Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 12-10-24
Good Afternoon Dinar Recaps,
USDT IS NOW APPROVED AS ACCEPTED VIRTUAL ASSET IN ABU DHABI
Tether has announced that Abu Dhabi’s Financial Services Regulatory Authority has approved the company’s U.S. dollar-pegged stablecoin as an accepted virtual asset.
According to the announcement on Dec. 10, Tether is now available to authorized individuals and entities regulated within the Abu Dhabi Global Market. FSRA is a market regulator in Abu Dhabi under the Abu Dhabi Global Market. The FSRA is a market regulato r under the ADGM, which operates as a financial-free zone in the United Arab Emirates.
Good Afternoon Dinar Recaps,
USDT IS NOW APPROVED AS ACCEPTED VIRTUAL ASSET IN ABU DHABI
Tether has announced that Abu Dhabi’s Financial Services Regulatory Authority has approved the company’s U.S. dollar-pegged stablecoin as an accepted virtual asset.
According to the announcement on Dec. 10, Tether is now available to authorized individuals and entities regulated within the Abu Dhabi Global Market. FSRA is a market regulator in Abu Dhabi under the Abu Dhabi Global Market. The FSRA is a market regulato r under the ADGM, which operates as a financial-free zone in the United Arab Emirates.
USDT’s approval is part of FSRA’s mandate to regulate virtual asset service providers in the country. VASPs are required to comply with anti-money laundering and combating the financing of terrorism regulations.
In its announcement, Tether stated that the approval enables FSRA-licensed individuals and entities to offer USDT-powered services in the region. The agency pre-approves such services. With this acceptance, users within the ADGM can use USDT on Ethereum, Solana, and Avalanche.
Paolo Ardoino, chief executive officer of Tether, commented:
“This milestone underscores Tether’s commitment to fostering global financial inclusion and innovation. By bringing USD₮ to the forefront of ADGM’s regulated virtual asset framework, we are not only validating the importance of stablecoins as critical tools for modern finance but also opening new doors for collaboration and growth across the Middle East.”
USDT is the world’s largest U.S. dollar-pegged stablecoin, with a market cap of over $138 billion. Its adoption across the payments market and crypto space has allowed it to dominate other stablecoins, contributing to Tether’s record-breaking revenue figures.
Tether also revealed in a report on Dec. 9 that on-chain wallets with USDT exceeded 109 million at the start of the fourth quarter of 2024. Meanwhile, total wallets that have ever received USDT has surpassed 400 million.
Elsewhere, the Middle East and North Africa region has increasingly become a key market.
In May this year, Tether announced its expansion in the UAE via a partnership with web3-focused platform RAK Digital Assets Oasis. The collaboration aimed at promoting adoption of Bitcoin and stablecoins in technology in UAE’s sixth-largest city Ras Al Khaimah.
In August, Tether revealed plans for a dirham-pegged stablecoin.
@ Newshounds News™
Source: Crypto News
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MICROSOFT SHAREHOLDERS REJECT PROPOSAL TO ADD BITCOIN TO RESERVES
Shareholders opposed the motion, pointing to bitcoin’s volatility as a key concern. Microsoft’s history with the world’s largest cryptocurrency has been cautious.
Microsoft shareholders voted to reject a resolution to add Bitcoin to the company’s balance sheet during its annual meeting on Tuesday.
The resolution was proposed by the National Center for Public Policy Research (NCPPR), a pro-free-market think tank based in Washington, D.C. The NCPPR framed the initiative as a corporate responsibility to diversify profits and enhance shareholder value.
As part of the proposal, a pre-recorded video was presented during the meeting. The video opened with the statement, “Microsoft can’t afford to miss the next technology wave, and bitcoin is that wave." The decision to reject the proposal aligns with the board’s recommendation, which emphasized Microsoft’s existing strategy of evaluating a wide range of investable assets, including bitcoin, within it broader investment framework.
The recent arrival of new derivatives trading solutions, including options on the black rock ETF are only likely to strengthen that narrative as is the burgeoning liquidity on those and other venues around the world alongside the relatively newer role of bitcoin as a capital markets activity catalyst as evinced in recent convertible bond issuance by a number of the digital asset industries larger players.
Microsoft’s history with bitcoin has been cautious. The company briefly accepted the cryptocurrency as a payment method in 2014 but suspended the option in 2016, citing low usage and regulatory uncertainties. Today's result aligns with the views of Microsoft co-founder Bill Gates, who has been a vocal critic of cryptocurrencies.
Bitcoin experienced a 3% pullback over the past 24 hours, adding to broader uncertainty in the cryptocurrency market. The global cryptocurrency market cap declined by almost 5% in the same period, now standing at $3.73 trillion, according to CoinGecko data.
Despite Microsoft’s stance, discussions around bitcoin adoption at the corporate level are becoming increasingly common. Cryptocurrency derivatives trader Gordon Grant noted the significance of these debates.
"The fact that we are having conversations about whether one of the world's largest entities could or should maintain a position in bitcoin on its balance sheets as a financial principal says far more about the arrival of bitcoin as a tier one asset, than the actual outcome of the decision," Grant told The Block.
Grant also highlighted the growing interest in bitcoin as a capital markets catalyst, pointing to recent convertible bond issuances by MicroStrategy as evidence of bitcoin’s evolving role in financial markets.
"Utilization of bitcoin as a financial diversifier, as a conveyance for the transfer of monetary value, and as a vector for what MicroStrategy's Michael Saylor has called global digital capital, continues to gain currency," Grant said.
@ Newshounds News™
Source: The Block
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PRESIDENT JEST A NEW STATE? | Youtube
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Source: Seeds of Wisdom Team RV Currency Facts
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Tim Price: Real Assets are Returning to the Playbook of the 1970s
Tim Price: Real Assets are Returning to the Playbook of the 1970s
Palisades Gold Radio: 12-20-2024
Tom welcomes back Tim Price from Price Value Partners, to discuss the happenings on the other side of the pond. Price shares concerns over Europe's chaos, comparing it unfavorably to the US under Trump, who he sees as reducing 'woke culture' and neo-Marxist economic policies.
He criticizes the media for losing credibility due to untruths and emphasizes the importance of understanding debt economics. Price reflects on his experiences during the exchange rate mechanism crisis and shares skepticism towards state planning, believing it has historically failed.
Tim Price: Real Assets are Returning to the Playbook of the 1970s
Palisades Gold Radio: 12-20-2024
Tom welcomes back Tim Price from Price Value Partners, to discuss the happenings on the other side of the pond. Price shares concerns over Europe's chaos, comparing it unfavorably to the US under Trump, who he sees as reducing 'woke culture' and neo-Marxist economic policies.
