BRICS Intra-bank System Shook The World Bank and IMF: Is Dollar Finished?

BRICS Intra-bank System Shook The World Bank and IMF: Is Dollar Finished?

Fastepo:  10-4-2024

Another significant development is the launch of an intrabank system that demonstrates BRICS’ commitment to creating practical solutions for its members.

Russia and Iran have deepened their economic ties by connecting their national payment systems—Russia’s SPFS (System for Transfer of Financial Messages) and Iran’s SEPAM (System for Electronic Payment Messaging).

This integration allows both countries to conduct financial transactions in their own currencies, the ruble and the rial, bypassing the U.S. dollar and the SWIFT network.

The initiative is part of a larger effort to enhance economic sovereignty and circumvent Western sanctions that have limited both nations’ access to international financial systems.

Now, let’s discuss the dedollarization efforts by BRICS. The movement to reduce reliance on the U.S. dollar across the Global South is gaining momentum, particularly through initiatives led by major emerging economies like the BRICS bloc.

This surge in dedollarization is driven by the desire for financial independence and the need to mitigate risks associated with external sanctions.

https://www.youtube.com/watch?v=i2tGwtn_nwE

Seeds of Wisdom RV and Economic Updates Friday Afternoon 10-4-24

Good afternoon Dinar Recaps,

XRP ADOPTION BY BRICS AND JAPAN CONTINUES, SEC APPEAL FAILS TO DETER

▪️PDespite the SEC lawsuit, the BRICS nations and Japan have continued to show interest in XRP.

▪️PThe coin has recovered from the losses triggered by the Appeal filed earlier this week.

Despite the uncertainty in the Ripple ecosystem, the XRP coin is gaining traction from prominent stakeholders and organizations. Earlier this week, the US Securities and Exchange Commission (SEC) filed an appeal in its Ripple lawsuit, potentially extending the legal battle it initiated in 2020.

As CNF mentioned earlier, the regulator’s move quickly reverberated across the community, resulting in price drops for XRP. Despite this shift, XRP is still attractive to users.

BRICS and Japan Pushes for XRP Adoption
Amid these challenges, the BRICS Alliance, an intergovernmental organization, and Japan continue to push for XRP adoption. In an X post, renowned analyst Crypto Tank said the SEC’s appeal filing had not deterred the BRICS and Japan from embracing XRP.

“SEC appeal won’t matter. BRICS and Japan are still adopting XRP, and they don’t care about the lawsuit one bit,” says Crypto Tank. The analyst’s comments reinforced opinions that XRP is crucial to the emerging financial system.

SEC appeal won’t matter. BRICS and Japan are still adopting XRP and they don’t care about the lawsuit one bit. Brad has even stated this before. XRP is the Heart of the New Financial System no matter what. Don’t get FUDded out…

— CryptoTank (@Tank2033js) October 2, 2024

He further highlighted a previous statement from Ripple’s CEO Brad Garlinghouse, describing XRP as the heart of the new financial system. Indeed, XRP’s characteristics as a bridge asset make it a popular choice amongst businesses and financial institutions.

Unlike other traditional payment networks, XRP is easily accessible, cheap, and has low to zero friction. These characteristics make the coin a more viable option for the BRICS alliance, which was created by countries seeking freedom from the US Dollar.

The BRICS nations initially comprise Brazil, Russia, India, China, and South Africa. In 2024, five new nations, including Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates, joined the alliance. The alliance has promoted the use of local currency, thus reducing reliance on the US dollar.

Developing countries view this initiative as beneficial to their financial systems. Recently, the BRICS announced the development of its blockchain-based payment system. In a previous CNF article, Russian President Vladimir Putin says the system will enable BRICS nations to conduct international trade without interference from the Western financial systems.

Intriguingly, XRP adoption is also spreading across Japan. As revealed in a previous report by CNF, 80% of Japanese banks use Ripple for blockchain payments. This highlights the growing prominence of Ripple and XRP in the traditional financial sector.

Legal Battle Surrounding XRP
The SEC recently filed a notice of appeal against Judge Analisa Torres’s July 2023 ruling in the Ripple lawsuit. The ruling stated at the time that XRP sales to retail investors do not constitute securities transactions, giving Ripple a partial victory.

However, the court ruled recently that Ripple should pay a $125 million fine for violating securities laws through institutional sales. This amount is far less than the $2 billion the SEC had initially requested from Ripple.

With the appeal, most experts and community members expect the SEC to challenge XRP’s security classification when traded on exchanges. Notably, the regulator once filed an interlocutory appeal, which the court denied. Many community members hope the regulator will encounter a similar outcome this time.

@ Newshounds News™

Source:  Crypto News Flash

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WILL SWIFT NETWORK’S UPCOMING TRIALS BOOST CRYPTO ADOPTION?

Here’s a look at banking network SWIFT’s upcoming trials for digital asset and currency transactions.

▪️SWIFT will conduct live trials for digital asset transactions in 2025, enhancing global finance.
The initiative aims to integrate various currency platforms for seamless cross-border transactions.

▪️The year 2024 has witnessed a surge in cryptocurrency adoption, largely driven by the launch and expansion of the ETF market.

In light of this trend, SWIFT, the global bank messaging network based in Belgium, is set to launch live trials of digital asset and currency transactions.

What benefits will SWIFT’s live trails offer?
This initiative will involve banks in North America, Europe, and Asia, connecting over 11,500 financial institutions worldwide.

Although SWIFT itself does not manage funds, its network facilitates secure communications and transactions among banks. This allows for the exchange of various financial messages.

Scheduled for 2025, these trials will mark a significant step in demonstrating how SWIFT can support the transfer of both digital and traditional assets across over four billion accounts globally.

This would showcase an advanced version of its infrastructure designed for real-world applications.

Remarking on the same, Swift Chief Innovation Officer Tom Zschach said,

“As new forms of value emerge, our intention is to continue offering our community the ability to seamlessly make and track transactions of all kinds of assets — using the same secure and resilient infrastructure that is integral to their operations today.”

For those unaware, the upcoming live trials will utilize SWIFT’s extensive global network to integrate various digital and traditional currency platforms seamlessly.

What’s more to it?
The trials will showcase how financial institutions can interchangeably transact across existing and emerging asset types.

This demonstration highlights the potential for banks to leverage their current SWIFT connections, thereby enhancing efficiency and accessibility in global finance.

Providing further insights on the matter, the firm added,

“Global financial institutions will have the ability to use Swift’s global platform to conduct pilot transactions for the settlement of digital assets and currencies.”

Additionally, SWIFT will transition from experimental trials to real-world applications of digital asset and currency transactions, beginning in 2025.

