Seeds of Wisdom RV and Economic Updates Monday Afternoon 9-23-24
Good Afternoon Dinar Recaps,
HONG KONG MONETARY REGULATOR LAUNCHES SECOND PHASE OF CBDC PROJECT
The HKMA has engaged 11 firms for advanced e-HKD+ digital currency trials, so far.
The Hong Kong Monetary Authority (HKMA) has announced the launch of the second phase of its central bank digital currency (CBDC) pilot program, known as e-HKD, according to a Sept. 23 statement.
The second phase will delve into advanced use cases for digital money, emphasizing e-HKD and tokenized deposits for individuals and businesses. The first phase focused on testing CBDC applications in domestic retail payments, offline transactions, and the settlement of tokenized assets.
The HKMA stated that the initiative has evolved from its original e-HKD focus and is now rebranded as Project e-HKD+ to align with the changing fintech landscape.
e-HKD Applications
The HKMA has engaged 11 firms from various sectors to investigate e-HKD applications in three main areas, including tokenized asset settlement, programmability, and offline payments.
Some of the participants reportedly involved in phase 2 include ANZ, Airstar Bank, Aptos Labs, BlackRock, Bank of Communications (Hong Kong), ChinaAMC, China Mobile, DBS, Fidelity International, Kasikornbank, and Sanfield.
The HKMA stated that these firms will evaluate the commercial viability of new digital money forms within real-world settings, aiming to enhance accessibility for individuals and corporations.
The results of Phase 2 will provide insights into the practical challenges of creating a digital money ecosystem that integrates both publicly and privately issued digital currencies. Project e-HKD+ will further develop the necessary technology and legal framework to support potential future issuance of e-HKD for both individuals and businesses.
To foster collaboration, the HKMA will establish the e-HKD Industry Forum. This platform will enable participating institutions to discuss common challenges and explore the scalable implementation of new digital money forms. Industry-led working groups will address specific topics, initially focusing on programmability.
Similar to Phase 1, an e-HKD sandbox will be available for pilot participants to facilitate prototyping, development, and testing of use cases. During Phase 2, the HKMA will collaborate closely with the selected firms over the next 12 months to share key findings with the public by the end of next year.
HKMA chief executive Eddie Yue stated:
“Project e-HKD+ signifies the HKMA’s commitment to digital money innovation. The e-HKD Pilot Programme has provided a valuable opportunity for the HKMA to explore with the industry how new forms of digital money can add unique value to the general public. The HKMA will continue to adopt a use-case driven approach in its exploration of digital money.”
@ Newshounds News™
Source: CryptoSlate
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RIPPLE VS SEC: IS THE SEC PREPARING A LAST-DITCH APPEAL?
▪️Legal experts believe the SEC will file an appeal, but the regulator remains undecided, creating uncertainty for XRP.
▪️Ripple is confident in its legal position, and analysts foresee a potential bullish breakout for XRP despite the looming appeal.
Following the development of the SEC’s appeal against Ripple, CNF highlighted its effect has put the XRP community on edge, current updates in the ongoing Ripple vs. SEC lawsuit suggest that an appeal from the U.S. Securities and Exchange Commission (SEC) is expected. According to legal experts, the SEC seems poised to challenge Judge Torres’ rulings on the XRP case.
As shared on his X account, former SEC attorneys Marc Fagel and James Farrell have expressed confidence that the SEC will file an appeal, emphasizing that not doing so would reflect poorly on the regulator. The SEC has two weeks left before the deadline to submit the appeal.
As the deadline approaches, the XRP community is growing anxious. Attorney Fred Rispoli speculates that the SEC remains undecided about the appeal and could wait until the last minute to make an announcement.
Meanwhile, Ripple’s CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty have confirmed that Ripple does not plan to appeal and has secured a stay order on a $125 million penalty until further proceedings.
Interestingly, recent SEC actions in the Binance case suggest the agency may not appeal Judge Torres’ ruling regarding XRP’s programmatic sales, where the judge stated that buyers in programmatic sales were no different from secondary market purchasers.
XRP Price Surges Despite Legal Uncertainty
However, the trading volume has dropped by 25%, hinting at decreased activity among traders. Analysts are predicting a potential bullish breakout for XRP as Ripple prepares for its Ripple Swell 2024 event. The possibility of an SEC appeal could push XRP beyond its current $0.65 resistance level.