He criticizes the media for losing credibility due to untruths and emphasizes the importance of understanding debt economics. Price reflects on his experiences during the exchange rate mechanism crisis and shares skepticism towards state planning, believing it has historically failed.
Tim also covers the potential swing from left to right in politics and corruption issues, with Trump's election seen as a possible catalyst for change.
Additionally, gold or non-fiat money is suggested as an alternative to the corrupted monetary system.
Price calls for individual empowerment and market efficiencies, criticizes central banks, and advocates for real assets and value investing.
He discusses potential implications of Bitcoin reaching new heights and Tether's role in it. Throughout the interview, Tim Price encourages listeners to consider traditional investments like gold and silver, often overlooked despite their attractive valuations compared to the stock market.
Time Stamp References:
0:00 – Introduction
0:39 - State of Europe
2:48 - Trump & Pendulum Swings
7:54 - Trends & Growing Debt
10:17 - Bond Mkt Predictions
15:50 - Endemic Issues
20:23 - Milei & Trump
22:04 - Global Cuts & Change
23:00 - Fixing Corrupt Money
26:55 - The Invisible Hand?
31:34 - 40-Year Rate Regime
37:30 - Too Early & Wrong
44:53 - Silvers Potential
48:04 - Finding Cheap Assets
50:00 - Bitcoin 100k
50:55 - Dollar Strength?
55:42 - Time & Cheap Assets
59:43 - Miners Underperformance
1:02:17 - Contraian-isms
1:03:07 - Wrap Up
Talking Points From This Episode
Europe's chaos contrasted unfavorably to US under Trump, with concerns over 'woke culture' and neo-Marxist economic policies.
Media narratives criticized for losing credibility due to untruths, stressing importance of understanding debt economics in politics.
Skepticism towards state planning historically, individual empowerment, real assets, value investing promoted.
News, Rumors and Opinions Tuesday 12-10-2024
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 Tues. 10 Dec. 2024
Compiled Tues. 10 Dec. 2024 12:01 am EST by Judy Byington
Global Currency Reset:
Judy Note: WARNING Scammers are everywhere. It is my understanding that:
(1) If you don’t presently physically hold currency or bonds, you don’t own them. Do not give your bonds or currency to anyone else to redeem. You are the only one who can exchange and redeem them. If you have a problem in doing that, ask the person you talk to when you set your appointment to help work out the problem.
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 Tues. 10 Dec. 2024
Compiled Tues. 10 Dec. 2024 12:01 am EST by Judy Byington
Global Currency Reset:
Judy Note: WARNING Scammers are everywhere. It is my understanding that:
(1) If you don’t presently physically hold currency or bonds, you don’t own them. Do not give your bonds or currency to anyone else to redeem. You are the only one who can exchange and redeem them. If you have a problem in doing that, ask the person you talk to when you set your appointment to help work out the problem.
(2) Do not exchange your currency at a bank. They will not give you the higher rates, nor the Contract Rates that a Redemption Center was authorized to give you.
(3) The Zim can only be(allegedly) redeemed at a Redemption Center, not at a bank.
(4) Some Redemption Centers are located in private banks, but make sure it is a Redemption Center where you do your business.
Fri. 6 Dec. 2024 TNT Intel Summary: Bank meetings today to discuss final aspects of RV. Three Letter Agencies say “IT’S DONE.” US and Canada started p(allegedly) aying VIPs on Wed. 4 Dec, Thurs. 5 Dec, and today Fri. 6 Dec. The Iraqi Dinar (allegedly) being paid right now at $3.49 in-country.
Sat. 7 Dec. 2024: Rumor was that Vietnam had revalued their Dong in-country.
Sun. 8 Dec. 2024: Four day Victory Celebration (allegedly) begins in Iraq from Sun. 8 Dec. to Wed. 12th Dec. 2024. …Britt Vibes on Telegram posted by Wolverine
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Mon. 9 Dec. 2024 Wolverine on Cash Release Codes:
The rescue of financial instruments has begun. The launch of the Global Fund has just (allegedly) taken place everywhere in the world, marking the beginning of the global asset rescue program registered in Redemption.
Officially (allegedly) launched an hour ago, this is fantastic news for all beneficiaries. Tens of thousands of transactions around the world can now start paying.
Tomorrow Tues. 10 Dec. 2024 will be (allegedly) opera time.
The Admiral in Reno(allegedly) gave the green light and Reno has (allegedly) begun.
The Whales are (allegedly) getting paid. Everyone else (allegedly) goes on Mondays and Tuesdays. The Whales are at the level right in front of us!
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Global Financial Crisis:
Mon. 9 Dec. 2024 Financial Dominoes Falling – Banks Facing “Mysterious Failures” …Carolyn Bessette Kennedy on Telegram
Since October 2024, banks across select regions have been plagued by so-called “technical failures.” Account balances mysteriously fluctuate, transactions are frozen, and fund transfers grind to a halt. Coincidence? Think again.
These aren’t random glitches—they’re the first tremors of a seismic shift in the financial world. The Quantum Financial System (QFS) is (allegedly) running in stealth mode, silently dismantling the traditional banking systems that have enslaved humanity for decades.
As QFS operates alongside legacy systems, it (allegedly) exposes every fraudulent transaction, every artificially inflated scheme, and every hidden dollar. The cracks in their façade are no longer avoidable—the corruption is being laid bare in real time.
Inside the banking halls of the Cabal, chaos reigns. Executives are scrambling, (allegedly) feeding the public lies about “system upgrades” and “technical issues,” but the truth is too big to hide: QFS is watching. It’s auditing every move, tracking every shadowy scheme, and unveiling the manipulation they thought was safe.
This isn’t just a few glitches—it’s the Cabal’s worst nightmare. For years, they’ve siphoned off trillions, created artificial shortages, and tightened their grip on the global economy. But the QFS is a system they cannot bribe, hack, or control. It (allegedly) sees everything.
Behind closed doors, the elites are terrified. They know the Quantum Financial System isn’t just exposing them—it’s preparing to obliterate their entire structure. Their empires of stolen wealth, built on lies and deceit, are crumbling.
The storm is here. These “technical issues” are not mistakes—they’re the beginning of the end for the financial s***e system. Every time you see another “bank outage,” remember: this is the sound of the dominoes falling.
What happens when the public learns the truth? When they realize the banks weren’t just inefficient but were actively working against them? The answer is revolution.
Spread this message far and wide. The Cabal’s financial system is (allegedly) dying, and the Quantum Era is rising. We are on the brink of global liberation, and you are witnessing history in the making.
