Seeds of Wisdom RV and Economic Updates Wednesday Morning 9-18-24
Good Morning Dinar Recaps,
RIPPLE CLO NAMES KEY CONDITION FOR RIPPLE ACQUIRING HIGH POSITION IN US CRYPTO MARKET
Ripple’s chief legal officer Stuart Alderoty has taken part in Financial Markets Quality Conference 2024, where he spoke along with high-ranking representatives of such crypto giants as Robinhood, Grayscale and others.
Once again Alderoty weighed in on the current lack of clear cryptocurrency regulations in the U.S., referring to this long-lasting situation as a “regulatory cloud.” He made a statement that once this “regulatory cloud” is removed and the U.S. gets “come policy clarity,” Ripple will become “the most trusted source for enterprise support for crypto solutions in the US!”
Ripple beats SEC by scoring two legal wins Over the last year, Ripple has scored important victories in court against the Securities and Exchange Commission spearheaded by Gary Gensler.
Last year, in the summer, Federal Judge Analisa Torres ruled that XRP sales on secondary markets did not qualify as security sales. This largely gave the XRP the official status of nonsecurity, and in its later lawsuits against crypto exchanges, the SEC avoided calling XRP that.
This year, the SEC requested that the court make Ripple pay $2 billion in fines and also compensate the regulatory agency for the expenses and efforts invested in the suit.
However, the judge stated that Ripple must only pay $125 million to the SEC, while the blockchain company initially said that $10 million would be a fair amount in this case.
Ripple endorses RLUSD stablecoin in recent post In a recently published X post, the official Ripple account shared its article on stablecoins, underscoring its revolutionary role in the sphere of transnational payments.
The major convenience of these assets is their peg to fiat currencies, like the U.S. dollar or euro, for those users who are troubled with the high volatility level of cryptocurrencies, like Bitcoin.
In 2022, the article says, there was an almost $7 trillion worth of international transfers made with the help of fiat-backed stablecoins, in collaboration with Mastercard and PayPal.
As for Ripple’s stablecoin, RLUSD, launched in early August, it was designed to keep a constant U.S. dollar peg. It is fully backed by a mixture of cash and its equivalents on a 1:1 basis. It is totally compliant with the regulators, according to Ripple.
@ Newshounds News™
Source: U Today
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CIRCLE EXPANDS ACCESS TO USDC IN BRAZIL AND MEXICO
In what should be an important development for the stablecoin, Circle has expanded access to its USDC offering in both Brazil and Mexico. Indeed, the token is using local payment systems to grow the potential user base for the cryptocurrency. This should push increased adoption for the second-largest stablecoin by market cap.
The company announced the availability of USDC through local currency in both countries. Additionally, they have stated the move is a key part of its “mission to harness the power of blockchain networks to eliminate deeply embedded friction from value-exchange.”
Circle USDC Now Available in Both Brazil and Mexico Through Local Currency
The importance of stablecoins cannot be understated. Although different from the overarching crypto sector, these assets are backed by traditional currencies like the US dollar. They provide a host of benefits to different regions as a safer way to gain exposure to both national currencies and crypto.
@ Newshounds News™
Read more: Guru Watcher
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Centre for the Fourth Industrial Revolution to Launch in Medellín, Colombia
▪️The World Economic Forum, in collaboration with the City of Medellín, will re-establish a Centre for the Fourth Industrial Revolution (C4IR) in Colombia in October 2024.
▪️The new centre will accelerate the responsible adoption of AI and technology-based solutions for urban transformation in Medellín, with the potential for broader impact in Colombia and Latin America.
▪️C4IR Colombia will rejoin a global network of 21 centres, spanning five continents, that seeks to maximize the benefits of technology.
▪️Read more about the global Centre for the Fourth Industrial Revolution network and its impact in 2022-2023.
Geneva, Switzerland, 13 September 2024 – The World Economic Forum and the City of Medellín will establish a Centre for the Fourth Industrial Revolution in Colombia in October 2024.
The new centre will serve as a leading AI innovation hub, bringing together stakeholders from business, government and civil society to develop AI strategies and solutions for more inclusive, sustainable and prosperous cities. The announcement was made by Sebastian Buckup, Member of the Executive Committee of the World Economic Forum, and Federico Gutiérrez, Mayor of Medellín.
The Colombia Centre for the Fourth Industrial Revolution (C4IR Colombia) will be hosted by Ruta-N Corporation and will serve as a hub for public-private collaboration, enhancing local and regional capacity to harness the benefits of the Fourth Industrial Revolution.
