Ripple, Stellar, Hedera, and Constellation, seek to innovate with programmable solutions. This partnership combines banks’ trust and control with private…"
— Max Avery (@realMaxAvery) December 29, 2024

XRP is a vital component of institutional finance as it allows instantaneous and cheaper cross-border payments. Additionally, it eliminates the need for pre-funded accounts and offers instantaneous currency bridging and on-demand liquidity.

Avery described the XRP Ledger (XRPL) as more than a payment system. He highlighted the blockchain’s function in tokenizing assets such as real estate and carbon credits. Moreover, the XRPL has a decentralized exchange for direct asset trading and possesses lightweight smart contracts via Hooks to expand its utility.

Also, XRPL distinguishes itself from other blockchains in terms of energy efficiency. Unlike Bitcoin mining, XRPL utilizes a consensus mechanism that’s faster, greener, and scalable. It demonstrates that innovation in finance is possible without compromising the environment, providing a sustainable way forward.

Like XRP, Stellar’s native token, XLM aims for financial inclusion. The network charges less for small transactions and supports scalable private CBDCs. At the same time, it helps the underbanked and enables global economic access.

Hedera, another popular utility-based network, is also shaping the future of financial systems. Hedera’s native asset, HBAR, enables low-cost, high-speed transactions and supports Decentralized Applications (dApps).

Additionally, HBAR is utilized for staking, which supports network governance and security. It provides an effective and scalable solution for a range of financial services.

Complementary Networks

Intriguingly, these networks are complementary to one another. For instance, while XRP transforms institutional finance, XLM ensures access for all. They address the entire financial spectrum, creating a complete solution for modern financial systems.

Meanwhile, the adoption of utility-based networks is gaining momentum. Specifically, Ripple’s partnerships with banks are growing, as CNF reported. This development highlights Ripple’s growing integration into the global financial system.

As regulation improves, Avery believes adoption will skyrocket.

Avery concluded that the future of utility is unfolding, contrary to some people’s opinions.

“These networks are leading the shift by blending their advanced technology with real-world utility. It’s the present, taking shape in real-time, whether people want to believe it or not,” he noted.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

BRICS NEWS: 2 COUNTRIES SETTLE $37 BILLION TRADE IN LOCAL CURRENCIES

BRICS member Russia is aggressively pushing the de-dollarization agenda by making developing countries settle trade in local currencies. Russian President Vladimir Putin is convincing emerging economies to ditch the US dollar and push local currencies for cross-border transactions. The move will strengthen their native economies and give their local currencies a boost in the forex markets.

Russia is successfully bypassing US sanctions and keeping its economy afloat by making other countries ditch the US dollar. The development is hurting the US more as emerging economies as seriously considering advancing the de-dollarization initiative.

BRICS: Russia & Belarus Settle Trade Worth $37 Billion in Local Currencies

In 2024 alone, BRICS member Russia has settled trade worth $37 billion with Belarus using local currencies. The trade between the two nations surged 8.4% this year indicating that de-dollarization could soon be the norm. Developing countries are cutting ties with the US dollar and pushing local currencies to become the main source of all transactions.

The next few years could change the way the US operates the global financial order. BRICS is looking to create a paradigm shift with an alternate economy leaving the US behind. Local currencies could soon be accepted by like-minded countries who aim to topple the US dollar from the world’s reserve.

“Growing trade turnover indicators are clear evidence of the efficiency of the Russian-Belorussian integration. Alexander Grigoryevich (Belarus President) already shared his expectations for this year’s numbers. This forecast, I believe, is right on the money. According to our statistics, trade grew by 8.4% from January to September, topping $37 billion. By the end of the year, it will likely approach the figures President Lukashenko projected,” said Russian President Vladimir Putin.

@ Newshounds News™

Source:  Watcher Guru

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Monday Morning 12-30-24

Good Morning Dinar Recaps,

BRICS NEWS: DE-DOLLARIZATION WILL CONTINUE FASTER UNDER TRUMP’S WATCH

President-elect Donald Trump threatened BRICS countries of imposing 100% tariffs on goods entering the US if they pursue the de-dollarization agenda. The rhetoric came even before he officially took office indicating that a trade war would commence during his four-year tenure. Developing countries are guarding their economies against sanctions, as the White House has been imposing them for more than a decade.