Read full post here: https://dinarchronicles.com/2024/12/10/restored-republic-via-a-gcr-update-as-of-december-10-2024/
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Courtesy of Dinar Guru: https://www.dinarguru.com/
MarkZ [via PDK] Question: I’m just curious “what if” parliament doesn’t sign off before the 10th? MarkZ: If they don’t make it - I’m still sticking around until they do... I still think we could see the RV before Christmas. Possibly in the next few days. Worst case scenario – by the end of January….
Frank26 [When talking to a bank wealth manager/private banker] Don't push, 'I got dinars!'...Talk on the same level because she knows now what you know...'These are the facts and this is what I want to know'...You want to ask them, what is your fee you're going to charge me to exchange my currency at your bank...Two, what type of insurance do you have because FDIC only covers me for $250,000. Do you have supplemental insurance? ...Next thing you want to know is how are you going to be able to get your money out? ...What is the procedure for you to withdraw? Can you only withdraw $10,000 per week? Per day? What are my limitations? If I want physical cash, not electronic, how much can I take out? What are my limitations? ...Do you have lawyers...CPA... bookkeepers...IRS agent? ...Would your lawyers be able to help you set up trust funds...? I want to protect my money.
Recession & 2nd Inflation Wave Coming in 2025 | Gareth Soloway
Liberty and Finance: 12-10-2024
Gareth Soloway discusses his outlook for inflation, the economy, and the financial markets, warning that inflation could pick up again in 2025.
Soloway explains that while inflation seems under control for now, pressures from food prices, tariffs, and government spending could trigger another wave of inflation, potentially leading to stagflation if the economy slips into a recession.
He also shares his technical analysis on Bitcoin, predicting potential corrections but maintaining a long-term bullish stance, while being cautious of its short-term overbought conditions.
On the stock market, Soloway remains bearish, citing stretched valuations and the risk of a downturn, with the possibility of a 7-10% correction. He concludes with insights on precious metals, suggesting gold and silver could see long-term gains, but cautioning about short-term volatility as investors continue to weigh economic uncertainties.
INTERVIEW TIMELINE:
0:00 Intro
1:30 Bitcoin
5:26 Gold
8:52 Silver
10:20 Stock market
16:27 Inflation
20:09 Verified Investing
Seeds of Wisdom RV and Economic Updates Tuesday Morning 12-10-24
Good Morning Dinar Recaps,
ARGENTINA ALLOWS U.S. CRYPTO ETFS TO ENTER THE LOCAL MARKET
Argentina’s financial regulator allowed foreign crypto-related products from the United States to enter the local market, which will unlock the inflow from overseas.
The board directors of Argentina‘s securities regulator, Comisión Nacional de Valores (CNV), announced that the U.S. exchange-traded fund (ETF), including crypto-related ETFs, are now available in the country.
Good Morning Dinar Recaps,
ARGENTINA ALLOWS U.S. CRYPTO ETFS TO ENTER THE LOCAL MARKET
Argentina’s financial regulator allowed foreign crypto-related products from the United States to enter the local market, which will unlock the inflow from overseas.
The board directors of Argentina‘s securities regulator, Comisión Nacional de Valores (CNV), announced that the U.S. exchange-traded fund (ETF), including crypto-related ETFs, are now available in the country.
Under CEDEAR’s program, which is regulated by RG No. 1030, Bitcoin spot ETF and Ethereum spot ETF will be released and ready to trade. This product was prohibited under Law No. 27440 for 6 years.
“it is a pleasure to announce these first approvals, which constitute new investment options provided for in this very innovative law,” CNV’s president Roberto E. Silva, on official statement.
Although details on which Bitcoin ETF issuer would be allowed to enter the country are not provided, the commission is opening the door for digital asset investment through the capital market.
In the same document, CNV also announced that gold ETFs are allowed to enter the capital market with the GLD ticker, as well as the S&P 500 index. Chinese stock market indexes with FXI ticker were also introduced.
The regulators hope that these innovations of law could boost passive management indices, commodities, and digital assets, which are listed abroad and not publicly offered around the territory.
Argentina’s public Bitcoin mining
Argentina, one of the countries in Latin America that allow Bitcoin for transactions, publicly showcases Bitcoin mining, which is powered by the Central Bank of Argentina (BCRA).
This Bitcoin mining installation symbolises support from the government and embraces the future of digital money through cryptocurrency. This was the first central bank to showcase Bitcoin mining.
An aggressive move is part of Argentina’s President Javier Milei’s vision to fight against hyperinflation, which skyrocketed to almost 300% in April 2024, and to drive the digital economy in the country. Since then, according to Trading Economics, the inflation rate has gradually decreased to under 200% in less than a year.
@ Newshounds News™
Source: Crypto News
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UAE’S CENTRAL BANK APPROVES FIRST AED-BACKED STABLECOIN
The first AED-backed stablecoin has received approval from the UAE’s central bank. This marks a key change in the country’s digital currency system. The UAE central bank’s move strengthens cryptocurrency regulations and sets new rules for digital currency and stablecoin approval.
This step makes crypto transactions safer and more stable. This stablecoin approval shows the UAE’s push toward digital currency growth.
How UAE’s First AED-Backed Stablecoin Addresses Cryptocurrency Challenges
AE Coin Launch and Implementation
AE Coin got the first license to create a UAE Dirham-linked stablecoin under new payment rules. One AE Coin equals one dirham, making it a stable payment option. Ramez Rafeek, General Manager of AED’s stablecoin, says:
“AE Coin harnesses the speed and efficiency of blockchain technology, offering instant, secure, and cost-effective transactions. It simplifies transfers, making them faster and more seamless. In a rapidly evolving digital world, AE Coin sets a new standard for trust, security, and innovation in digital currency.”
Market Growth and Transaction Patterns
UAE’s stablecoin market grew to US$9.8 billion in early 2024, up 55% from 2023. Stablecoins lead with 51% of crypto activity, more than Bitcoin and Ether combined. This growth shows trust in cryptocurrency regulations and digital money systems.
Retail and Institutional Adoption
Small transfers make up 93% of all transactions, but big institutions move most of the money. Business and institutional trades account for 74% of all value moved. The AED-backed stablecoin will likely boost these numbers by offering a safe, regulated platform.
Future Developments and Market Impact
More stablecoins are coming to UAE. Tether plans to launch its AED-backed coin in early 2025 with Green Arcon Investments Ltd and Phoenix Group PLC. This makes UAE a stronger digital currency center. The UAE central bank’s rules ensure these new tools are safe and stable.
