3 Real Assets Primed For Growth In The Coming Inflation Bonanza

3 Real Assets Primed For Growth In The Coming Inflation Bonanza 

Notes From The Field  By James Hickman/Simon Black 7-11-24

After today’s inflation report showing ‘only’ 3% inflation, the Federal Reserve is all but guaranteed to start slashing interest rates.

The Fed Chairman essentially promised as much to Congress earlier this week, and has warned that if they don’t start cutting interest rates soon, “we could undermine the [economic] recovery.”

These guys still don’t get it. At this point it’s not even about 3% inflation (which is still too high) or 2% inflation. It’s about prices going back down to pre-pandemic levels… or just lower in general.

But that’s just never going to happen. The Fed doesn’t care about price reductions; they’re happy with a slower rate of price increases… which is totally out of touch with what people want and need.

They’ve been itching to cut rates for months… almost desperate. And in large part that’s because they’re terrified about the US government’s insolvency.

The national debt is about to pass $35 trillion. And high interest rates mean that the annual interest bill this year will exceed the US military budget-- more than $800 billion-- for the first time in nearly 250 years of American history.

The Fed knows that they have to slash interest rates as quickly as possible. With ultra-low rates (like 1.5%), the interest bill on a $35 trillion national debt is manageable… as long as the federal government can rein in spending and stop the debt from growing further.

Of course there are two key problems with this thinking:

First, there is zero evidence that the government will rein in spending. If anything, they seem primed to spend even more. I’ve mentioned several times before that even the US government’s own budget forecasts project more than $22 trillion in additional debt over the next decade.

Second, slashing interest rates will most likely result in significant inflation-- just like we saw in 2021-2022.

We’ve written before how real assets are a safe haven from inflation, and I wanted to briefly discuss three real assets that look especially promising.

The first is physical gold and silver, which serve as a store of value-- especially during inflationary times.

Higher inflation will likely trigger a surge in demand, making the price of precious metals not only keep up with inflation, but exceed it.

But there is another reason why gold will do especially well the worse inflation gets.

The worse inflation becomes, and the worse the US national debt becomes, the more likely the US dollar will lose its spot as the dominant reserve currency. And central banks all over the world-- India, Poland, Singapore, etc. have been feverishly buying up physical gold over the past few years, most likely to prepare for that potential change.

So if inflation picks up, it’s a good bet that central banks will keep buying up gold-- and driving prices higher.

Gold mining stocks should also do extremely well in that scenario due to their exposure to gold prices.

What’s interesting right now, though, is that despite gold being near an all-time high, share prices of many gold mining companies are incredibly cheap.

That’s because central banks-- which have driven gold prices to record highs-- only buy physical gold bullion. They do not buy gold stocks.

However, while the price of gold has already increased substantially, the stock prices of many great gold miners has not.

This is because most of the current demand for gold is coming from central banks. And central banks only buy physical gold— not gold mining stocks.

This means that gold stocks are currently a bargain-- with a LOT of upside potential.

Last, US natural gas is another compelling real asset primed for huge growth.

Right now, natural gas prices in the US are dramatically lower than they are in Europe… and it’s easy to understand why: the US has some of the biggest natural gas reserves in the world, while Europe has almost nothing by comparison. (This is why Europe is so reliant on Russian gas).

And since Joe Biden has banned new LNG (liquefied natural gas) export terminals from the US, it’s difficult to move that US natural gas to Europe.

This is why prices in the US are less than $3, versus more than $10 in Europe. If US producers were free to export, prices in the US would rise, prices in Europe would fall, and the global natural gas prices would be more or less the same, similar to oil.

In terms of energy equivalence to oil, $3 per million BTU natural gas is the equivalent of paying around $15 - $20 for a barrel of oil. That’s cheap. And it means US natural gas is the most underpriced conventional energy commodity in the world.

But it probably won’t stay that way for long.

First, large tech companies, which are building massive, energy-hungry AI data centers, are also looking at putting in their own power plants… which will most likely be powered by natural gas.

Second, the new export terminal ban probably won’t last. There are lawsuits, legislation, and an upcoming election, any one of which could restart new LNG exports. When this happens, US natural gas prices could quickly rise.

In either case, natural gas producers stand to benefit substantially from higher prices. And it just so happens that shares of many of the best quality producers right now are laughably cheap, with low multiples relative to earnings, book value, and Free Cash Flow.

Looking at the overall investment landscape now, with many conventional stocks and indexes near all time highs, these three sectors strike me as some of the most promising investments for an inflationary environment.

To your freedom,   James Hickman  Co-Founder, Schiff Sovereign LLC

https://www.schiffsovereign.com/investing/3-real-assets-primed-for-growth-in-the-coming-inflation-bonanza-151138/

Seeds of Wisdom RV and Economics Updates Thursday Afternoon 7-11-24

Good Afternoon Dinar Recaps,

BIOMETRIC PASSPORTS BY GOOGLE

"Google Wallet is rolling out support for American biometric passports. Users scan their passport with Google Wallet to add it as an ID pass, and can then perform identity verification by connecting their phone to an NFC scanner or scanning a QR code generated by the ID pass. They are still recommended to carry a physical copy of their passport, however."