This initiative allows global financial institutions to utilize SWIFT’s infrastructure for seamless transactions across traditional and digital assets.

By enabling interoperability among currencies and networks, SWIFT seeks to simplify and secure cross-border financial exchanges.

This advancement reinforces SWIFT’s commitment to evolving in digital finance and positions it as a key facilitator of modern transactions.

Will CBDCs play a role?
That being said, SWIFT, which plays a crucial role in global banking, has been engaged in trials of both CBDCs and tokenized assets.

In March, the firm said that it would launch a new platform to connect CBDCs currently in development to the existing financial system.

As of the latest update, the SWIFT initiative involves different types of digital assets in combination across different platforms.

Therefore, Nick Kerigan, SWIFT’s head of innovation, put it best when he said,

“To successfully trade and settle a tokenised bond transaction, you need the cash and that’s where a tokenised deposit or wholesale CBDC comes in. It’s not good enough if you just have delivery or just payment, you need both.”

@ Newshounds News™

Source:  AMB Crypto

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US CONGRESS WILL BE KEY IN DEFINING CRYPTO REGULATIONS POST-2024 ELECTION, EXPERT SAYS

With the 2024 presidential election just around the corner, crypto has gained significant momentum as a key issue in the race to the White House, especially with candidates Vice President Kamala Harris and former President Donald Trump expressing support for the digital asset industry.

However, law experts assert that it is not the US President who will ultimately determine the future of digital assets in the United States, but Congress.

Focus On Congressional Action As The Key
A recent report by Dr Tonya Evans, a professor at Penn State Dickinson Law, highlights that Vice President Harris has moved away from President Biden’s previously antagonistic approach to cryptocurrencies, largely driven by the Securities and Exchange Commission (SEC) and other regulators.

As reported by Bitcoinist, Harris now emphasizes a pro-innovation narrative, suggesting that blockchain and digital assets are crucial components of her vision for an “Opportunity Economy” to empower middle-class families and small businesses.

On the other hand, Trump has made headlines by promising to transform the US into the “crypto capital of the planet” and pledging to remove SEC Chair Gary Gensler from his position on his first day in office.

Despite these eye-catching promises, Evans believes that the President’s ability to enact meaningful change in the crypto landscape is limited.

Evans notes that the Congress, as the legislative branch of government, wields the real power to shape the regulatory framework governing digital assets. Under Article II of the Constitution, the President cannot unilaterally create laws or alter regulations.

Instead, the President’s role is primarily to enforce the laws that Congress passes and oversee regulatory agencies like the SEC and the Commodity Futures Trading Commission (CFTC).

Evans further explains that Congress must take decisive legislative action for sustainable progress in the digital asset industry. Yet, she has noted that many observers and advocates for cryptocurrency often focus their attention on presidential races, neglecting Congress’s vital role in regulation.

Bipartisan Support For Crypto Grows In Congress
Despite what has been seen as a lack of congressional action in recent years, Evans is championing a notable advancement in the legislative landscape with the passage of the Financial Innovation and Technology for the 21st Century Act (FIT21), which incorporates Rep. Tom Emmer’s Securities Clarity Act.

This law aims to provide much-needed clarity in the digital asset space by distinguishing between an asset and the securities contract to which it may be linked, which would be key in potential future cases such as one of the most notorious between blockchain payments company Ripple and the SEC.

In addition, support for crypto innovation is gaining traction in Congress. Figures like Rep. Maxine Waters (D-CA), once a critic of cryptocurrencies, now recognize the importance of engaging with emerging technologies.

At a recent town hall event, pro-crypto lawmakers urged Harris to adopt a more favorable stance toward digital assets. At the same time, Senate Majority Leader Chuck Schumer (D-NY) expressed optimism about passing bipartisan legislation.

Moreover, the StandWithCrypto.com database indicates that over 50 Democratic lawmakers, including prominent figures like Rep. Ro Khanna (D-CA), is now supportive of pro-crypto legislation.

Unlike the executive branch, the law professor said, Congress has the power to create tailored laws to meet the needs of the crypto industry. Evans concluded, “Now is the time to focus where the real power lies – on Congress.

@ Newshounds News™

Source:   Bitcoinist

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🌍 El Salvador doubles down on Bitcoin, defies IMF concerns  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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More News, Rumors and Opinions Friday Afternoon 10-4-2024

TNT:

Tishwash:  Iraqi economist expects oil price to rise to $200 if war extends to Gulf

Economist Nabil Al-Marsoumi expected on Friday that the price of a barrel of oil would rise to nearly $200 if the war in the region expanded to include the Gulf states, and Iran closed the Strait of Hormuz and cut off the flow of about 20 million barrels of oil to global markets daily.

The expert spoke in an analysis published today about the two expected possibilities regarding what he called the coming oil war. He said that the first of them is that Israel will target the Iranian oil export outlets, especially Kharg Island, through which 90% of Iranian oil exports pass. This means eliminating 1.5 million barrels of Iranian oil from the market, which will raise prices by about $5 per barrel to $82.

He added: But it will lead to cutting off the most important sources of Iranian funding, and in this case we will face several scenarios. The first is that OPEC Plus will intervene and cancel voluntary and mandatory production restrictions, which will provide sufficient oil supplies to compensate for the loss of Iranian oil, indicating that this will lead to a decrease in prices and their return to the $70 mark.

He addressed the second possibility, saying: The war may extend to include oil pumping and export stations in the Gulf, which may negatively affect Gulf oil exports, especially Saudi oil exports, which will push oil prices above $100 per barrel.

Al-Marsoumi also pointed out that Iran had previously confirmed that preventing it from exporting its oil to the world also means preventing the exit of oil from the Strait of Hormuz. If Iran closes the Strait of Hormuz, this means cutting off about 20 million barrels per day of global oil supplies, which will push prices to $200 levels, in addition to negatively impacting Gulf gas shipments that pass through the strait.

The Iraqi economic expert continued by saying that the Israeli strike will be limited to hitting oil facilities, especially Iranian refineries, which means taking out 300 to 400 thousand barrels per day of Iranian exports, noting that in this case it will have no significant impact on global oil prices, especially after Libyan oil returns to its previous levels.  link

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Courtesy of Dinar Guru:  https://www.dinarguru.com/

yada  Article:  "- The Central Bank of Iraq launched its financial transfers to Turkey in the euro currency." This means the business with Turkey, primarily the pipeline that was halted in March of 23 due to illegal usage is now opening back up with transfers in Euros.  Add this to the Iraqis receiving their salaries from Jan 24 to Aug 24, we are in for great celebration with the rate release. IMO

Militia Man  Article:  "Central Bank Governor: New mechanism for financial transfers to Türkiye in euros launched" The amount of coordination that must be on going behind the scenes must be intense now.

