Seeds of Wisdom RV and Economic Updates Monday Morning 8-12-24
Good Morning Dinar Recaps,
Putin signs law allowing FOREIGN BANKS to OPEN BRANCHES in Russia
"Russian President Vladimir Putin signed a law that allows foreign banks to open branches in Russia but also provides for a number of restrictions on their activities. The document was published on the official portal of legal information."
"The goal is to create conditions for the development of a system of international settlements and attracting foreign investment, the explanatory note says."
"The work of branches of foreign banks will be aimed precisely at this. That is why they will not be able, like ordinary banks, to open deposits for individuals and companies, accounts in precious metals, engage in trust management of money and other property."
"Foreign banks will have the right to work in the securities market through a branch created in Russia. Each bank will be allowed to establish only one branch. The law also provides for setting requirements for the qualifications and business reputation of the banks’ officials."
"The law will come into force on September 1, 2024."
@ Newshounds News™
Source: TASS
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How to Protect Your Cryptocurrency Holdings
THIS ARTICLE IS FOR THOSE WHO MAY BE INTERESTED IN STORING THEIR DIGITAL CURRENCY IN AN OFFLINE WALLET
"The first step to protect your cryptocurrency is picking the right wallet type. Wallets are divided into various categories like hardware wallets, software wallets, and paper wallets. "
Hardware wallets which can be put on USB devices offer robust security as they store private keys offline where possible online dangers cannot access them.
Software wallets can be used for handling keys and carrying out transactions, as they are simple to use in desktop or mobile applications. But, they do not offer very high security because they can be influenced by malware or hacking.
Paper Wallets are created by printing private keys and public addresses on physical paper, which gives a physical dimension to the concept of safety. Every wallet type has advantages and restrictions, so choose one that matches your security needs and how frequently you use it.
1. Use powerful passwords that are unique to the wallet and any associated accounts.
2. Avoid using simple passwords or ones that have been used before on other accounts.
3. Use two-factor authentication (2FA) as a second layer of security, which will ask for a different verification like a code sent to your mobile.
4. Always make sure that you are updated with the latest updates on your software and wallet firmware – this is important so as to have all security fixes in place and safeguard against any known vulnerabilities.
5. When linking up with your wallet from public or unsecured networks, do it cautiously as this could let potential threats get access into contact with the stored assets within it.
Backing Up Your Wallet
Nearly all wallets include a backup feature that provides you with a recovery phrase, often called a seed phrase. It’s basically a list of words which can be utilized to restore your wallet if anything happens to it. Ensure you keep this recovery phrase somewhere safe. Having several copies stored in different locations
"By choosing the right type of wallet, using strong safety methods, backing up your wallet, and taking additional security steps; you can greatly reduce the risk of losing digital assets.
If you do these careful actions, then it is certain that your cryptocurrency will remain safe but also simple to access. This allows for confident management and improvement of investments. "
@ Newshounds News™
Source: CryptoTimes
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Ripple XRPL and Dubai
"Ripple plans to strengthen its global presence by partnering with the Dubai International Financial Center (DIFC). The DIFC is a special economic zone in the city established as a financial hub for businesses operating throughout the Middle East, Africa, and South Asia."
" Speaking on the matter was Ripple’s CEO – Brad Garlinghouse – who described the UAE as “one of the most advanced jurisdictions globally” when it comes to offering regulatory clarity for licensed companies to offer crypto services.
“Our partnership with the DIFC Innovation Hub promises to drive the adoption of blockchain technology in the region as the XRPL continues to be a leading blockchain for the region’s start-ups and scaleups building real use cases,” he added.
"Arif Amiri – CEO of the DIFC – highlighted the deal with Ripple as a “significant milestone” that “further cements DIFC’s role as a leading global hub for talent, tech, and innovation.”
"It is interesting to note that Ripple’s Middle East and Africa (MEA) regional office is located within the Dubai International Financial Center.
Less than a year ago, the zone approved XRP for use, meaning licensed crypto firms operating within can incorporate the token into their services. "
@ Newshounds News™
Source: CryptoPotato
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Venezuelan Government Blocks Binance, Cutting P2P Market Access for Thousands
THIS ARTICLE REVEALS HOW VULNERABLE DIGITAL ASSETS CAN BE IF A ROGUE GOVERNMENT BEGINS TO RESTRICT ACCESS TO YOUR CRYPTO EXCHANGE.
THIS RE-ESTABLISHES THE NEED FOR SOLID LAWS AND REGULATIONS TO PROTECT THE PUBLIC
"Venezuelan Government Cuts Access to Binance Users Connecting Through State-Owned ISP"
"The censorship actions of the Venezuelan government have reached the cryptocurrency sector. According to local media, state-owned telecom and internet service provider (ISP) CANTV has blocked access to Binance, the world’s largest cryptocurrency exchange."
"CANTV, a Venezuelan state-owned ISP, has reportedly started blocking traffic to Binance, one of the largest cryptocurrency exchanges in the world.
The company, which controls a significant portion of the Venezuelan broadband market, has left thousands of Venezuelans without access to their savings and even P2P markets, which are popular among those using crypto as a savings tool."
@ Newshounds News™
Source: Bitcoin
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