Seeds of Wisdom RV and Economic Updates Monday Morning 8-19-24
Good Morning Dinar Recaps,
U.S. Government’s Crypto Holdings: Everything You Must Know
Arkham Intelligence shows that a wallet tied to the U.S. government is sitting on a hefty stash of cryptocurrency. A massive fortune can heavily influence the markets, and we have previously seen how the German Government’s Bitcoin sell-off affected the markets. Amid the political drama and crypto confusion, let’s find out how much the U.S. Government holds.
When we say hefty, think 203,200 BTC, which clocks in at roughly $12 billion, along with 50,200 ETH, worth around $130 million. On top of that, the address holds 750.7 wBTC, valued at about $44.41 million, plus a variety of other tokens. Altogether, the total value of the assets is estimated to be around $12.4 billion.
Jackson Hole Symposium
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Read More: https://telegra.ph/Jackson-Hole-Symposium-08-19
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Mastercard to cut around 1000 jobs - Bloomberg
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Source: https://telegra.ph/Mastercard-to-cut-around-1000-jobs---Bloomberg-08-19
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Jackson Hole Economic Policy Symposium The 2024 Economic Policy Symposium. "Reassessing the Effectiveness and Transmission of Monetary Policy," will be held Aug. 22-24.
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Source: https://telegra.ph/Jackson-Hole-Addressing-policy-challenges-and-marking-milestones-08-19
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Crypto Market Jitters Amid Political Drama
This discovery comes at a rather tense time, with the U.S. political landscape adding more fuel to the already unpredictable crypto market. Vice President Kamala Harris has thrown her support behind the digital currencies, echoing the vision of the Democratic President-Elect.
But here’s the kicker: the current administration doesn’t seem to be on the same page. The government’s recent $2 billion crypto sell-off has stirred the pot, contradicting the pro-crypto stance many expected.
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Source: Crypto News
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Dubai court recognizes crypto as a valid salary payment
UAE lawyer Irina Heaver said the ruling shows the growing acceptance of crypto in employment contracts, recognizing the evolving nature of Web3 financial transactions.
In a significant update to the United Arab Emirates’ judiciary approach to crypto, the Dubai Court of First Instance recognizes salary payments in crypto as valid under employment contracts.
Irina Heaver, a partner at UAE law firm NeosLegal, explained that the ruling in case number 1739 of 2024 shows a shift from the court’s earlier stance in 2023, where a similar claim was denied because the crypto involved lacked precise valuation.
Heaver believes this shows a “progressive approach” to integrating digital currencies into the country’s legal and economic framework.
Dubai court recognizes inclusion of tokens in salary
Heaver said that the case involved an employee who filed a lawsuit claiming that the employer had not paid their wages, wrongful termination compensation and other benefits.
The worker’s employment contract stipulated a monthly salary in fiat and 5,250 in EcoWatt tokens. The dispute stems from the employer’s inability to pay the tokens portion of the employee’s salary in six months.
In 2023, the court acknowledged the inclusion of the EcoWatts tokens in the contract. Still, it did not enforce the payment in crypto, as the employee failed to provide a clear method for valuing the currency in fiat terms.
“This decision reflected a traditional viewpoint, emphasizing the need for concrete evidence when dealing with unconventional payment forms,” Heaver said.
However, the lawyer said that in 2024, the court “took a step forward,” ruling in favor of the employee and ordering the payment of the crypto salary as per the employment contract without converting it into fiat. Heaver said:
“This decision reflects a broader acceptance of cryptocurrency in employment contracts and highlights the court’s recognition of the evolving nature of financial transactions within the Web3 economy.”
Heaver added that the court’s reliance on the UAE Civil Transactions Law and Federal Decree-Law No. 33 of 2021 in both judgments shows the consistent application of legal principles in wage determination. 🍳
Far-reaching implications for UAE crypto adoption
According to Heaver, the decision also sets a positive precedent that encourages the further integration of digital currencies in everyday financial transactions. The lawyer believes that this fosters a more inclusive and innovative business environment. Heaver said:
“This ruling affirms that if an employment contract includes such terms, both the company and the employee must honor them. It is reassuring to see the court recognize that wages, whether paid in fiat or cryptocurrency, are the rightful entitlement of the employee for their agreed-upon work.”
Heaver added that it’s a win for employees and a significant step forward in the UAE’s journey toward becoming a digital economy leader.
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Source: CoinTelegraph
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