**********

KTFA:

Clare:  Rafidain Bank announces the collection of more than four trillion dinars electronically for the benefit of 700 government departments

10/4/2024

The government-owned Rafidain Bank announced on Friday that it has collected more than four trillion dinars electronically for the benefit of 700 government departments.

A statement by the bank's media office, received by Shafaq News Agency, stated that "the number of government departments that have activated the electronic collection system until October 1st has reached more than 700 government departments."

He explained that "the total amounts that were settled and collected for the benefit of those government departments and deposited in their accounts at Rafidain Bank amounted to more than four trillion dinars."

He pointed out that "the rate of reliance on payment systems is constantly increasing and new departments will be included soon."  LINK

ANOTHER Major Pattern Shift Has Happened...(DELINQUENCIES HAVE SPIKED!)

Lynette Zang:  10-3-2024

In today's video we are talking about a major pattern shift in spending amongst the younger generations and how delinquencies have spiked. What does this all mean?

https://www.youtube.com/watch?v=B1jvU4jGIrQ

BRICS & BANKS: 2024 Gold Rush (Bullion Bulletin - 10/4/24)

Andy Schectman:  10-4-2024

Welcome to our compilation of videos from the previous week! We are dedicated to bringing you the latest insights and updates in the precious metals industry. In this compilation, you'll find a variety of engaging and informative content featuring expert analysis and discussions.

https://www.youtube.com/watch?v=s_t76N-opi0

Economist’s “News and Views” 10-4-2024

BRICS Dump Dollars for Gold - LFTV Ep 193

Kinesis Money:  10-4-2024

In this week’s episode of Live from the Vault, Andrew Maguire delivers a chart-driven analysis of the gold and silver price action for the first week of this year’s fourth quarter, before answering pressing community questions.

The London precious metals expert then turns his attention to the remainder of the year 2024, highlighting Indian and Chinese central bank buying, and providing an overview of the latest BRICS activity.

Timestamps

 00:00 Start

01:45 The first week of Q4

17:30 What to expect in the rest of 2024

20:45 The upcoming BRICS meeting

25:30 The gold revaluation timeline

31:00 Dedollarisation

https://www.youtube.com/watch?v=edab3Njpyog

Major Report PROVES That An Economic Crisis Is Coming!

Atlantis Report:  10-3-2024

The rising number of layoffs across various industries is a worrying trend. Despite the supposed economic growth, many people are losing their jobs.

Even industries that were believed to be safe are not immune. This is causing concern as it hasn't been seen in recent years.

Moreover, the level of consumer debt is another alarming issue. The fact that around one-third of Americans are struggling to pay their bills indicates that not everyone is benefiting from the so-called economic boom.

With the possibility of inflation and interest rate hikes, people already burdened by debt face an uncertain future.

https://www.youtube.com/watch?v=sESjZmSIwgg

George Gammon: What if the US Debt Hits $50 TRILLION Tomorrow?

Daniela Cambone:  10-3-2024

The real issue with U.S. debt isn't paying it off—it's the economic distortions fueled by government spending, says George Gammon, real estate investor and host of The Rebel Capitalist Show.

 In this insightful interview with Daniela Cambone, Gammon explains how the global monetary system allows the U.S. to pile on debt without immediate repercussions, driving a dangerous cycle of overspending.

He dives into the role of the Eurodollar system in propping up demand for U.S. Treasuries, which keeps interest rates lower than expected, even as debt levels soar.

CHAPTERS:

0:00 Economic Distortion

3:15 U.S. Debt Crisis

https://www.youtube.com/watch?v=fwTchiCbztc

Seeds of Wisdom RV and Economic Updates Friday Morning 10-4-24

Good Morning Dinar Recaps,

CFTC REPORTEDLY MULLING ACCEPTING DIGITAL ASSETS AS TRADING COLLATERAL

The proposal faces multiple steps before approval, but its passage could ultimately be a boon for the digital assets market.

The use of digital assets as trading collateral could be approved by the United States Commodity Futures Trading Commission (CFTC) by the end of the year.

According to a report from Bloomberg, a subcommittee of the Commodity Futures Trading Commission’s Global Markets Advisory Committee recently voted affirmatively to recommend a proposal allowing digital ledger technology-based collateral in commodities and derivatives trading.

In effect, were the proposal to be accepted by the CFTC, traders could settle transactions using digital assets as collateral with the same speed and ease as similar digital ledger and blockchain based transactions.

Brokers would be able to accept blockchain-based tokenized assets, such as BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), via market-embedded systems.

Tokens as collateral
The use of blockchain-based assets as collateral in trading is already fairly common throughout the participating marketplace. However, those participants are limited to large firms such as BlackRock and JP Morgan. The CFTC’s general approval could serve as a catalyst for mainstream adoption.

However, it’s unclear at this time what exactly the Global Markets Advisory Committee has recommended or what’s even in the aforementioned proposal. According to Bloomberg, the main committee still has to approve the subcommittee’s recommendation before the proposal can be formally submitted to the CFTC for approval.

There’s no guarantee that the CFTC will approve the proposal or that it will pass without potential restrictions concerning which institutes and blockchains can participate.

As Cointelegraph recently reported, spot Bitcoin exchange-traded funds (ETFs) demonstrated banner performance throughout the month of September.

BlackRock's Bitcoin ETF in particular outperformed its peers. It saw the highest daily inflow of any fund during the month on Sept. 25, during a five-day inflow streak across all spot Bitcoin ETFs in the United States.

This demonstrates the growing popularity and prospective value of digital assets in the traditional finance markets. It could also serve as a bullish indicator for digital asset adoption overall and play some role in the CFTC’s decision-making process.

@ Newshounds News™

Source:  CoinTelegraph

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IMF PRESSURES EL SALVADOR TO OVERHAUL BITCOIN REGULATIONS

According to the International Monetary Fund (IMF), El Salvador has an annual GDP growth rate of 3% and roughly $144 million in outstanding loans.

During an Oct. 3 press conference, the International Monetary Fund (IMF) renewed calls pressuring El Salvador to scale back its Bitcoin policies and overhaul its regulatory framework surrounding the digital asset.

Julie Kozack,  director of the IMF’s communications department, did not specify the exact details behind the proposed regulatory shift but instead provided this statement:

"What we have recommended is a narrowing of the scope of the Bitcoin Law, strengthening the regulatory framework and oversight of the Bitcoin ecosystem, and limiting public sector exposure to Bitcoin."

Since El Salvador legalized Bitcoin as a form of legal tender in 2021, the IMF has pressured the Central American country to step away from Bitcoin and embrace traditional financial infrastructure.

In August 2024, the IMF voiced the same demands but admitted that many of the purported risks of Bitcoin adoption “have not yet materialized.”