The Director of the Institute of Social Sciences, Ash Narain Roy, said that Trump’s threats to BRICS will not work. Roy explained that Trump is carried away by his victory and is unable to see the ground below his feet. Emerging economies have progressed even after ending dependency on the US dollar as their local currency is gaining prominence. The de-dollarization initiative started by BRICS will continue even in the Trump era, he said.

BRICS: Trump Carried Away by Victory, De-Dollarization To Continue

Roy stressed that Trump’s 100% tariff threats will not affect any country but will directly harm the US. If exporters pay 100% tariffs, they will hike the prices, and US importers will place the surge on the consumers. It is the end user who will eventually fit the bill leading to inflation. BRICS will not back down on de-dollarization but could continue the process faster under Trump.

“He has views on everything and exchange views and all that. So not taking it seriously at all,” said Roy. The expert also called Trump’s rhetoric empty. “This will not affect any country,” he added. 

The BRICS alliance made it clear that the de-dollarization agenda remains their long-term goal. The bloc will not slow down if Trump takes office but will fast-track the process. The sanctions and threats led to the de-dollarization agenda taking shape in the first place. If Trump’s rhetoric on trade and tariffs grows, developing countries will only side with BRICS to protect their economies.

@ Newshounds News™

Source:  Watcher Guru

~~~~~~~~~

DIGITAL IDS AND FINANCIAL SERVICES COLLABORATION STRENGTHEN PROACTIVE FRAUD PREVENTION

As payments become faster, fraudsters hide behind anonymity or concoct identities that seem legitimate, and then scam banks, merchants and individuals out of their money.

Among the most effective ways of stopping would-be criminals in their tracks is using advanced technologies and collaboration to spot red flags before the money ever leaves an account — to take action, in other words, upstream.

Data — from continuous verification to location to device-level details — is critical, and real-time analysis can help block fraudulent transactions.

In the United Kingdom, language contained in the November release of the government’s National Payments Vision noted: “For open banking to scale and help deliver more competition and innovation in the market, it needs to transition to a sustainable long-term regulatory framework.”

“The U.K. has put in place strong consumer protections for fraud, including through reimbursement of authorized push payment fraud as mandated by the Payment Systems Regulator,” the Treasury added in the whitepaper. “While this regime provides a critical safety net for consumers, it introduces new risks for firms to manage.”

Four financial authorities in the U.K. said last week that they are working to improve their cooperation and will revise their agreement as the government pursues its National Payments Vision. The financial regulators include the Bank of England, the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA) and the Payment Systems Regulator (PSR).

Increased Embrace of Digital Payments
In discussion of the overall shift to digital, stats cited in the paper detailed that contactless payments have increased from 3% of all transactions in 2015 to 38% in 2023, and digital wallets have gained in popularity.

The PYMNTS Intelligence report “Digital Wallets Beyond Financial Transactions: U.K. Edition” found that 77% of U.K. consumers have at least one digital wallet, and 44% of consumers online conduct commerce via digital wallet transactions.

To get a sense of the financial impact, banks and financial services firms in the U.K. are required to reimburse the victims of authorized push payment (APP) fraud up to 85,000 pounds (about $106,000). APP fraud cost U.K. residents $433 million in 2023.

@ Newshounds News™

Read more:  Pymnts

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Seeds of Wisdom RV and Economic Updates Sunday Morning 12-29-24

Good Morning Dinar Recaps,

CRYPTO INDUSTRY CALLS ON CONGRESS TO BLOCK NEW DEFI BROKER RULES

The final regulations classifying several decentralized finance (DeFi) protocols as brokers have sparked immediate backlash within the crypto industry, with calls for the incoming Congress to overturn the new rules.

Disclosed on Dec. 27 by the US Internal Revenue Service, the new regulations treat front-end protocols facilitating digital asset transactions as brokers, requiring Know Your Customer disclosures of transactions. According to the agency, the regulations will affect up to 875 DeFi brokers.

The new rules have sparked a widespread backlash on social media, with many legal experts suggesting that the IRS may be overstepping its authority and infringing constitutional rights.

“This unlawful rule is the dying gasp of the anti-crypto army on its way out of power. It must be struck down, either by the courts or the incoming administration,” said Jake Chervinsky, chief legal officer at venture capital firm Variant.

For Alexander Grieve, vice-president of government affairs at venture firm Paradigm, “the new pro-crypto Congress can, and should, roll these back via the CRA process next year,” he said on X.

The CRA, or Congressional Review Act, allows Congress to review and potentially disapprove of regulations issued by agencies like the IRS.

The DeFi broker definition encompasses platforms performing intermediary functions in facilitating transactions, including a group of persons facilitating transactions “whether or not the group operates through a legal entity.”

Miles Jennings, general counsel of a16z Crypto, claimed the rule represents “a fantastical expansion of the words “effectuate transactions” to enable the IRS to ban DeFi.”

According to Miles Fuller, director of government solutions at TaxBit, the definition covers any provider that knows “or is in a position to know whether the nature of the transaction involved gives rise to reportable gross proceeds from the sale of digital assets.”

Fuller explained that two specific groups are specifically excluded from the definition: validation services and wallet software providers.

Advocacy group Blockchain Association called the rule “a final attempt” to send the US crypto industry offshore. A statement by the group’s CEO, Kristin Smith, said:

 “On behalf of the industry, we’re prepared to take aggressive action to fight back. We also look forward to working with the new pro-crypto Congress and Administration to roll back this and other anti-innovation rules.”

According to the IRS, the new regulations are expected to affect as many as 2.6 million taxpayers.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

🇷🇺 Russian Foreign Minister Lavrov slams the Biden-Harris administration for Prioritizing Ukraine over US citizens.

"When the USA was hit by a hurricane, President Biden paid the victims ridiculous compensations of $700 per person while sending over $150 billion to Ukraine."

@ Newshounds News™

Source:  @BRICSNews