Through this collaboration, the centre will implement and amplify best practices and strategic frameworks for leveraging AI in the responsible digital transformation of cities.
“We are delighted to welcome back the Centre for the Fourth Industrial Revolution Colombia in the World Economic Forum’s global C4IR network. The centre will build on previous achievements and play a crucial role in fostering technology-based solutions for Medellín, in line with its vision as a Special District for Science, Technology and Innovation, and it will also have the potential to contribute to technological progress in Colombia and the broader region,” said Sebastian Buckup.
“The centre will harness Medellín’s capacities and reputation as a regional innovation and technology powerhouse and Ruta-N’s prominent position as one of the country's leading innovation agencies.”
“With the opening of this centre, Medellín consolidates its mission as a Science, Technology and Innovation District, with a focus on emerging technologies, such as AI, betting on the training of young people in digital skills, and the development of technology, entrepreneurship and technology-based companies,” said Federico Gutiérrez.
“In Medellín we will have the first special treatment zone, a sector in the North of the city that will attract investment, promote the testing of technology and innovation to improve the competitiveness of Medellín, and foster collaboration between the actors of the ecosystem: companies, universities, governments, citizens and international allies.”
About the Centre for the Fourth Industrial Revolution
The Centre for the Fourth Industrial Revolution is a platform for multistakeholder collaboration, bringing together public and private sectors to maximize technological benefits to society while minimizing the risks. It explores exponential technologies and drives their responsible adoption and application, leveraging a global network of independent national and thematic centres.
The World Economic Forum launched the first Centre for the Fourth Industrial Revolution in San Francisco in 2017, shortly followed by centres in Japan and India.
The network now includes centres in Austin (Centre for Trustworthy Technology), Azerbaijan, Colombia, Detroit (US Centre for Advanced Manufacturing), Germany (Global Government Technology Centre), Gyeonggi (Republic of Korea), Israel, Kazakhstan, Malaysia, Qatar, Rwanda, Saudi Arabia, Saudi Arabia Centre for Space Futures, Serbia, Telangana (India), United Arab Emirates, Ukraine (Global Government Technology Centre) and Viet Nam.
@ Newshounds News™
Source: World Economic Forum
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BRICS SURPASSES G7 IN KEY ECONOMIC AREAS: IMF REPORT
Amid the continued growth of the BRICS alliance, the International Monetary Fund (IMF) has recently highlighted that the bloc is leading the G7 group in four distinct and crucial areas. Indeed, they note that the gap between the Western bloc and the Global South collective is lessening.
The BRICS group took a massive step toward growth in 2023. Specifically, the bloc welcomed four additional members in its first expansion effort since 2001.
The alliance saw the United Arab Emirates (UAE), Egypt, Ethiopia, and Iran join its ranks. That number could get even larger as the 2024 annual summit approaches.
IMF Says BRICS Leads G7 in Four Critical Areas: But What Are They?
The last several years have been vital for the BRICS bloc. It has firmly embraced de-dollarization on a global scale. Moreover, they have pushed those efforts to new heights. Creating a geopolitical reality in which nations seek global reserves outside the US dollar.
Moreover, its GDP growth has been a massive development. Since 2010, the bloc has seen its GPD (PPP) increase, whereas the G7 has seen the figure falter. Data shows that last year the BRICS bloc officially surpassed the collective in 2023, when its GDP (PPP) reached 32%, as opposed to the G7’s 29%.
That isn’t the only area where the two sides have seen increased challenges. According to IM data, BRICS is leading the G7 in four critical areas. That includes the 1. share of GDP in PPP terms, the share of the 2. world population, 3. global oil production, and their respective 4. contributions to global economic growth.
The BRICS group has seen its share of the world’s population reach 45% following its most recent expansion. Alternatively, the G7 only boasts 30% of that population. This clearly identifies the collective of people for which the Western economic systems do not benefit.
Moreover, oil production is dominated by BRICS. The group has 41% of all production, whereas the G7 only boasts 29%. This is affected by the inclusion of the UAE and the cooperation of Saudi Arabia. Although Riyhad has yet to join the bloc, it recently invested $5 billion to increase its partnership with the collective.
Finally, the BRICS group leads in the contribution to global economic growth. The BRICS contribute 44% to the G7’s 20% another indication of the changing guard. With continued expansion, and growth forecasts for participating countries, this gap should only continue to widen.
@ Newshounds News™
Source: Watcher Guru
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