Seeds of Wisdom RV and Economic Updates Sunday Morning 12-15-24
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Why Hong Kong has grown into a crypto hub — CEO of WOW Summit
"Hong Kong’s ‘one country, two systems’ framework lets it explore digital asset innovation more freely," Ivan Ivanov told Cointelegraph.
Hong Kong has rapidly become a cryptocurrency hub, positioning itself as a center for financial innovation alongside the United Arab Emirates (UAE) and Singapore. Ivan Ivanov, global CEO of WOW Summit, said this innovation was fostered by a mixture of strong regulatory policy and Hong Kong’s status as a special economic region.
Ivanov told Cointelegraph that Hong Kong’s special relationship with mainland China and robust regulation allow Hong Kong to be a sandbox for financial and technical innovation, which benefits startups, nascent technologies, and institutional investors. Ivanov wrote:
"You get the excitement and potential of crypto, but with the stability and security of a well-established financial system. With Hong Kong's strong connections to the global market, especially Mainland China, it's a really unique and promising place for crypto."
The WOW Summit CEO added that Hong Kong’s stablecoin policy, which requires issuers of stablecoins to acquire licenses and keep their fiat reserves in local Hong Kong banks, promotes trust and transparency in the nascent asset sector.
Hong Kong’s recent crypto developments
Hong Kong’s robust regulatory regime creates an attractive climate for investors who want to experience the upside of cutting-edge technology in finance without fear of losing funds in risky ventures with no legal recourse.
In October 2024, The Hong Kong Financial Services and Treasury Bureau (FSTB) laid out ground rules for AI in finance to mitigate the risks of AI while still fostering integration into existing systems.
The Hong Kong Monetary Authority (HKMA) also announced Project Ensemble in October 2024. The initiative between the HKMA, the Central Bank of Brazil, and the Bank of Thailand explored cross-border tokenized settlements between the three countries.
Hong Kong’s Cyberport Web3 network — a state-run business hub promoting digital asset innovation — now features over 270 blockchain firms. The Cyberport network added more than 120 firms in the past 17 months alone.
In November 2024, ZA Bank, Hong Kong’s largest digital bank, launched retail crypto trading for its clients. The government of Hong Kong also proposed exempting institutional investors from capital gains on their crypto holdings to encourage investment.
https://cointelegraph.com/news/why-hong-kong-become-crypto-hub-ceo-wow-summit
@ Newshounds News™
Source: CoinTelegraph
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BRICS: Trump Tariff Threat Has China Eyeing Key Move to Ditch US Dollar
Amid growing tension between the BRICS economic alliance and the US, Donald Trump’s impending tariff threat has China considering what would be a major move to ditch the US dollar. Shortly after his victory, the United States President-elect warned he would impose 100% tariffs on countries looking to abandon the greenback.
The move is looked at as a key defense from Trump to protect the global status of the currency. However, the BRICS alliance has not been shy about its goal to diversify global finance. Specifically, it has been seeking to promote local currencies over the dollar for much of the last two years.
China Presents Answer to Trump Tariff Threat; It’s Bad News for the US Dollar
Since 2022, the BRICS bloc has firmly embraced de-dollarization efforts. After Western sanctions were imposed on Russia following its invasion of Ukraine, the alliance sought new ways to lessen its reliance on the currency. Since then, talks of trade settlement assets and payment systems have abounded.
Yet the United States, with a new regime impending, has sought to put an end to that. But that hasn’t stopped the bloc from defending itself. Indeed, amid the BRICS and US face-off, Donald Trump’s 100% tariff threat has been answered, with China eyeing a key move to ditch the US dollar.
A new report has called for China to anchor the yuan to non-US dollar currencies. Specifically, a Beijing-based think tank urged policymakers to explore a basket of currencies for the exchange rate of the yuan. The move would create more flexibility in terms of domestic monetary policy and would seek a boost in demand.
The China Finance 40 Forum group that proposed the idea is comprised of senior Chinese regulator officials and finance experts. Moreover, it was devised as a clear answer to the ongoing worry Donald Trump presents.
“Given the stronger dollar and tariff threats posed by Donald Trump’s re-election, intensified external uncertainties could limit the space for domestic monetary policies aimed at maintaining internal and external balance,” the group said. Therefore, finding a new anchor for the currency would “counter the pressures.”
@ Newshounds News™
Source: Watcher Guru
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DISCOVER THE GCR RV: TIPS FOR STAYING PRODUCTIVE IN 2024! | Youtube
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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