IMF attitude to Bitcoin and crypto
The IMF has expressed concerns regarding Bitcoin. As some fiat currencies experience devaluation, certain individuals and a few nation-states have begun exploring alternatives, including Bitcoin, which is often viewed as offering a different monetary framework compared to traditional fiat systems.

In 2023, the IMF provided technical consulting to help Andorra record and monitor Bitcoin transactions. Later, in March 2024, it suggested Pakistan institute a capital gains tax on crypto to qualify for a $3 billion loan.

More recently, IMF executives floated the idea of taxing energy used for crypto mining to reduce carbon emissions. This added tax could drive up energy costs for miners by 85%, a potentially devastating blow for an industry already struggling with post-halving economics and increased mining difficulty.

IMF pushes central bank digital currencies
While the IMF continues to oppose Bitcoin and non-state-controlled cryptocurrencies, it is simultaneously pushing for central bank digital currencies (CBDC) globally.

This past September, the IMF released its ”REDI” framework for CBDC development. REDI stands for regulation, education, design, and incentives — geared toward helping central banks make CBDC adoption more palatable to prospective populations.

@ Newshounds News™

Source:  CoinTelegraph

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The BRICS economic bloc will add around 10 new members during its upcoming summit.

The world continues to change in big ways.

I will be covering this event live in real-time.

@ Newshounds News™

Source:   Gold Telegraph X  

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️BREAKING NEWS:  El Salvador doubles down on Bitcoin, defies IMF concerns

Crypto community members have advised the Central American country's to reject the IMF recommendations.

El Salvador has doubled down on its Bitcoin moves despite ongoing pressure from the International Monetary Fund (IMF) regarding the country’s use of the digital asset.

On Oct. 4, Juan Carlos Reyes, President of the National Commission on Digital Assets (CNAD), announced that the Central American country’s lawmakers had passed “important amendments to the CNAD law.”

Bitcoin moves
According to him, these changes grant the CNAD authority to regulate Bitcoin companies in the country.

Further, the CNAD will now be the primary regulatory body overseeing the nation’s Bitcoin industry. It will also implement a risk-based regulatory framework to position El Salvador as a global digital asset adoption and regulation leader.

Reyes added:

“Our team [will] combine regulatory knowledge with practical Bitcoin experience, ensuring a balanced and effective approach.”

Reyes also mentioned that more information on the proposed regulatory framework will be shared in the coming weeks.

In a parallel development, the National Bitcoin Office (ONBTC) of the Office of the President of El Salvador stated that the country was building new capital markets on the bellwether digital asset.

According to ONBTC:

“Only on bitcoin can an individual ever self-custody their wealth and property. Capital will never form upon chains designed for velocity rather than sovereignty.”

These moves came after the IMF once again expressed concerns about El Salvador’s Bitcoin initiatives.

Julie Kozack, Director of the IMF Communications Department, stated that the country’s stance on Bitcoin remains an ongoing topic of discussion. She said:

“What [IMF] has recommended is a narrowing of the scope of the bitcoin law, strengthening the regulatory framework and oversight of the bitcoin ecosystem, and limiting the public sector exposure to bitcoin.”

Interestingly, this recommendation follows the IMF’s earlier acknowledgment that some risks associated with El Salvador’s Bitcoin involvement have not yet materialized.

Despite the IMF’s caution, many in the crypto community have advised the country to ignore this advice. Mathew Sigel, head of digital assets at VanEck, accused the IMF of holding El Salvador “hostage” over its pro-Bitcoin stance despite the nation’s economic and societal progress.

Instead, Sigel encouraged President Nayib Bukele to “stand firm” as his “vision is driving a remarkable transformation.”

@ Newshounds News™

Source:  CryptoSlate

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Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

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Q & A Classroom Link  

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News, Rumors and Opinions Friday AM 10-4-2024

Note: All intel should be considered as "Rumors" until we receive official announcements ...and “Rates and Dates” could change anytime until we get to the banks/redemption centers.

RV Excerpts from the Restored Republic via a GCR: Update as of Fri. 4 Oct. 2024

Compiled Fri. 4 Oct. 2024 12:01 am EST by Judy Byington

Global Currency Reset: (Opinions/Rumors)

Thurs. 3 Oct. 2024 Wolverine: “I know people who have had appointments at banks, but they are under NDAs and not talking. We know private contractors are being paid.”

Thurs. 3 Oct. 2024 Bruce: “The information last night was pointing toward today in a 24 hour period for the shotgun start. Well so far we have not received the notifications but the intel was really good  – it’s all done and now prospects of this going over the weekend are really strong.”

Thurs. 3 Oct. 2024 Central Bank of Iraq Governor Ali Al-Alak announced on Thursday the launch of financial transfers to Turkey according to a new mechanism carried out in the euro currency. A statement from his office, a copy of which was received by Euphrates News, said: “Al-Alak received the Ambassador of the Republic of Turkey to Iraq, Anil Bora Inan, along with a delegation of representatives of Turkish banks operating in Iraq.

Thurs. 3 Oct. 2024: DINAR REVALUATION: In the currency of the euro.. Al-Alak announces the launch of a new mechanism for financial transfers to Turkey,, 3 OCT (dinarevaluation.blogspot.com)

Thurs. 3 Oct. 2024: Military Mobilized to Defend QFS: Global Wealth Redistribution Underway with Troops on the Ground – The Elites Are in Full Panic Mode! – Gazetteller

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Global Financial Crisis:

The Federal Reserve took out Bankruptcy in 2008 and has been functioning on the fiat US Dollar ever since.

On Thurs. 3 Oct. 2024 the Federal Reserve posted a record loss of $114 Billion in 2023: https://x.com/barchart/status/1841334686489915511?s=46

Thurs. 3 Oct. 2024 FED Dollar Vs USA Treasury Dollar: The U.S. Federal Reserve note has lost 99.7% of its purchasing power since its inception and is essentially at zero. But we’re about to enter a rebound phase with the introduction of the new U.S. Treasury Dollar, which will pay us dividends because we’ll hold the real-world assets backing it. This shift is set to increase our purchasing power dramatically, potentially 20X. Can you imagine what the price of silver will be 100 years from now with that kind of growth? . … https://t.me/DebtClockUs

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Thurs. 3 Oct. 2024 The Longshoreman Strike has ended, so there will be no halt to the Supply Chain.

Nearly a quarter of the world’s seaborne oil trade is carried through the Straight of Hormuz. If Iran’s oil facilities are attacked this could launch a regional war, which would have a huge affect on shipping in the straight. In fact it could come to a grinding halt. The U.S currently has at least 1 Aircraft Carrier Battle group in the straight in case war breaks out. CHINA receives a large portion of their oil from the Mid East which goes through the straight.