Integration with Financial Services
The new stablecoin will change online shopping, money transfers, and decentralized finance. It gives companies and people modern banking tools while keeping traditional currency stability through cryptocurrency regulations.
@ Newshounds News™
Source: Watcher Guru
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DO YOU NEED A TRUST TO EXCHANGE CURRENCY | Youtube
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
~~~~~~~~~
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“Tidbits From TNT” Tuesday Morning 12-10-2024
TNT:
Tishwash: UN Mission: Iraq has proven to the world that it is capable of overcoming challenges and building the future
The United Nations Assistance Mission for Iraq (UNAMI) confirmed today, Monday, that Iraq has proven to the world that it is capable of overcoming challenges and creating the future.
The mission stated in a statement issued on the occasion of Victory Day in Iraq, and received by the Iraqi News Agency (INA): "On December 10, Iraq celebrates Victory Day, in commemoration of the liberation of its lands from the control of the terrorist organization ISIS. This day represents an important national milestone in which the country recalls the great sacrifices made by the Iraqis to restore their land and establish security and stability throughout the homeland."
TNT:
Tishwash: UN Mission: Iraq has proven to the world that it is capable of overcoming challenges and building the future
The United Nations Assistance Mission for Iraq (UNAMI) confirmed today, Monday, that Iraq has proven to the world that it is capable of overcoming challenges and creating the future.
The mission stated in a statement issued on the occasion of Victory Day in Iraq, and received by the Iraqi News Agency (INA): "On December 10, Iraq celebrates Victory Day, in commemoration of the liberation of its lands from the control of the terrorist organization ISIS. This day represents an important national milestone in which the country recalls the great sacrifices made by the Iraqis to restore their land and establish security and stability throughout the homeland."
It added, "Victory Day, in addition to being an occasion for heartfelt congratulations, comes to emphasize the need to preserve the gains achieved thanks to the efforts of everyone here in Iraq in addition to their partners from around the world. It also represents a call for everyone to strengthen national unity and joint action for a strong Iraq capable of facing challenges and free from the tensions and conflicts that plague the region."
She continued, "On this occasion, we also appreciate the achievements made since the field victory over terrorism, and we call for continued work to rid Iraq not only of the remnants of ISIS, but also of all forms of extremism and fanaticism. We look forward to an Iraq in which everyone enjoys security, peace, respect for human rights and the rule of law, and to turning the pages of the painful past forever by promoting national reconciliation in a way that ensures the preservation of gains, focusing on what unites the word and unifies the ranks, and avoiding areas of division and division, including controversial topics that do not contribute to strengthening the unity of the fabric of society and the cohesion of its components."
She indicated that "our great hope is that the joy of victory will be complete with the return of all those forcibly displaced due to this conflict to their homes with dignity and safety and when all Iraqi citizens are returned from Al-Hol camp in northeastern Syria and integrated into society."
"In this context, we appreciate the great efforts made by the Iraqi government, with the support of the UNAMI mission and the team of United Nations organizations working in Iraq, in these files in particular," she added, noting that "the United Nations renews on this occasion its full support for Iraq, government and people, in restoring sovereignty and full control over its territories and achieving stability and sustainable development."
The mission concluded its statement by saying, "Iraq has proven to the world that it is capable, with the solidarity of its people, of overcoming challenges and creating a brighter and more prosperous future for all its citizens." link
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Tishwash: Iraq signs MoUs with 15 Greek companies to invest in various sectors
The Ministry of Trade explained, on Monday, the importance of resuming the meetings of the Iraqi-Greek Joint Committee, while the Federation of Iraqi Chambers of Commerce indicated the signing of memoranda of understanding with 15 Greek companies to invest in various sectors.
The administrative undersecretary of the ministry, Sattar Al-Jaberi, said in a speech during the Iraqi-Greek Business Forum, which was attended by the correspondent of the Iraqi News Agency (INA): "The participation of the Greek delegation, which includes representatives from the government sector and an elite of businessmen and investors in this important forum, constitutes a valuable opportunity to enhance economic and trade relations between the two countries and consolidate the bonds of joint dealing."
He added that "this important forum, held under the auspices of the Iraqi Ministry of Trade and with direct support from the Minister of Trade, aims to support and develop trade and economic relations with friendly countries, including the Republic of Greece," praising "the pioneering role played by the Federation of Iraqi Chambers of Commerce, headed by Abdul Razzaq Al-Zuhairi, in building international cooperation and creating a supportive environment for businessmen."
He pointed out "the efforts made by the Ministry of Trade, represented by its various institutions and the Director General of Economic Relations, to activate the joint economic and trade committees with brotherly and friendly countries."
He stressed "the importance of resuming the meetings of the Iraqi-Greek Joint Committee, which have not been held since 2000, as a necessary step to develop cooperation in various economic and trade fields in a way that achieves the common interests of the two countries."
He called on "the Greek delegation to participate actively in the next course of Baghdad International Fair, which is a unique platform for showcasing investment and trade opportunities and enhancing communication between Iraqi and Greek businessmen."
For his part, the head of the Federation of Iraqi Chambers of Commerce, Abdul Razzaq Al-Zuhairi, confirmed during the conference: "We signed many memoranda of understanding with countries around the world, including 15 major Greek companies to work in various sectors including (construction, building, health and agriculture), indicating that "this forum is positive and reflects a good image of Iraq to the world that it is healthy and does not resemble yesterday."
He continued, "The purpose of the conferences or meetings is to create continuous work with our Greek partners to invest and work inside Iraq," expressing his "thanks to the government with its legislative and executive authorities for supporting the Federation of Chambers of Commerce, which represents the largest segment." link
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Tishwash: Will the local market be affected by the events in Syria? A detailed Iraqi view of the scene
The economic expert, Abdul Rahman Al Mashhadani, presented a detailed vision of the possibility of the local market being affected by the events in Syria after the fall of Syrian President Bashar Al Assad.
Al-Mashhadani ruled out via {Al-Furat News}: "The Iraqi market was greatly affected by the events in Syria because trade with Syria was greatly reduced after the sanctions imposed by America on banks," noting that "there are alternatives to Syrian products, as imports from them were mainly fruits and vegetables."
He expected that "there will be a positive impact on the dollar and that the value of the Iraqi dinar will improve in the coming period, and if the American sanctions on Syria are eased, it will have a positive impact, considering that it was one of the links in the sanctions."
Al-Mashhadani explained that "the American position towards the events in Syria is positive and there is clear support, as evidenced by the fact that the American side is thinking of removing the names of terrorist organizations from the so-called front that entered Damascus, which will lead to flexibility in commercial dealings."