~~~~~~~~~

The US dollar's share of global foreign exchange reserves has dropped to its lowest level in nearly 30 years.

This is according to the International Monetary Fund.

Countries are diversifying their reserves and stockpiling gold.

This should be the top story around the world.

@ Newshounds News™

Source:  X . com

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Saturday Morning 12-28-24

Good Morning Dinar Recaps

IRS FACES LEGAL PUSHBACK OVER NEW DEFI COMPLIANCE RULES

▪️Three major crypto advocacy groups have filed a lawsuit against the IRS.

▪️They are challenging its new regulation that classifies DeFi platforms as brokers.

▪️The crypto community and some lawmakers have also criticized the regulation.

Three prominent pro-crypto groups — the Blockchain Association, DeFi Education Fund, and the Texas Blockchain Council — have initiated legal action against the US Internal Revenue Service (IRS).

The lawsuit challenges the IRS and Treasury Department’s recent decision to categorize decentralized finance (DeFi) platforms as brokers, a ruling that has sparked significant controversy within the crypto sector.

IRS Broker Redefinition Triggers Legal and Legislative Issues

On December 27, the IRS finalized new regulations targeting the DeFi industry by expanding the definition of a broker to include decentralized exchanges and other front-end platforms.

This adjustment mandates that these entities report all crypto and other digital asset transactions, including details about the taxpayers involved. Set to be enforced starting in 2027, these regulations aim to enhance transparency in digital asset transactions.

However, the crypto advocacy groups contest that the IRS’s extension of broker status to DeFi platforms overreaches the statutory authority granted to the agency. They also argued that the move infringes upon the Administrative Procedure Act (APA) while deeming the action unconstitutional.

Further, they argue that the rule imposes undue compliance burdens on software developers, particularly those creating trading interfaces. According to them, this could severely inhibit innovation and significantly strain American entrepreneurs.

“The IRS and Treasury have gone beyond their statutory authority in expanding the definition of “broker” to include providers of DeFi trading front-ends even though they do not effectuate transactions.