The US Sea Ports along the East and Gulf Coasts that are on strike are responsible for over 50% of goods and services. On Thurs. 3 Oct. 2024 Biden announced he would not step in and force the hand of the Federal Government on negotiations. If the strike lasts for a month there would be roughly 150 billion in loss. To get through the backlog would take nearly six months.

What STOPS when ports close: Ports handle many types of goods and services, including: Some of the most common commodities shipped through U.S. ports include crude petroleum, coal, iron and steel, food and farm products, forest products, and soil, sand, gravel, rock, and stone. Dry bulk goods include coal, other minerals, scrap metal, fertilizers, rice, corn, and sulfur. Dry bulk goods are often transported by train to a port, where they are then loaded onto a ship. Containerized goods include electronics, clothes, furniture, and sports equipment. Emergency services: Ports can accommodate emergency vessels and personnel, such as the hospital ship USNS Comfort that docked at Port 90 in Manhattan during the C***D-19 crisis. Ports are also vitally important commercial centers that connect water and land transportation. They play a key role in global supply chains and international trade.

Thurs. 3 Oct. 2024 With Port Strike there is panic toilet paper buying: The Normies will need to add Depends to that list. https://www.independent.co.uk/news/world/americas/us-politics/toilet-paper-panic-buying-port-strike-b2622820.html

Read full post here: https://dinarchronicles.com/2024/10/04/restored-republic-via-a-gcr-update-as-of-october-4-2024/

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Courtesy of Dinar Guru:  https://www.dinarguru.com/

Militia Man  If you're going to create value, you're going to have to have smaller denomination and you likely will have to have  coins.  There's no need for coins if you do a lop.  There's none.  They will not ever do that and the reason why is because how in  the world could you get by with a one note and the value of it at .0007.  Come on.   

10-3-2024   Intel Guru Frank26  The security and stability of the monetary reform of Iraq is at its pinnacle and its is going to protect this new exchange rate and the new lower notes.

Mirage banks of Iraq

Nader:  10-3-2024

https://www.youtube.com/watch?v=9XwOdibD1FQ

How We Know the IQD & VND Currency Value Will Increase in Value

Edu Matrix:  10-3-2024

How We Know the IQD & VND Currency Value Will Increase in Value. HSBC Economic Outlook for Vietnam 2024/2025.

https://www.youtube.com/watch?v=9XGa_xtNWHw

“Tidbits From TNT” Friday Morning 10-4-2024

TNT:

Tishwash:  The Governor of the Central Bank receives the Turkish Ambassador and representatives of Turkish bank branches in Iraq

His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, received the Ambassador of the Republic of Turkey to Iraq, His Excellency Mr. Anil Bora Inan, with a delegation of representatives of Turkish banks operating in Iraq.

The meeting coincides with the launch of financial transfers to Turkey, according to a new mechanism in euros and implemented within Turkey through its banks. This mechanism, which is being implemented for the first time, will simplify trade coverage operations with high fluidity and speed.

The attendees discussed ways to provide the requirements of the new mechanism; in order to make it a success and accommodate the large number of remittances from merchants and the business sector.

The bank representatives expressed their readiness to implement the new mechanism and provide the regulatory and supervisory requirements in coordination with the international auditing company. They also highlighted their efforts in expanding their channels with approved correspondent banks.

His Excellency the Ambassador praised the efforts of the Central Bank in managing the process of transformation in external transfers, and the measures taken by the bank to organize and facilitate transformation operations, praising his meeting with the Governor of the Central Bank of Iraq and the continuous and direct coordination between the Central Bank's management and authorized banks.

Central Bank of Iraq 
Media Office 
October 3, 2024  link

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Tishwash:  Iraq Rethinks Bank Merger Plans

Iraq's Cabinet has revised an earlier decision to merge its Agricultural, Industrial and Real Estate Banks.

At the start of 2024, the Cabinet approved a contract with UK-based professional services firm Ernst & Young (EY) to study the merger of Industrial Bank, Real Estate Bank, and Agricultural Bank [Agricultural Cooperative Bank?] into a single entity, with Ernst & Young providing expertise and recommendations, and determining the time period required for the merger and the mechanism for transferring balances to the new bank.

The decision this week means that only the Agricultural Bank and the Real Estate Bank will be merged, while the Ministry of Finance has been tasked with converting the Industrial Bank into a joint-stock company.

A statement from the Prime Minister's Office confirmed that Ernst & Young will assess the Industrial Bank's assets, and the existing contract with EY will be amended to include these changes.

Additionally, the Cabinet approved a 500 billion dinar [$382 million] capital increase for the Trade Bank of Iraq (TBI), sourced from its profits. link

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Tishwash:  World Bank: Iraq has made progress in improving the business environment, making it globally competitive

The World Bank confirmed, today, Thursday, that Iraq is witnessing a major transformation in improving the business environment and public services, which has made it competitive globally.

The Ministry of Finance said in a statement received by the Iraqi News Agency (INA): "The World Bank issued the Business Ready 2024 (B-READY) report, which showed that Iraq is witnessing a major transformation in improving the business environment, and clarified the progress made by Iraq in vital areas such as regulatory frameworks, public services, and operational efficiency."

She added, "The report showed some positive developments and achievements that Iraq has made in making the business environment more attractive and efficient for local and international companies, including:

1- Stability of the regulatory framework, as Iraq has made significant progress in creating a more stable and business-friendly regulatory framework, and has succeeded in improving the ease of doing business by simplifying company registration processes and eliminating minimum capital requirements. This improvement contributes to making Iraq more attractive to entrepreneurs, especially small and medium enterprises (SMEs), which play a key role in creating job opportunities and diversifying the economy. Positive impact: Aligning Iraqi commercial regulations with international standards has facilitated cross-border transactions and created a more stable and predictable environment for investors.

2- Improving access to public facilities and infrastructure, as Iraq has made tangible progress in the public utilities sector, which is essential for business operations. The government has reduced the time required to access basic services such as electricity and water, and infrastructure investments are currently underway to improve the reliability of service delivery in the future. Positive impact: These reforms have already contributed to reducing operational disruptions and increasing investor confidence in the market, despite the need Further improvements are underway.

3- Strengthening labor market regulations, as Iraq introduced new labor market regulations aimed at protecting workers and promoting market inclusiveness. Achievements include equal pay policies, anti-discrimination regulations, and support for collective bargaining rights. The government also expanded public employment services and training programs to meet the needs of the private sector. Positive impact: These reforms have helped create a more flexible and inclusive labor market, making Iraq more globally competitive.

