Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 9-11-24
Good Afternoon Dinar Recaps,
Important Ripple (XRP) Announcement Concerning XRPL
▪️The XRP Ledger (XRPL) will implement a major amendment in two weeks to enhance its Automated Market Maker (AMM) feature.
▪️Ripple’s XRP has seen a slight price decline, with a 1% drop over the past 24 hours and a 7% decrease over two weeks, despite recent updates.
Activation in Two Weeks
The team behind XRP Ledger (XRPL) announced that a major update under the code fixAMMv1_1 will be implemented within 14 days. It was approved to go forward after 28 votes in favor (out of 35).
The change aims to enhance the functionality of the Automated Market Maker (AMM) feature. The AMM is a decentralized mechanism that enables users to trade assets directly on the XRPL without relying on third parties.
One of the main goals of the improvement is to make the trading process more efficient and reduce potential risks for liquidity providers.
The XRPL has witnessed several other developments in the past few months. In mid-August, its main Testnet underwent a reset, becoming temporarily unavailable to developers. The effort aimed to improve stability and reduce the cost of running a Testnet node.
“Reminder: in addition to this Testnet, XRPL community members are encouraged to create and manage additional testnets to support diverse testing and development needs, “the team concluded, “the team added at the time.
Prior to that, OpenEden – a fintech company focused on bridging traditional finance and DeFi – disclosed that it will launch tokenized US Treasury bills (T-bills) to the XRP Ledger (XRPL) and its users for the first time. Ripple said it will create a fund to invest $10 million in the aforementioned products.
“Institutions are increasingly looking at where to tokenize their real-world assets, and the arrival of T-bills on the XRPL powered by OpenEden reinforces the decentralized Layer 1 blockchain as one of the leading blockchains for real-world asset tokenization,” Markus Infanger – Senior Vice President at RippleX – commented.
Tokenized T-bills represent digitized traditional US Treasury bills issued on a blockchain or distributed ledger technology platform. The process involves converting the rights to the financial products into tokens, which can then be traded, held, or transferred to specific addresses.
XRP Price Outlook
Ripple’s XRP did not react positively following the aforementioned announcement. It continued trading sideways before slightly retracing in the past few hours.
@ Newshounds News™
Source: Crypto Potato
~~~~~~~~~
BRICS Confirms 159 Participants Will Adopt New Payment System
After recent rumblings surfaced of how many nations would embrace the impending BRICS Pay system, the bloc has confirmed 159 participants are set to adopt the new payment system. Indeed, the economic alliance system is poised to hit the ground running when it finally launches.
Now, all eyes are on when that launch will take place. Many have surmised that it would be announced at the highly anticipated 2024 Summit.
Moreover, it would be set to go live in what would be a groundbreaking unveiling. If that were to happen, the bloc has already noted there is a long line of entities ready to embrace it.
BRICS Payment System to Feature 159 Participants, Alliance
Earlier this year, the BRICS bloc announced the creation of a blockchain-based payment platform. It would be set to redefine the collective’s global economic standing. Morehe largest payment systems worldwide. That includes the Western-dominated SWIFT system.
Now, the BRICS group confirmed that 159 participants will adopt the new payment system. Indeed, Russian officials verified the number in a recent correction, according to a Yahoo report. Although previous statements rumored 160 countries would be involved, the number was clarified in subsequent reports.
The payment system is crucial to the bloc’s ongoing de-dollarization efforts. It will provide participating countries with an avenue to trade in local currencies. Therefore, it will greatly hinder how these nations settle trade. Ultimately, decreasing international necessity for the greenback.
This would be vital for Russia, following 2022 sanctions that greatly affected their trade capabilities. That weaponization was a key reason for the adoption of de-dollarization efforts. Now, the bloc is set to more thoroughly compete on a global stage. And so too will the nations whose currencies get increased adoption through the payment platform.
The confirmation also notes that more than 20 countries will be set to take part in the BRICS Pay platform. Although they did not clarify those nations, they are likely among the countries seeking to join the alliance this year. The impending 2024 summit will also deal with ongoing expansion hopes.
Countries like Venezuela, Malaysia, Thailand, Nigeria, and Turkey have sought entry into the bloc. The latter is a recognized NATO member.
Their inclusion would greatly shift the bloc’s standing in a geopolitical sense. They would be recognized as the first NATO nation to be embraced within the global south-based collective.
@ Newshounds News™
Source: Watcher Guru
~~~~~~~~~
BBVA Switzerland adds support for USDC Stablecoin
Three years ago BBVA Switzerland became one of the first banks to offer cryptocurrency services to retail clients, with the launch of its New Gen digital investment account with no net worth requirements. However, customers have to keep the equivalent of $10,000 on deposit. Now BBVA Switzerland is expanding the offering by adding the USDC stablecoin from Circle.
In addition to the New Gen account, the Swiss bank also provides cryptocurrency services to its institutional and private banking clients.
Previously the BBVA offering only supported Bitcoin and Ether. While users can hold USDC with the bank, it also means institutional clients can use it for trading other cryptocurrencies.
We recently ran tests with a couple of cryptocurrency exchanges and noted that the exchange rates were surprisingly attractive. Thinking about BBVA clients, if they previously used their BBVA account to transfer money onto crypto exchanges, then BBVA can potentially earn foreign exchange revenues from converting CHF or Euro deposits into USDC.
“We want to offer our private clients a simple access to the tokenized products they are most interested in and cannot access through traditional financial institutions. Meanwhile, our institutional clients need us to provide options to guarantee the assets they manage,” said Philippe Meyer, Head of Digital Solutions and Blockchain at BBVA in Switzerland. “We will analyze all the crypto assets they are investing in to continue building our offering with further innovative solutions.”
Late last year BBVA Switzerland migrated its digital asset custody to Metaco’s Harmonize platform which is now owned by Ripple. In June BBVA’s Turkish arm, Garanti BBVA Digital Assets launched its wallet which currently supports trading of Bitcoin, Ether, USDC and Avax and custody of Chiliz, the coin linked to the Socios fan token platform.
@ Newshounds News™
Source: Ledger Insights
~~~~~~~~~
IRAQI DINAR REVALUATION WHAT YOU NEED | Youtube
@ Newshounds News™
Source: Currency Facts
~~~~~~~~~
New IRS Tax Law Explained What You Need to know! | Youtube
@ Newshounds News™
Source: Currency Facts
~~~~~~~~~
Newshound's Currency Facts Youtube and Rumble
Newshound's Podcast Link
Newshound's News Telegram Room Link
Q & A Classroom Link
Follow the Roadmap
Follow the Timeline
Seeds of Wisdom Team™ Website
Subscribe to Newsletter
Thank you Dinar Recaps