Not only is this an infringement on the privacy rights of individuals using decentralized technology, it would push this entire, burgeoning technology offshore,” Marisa Coppel, the Head of Legal for the Blockchain Association, said.

Meanwhile, the regulatory change has also provoked a strong reaction from the broader crypto community, with several industry leaders calling for legislative intervention.

Bill Hughes, a lawyer at Consensys, criticized the rule’s release during the holiday season as a strategic move to minimize industry pushback. Similarly, Miles Jennings, General Counsel at a16z Crypto, described the rule as a drastic overreach intended to clamp down on DeFi operations.

Moreover, Alexander Grieve, Vice President of Government Affairs at Paradigm, has urged the upcoming Congress to reassess and possibly reject these new stipulations.

US lawmakers like French Hill and Patrick McHenry have already spoken against the move, suggesting they might oppose it.

“The Biden-Harris Treasury chose to defy both Democrats and Republicans in Congress by finalizing its controversial broker tax reporting rule today. This rule is an overreach by the Treasury, a blatant and poorly crafted attempt to target DeFi, and should never have been finalized in the final days of the Biden-Harris Admin,” Hill stated.

@ Newshounds News™

Source:  Be In Crypto

~~~~~~~~~

9 NEW COUNTRIES WILL OFFICIALLY JOIN BRICS AS PARTNER COUNTRIES (NOT FULL MEMBERS) ON JANUARY 1, 2025.

 Belarus   Bolivia    Cuba   Indonesia   Kazakhstan   Malaysia   Thailand   Uganda   Uzbekistan

@ Newshounds News™

Source:  @BRICSNews

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Friday Morning 12-27-24

Good Morning Dinar Recaps,

RUSSIA USES BITCOIN TO AVOID SANCTIONS, FINANCE MINISTER SAYS

Russia has begun using Bitcoin to avoid Western sanctions, according to the country’s Finance Minister Anton Siluanov. In a TV interview this week, the FM confirmed the country is now using cryptocurrency to make and receive international payments, thanks to a new law.

The Kremlin last month created an experimental legal framework for cryptocurrency miners. It included a provision whereby approved entities can use crypto for international trade.

 Russia is one of several countries in BRICS that are embracing crypto, especially Bitcoin. Russia in particular has embraced the new digital ruble, and now has Bitcoin as a new alternative to fiat currency.

Additionally, the new Bitcoin law is a benefit for Russian energy companies. Now, the companies can sell to a power-hungry group of domestic bitcoin miners, in an industry that continues to grow. While not all countries that Russia does deals with cater to crypto yet, being one of the first in the region to embrace Bitcoin is a huge step.

In the realm of de-dollarization, Russia’s decision to use Bitcoin in trade is also a plus. While Russia claims that the BRICS bloc is not trying to rid the world of the greenback, the USD is still a rival Russia hopes to overshadow soon. Bitcoin is becoming a more popular alternative to USD and fiat. Even the US is considering a Bitcoin reserve for the greenback’s safety net.

Earlier this year, State Duma deputy Anton Tkachev proposed a Bitcoin Reserve in Russia to protect against Western sanctions. The move goes hand-in-hand with this new law allowing Russia to trade internationally with BTC. 

Furthermore, Tkachev told Finance Minister Anton Siluanov that cryptocurrencies are “virtually the only instrument for international trade” under current restrictions. Russia’s newest law could create a challenge for President-elect Donald Trump as well.

The incoming US president is both a crypto supporter and advocate for U.S. dollar dominance and faces challenges from Putin and Russia. Therefore, his support of both BTC and Fiat could create a conflict in the future.

@ Newshounds News™

Source:  Watcher Guru

~~~~~~~~~

LAWMAKERS PREPARE TO INTRODUCE NEW CRYPTOCURRENCY REGULATIONS IN 2024

▪️U.S. Congress prepares to introduce new cryptocurrency regulations in 2024.

▪️Legislation focuses on stablecoins and market structures like FIT21.