She pointed out that, “Despite the positive points documented in the report, it was based on outdated data collected in 2023 by the Business Ready team from the private sector, and the data reflects the stage that preceded its collection before the current government’s reform initiatives and the stimulus general budget were fully implemented.”

She continued, “Because the government has given great attention to the private sector, the business environment has developed significantly over the past two years and will continue to develop at an accelerated pace in the coming months and years when the fruits of the reforms are fully reflected, including what has been achieved, such as: reforming a significant number of laws and regulations, tax and customs reforms, electronic payment, e-commerce, digital transformation, reforming state-owned companies, guarantees granted to the private sector, and others.

Therefore, the report did not fairly show Iraq’s journey towards reform and the progress made in many areas, including establishing a more stable regulatory framework.”

The ministry stressed that "the Iraqi government is committed to continuing economic reforms, and the impact of the general budget and reform initiatives will appear in future reports based on updated data, which is what the World Bank should have done originally in the report issued today."  link

Mot: ..... Poor Little Guy!!! ~~~~~

Mot: .... good ole ""Earl"" is Always there fer ""Opal"" 

Seeds of Wisdom RV and Economic Updates Thursday Evening 10-3-24

Good Evening Dinar Recaps,

BRICS UNIFIED EXCHANGE TO LEVERAGE BLOCKCHAIN AND VIRTUAL CURRENCY FOR SETTLEMENTS

Deputy Chairman of the State Duma Alexander Babakov proposed creating a unified BRICS exchange using blockchain and virtual currency for inter-bloc settlements.

 Babakov stated that such an organization “will be the key to the economic sovereignty and independence of our countries,” while sidestepping the use of third-party payment networks.

Newly Proposed BRICS Unified Exchange May Use ‘Blockchain and Virtual Currency’
BRICS, the international organization, is eyeing digital solutions to reduce its dependence on third-party payment systems. 

Deputy Chairman of the State Duma Alexander Babakov proposed creating a single BRICS exchange, where countries of the block would conduct trade and settlements of their products, including raw materials and goods.

Babakov told Ria Novosti that such an organization would bring benefits to the member states, allowing them to stop relying on currencies of adversary countries like the U.S. dollar. 

Babakov stated that the exchange might allow member states to make payments in national currencies and “even develop their own settlement mechanism based on blockchain and a single virtual currency” and “strengthen the financial sovereignty of our countries.”

Talks of a single, BRICS-wide currency spurred last year. However, the organization pivoted to increase the use of national currencies instead. The move has already reported positive results, with national currency settlements exceeding U.S. dollar payments.

The BRICS bloc, integrated by Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE), accounts for a fourth of all the trade conducted, and more than one-third of the world’s gross domestic product (GDP). This means the hypothetical exchange would move a relevant part of the world’s trade, disrupting the use of the U.S. dollar.

President Vladimir Putin disclosed that BRICS was already designing and implementing an independent payment system to create “conditions for efficient and independent servicing of the entire foreign trade.” This system could be part of the proposed exchange.

@ Newshounds News™

Source:  Bitcoin News

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PAYPAL SETTLES INVOICE WITH EY IN PYUSD FIRST BUSINESS PAYMENT

PayPal’s senior vice president for blockchain, cryptocurrency, and digital currency stated that stablecoins are well-suited for enterprises.

PayPal completed its first business payment on Sept. 23, using its stablecoin PYUSD to settle an invoice with Ernst & Young LLP, Bloomberg News reported on Oct. 3.

The transaction was facilitated using software company SAP’s digital currency hub, a platform that allows businesses to send and receive digital payments instantly. The amount was not disclosed.

Stablecoin payments suitable for business
Notably, stablecoins are usually tied to retail users, especially in regions with volatile fiat currencies.

According to the “2023 Geography of Cryptocurrency Report” by Chainalysis, countries such as Argentina, Venezuela, and Mexico display high usage of stablecoins as protection against inflation and a cheaper alternative to make cross-border transactions.

Jose Fernandez da Ponte, PayPal’s senior vice president for blockchain, cryptocurrency, and digital currency, stated that the enterprise environment is also well-suited to the usage of stablecoins.

He added that business-to-business payments, especially cross-border, are often slow and costly due to third-party intermediaries. Thus, the adoption of stablecoins in these cases offers faster settlement and is increasingly favored by businesses.

PayPal introduced services on Sept. 25 that allow US merchants to buy, hold, and sell crypto via their business accounts.

An Ernst & Young survey published in July highlighted that PYUSD is the most used stablecoin for payments, with 47% of respondents using the PayPal dollar-pegged token in their payments. The survey included accredited and non-accredited investors.

Moreover, the payments infrastructure BVNK started swapping US dollars sent to its platform through Swift for stablecoins, including PYUSD, and then sending the funds to clients around the globe.

The vice president of crypto-related business at PayPal also addressed concerns in the industry following the collapse of FTX. He explained that the partnership with such traditional giants is to demonstrate the stability and utility of PYUSD for business transactions.

@ Newshounds News™

Source:  CryptoSlate

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PAUL GREWAL HIGHLIGHTS INCONSISTENCIES IN SEC LEGAL CLAIMS

▪️Paul Grewal highlights inconsistencies in the SEC's legal strategies.
▪️Coinbase and Ripple face significant challenges from the SEC.
▪️Regulatory clarity is crucial for the healthy development of the crypto economy.

Paul Grewal, the Chief Legal Officer of Coinbase, has identified inconsistencies in the U.S. Securities and Exchange Commission’s (SEC) legal claims. He expressed this view based on the SEC’s response filed in the Lejilex case.

Lejilex Case
In the Lejilex case, the SEC argues that whether digital asset transactions qualify as securities is determined not by the nature of the asset. However, Grewal pointed out that the SEC has stated the opposite to Judge Failla.

Grewal claims that the SEC shares different opinions with one judge compared to another. He stated that he does not expect such inconsistencies from U.S. authorities. Coinbase has been supporting Lejilex against the SEC for the past few months.

“We will do everything we can to provide regulatory clarity for cryptocurrency investors.” – Grewal

SEC and Ripple Battle
In the case between Coinbase and the SEC, the SEC sought to extend the discovery period from October 18 to February 18. During this postponement, Coinbase filed a motion requesting the Commodity Futures Trading Commission (CFTC) to communicate with the issuers of 12 tokens mentioned in the related case. This move will aid the lawsuit in the Southern District of New York.

Ripple Labs, a blockchain-based payment infrastructure firm, is also under pressure from the SEC. The SEC has been pursuing its case against Ripple for nearly four years and has recently appealed regarding the securities status of XRP.

Lawyers supporting Ripple believe the SEC will likely face a negative outcome this time as well. The SEC’s inconsistencies have become a central discussion point in many cryptocurrency cases. Similar to the Lejilex example, the regulatory body has defined these as personnel errors in numerous instances.