He stressed that "the situation in general needs time for things to stabilize and for the borders to reopen."
The dollar exchange rate against the dinar decreased on Monday afternoon in Baghdad markets, coinciding with the closing of the stock exchange.
The dollar exchange rate reached 150,700 dinars for $100 at the close of the Al-Kifah and Al-Harithiya stock exchanges, while this morning it recorded 151,000 dinars for $100.
The selling price in exchange shops in the local markets in Baghdad was 151,750 dinars for $100, while the purchase price was 149,750 dinars for $100. link
Mot: Gots to Love ole ""Earl""
Mot: Sad Christmas Tree
Seeds of Wisdom RV and Economic Updates Monday Evening 12-09-24
Good Evening Dinar Recaps,
CRYPTO INDUSTRY FRUSTRATED OVER POSSIBILITY OF SEC COMMISSIONER CAROLINE CRENSHAW’S RENOMINATION
Coinbase COO Emilie Choi called Caroline Crenshaw, one of two SEC commissioners to oppose Bitcoin ETFs, 'anti-crypto.'
On Dec 11, the U.S. Senate Banking Committee will decide whether to renominate Caroline Crenshaw, a Democrat Securities and Exchange Commission (SEC) commissioner. Crenshaw has always been a staunch critic of cryptocurrencies and the crypto community is not happy with the prospect of her re-election.
Good Evening Dinar Recaps,
CRYPTO INDUSTRY FRUSTRATED OVER POSSIBILITY OF SEC COMMISSIONER CAROLINE CRENSHAW’S RENOMINATION
Coinbase COO Emilie Choi called Caroline Crenshaw, one of two SEC commissioners to oppose Bitcoin ETFs, 'anti-crypto.'
On Dec 11, the U.S. Senate Banking Committee will decide whether to renominate Caroline Crenshaw, a Democrat Securities and Exchange Commission (SEC) commissioner. Crenshaw has always been a staunch critic of cryptocurrencies and the crypto community is not happy with the prospect of her re-election.
Crenshaw is ‘anti-crypto,’ says Coinbase COO
Crenshaw, who was sworn into her role in August 2020, was one of two SEC commissioners who opposed the approval of spot Bitcoin exchange-traded funds (ETFs) in January. In her letter dissenting from the SEC’s decision, which Crenshaw called “unsound and ahistorical,” she wrote:
“I fear that today we are setting ourselves up for tomorrow’s failure, and it will be the investors that we have a duty to protect who will ultimately pay the price.”
SEC commissioner, Jaime Lizárraga, the only other SEC commissioner who voted against Bitcoin ETFs, did not add his name to her letter.
According to James Seyffart, a Bloomberg ETF analyst, Crenshaw was even “more vehemently anti-crypto” than SEC chair Gary Gensler, who has been called “evil” himself. In fact, she served as more than “just an ally to Gensler,” Seyffart wrote in an X post earlier this week.
In a Dec. 7 X post, Coinbase president and COO Emilie Choi wrote:
“Caroline Crenshaw is anti-crypto. She even embarrassingly opposed Bitcoin ETFs. The SEC has to change.”
Given Crenshaw’s widely-known opinions against crypto, the community is frustrated with the upcoming vote on Wednesday.
Alexander Grieve, vice president of government affairs at crypto investment firm Paradigm, called it “one last “gift” for crypto” that Democrat Senate Banking Chair Sherrod Brown is “trying to ram through” before he gives up his chair.
If the Senate vote passes, Crenshaw will hold on to her position in the SEC till 2029. However, if she’s not confirmed by the Senate, president-elect Donald Trump will be free to nominate someone as replacement.
Austin Campbell, CEO of digital payments firm WSPN, wrote in an X post:
“I will remind all Democrats that Caroline Crenshaw voted that the SEC should disobey a Federal judge, break the law, and instead reject BTC ETFs after being ordered to approve them by a court.”
Trump’s SEC chair pick has received the crypto community’s approval
Earlier this week, Trump appointed Paul Atkins, a former SEC commissioner known for being pro-crypto, to be the next SEC chief. The crypto industry welcomed the news with open arms.
Atkins, who served as a Republican SEC commissioner from 2002 to 2008, is expected to take a much more lenient approach to regulating crypto than Gensler. Atkins is known for his advocacy of free-market principles and investor protection and his focus on clarifying complex financial markets.
Atkins’ nomination. is “sorely needed and cannot come a day too soon,” Coinbase chief legal officer Paul Grewal said in an X post.
@ Newshounds News™
Source: Crypto Slate
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BRICS NEWS: BRICS & US MAY BE SET TO RACE FOR BITCOIN SUPREMACY IN 2025
With the asset class gaining significant attention over the course of the year, both BRICS and the US could be set to race for Bitcoin supremacy in 2025. Indeed, the economic alliance has discussed its interest in integrating the leading asset. Moreover, with the return of Donald Trump to the White House, the United States is looking to emerge as a global leader.
In a recent interview, Eric Trump reiterated these hopes. He explained the path that the US has toward becoming a cryptocurrency superpower.
Yet, the incoming presidential administration is certainly not alone in those aspirations. His position regarding BTC has mirrored those that Russian President Vladimir Putin has shared in recent weeks.
BRICS & US Face Off in Bitcoin Race: Who Will Become Global Leader?
Bitcoin is certainly having its moment this year. The token is leading an emerging asset class, as it reached a six-figure price for the first time in history last month. Moreover, it became the first crypto-based ETF in the United States, opening the door to increased institutional investment and interest.
Amid its rise, all eyes are on exposure. Businesses are looking into the acquisition of crypto, but so too are countries. With no established global leader, both BRICS and the US could be set to engage in a race for Bitcoin supremacy in 2025.
Speaking to CNBC, Eric Trump noted that “sensible” regulation may be the only thing standing between the United States and a position as a cryptocurrency superpower. Moreover, he noted President-elect Donald Trump has all intentions to “make America the crypto capital of the world.”
Well, they are certainly not the only thing. With Russia loosening its ban on cryptocurrency earlier this year, BRICS may be looking to increase adoption. Specifically, they have sought to use the asset class in trade and have noted belief in its potential.
As the country has just voted to classify crypto as property, Putin has discussed the leading asset. When talking about foreign exchange reserves, the president questioned their necessity if they could be confiscated for political purposes. Specifically, Putin seemed to be alluding to Western sanctions that froze $300 billion in Russian reserves.
But that isn’t the same with Bitcoin. “Who can prohibit it? No one,” he said about the token. That seems to indicate that both BRICS and the US are set to explore the asset class in greater measures this year. That could have them on a collision course for status, with Bitcoin only gaining in the process.