▪️Future approval of these bills depends on congressional priorities in 2025.

@ Newshounds News™

Read More:  Coin-Turk

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Seeds of Wisdom RV and Economic Updates Thursday Morning 12-26-24

Good Morning Dinar Recaps,

BRICS TO DITCH US DOLLAR FOR GOLD-BACKED CRYPTOCURRENCY

Over the last year, the BRICS bloc’s ongoing de-dollarization efforts have been a focal point. The collective has sought to limit Western hegemony and establish itself on the grander world stage. Amid its ongoing pursuits, could the BRICS bloc be in line to ditch the US dollar for a gold-backed cryptocurrency?

The economic alliance has been stashing gold reserves for much of 2024, with many believing it could be for its own trade currency. Although the bloc has affirmed that it has no interest in a native currency, it has shown a recent embrace of cryptocurrency. Both could converge on a perfect answer for its ongoing greenback dilemma.

BRICS Cryptocurrency? Why Alliance Could Build Combine Gold & Bitcoin to Take Down US Dollar

The last two years have seen the global south continue to champion the term de-dollarization. Indeed, the economic alliance has sought greater ways to limit Western economic dominance. Throughout last year, the emergence of a BRICS currency has been the focal point of that.

Now, that pursuit has taken center stage. With Donald Trump emerging victorious in the 2024 presidential election, he has threatened 100% tariffs on nations abandoning the dollar. Truthfully, that presents BRICS with one true option: double down or abandon the idea.

To this point, they have opted for the former. But it may not stay that way, as BRICS could ditch the US dollar with a gold-backed cryptocurrency. Although the bloc has not yet announced such an idea, its maneuvering does favor its presence.

For the last two years, the bloc has ferociously accumulated gold reserves. That was supposed to be for an alliance trade settlement currency. Moreover, in 2024 they have opted to dial back opposition to the cryptocurrency sector. Earlier this month, Russian President Vladimir Putin said that no one could control Bitcoin.

That appeared to show his favor of the currency. Nations like China have followed suit, with many believing both could soon embrace digital assets. With an AI and technology alliance being formed under BRICS, blockchain technology could soon be at the forefront.

That would not stop the bloc from developing its very own currency that combines both matters. It would illicit some issues with the West but would also fast-track its ongoing de-dollarization plans. Moreover, it would establish BRICS as a clear global force.