It remains uncertain how these inconsistencies will impact the authorities’ decisions in the appeals process. If the SEC can provide clearer evidence proving the business relationship between Ripple and XRP, we might see a reversal of the decision.

@ Newshounds News™

Source:   Coin Turk  

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BREAKING NEWS ON PORTS | Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

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Economist’s “News and Views” 10-3-2024

Note: There are rumors the port strikes may be over or will be soon…..

Fears of Global Shortage of Crude Oil Send Prices up Amid Massive Port Strikes

Lena Petrova:  10-3-2024

In the ever-evolving landscape of global economics, few events can send shockwaves through markets quite like an oil supply shock. Recently, a combination of massive port strikes and geopolitical tensions has led to an unprecedented surge in crude oil prices, igniting fears of a potential global shortage.

 As countries scramble to secure their energy supplies, it’s essential to understand the underlying factors that are driving this crisis and what it means for consumers and industries alike.

https://youtu.be/TT3QYQau3zs

Port Strike Catastrophe, $5 Billion a Day and Rising Prices Everywhere

Taylor Kenny:  10-3-2024

In a development that could shake the foundations of the U.S. economy, a massive port strike is currently gripping the nation. The repercussions are already being felt, as millions of dollars in trade are disrupted, leading to rising prices and escalating inflation. Taylor Kenney from ITM Trading recently shared insights into this monumental strike—the largest the United States has seen in over fifty years—and the severe implications it could have for inflation, production, and the overall economic landscape.

The numbers speak volumes. With the strike estimated to cost the economy a staggering $5 billion a day, it’s crucial to understand how this situation escalated. The reasons for the labor unrest are multifaceted, primarily rooted in disputes over wages, working conditions, and job security, which have been festering for years. The immediate impact is felt at West Coast ports—critical arteries for international shipping—where cargo ships are left anchored, waiting to unload their containers filled with goods.

According to data released recently, the strike has caused significant backlogs in the supply chain, making it increasingly difficult for businesses to obtain necessary materials and products. This isn’t just a localized problem; it’s a crisis with national ramifications that reaches into every grocery store, warehouse, and manufacturing plant across the country.

As the strike persists, inflation rates are likely to see another jolt upward. The U.S. has been grappling with inflation for months, with prices rising at an alarming pace. Now, the disruption in port operations only adds fuel to the fire. When goods are delayed, they become scarcer, and scarcity, as we know, drives prices higher.

Consumers may begin to notice higher prices on essential goods, ranging from food items to electronics. This reality is even more pressing for households already dealing with tight budgets, as increased costs can lead to difficult choices about where to allocate their resources. Moreover, as retailers and manufacturers face higher shipping costs due to delays and increasing demands for faster service once operations resume, it’s reasonable to expect that those costs will be passed along to consumers.

Production processes across various industries are intricately linked to the flow of goods. Manufacturing relies heavily on timely deliveries of raw materials; disruptions at ports can halt these production lines. A recent report highlighted that sectors like automotive and consumer electronics are already reporting slowdowns in production due to a lack of components and materials stuck in shipping limbo.

This slowdown could lead to job losses in sectors reliant on timely production, further exacerbating the economic challenges faced by workers across the country. Business owners may also have to reassess their operational capacities, leading to potential layoffs or reduced hours, which would just further impact the economy and consumer confidence.

While temporary strikes can lead to a quick resolution motivated by negotiations, the long-term implications of this port strike could be drastic.

If no agreement is reached, companies may need to find alternative shipping routes or suppliers, adding complexity and cost to their operations. This shift could displace workers, upset long-standing relationships, and even lead to a reshaping of U.S. logistics.

As we look ahead, it’s essential for policymakers and industry leaders to recognize the urgency of this situation. A swift resolution will be critical in preventing further damage to the supply chain, stabilizing prices, and restoring confidence in the economy.

https://youtu.be/2OlnrMr-AU8

https://dinarchronicles.com/2024/10/03/itm-trading-port-strike-catastrophe-5-billion-a-day-and-rising-prices-everywhere/

More News, Rumors and Opinions Thursday PM 10-3-2024

TNT:

Total 140 days.. Financial costs of holidays in Iraq

Today, Thursday (October 3, 2024), economic expert Nabil Al-Marsoumi revealed the financial costs of holidays in Iraq, while confirming that their total is 140 days.

Al-Marsoumi said in a post on Facebook, which was followed by "Baghdad Today", that "the total annual salaries of employees and others amount to 90 trillion dinars," indicating that "the total number of Fridays and Saturdays is 104 days in the year."

He added, "The total number of official holidays in Iraq, excluding special holidays, is 16 days, while the total number of unofficial holidays is approximately 20 days, while the total number of official and unofficial holidays is 140 days."

The expert continued, "The number of actual working days per year is 225 days, while the daily cost of official and unofficial holidays, including Friday and Saturday, is 246 billion dinars," stressing that "the annual cost of official and unofficial holidays is 34 trillion dinars."

He pointed out that "the annual cost of official and unofficial holidays, except for Friday and Saturday, amounts to approximately 9 trillion dinars, while the annual cost of unofficial holidays amounts to approximately 5 trillion dinars."

He pointed out that "Iraq is the first country in the world in terms of official and unofficial holidays, and it is the highest in the world, while there are 8 official holidays in England and Wales."

He believed that "both types of holidays cause huge financial losses to Iraq, especially the unofficial holidays that are granted for various reasons, including rain, high temperatures, and visits. This loss in unofficial holidays is equivalent to the annual budget of Syria," recommending "limiting the authority to grant official and unofficial holidays to the Presidency of the Council of Ministers."

Every year, on October 3, Iraqis celebrate the Iraqi National Day, which marks the declaration of Iraq's independence from the British mandate and its accession to the League of Nations in 1932  link

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Tishwash:  Iraq launches financial transfers in euros

The Central Bank of Iraq launched its financial transfers to Turkey in the euro currency.

This was announced during the reception of the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, the Ambassador of the Republic of Turkey to Iraq, Anil Bora Inan, with a delegation of representatives of Turkish banks operating in Iraq, according to a statement by the Central Bank of Iraq.

The statement indicated that the meeting coincides with the launch of financial transfers to Turkey, according to a new mechanism carried out in the euro currency and implemented within Turkey through its banks. This mechanism, which is being applied for the first time, will simplify trade coverage operations with high fluidity and speed.

The attendees discussed ways to provide the requirements of the new mechanism; in order to make it a success and accommodate the large number of transfers from merchants and the business sector.