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Source: Watcher Guru
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IS YOUR CRYPTO WALLET AS SAFE AS YOU THINK? | Youtube
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Source: Seeds of Wisdom Team RV Currency Facts
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You Can Make Drastic Cuts, But the U.S. Still Faces This One Huge Problem
You Can Make Drastic Cuts, But the U.S. Still Faces This One Huge Problem
Daniela Cambone: 12-9-2024
"The snowball on the debt through the interest rates and the interest cost on the national debt is growing so fast that even drastic measures won't make it disappear," warns Joseph Brown, host of Heresy Financial.
In this discussion, he delves into the pressing debt issues facing the U.S. and explains why owning tangible assets like gold is imperative as a hedge against the devaluation of fiat currencies.
You Can Make Drastic Cuts, But the U.S. Still Faces This One Huge Problem
Daniela Cambone: 12-9-2024
"The snowball on the debt through the interest rates and the interest cost on the national debt is growing so fast that even drastic measures won't make it disappear," warns Joseph Brown, host of Heresy Financial.
In this discussion, he delves into the pressing debt issues facing the U.S. and explains why owning tangible assets like gold is imperative as a hedge against the devaluation of fiat currencies.
Brown also highlights the success of Javier Milei's reforms in Argentina, emphasizing how reducing government size and slashing spending curbed inflation and sparked economic improvement: "What Argentina shows us is that by slashing government spending and deregulating, you free up resources, and the economy can start to boom again."
Seeds of Wisdom RV and Economic Updates Monday Afternoon 12-09-24
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IRAN MOVES TO REGULATE CRYPTO INSTEAD OF IMPOSING LIMITS: REPORT
Iran’s finance minister said the country’s government plans to regulate cryptocurrencies instead of limiting their usage.
The Iranian government is looking to embrace crypto assets by adding more regulations instead of outright restrictions, its Minister of Economic Affairs and Finance Abdolnaser Hemmati said.
Good Afternoon Dinar Recaps,
IRAN MOVES TO REGULATE CRYPTO INSTEAD OF IMPOSING LIMITS: REPORT
Iran’s finance minister said the country’s government plans to regulate cryptocurrencies instead of limiting their usage.
The Iranian government is looking to embrace crypto assets by adding more regulations instead of outright restrictions, its Minister of Economic Affairs and Finance Abdolnaser Hemmati said.
According to a report from Iran’s state-run news agency Nour News, Hemmati said during a national event on Saturday that the government aims to eliminate the negative impacts of cryptocurrency on the economy, and leverage its positive effects. The minister added that digital money falls under the jurisdiction of the Iranian central bank.
Hemmati said he hopes to see cryptocurrencies used to boost youth employment in Iran, help counter U.S. sanctions and align the country’s activities with the global economy.
On the same day as Hemmati’s speech, the Central Bank of Iran published a new document that summarized its arrangement for upcoming policies on cryptocurrencies, Nour News reported. The upcoming policies aim to support crypto traders to comply with local tax and anti-money laundering laws, according to the report.
Iranian investors currently hold an estimated $30 billion to $50 billion worth of crypto assets, the report said, citing economist Mohammad Sadegh Alhosseini. This is roughly equivalent to a third of the entire gold market in the country, according to the expert.
The announcement from the Iranian government comes as U.S. President-elect Donald Trump builds anticipation for a positive regulatory environment for cryptocurrencies.
Since his reelection last month, Trump has appointed several pro-crypto candidates to spearhead various efforts during his upcoming term, recently naming long-time crypto supporter Paul Atkins to head the Securities and Exchange Commission.
@ Newshounds News™
Source: The Block
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CZECH REPUBLIC IS NOW CRYPTO-FRIENDLY! HERE’S WHAT CHANGED
The Czech Republic has introduced new crypto-friendly laws, making it easier for crypto businesses to operate in the country.
These laws include easier access to bank accounts for crypto businesses and a three-year tax exemption on crypto investments.
These reforms aim to attract more crypto businesses to the Czech Republic and prevent them from moving to other countries.
The Czech Republic has made the news headlines with bold new crypto regulations aimed at transforming the sector. These changes address long-standing challenges for crypto businesses and could make the country a hotspot for digital asset innovation.
Crypto Firms Finally Get a Break
Crypto businesses in the Czech Republic have long struggled to open bank accounts due to skepticism from financial institutions. Banks, wary of crypto’s volatility, often denied these businesses basic banking services, making operations incredibly challenging.
That’s about to change. The new reforms will make it easier for crypto companies to access banking services, removing a major barrier to growth. This shift could pave the way for smoother operations and attract more businesses to the Czech market.
A Tax Break to Boost Investments
But wait, there’s more. A three-year tax exemption for crypto investments has also been introduced. This means that profits from crypto will be treated just like profits from stocks. So, crypto businesses can breathe a little easier, knowing they’re now on the same playing field as more traditional investments. It’s a big win, and it’s meant to make the Czech market way more attractive to investors—both local and international.
Why Act Now? The Clock’s Ticking
Deputy Speaker Jan Skopeček explained the need for swift action, emphasizing that the government had to act now to retain crypto businesses. Without these changes, many companies could relocate to countries with more favorable crypto laws, leading to economic losses.
The urgency also ties to the European Union’s upcoming Markets in Crypto Assets (MiCA) regulation. While MiCA aims to harmonize crypto rules across the EU, its rollout has caused uncertainty. Many companies are still awaiting approvals or navigating compliance challenges, and some have already left Europe or modified their operations to align with the evolving rules.
The Road Ahead Is Not Easy
These reforms show the Czech Republic’s determination to stay ahead in the digital revolution. By easing banking access and offering tax incentives, the country is positioning itself as a more attractive hub for crypto firms.
However, challenges remain. While the reforms are promising, businesses may still encounter unexpected hurdles as the new policies are implemented. The coming months will reveal whether the Czech Republic can truly establish itself as a crypto-friendly destination.
@ Newshounds News™
Source: Coinpedia
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FINANCIAL REVOLUTION 2024: WHAT YOU NEED TO KNOW! | Youtube
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Source: Seeds of Wisdom Team RV Currency Facts
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More News, Rumors and Opinions Monday Afternoon 12-9-2024
KTFA:
Clare: Parliamentary Finance: Budget amendment includes only one paragraph related to the region's oil
12/9/2024 Information / Baghdad..
The Parliamentary Finance Committee confirmed, on Monday, that the amendment to the budget for next year 2025 will include one paragraph (12 Second C) related to the region’s oil.