@ Newshounds News™

Source:  Watcher Guru

~~~~~~~~~

@ Newshounds News™ will be running only one Newsletter input to Dinar Recaps through the New Year.  Visit our Telegram rooms, Website and Youtube Channel for RV related learning material, podcasts. documents, projects, news and more.  Links below! 

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Iraq Economic News And Points To Ponder Tuesday AM 12-24-24

Stopping The Dollar Transfer Platform...A Calculated Step Or A Risky Adventure?
 
December 23, 2024  Baghdad/Iraq Observer  The Central Bank of Iraq is scheduled to abandon the electronic platform for dollar transfers abroad at the end of this year,  which has raised questions about whether this decision indicates the abandonment of the Iraqi Central Bank and the US Federal Bank’s mechanisms for monitoring the movement of the dollar,
 
or is it a step towards adopting a new system that may It contributes to reducing sharp fluctuations in the exchange rate and returning it to its natural levels that are consistent with the requirements of the local market and the national economy.

The electronic platform was launched in early 2023 as a new mechanism aimed at auditing dollar transfers before they are implemented, replacing the previous system that relied on auditing by the US Federal Bank after the transfers were completed, which was considered a step to enhance transparency, improve control of the movement of funds, and ensure compliance with financial laws.
 
At that time, banks, companies and merchants in Iraq faced major challenges in adapting to the new mechanism, as it required time to understand the working mechanisms and ensure compliance with the requirements.
 
However, these entities were able to adapt gradually, especially after bank employees underwent extensive training courses on using the electronic platform, which contributed to achieving full compliance with the new work procedures and ensuring the smooth flow of financial operations.
 
According to the new transfer mechanism, banking operations in dollars will be limited to banks that have international banking relationships, or what are known as “correspondent banks.”
 
Concern and reassurance
 
Both the Central Bank of Iraq and the US Federal Reserve believe that this step will contribute to strengthening oversight of remittances in a more precise and specialized manner, by restricting transactions to a limited number of banks that have high banking standards and the ability to cooperate with international banks, which aims to reduce financial risks and ensure Compliance with international controls.
 
In turn, Mustafa Akram, a researcher in financial and banking affairs, said that
 
stopping work on the electronic platform (FITR) and restricting dollar transfers to a limited number of foreign banks may pose challenges to the local banking system, indicating that
 
“this step may raise concerns about the concentration of transactions in dollars.” “In a limited range, which may lead to effects on exchange rate stability.”

Akram added to “Iraq Observer” that  “there is a need for a deeper study of the impact of these measures on competitiveness in the Iraqi banking sector, while emphasizing the importance of preserving banking sovereignty and enhancing balance in the local market.”
 
Possible bounces
 
In light of these movements, news was raised about a trend towards making a new adjustment to the exchange rate, which raised concern among economists about the potential impact of this trend on the economic process in general.
 
Experts stressed that sudden changes in monetary policy may create additional confusion in the markets and weaken confidence in the financial system.
 
For his part, economic expert Uday Al-Alawi stressed that
 
“the biggest mistake the government can make is manipulating the dollar exchange rate through sudden decisions, because this has a direct impact on the national economy and undermines investors’ confidence in the financial system.” Al-Alawi added, in a press comment, that
 
“the government’s continued making of ill-considered decisions regarding the exchange rate will lead to the erosion of international and local confidence in the Iraqi economy, which will weaken the ability to attract the investments necessary to improve the economic reality.”
 
Economists fear the possibility of some banks not included in the transfers going to meet the requirements of their customers towards the parallel market, which could lead to a return to the rise of the dollar in Iraq.   https://observeriraq.net/إيقاف-منصة-تحويلات-الدولار-خطوة-محسوب/   

An expected rise in the dollar...a “temporary shock” awaiting the Iraqi market
 
Economy | Yesterday, 19:49 |
Baghdad today - Baghdad
 
Today, Monday (December 23, 2024), the "Future Iraq" Foundation for Economic Studies and Consultations expected a rise in the dollar exchange rate during the next few days, following the Central Bank of Iraq's announcement of stopping the currency conversion window platform.
 
The head of the institution, Manar Al-Obaidi, said in a statement to “Baghdad Today” that
 
“stopping the Central Bank’s currency transfer platform, which was officially announced on 12/23/2024, will lead to a temporary rise in the dollar exchange rate in the market as a result of the prevailing state of fear.”

However, things will return to normal at the beginning of the new year.” Al-Obaidi added,
 
"This decision had been previously announced by the Central Bank,
 
but such measures, when implemented, cause a shock in the market, leading to a temporary rise in the exchange rate, before the shock is gradually absorbed." He explained that
 
"the difference between the official and parallel market will remain, but it will shrink as the situation stabilizes."
 
On Tuesday (December 17, 2024), economic affairs specialist Nasser Al-Tamimi warned of a rise in the dollar exchange rates in Iraq in the coming days. Al-Tamimi told “Baghdad Today” that
 
 “there are real fears in the Iraqi market about the continued rise in dollar exchange rates after the platform was suspended by the Central Bank of Iraq,” noting that
 
“this matter will constitute a shock, especially at the beginning of the implementation of the decision and will push for a rise.” The dollar, to increase demand for it in the parallel market.” He added,
 
"After stopping the platform, most merchants, especially small ones, will depend on the parallel market to finance their foreign trade, while continuing to finance trade with Iran and Turkey with dollars, in illegal ways," pointing out that
 
"this is what will push the rise and  that is why practical steps must be taken to prevent This is done by the monetary authority in the country, and urgently.”
 
On Wednesday (September 4, 2024), the Central Bank of Iraq revealed the mechanism for ending the electronic platform for external transfers, while
 
indicating that placing external transfer operations and meeting requests for the dollar is on sound paths and consistent with international practices and standards. 
 
https://baghdadtoday.news/264515-ارتفاع-مرتقب-للدولار.-صدمة-مؤقتة-بانتظار-السوق-العراقي.html   

New Conditions From The Iraqi Central Bank For Buying And Selling Foreign Currencies
 
December 23, 2024  Baghdad/Iraq Observer  Today, Monday, the Central Bank of Iraq set new conditions for buying and selling foreign currencies.   Below is the document:  
 
https://observeriraq.net/wp-content/uploads/2024/12/IMG_9748.jpeg   
 
https://observeriraq.net/شروط-جديدة-من-المركزي-العراقي-لبيع-وشر/   
 