The statement pointed out that the bank representatives expressed their readiness to implement the new mechanism and provide the regulatory and supervisory requirements in coordination with the international auditing company, and they also demonstrated their efforts in the context of expanding their channels with approved correspondent banks.

For his part; The Turkish Ambassador praised the efforts of the Central Bank in managing the process of transformation in foreign transfers, and the measures taken by the bank to organize and facilitate the transformation processes, praising his meeting with the Governor of the Central Bank of Iraq and the continuous and direct coordination between the Central Bank’s management and authorized banks, according to the statement. link

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Courtesy of Dinar Guru:  https://www.dinarguru.com/

Mnt Goat  Prime Minister Mohammed Shia al-Sudani expressed, on Thursday, Iraq’s readiness to enter into a partnership with American companies in the oil industry sector, revealing at the same time his government’s intention to establish a new Iraqi bank. This came during his participation in New York...can the news get any better? Finally the US is engaging Iraq and seriously taking on partnerships, especially in the energy sector. So we know if the US is invested in Iraq something is up….

Frank26   [Iraq boots-on-the-ground report]   FIREFLY:
On the news Alaq came in and talked again about the deletion of the three zeros and he said we have a process to enhance the dinar.  He was explaining how they are going delete the three zeros and add value...Then this idiot comes on TV and he says to us dropping the zeros will not lead to a value increase.  He's just a fool that hates this is happening.  That's all Alaq talked about, again saying it's under constant review.  FRANK:  As far as the guy that comes out and says this is not good, that's it's negative...this is not being sent to you by Sudani...Don't pay attention to them.  Only pay attention to your true leader Sudani.

THE LARGEST TRANSFER OF WEALTH IN HISTORY. AND THERE IS NO WAY TO STOP IT.

Greg Mannarino

https://www.youtube.com/watch?v=T0hSPaS3lds

"It's SOON, Time To Get Prepared For Something Huge" | Mike Maloney (30 Seconds to Midnight)

10-3-2024

n this eye-opening video, Mike Maloney dives deep into the economic warning signs that signal an impending financial crisis. The parallels between today and the 2008 crash are undeniable.

Charts from market experts reveal shocking similarities between the 2024 and 2007 rate cuts, while key indicators like the Sahm Rule and bond yield inversions show we're either in or nearing a recession.

 Discover why national debt, credit card defaults, and real estate delinquencies are skyrocketing - and how this could trigger the greatest financial meltdown in history.

Time is running out, and the global implications are immense. Get informed and get prepared.

https://www.youtube.com/watch?v=y1HGa7kxRnw

Seeds of Wisdom RV and Economic Updates Thursday Afternoon 10-3-24

Good Afternoon Dinar Recaps,

VISA LAUNCHES PLATFORM TO HELP BANKS ISSUE STABLECOINS GLOBALLY

▪️Platform is expected to go live in 2025, payments firm says
▪️A pilot test will be run on Ethereum at some point next year

Visa Inc. is launching a platform for banks to issue fiat-backed tokens such as stablecoins and tokenized deposits, as more financial institutions and businesses express interest in how cryptocurrencies and blockchain technology can improve their operations.

The product, which will be known as the Visa Tokenized Asset Platform or VTAP, will allow banks to “mint, burn and transfer” tokens. While still in the testing stage, the plan is to go live next year, according to a Thursday statement.

Stablecoins are cryptocurrencies whose value is usually pegged to assets such as the dollar. They’re used to conduct transactions and as a refuge from the often volatile price swings in tokens like Bitcoin and Ether.

Spanish bank BBVA has been testing the platform through the year and expects a pilot for select customers on the Ethereum blockchain at some point next year.

“Visa has been at the forefront of digital payments for nearly sixty years, and with the introduction of VTAP, we are once again setting the pace for the industry,” Vanessa Colella, global head of innovation and digital partnerships at Visa, said in the statement.

Stablecoins and other fiat-backed tokens have gained in popularity, with PayPal Holdings Inc.’s PYUSD and other offerings in the market. Stripe Inc. also allows merchants using its payments processing capabilities to accept stablecoins for online transactions.

“We’re excited to leverage our experience with tokenization to help banks integrate blockchain technologies into their operations,” Colella said.

@ Newshounds News™

Source:  Bloomberg

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RIPPLE TEAMS WITH BRAZILIAN EXCHANGE TO LAUNCH INTERNATIONAL PAYMENT SOLUTION

▪️Ripple and Mercado Bitcoin partner to streamline international payments in Brazil, enhancing cross-border treasury operations.

▪️Ripple expands its Latin American presence through Mercado Bitcoin, aiming to simplify cross-border payments for businesses.

By means of a strategic alliance with one of Brazil’s biggest cryptocurrency exchanges, Mercado Bitcoin, Ripple has strengthened its footprint in Latin America.

Using Ripple’s payment system, Mercado Bitcoin will be the first Brazilian company, especially with an eye toward improving internal treasury processes between Brazil and Portugal.

Ripple Strategic Expansion in Brazil’s Growing Crypto Market
The cooperation coincides with a period of fast expansion in the crypto market of Brazil. Known for offering real-time settlement and liquidity solutions, Ripple’s digital infrastructure fits quite well in the framework of Brazil’s dynamic crypto policy scene.

The cooperation between Mercado Bitcoin and Ripple is expected to speed up and make more reasonably priced international payments. This lets companies quickly onboard and fast access over 80 worldwide marketplaces by integrating Ripple’s technology with minimum friction.

For Ripple, this alliance marks yet another phase of its continuous expansion over Latin America. Since 2019, when it first established local offices, the corporation has been progressively becoming more visible in Brazil.

Working with Travellex Bank, Ripple unveiled its On-Demand Liquidity (ODL) service in Brazil in 2022, enabling Brazilian companies to make flawless, international payments with cryptocurrency.

By means of this new partnership, Mercado Bitcoin will also be able to use the global scale and liquidity of Ripple, providing improved payment options for its clients.

Head of banking at Mercado Bitcoin Jordan Abud showed enthusiasm about this alliance and underlined how it would help the global aspirations of the exchange. By means of Ripple’s sophisticated payment system, Mercado Bitcoin seeks to lower running expenses and provide a more all-inclusive platform for its customers.

On the other hand, as we previously highlighted, SCB, another Ripple partner, just collaborated with Thunes to increase its instant remittance capabilities.

By means of its SCB Easy platform, this cooperation enables SCB to provide money transfers across 26 countries with support for 17 currencies. Using RippleNet for cross-border payments guarantees that SCB makes transparent and safe transactions rather than merely quick ones.

https://www.crypto-news-flash.com/ripple-teams-with-brazilian-exchange-to-launch-international-payment-solution/

@ Newshounds News™

Source:  Crypto News Flash

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🌍Silver the People's Metal  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

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