Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 7-30-24
Good Afternoon Dinar Recaps,
USDT= TETHER'S STABLECOIN IS THE BIGGEST CRYPTOCURRENCY BEHIND BITCOIN IN EAST ASIA
"There’s arguably nothing special about Tether in itself, not least because the stablecoin still hasn’t undergone a full audit. However, it has become a lifeline in parts of the world where trading crypto with fiat currencies is either prohibited or very difficult, whereas it remains marginal in markets such as the United States."
"Tether may be viewed with a mixture of suspicion and bemusement in the West, but in East Asia it is the biggest cryptocurrency after Bitcoin."
"According to Chainalysis’ 2020 Geography of Cryptocurrency Report, STABLECOINS account for 33% of all value traded on-chain in East Asia, as opposed to 21% or Western Europe and 17% for North America. And of the STABLECOINS traded in East Asia, 93% of the traded value comes from Tether."
"This is big, and pretty much all of this outflow comes from China. As the table below indicates, Chinese traders exclusively use Tether to trade with Bitcoin, while traders in Japan and South Korea predominantly use their respective national currencies."
@ Newshounds News™
Read more: Crypto Advantage
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UK joins ‘E-Commerce Joint Initiative’ to promote digitalization of customs documents and processes
The agreement, known as the E-Commerce Joint Initiative, was finalized on July 26, 2024, after five years of negotiations involving 90 countries, aiming to eliminate customs duties on digital content
▪️ The agreement eliminates customs duties on digital content, lowering costs for UK businesses
▪️ It mandates the adoption of digital customs systems and e-documents, potentially increasing UK GDP by up to £24.2 billion
▪️ The initiative also introduces legal safeguards against online fraud, enhancing consumer protection.
The UK has joined a groundbreaking global digital trade agreement, the first of its kind negotiated under the World Trade Organization (WTO).
The agreement, known as the E-Commerce Joint Initiative, was finalized on July 26, 2024, after five years of negotiations involving 90 countries.
This initiative aims to modernize international trade by promoting the digitalization of customs documents and processes, and is expected to significantly benefit the UK economy.
Digitalisation of customs documents and processes
The E-Commerce Joint Initiative focuses on creating a more efficient and secure global trade environment.
By committing to the digitalization of customs documents and processes, the agreement seeks to replace outdated paper-based systems.
This transition is expected to save time and reduce costs for businesses by eliminating the need for physical signatures and the physical exchange of documents.
The Organization for Economic Co-operation and Development (OECD) estimates the value of global digital trade at around £4 trillion and growing.
The UK’s involvement in this agreement could see a significant economic boost.
According to the UK government’s analysis, adopting advanced digital trading systems could increase the UK’s GDP by up to £24.2 billion, based on 2023 GDP figures.
The agreement also aims to protect consumers from online fraud and misleading product claims.
By establishing a common set of rules, it helps create a safer environment for digital transactions.
For UK businesses, particularly those in financial services, the adoption of e-documents and e-signatures will simplify international transactions, reducing reliance on paper contracts and manual processes.
@ Newshounds News™
Read more: Trade Finance Global
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WTO Agreement Looks to Pave Way for Paperless Cross-Border Commerce
With the news that five years of trade negotiations under the World Trade Organization (WTO) Joint Statement Initiative on Electronic Commerce reached a milestone Friday (July 26) — with participants agreeing to a two-year extension of a moratorium on taxation of cross-border electronic transmissions — mitigating the fragmentation that businesses face when transacting internationally is top of mind for global enterprises.
The 91 WTO members participating in the discussions account for over 90% of global trade, and the joint statement’s co-conveners, Australia, Japan and Singapore, were able to pass an agreement banning the imposition of “customs duties on electronic transmissions between a person of one Party and a person of another Party.”
Role of Standardization
Crucially, within the text of the WTO agreement, are the hints of a slow-but-sure reimagining of cross-border commerce’s digital transformation — both around international e-invoicing and paperless global trade.
“The Parties recognize that electronic invoicing frameworks can help improve the cost effectiveness, efficiency, accuracy, and reliability of electronic commerce transactions.
As PYMNTS has covered, the move toward e-invoicing is not merely about converting a paper invoice into a digital format; it’s about reimagining the entire business-to-business (B2B) invoicing process to be more streamlined and better integrated into digital business ecosystems.
The workflow transformation promises to reduce errors, lower costs, and speed up B2B payment processes, offering benefits to companies of all sizes.
Already, more than 80 countries have put in place a mandate for e-invoicing or continuous transaction control (CTC) requirements as governments around the world look to prioritize tax reform and real-time reporting.
PYMNTS Intelligence data has found that nearly half (45%) of small and medium-sized businesses (SMBs) cited manual invoice review as a problem when making payments, with 19% saying it was their top issue.
“With a view to creating a paperless border environment for trade in goods, the Parties recognize the importance of eliminating paper forms and documents required for importation, exportation, or transit of goods …
Cross-border payments often involve multiple intermediaries, resulting in high fees and long processing times.
“If you do a $10 transaction today, you’ll probably spend a very significant part of that $10 as fees. And we need to get to a point where that base fee is something that you don’t have to think about, so that you can do low-value transactions at scale — that could change the landscape of cross-border payments,” Ram Sundaram, COO at TerraPay, explained to PYMNTS.
@ Newshounds News™
Read more: PTMNTS
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RICS Summit 2024
Russia will hold the BRICS Summit in Kazan from October 22 to 24, 2024.
During its BRICS presidency this year, Russia has said it will focus on "promoting the entire range of partnership and cooperation within the framework of the association on three key tracks – politics and security, the economy and finance, and cultural and humanitarian ties."
@ Newshounds News™
Read more: Uniting to Combat NTDs
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