 ~~~~~

[approximate and incomplete translation of https://observeriraq.net/wp-content/uploads/2024/12/IMG_9748.jpeg ]
 
DATE:  2024/12/22  Electronic payment companies / two accessories
Exchange and mediation companies selling and selling foreign currencies
5 / Digital payment providers
 
Due to the availability of all the requirements for appointing the agent mentioned in (Chapter Two /
First / The Requirements of the Agent) from controls
The work of the providers of digital payment services for a year 2020 and the fact that exchange companies are my category (A,B) and the mediation companies by selling and selling
Foreign currencies Venice (C) licensed from this bank and is subject to its supervision and monitoring; The following decides:
 
1- Allowing exchange companies Vinte (A,B) and mediation companies to buy and sell foreign currencies (C) Digital payment services / accessories to provide cash withdrawal service (POC) according to the following conditions:
 
1- The agency/ executor in the name of the company should be limited and not owned by natural people.
 
A- The agency's services are provided inside the company’s headquarters and its branches exclusively.
 
B- The company informs this bank when contracting with the digital payment service and providing it with a copy of the signed contract The two parties.
 
C- Closing the agency / port in the event that this bank withdraws the company's leave.
 
D- The agency's domestic payment service for the agency took a written pledge from the company wishing to contract with him not to own any
A shareholder / executive and operating outside the exchange of the exchange or mediation company.
 
2- In the event that one of the shareholders or director of the exchange and mediation companies has an agency / port in his name and works outside the headquarters

The company can integrate the agency / port with the company and allow it to transfer its ownership in the name of the company in exclusivity and inform this bank that
An exception to the blindness of this bank number (114/10/9) on 2/22/2022, which includes not transferring the ownership of agents/withdrawals outlets POC; In the event that the agent / the perpetrator wants to leave the work, the digital payment companies must end the contract and take
The appropriate procedures for them not to sell the agency's ownership and its transmission.
 
With appreciation.  https://observeriraq.net/شروط-جديدة-من-المركزي-العراقي-لبيع-وشر/   

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

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

Good Morning Dinar Recaps,

RIPPLE CEO REVEALS GROWING REAL ESTATE DEMAND FOR XRP TESTING

▪️Brad Garlinghouse revealed that there has been an increase in demand for XRP not only as a payment solution within the real estate sector but also in the trade finance and insurance sectors.

▪️With the financial landscape shifting towards more efficient and secure solutions, Ripple stands at the forefront of this transformation, leveraging the advantages of XRP to enhance cross-border payment systems securely.

Ripple CEO Brad Garlinghouse has revealed that there is an increase in demand for XRP as a preferred payment solution within the real estate sector. Ripple is proactively working to boost the asset’s adoption, recognizing its potential in transforming transaction methodologies.

This growing interest is not only a testament to the efficacy of blockchain technology in facilitating seamless transactions but also highlights the evolving landscape of property sales and investments.

The real estate market has traditionally been bogged down by lengthy processes, high transaction costs, and a lack of transparency, making it a prime candidate for disruption. 

The founder identified other industries ripe for innovation, including insurance, trade finance, and identity management, in the interview shared on X by RippleLord, a Ripple enthusiast.

Ripple’s Payment Network in Real Estate

Ripple and the real estate sector stand to mutually benefit from each other, particularly as there is a growing demand from customers for Ripple’s deeper involvement in trade finance.