Committee member MP Moeen Al-Kazemi said in a statement to Al-Maalouma Agency, “The amendment of the 2025 budget does not include paragraphs of the three-year budget law approved by the Council of Representatives, but rather included one paragraph, which is (12 Second C), which relates to the region's oil."
KTFA:
Clare: Parliamentary Finance: Budget amendment includes only one paragraph related to the region's oil
12/9/2024 Information / Baghdad..
The Parliamentary Finance Committee confirmed, on Monday, that the amendment to the budget for next year 2025 will include one paragraph (12 Second C) related to the region’s oil.
Committee member MP Moeen Al-Kazemi said in a statement to Al-Maalouma Agency, “The amendment of the 2025 budget does not include paragraphs of the three-year budget law approved by the Council of Representatives, but rather included one paragraph, which is (12 Second C), which relates to the region's oil."
He added, "The proposed amendment was scheduled to be prepared for a second reading by the Finance Committee during yesterday's session, Sunday, but it was postponed due to the absence of the Minister of Finance and the Ministry's staff for the purpose of final formulation. "
Prime Minister Mohammed Shia al-Sudani called on the House of Representatives to amend the federal general budget law in order to address the issue of oil marketing in the Kurdistan Region, pointing to the daily fine that Iraq bears as a result of not exporting oil in In accordance with the agreement signed with Turkey. LINK
Clare: Head of Parliamentary Finance: We are keen to approve a realistic amendment to the budget that ends the oil dispute with the region
12/9/2024
The Parliamentary Finance Committee, headed by Representative Atwan Al Atwani, hosted the head of the Federal Financial Supervision Bureau, Mr. Ammar Subhi Khalaf, and the senior staff, to discuss the draft of the first amendment to the Federal General Budget Law.
Al-Atwani stressed, according to a statement by the Parliament’s media, a copy of which was received by {Euphrates News}, “the committee’s keenness to approve the amendment in a realistic and implementable manner, in a way that ends the existing dispute between the federal government and the regional government regarding the oil file.”
He also pointed out that the completion of the committee's work on this amendment is dependent on the presence of the Ministry of Finance to clarify the legal basis for disbursing financial dues to foreign oil companies operating in the region.
For his part, the Chairman of the Federal Financial Supervision Bureau reviewed the schedule of financial dues between the federal government and the region, stressing the documentation of these dues in the Bureau’s reports, with the addition of notes regarding the delivery of the region’s oil and non-oil revenues to the federal government.
The Chairman of the Financial Supervision Bureau stressed the need for the amendment to include clear mechanisms for liquidating financial advances before the end of the year to avoid their accumulation. He stressed that the agreement based on this amendment is good and implementable, with the need to address the observations referred to.
The senior staff of the Financial Supervision Bureau also provided a briefing on the progress of the procedures for localizing the salaries of the region’s employees, indicating that the localization rate exceeded 80% in the banks accredited by the Central Bank of Iraq, with the end of the year set as the final date for completing the biometric cards to ensure that the problem of duplicate salaries is addressed. LINK
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Frank26 [Iraq boots-on-the-ground report] FIREFLY:TV talking about old and new currency, how they will coexist. Mr Sammy said remember they want all done by the 10th. FRANK: I TOLD YOU SO!! lol...Sudani is in control of the new exchange rate.
Frank26 The monetary reform is an agreement. It is comprised of many different parts. The best part I can give you as an example would be article 140. Article 140 is the agreement for the HCL to be given to the citizens through the budget...Nothing is stopping it...I know the HCL is agreed upon. I know Article 140 has taken care of it...
Walkingstick What we're seeing now is a very clear picture of the monetary reform and where it's at. Its process may have been slow but it is successful...The evidence shows the citizens are not going to fail and they are very eager to do this monetary reform as Sudani and Alaq have explained it to them. This year they were receiving the monetary reform education ...There is still more education that will be coming i.e. the pictures...the electronic boards...
Mexico Sides With China Over $100.2 Billion Deals, Beijing Dumps More USD For Gold
Sean Foo: 12-9-2024
In a big update, Mexico is scrambling to reassure China to keep investing in Mexico. Despite Trump's tariff threats, the future of Mexico's economy will be powered by Chinese companies.
Meanwhile, China has continued dumping their dollars to stack more physical gold.
Timestamps & Chapters:
0:00 Mexico Sides With China
2:58 Mexico Wants Chinese Money
6:13 BIG Trade Loophole
8:06 Gold Bull Run
8:59 China's Back Buying Gold
11:30 Economic War Big Winner
Are European Central Banks Secretly Moving Toward a Gold Standard?
Are European Central Banks Secretly Moving Toward a Gold Standard?
APMEX: 12-8-2024
Gold has been an integral part of Europe’s financial landscape for centuries, underpinning economies and serving as a symbol of wealth and stability. From the era of the gold standard to contemporary monetary policies, gold has consistently captured the interest of economists and investors alike.
Recently, a noteworthy trend has emerged, prompting renewed speculation about gold’s role in the region’s financial future: European central banks appear to be targeting gold reserves equal to 4% of their GDP. This article explores the implications of this shift, the motivations behind it, and its potential impact on investors and the global economy.
Are European Central Banks Secretly Moving Toward a Gold Standard?
APMEX: 12-8-2024
Gold has been an integral part of Europe’s financial landscape for centuries, underpinning economies and serving as a symbol of wealth and stability. From the era of the gold standard to contemporary monetary policies, gold has consistently captured the interest of economists and investors alike.
Recently, a noteworthy trend has emerged, prompting renewed speculation about gold’s role in the region’s financial future: European central banks appear to be targeting gold reserves equal to 4% of their GDP. This article explores the implications of this shift, the motivations behind it, and its potential impact on investors and the global economy.
Historically, gold has been the bedrock of monetary systems, particularly during the gold standard era, where currencies were directly tied to gold reserves.
While the abandonment of the gold standard allowed for more flexible monetary policies, the importance of gold as a safe-haven asset has never diminished. In recent years, central banks, particularly in Europe, have begun to reconsider their gold holdings as part of their broader monetary strategy.
The focus on achieving gold reserves equivalent to 4% of GDP is not merely a coincidence; it is rooted in various geopolitical and economic factors. Some analysts speculate that European nations might be preparing for a strategic pivot back to a gold-backed currency.
This theory gained traction following statements from financial leaders, including Poland’s former Minister of Finance, who suggested that increasing gold reserves could bolster economic sovereignty amid an increasingly unpredictable global economy.