As of today, Ripple (XRP) is trading at $0.5897, with a loss of 1.09% in the past day and a 4.92% increase over the past week. See XRP price chart below.
@ Newshounds News™
Source: Crypto News Flash
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CARDANO FOUNDER RESPONDS AS DEVELOPER INTRODUCES BITCOIN TO CARDANO BRIDGE
Cardano’s Charles Hoskinson reacts with surprise as a Bitcoin developer unveils a seamless bridge between Bitcoin and Cardano apps.
A Bitcoin developer, known as elraulito, has announced a breakthrough in blockchain interoperability, revealing a seamless bridge between Bitcoin and Cardano applications.
The developer showcased a smart contract on Plutus V3, allowing Bitcoin wallets to interact directly with Cardano’s ecosystem. This enables users to send ADA, manage tokens, and stake in Cardano pools without requiring a new wallet.
Notably, Cardano founder Charles Hoskinson reacted with surprise as the innovation could mark a new phase in cross-chain connectivity.
Smart Contract Capabilities Explained
The developer detailed how the smart contract was built using a combination of tools and protocols. Notably, the contract employs aiken, a Cardano smart contract language, and CIP69, which enhances the address’s programmability.
A multivalidator enables transactions, delegations, and reward withdrawals, while MeshJS manages off-chain transactions. Mesh, an open-source library, supports Web3 app development and currently offers one of the few implementations compatible with Plutus V3.
This bridge allows Bitcoin users to engage in Cardano’s ecosystem without additional software, providing a straightforward onboarding process. As the developer noted, these capabilities could potentially extend to every EVM chain, broadening blockchain usability and functionality.
Community Reactions and Technical Insights
The announcement generated questions among enthusiasts, eager to understand the mechanics and applications of the new bridge.
One user asked how Cardano actions could be sent from a Bitcoin wallet, to which the developer responded that Bitcoin users can sign Cardano actions from their existing wallets.
If the signature is verified, the action is executed by Cardano nodes. This functionality opens doors to onboarding users from outside the Cardano ecosystem, facilitating interactions like airdrops and liquid staking without changing wallets.
Further discussions focused on the validation process. The contract validates the signature by checking the UTXO, receiver, amount, and asset details against its outputs. This validation ensures that transactions align with predefined rules set within the smart contract, providing secure cross-chain operations.
@ Newshounds News™
Source: The Crypto Basic
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BRICS News:
THE TALIBAN MOVEMENT SUBMITS APPLICATION TO ATTEND THE BRICS SUMMIT IN KAZAN
Representatives of the Taliban movement have sent an application to Moscow to attend the BRICS summit which is being held Kazan, the capital of Russia’s Tatarstan Republic on October 22-24, RIA Novosti reported on September 21.
As it has become known, the Taliban want to be represented at the BRICS summit by the acting deputy prime minister of the country, the head of the political wing of the Taliban terrorist movement, Abdullah Ghani Baradar.
"We express our interest in the participation of a high-level delegation in the summit, in particular, Deputy Prime Minister of Afghanistan Abdul Ghani Baradar, as well as myself along with other participants," says an application sent by Nooriddin Azizi, the Taliban’s acting Minister of Commerce and Industry, to Yuri Ushakov, the Aide to Russian President.
BRICS is an intergovernmental organization comprising Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates.
Originally identified to highlight investment opportunities, the grouping evolved into an actual geopolitical bloc, with their governments meeting annually at formal summits and coordinating multilateral policies since 2009. Bilateral relations among BRICS are conducted mainly based on non-interference, equality, and mutual benefit.
The founding countries of Brazil, Russia, India, and China held the first summit in Yekaterinburg in 2009, with South Africa joining the bloc a year later. Iran, Egypt, Ethiopia, and the United Arab Emirates joined the organization on January 1, 2024.
Saudi Arabia is yet to officially join, but participates in the organization's activities as an invited nation. BRICS is an informal group of countries that includes Russia, Brazil, India, China, and South Africa.
@ Newshounds News™
Source: Asia-Plus
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BREAKING NEWS Israel Intercepts Missiles from Iraq | Youtube
@ Newshounds News™
Source: Seeds of Wisdom Team Currency Facts
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