Ripple’s solutions have the potential to streamline processes and enhance operational efficiency, particularly in areas like global payments and title management, where inefficiencies have long hindered the real estate industry.

At the core of Ripple’s offerings is Ripple Payments, which was previously named RippleNet and utilizes advanced blockchain technology to facilitate efficient fund transfers for institutions around the world. Brad Garlinghouse emphasized that businesses are keen to explore how Ripple’s cutting-edge solutions can improve cross-border payments and minimize transaction friction. 

This need for modernization is particularly relevant today, as existing payment systems often leave users waiting weeks for transactions and facing high fees.

Ripple Payments provides a decentralized network for banks and financial institutions globally, utilizing products built on the XRP blockchain, such as xCurrent for cross-border payments and xRapid for cheap and fast transactions. 

Ripple seeks to collaborate with traditional financial institutions and real estate companies rather than replace them. Garlinghouse compares Ripple’s transformative potential to the internet’s evolution, noting its ability to change various sectors, including real estate, fundamentally.

As revealed in a CNF article, XRP’s permissionless nature and its On-Demand Liquidity (ODL) feature are particularly advantageous for real estate transactions. ODL enables international payments by using XRP to facilitate more efficient cross-border transactions.

This feature also provides instantaneous settlement, enhanced reliability, and reduced transaction costs, critical elements for real estate deals that often involve multiple currencies.

Currently, Ripple Payments supports over 55 countries and connects to more than 120 fiat currencies, simplifying the management of international transactions for real estate professionals. 

As XRP continues to gain recognition in the payments landscape, each unit is trading at $2.21, with a notable decrease of 2.94% in the last 24 hours. XRP’s trading volume of $ 11 billion has decreased by 9.30%, signaling a recent fall in market activity.

@ Newshounds News™

Source:  Crypto News Flash

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HOW MOONPAY PLANS TO REVOLUTIONIZE CRYPTO PAYMENTS

MoonPay, a fintech company has become a major player in crypto since its launch in 2018. Led by CEO Ivan Soto Wright, the platform helps investors buy and sell cryptos as well as NFTs easily. It is like a PayPal but for cryptocurrencies. The project is capturing the spotlight as there are news about them acquiring Helio pay, a crypto payment gateway.

MoonPay Role in Crypto Space

MoonPay has launched innovative crypto payment solutions like MoonPay Balance. This is a fiat to crypto transfer tool that works seamlessly with wallets like MetaMask. Rolled out in 27 European countries last month, this feature gives users a straightforward way to interact with decentralized finance (DeFi) protocols. But the company isn’t stopping there. A potential acquisition of Helio Pay, rumored to cost $150 million, might be their next big leap.

Helio Pay Acquisition News

Helio Pay is no small name in the crypto world. The platform is like Coinbase Commerce, helping over 6,000 merchants and creators accept payments in Bitcoin, Ether, and other digital currencies. It even integrates Solana Pay into Shopify, a platform with millions of users globally. This is going to be an amazing combo as MoonPay already serves more than 20 million users in over 160 countries.

According to Eleanor Terrett from Fox Business, MoonPay is in in talks to acquire helio for about $150 million.

If this acquisition goes through, this is going to be a big thing for crypto space especially for e-commerce merchants and their users. MoonPay will get to expand its reach and e-commerce will get enhancement with its services. How great would it be if you could use crypto to buy stuff online just like using a credit card — easy and simple.

Why This Matters

This potential deal highlights MoonPay’s ambitions of making crypto transactions easier for individuals. This will reshape how businesses and users interact with cryptocurrencies. Adding Helio Pay to their portfolio would strengthen their infrastructure. This would finally bring crypto payments into the mainstream. As crypto adoption grows globally, this is the perfect time to bring such enhancements to crypto payments.

What to Expect Next

If the Helio acquisition deal is closed, this will likely spark even more innovations in the crypto payment space. The company already has a bright name because of its focus on easing the crypto payments, the new takeover will shine the name even more. It’s just a matter of time before the actual confirmation comes out.

@ Newshounds News™

Source:  Coinpedia

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