Countries like France, Italy, and the Netherlands have shown a marked increase in their gold reserves and have reportedly started to view gold as a strategic asset for future financial stability. The reasoning is clear: in a world fraught with economic volatility and inflationary pressures, gold offers a hedge against currency devaluation and inflation, acting as a safeguard for national wealth.
The recent spikes in inflation rates across Europe, exacerbated by supply chain disruptions and geopolitical tensions, have led many central banks to re-evaluate their asset allocations. In an environment where fiat currencies face the threat of devaluation, gold emerges as a reliable store of value. Unlike fiat currencies, which can be printed at will, gold’s limited supply makes it an attractive hedge against inflation.
The push to maintain gold reserves at around 4% of GDP could be seen as a proactive step to ensure that European economies remain resilient against potential economic shocks. By diversifying their reserves and increasing exposure to gold, central banks aim to foster greater financial security and stability.
The shift towards increasing gold reserves by European central banks signals a potential strategic pivot in financial policy—either as a preparation for a hypothetical return to a gold-backed currency or as a prudent hedge against inflation.
Whichever the case may be, this trend demands attention from both policymakers and investors. As Europe navigates an increasingly complex economic landscape, gold once again finds itself at the forefront of financial strategy, reminding us of its enduring legacy as a symbol of stability and security in an ever-changing world.
Investors would do well to watch these developments closely, as they could shape investment strategies and economic policies for years to come.
Watch the video below from APMEX for further insights and information.
Seeds of Wisdom RV and Economic Updates Monday Morning 12-09-24
Good Morning Dinar Recaps,
RIPPLE CEO ON 60 MINUTES: GARLINGHOUSE OPENS UP ON $150 MILLION SEC FIGHT, CRYPTO WAR AND MORE
Ripple CEO Brad Garlinghouse appeared in an interview on 60 Minutes, airing on December 8, 2024, where he discussed the company’s ongoing legal fight with the U.S. Securities and Exchange Commission (SEC).
Garlinghouse criticized the SEC’s approach, stating that it was a key reason why Ripple and two other companies formed the industry super PAC, FairShake, to fight back against what he described as a “war on crypto.” He suggested that FairShake might not have existed if the SEC had a different chairman than Gary Gensler.
Good Morning Dinar Recaps,
RIPPLE CEO ON 60 MINUTES: GARLINGHOUSE OPENS UP ON $150 MILLION SEC FIGHT, CRYPTO WAR AND MORE
Ripple CEO Brad Garlinghouse appeared in an interview on 60 Minutes, airing on December 8, 2024, where he discussed the company’s ongoing legal fight with the U.S. Securities and Exchange Commission (SEC).
Garlinghouse criticized the SEC’s approach, stating that it was a key reason why Ripple and two other companies formed the industry super PAC, FairShake, to fight back against what he described as a “war on crypto.” He suggested that FairShake might not have existed if the SEC had a different chairman than Gary Gensler.
When an SEC spokesperson said that the amount spent by the crypto industry on legal defense is minimal compared to the losses investors have faced due to frauds and market failures, Garlinghouse revealed Ripple’s financial contributions, revealing that the company has spent over $150 million fighting the SEC’s stance on XRP.
He said that Ripple argues XRP should not be treated like a stock and be subject to the same registration and disclosure requirements. Garlinghouse stressed that Ripple is not seeking to be deregulated but instead asking for clear regulations from Congress to address the unique nature of digital assets.
“I went to Harvard Business School. I think I’m reasonably intelligent about something like, “What is a security?” So never once had I considered the possibility– that, “Okay, maybe XRP’s a security. We haven’t been asking to be deregulated. We’ve been asking to be regulated. So we have been saying, “Hey, look, just give us clear rules of the road,” he said.
XRP Price Reacts:
XRP, Ripple’s cryptocurrency, is currently experiencing a surge, approaching the $2.60 mark. At the time of writing, it was trading at $2.55, a 4.5% increase. Investors are optimistic about the future of the crypto industry, especially under a potential Trump presidency, as Ripple’s blockchain-based payment system continues to gain attention.
Previously, XRP’s price saw a boost following speculation about a possible meeting between Garlinghouse and President-elect Trump, as well as news about SEC Chairman Gary Gensler’s resignation.
@ Newshounds News™
Source: Coinpedia
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HONG KONG TO INTRODUCE STABLECOIN FRAMEWORK
Hong Kong is establishing a bill that outlines a detailed framework for stablecoin issuers and marketers.
Under the proposed framework, stablecoin issuers and marketers must secure licenses from the Hong Kong Monetary Authority (HKMA).
The rule applies to all stablecoins, including those pegged to the Hong Kong dollar, while issuers are required to maintain reserve assets in local banks. Foreign custody might also be allowed by HKMA under specific conditions.
New compliance measures will be implemented, such as a minimum paid-up capital requirement of HK$25 million, as well as proof of robust financial health, sufficient liquidity, and risk management frameworks. Misrepresentation or false promotion of stablecoins is explicitly prohibited.
HKMA has also further expanded its authority to oversee, investigate, and enforce compliance.
The Stablecoins Bill will be introduced into the Legislative Council for a first reading on December 18.
“The legislative proposal is essential for Hong Kong in fulfilling our obligations as a member of the Financial Stability Board,” Christopher Hui Ching-yu, Secretary for Financial Services and the Treasury, said in a statement.
“This risk-based proposal aims to promote a robust regulatory environment, which is in line with Hong Kong’s approach to virtual-asset development.”
Hong Kong's bill positions it as an early mover alongside the EU and Japan. In July, Circle, the issuer of the USD Coin (USDC) and Euro Coin (EURC) stablecoins became the first global stablecoin issuer to achieve compliance with the European Union's Markets in Crypto-Assets (MiCA) regulatory framework.
In June, the Japanese parliament enacted a law recognizing stablecoins as a form of digital currency. According to the legislation, stablecoins must be tied to the yen and ensure holders can redeem each token at its full face value.
Hong Kong has made significant strides in an attempt to establish itself as a crypto-friendly regional hub. Just last month, Hong Kong proposed waiving crypto tax for wealthy individuals in an attempt to strengthen its position as a leading regional crypto hub.
In a 20-page proposal, the Hong Kong government said the tax exemption would apply to private equity funds, hedge funds, and the investment vehicles of wealthy individuals on cryptocurrency gains, private credit investments, and other asset classes.
@ Newshounds News™
Source: BlockHead
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Mason afternoon chat | Youtube
Enlightenment/Spiritual growth ~ Mason explains how the government instilled racial divisions and how the UNIVERSE can bring different ethnic groups together to live in harmony.
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Source: Seeds of Wisdom Team RV Currency Facts
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