"Google Wallet also added support for 29 more banks to its payment feature in June, and is up to 170 added this year alone, indicating the focus remains on payments, for now. Mobile driver’s licenses from several states are already available in Google Wallet.”

"In Europe, where member states are working towards launching interoperable digital wallets for all citizens, they will store national ID cards that function as travel IDs within the EU."

LIKE IT OR NOT THIS SEEMS TO BE THE DIRECTION THAT TECHNOLOGY IS TAKING US. ALL THE MORE REASON FOR LEGISLATION THAT PROTECTS THE PRIVACY AND SECURITY OF INDIVIDUALS.

@ Newshounds News™
Read more:  Biometric Update
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DONALD TRUMP IS SCHEDULED TO SPEAK AT THE ANNUAL BITCOIN CONFERENCE IN NASHVILLE IN JULY

"President Donald Trump has been officially announced as a speaker at Bitcoin 2024, the world’s largest Bitcoin conference, taking place in Nashville, Tennessee, July 25-27. This announcement marks a significant milestone for the event, which has earned a reputation for historic news and major industry announcements."

"With two U.S. Presidential candidates, Robert F. Kennedy Jr. and Donald Trump, both slated to speak, Bitcoin 2024 is poised to be a pivotal event, potentially shaping the future of Bitcoin and cryptocurrency policy in the U.S."

"In May, Trump said he would ensure that the future of Bitcoin and crypto will be made in the USA, while also promising to protect the right to self-custody to the nation's 50 million crypto holders, if elected president."

WE'RE SEEING A DISTINCT DIVIDING LINE POLITICALLY IN THE STANCE OF REPUBLICAN VERSES DEMOCRAT IN REGARDS TO BITCOIN AND THE FUTURE OF CRYPTO LEGISLATION

@ Newshounds News™

Read more:  Bitcoin Magazine

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BRAD GARLINGHOUSE COMMENTS REGARDING THE LAWSUIT AGAINST RIPPLE

"As many have noticed - and some have already pointed out - there have been numerous misleading and some factually inaccurate headlines describing the decision made by a California judge yesterday in the class action lawsuit about XRP. (I’m happy to see some correcting them - I wish I could tag / link them all here)

To be absolutely clear, this is a big win – all class action claims in the suit were DISMISSED, and absolutely nothing in the decision negates or changes the fact that XRP is, in and of itself, not a security (per the NY Court decision). The CA ruling dismissed all allegations that Ripple had somehow violated federal securities law by selling XRP.

As for the single state law claim that will now be scheduled for trial: the sole plaintiff didn’t buy XRP directly from Ripple and can’t say if he even heard the statement before he traded and only owned a couple hundred XRP. This was a clear example of the trolls that unsuccessfully tried to take advantage of the US legal system and distort statements to seek 100’s of millions in class action settlements."

@ Newshounds News™

Read more:  BGarlinghouse

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UNISWAP LABS PRESSES SEC TO DROP RULES REGARDING DECENTRALIZED EXCHANGES

"Since at least April 2023, the SEC has proposed expanding the definition of what qualifies as an exchange in the Exchange Act of 1934 — explicitly arguing that it should include crypto market participants in DeFi. Uniswap has been among those arguing against it. In a July 9 letter, Uniswap added further arguments following a comment letter it sent last month, calling for the SEC to drop its proposed amendments. "

"Its new argument is that with the Chevon decision — made during the Loper Bright Enterprises v. Raimondo Supreme Court case on June 28 — courts are no longer required to defer to federal agencies to interpret ambiguous laws. Uniswap said this means the SEC will be merely wasting “limited resources” trying to get the definition of “exchange” amended, which had already been “likely to draw, and unlikely to survive, a judicial challenge” even before the Chevron decision. "

"“For all of these reasons, the Commission should not adopt the proposed amendments,” said Uniswap. “The Commission drafted the proposed amendments against a legal backdrop that no longer exists.”

@ Newshounds News™

Read more:  Coin Telegraph

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Fideum FI
Integration of traditional finance and the digital asset ecosystem

Introduction
Fideum is a fintech company focused on accelerating the digital transformation of financial institutions, banks, and small—to medium-sized enterprises (SMEs) through its eponymous blockchain infrastructure. With the strategic backing of Mastercard Europe and a recent win at the Mastercard Lighthouse program, Fideum aims to position itself as a reliable partner for entities seeking to delve into and capitalize on digital assets.

Founded in 2018, the project initially made waves with its non-custodial mobile wallets, amassing a user base of over 80,000.

In response to the 2022 bear market, Fideum pivoted towards serving institutional clients, developing white-label solutions that cater to high-net-worth individuals and larger entities. This shift, leveraging existing infrastructure, led to profitability by 2023 and cemented Fideum’s position as a fintech innovator, continually adapting to market needs and regulatory landscapes.

This report delves into Fideum’s market, technology, tokenomics, team, partnerships, audits, roadmap, and the risks and opportunities it faces.

Technical specifications:
Fideum’s technical stack is designed to provide security and scalability. The platform has a microservice architecture that ensures flexibility and modularity, allowing for various services to be incorporated seamlessly.

—Backend technologies: The core backend is developed using Java OpenJDK 17, with Spring Boot and Hibernate to streamline development and manage database interactions.

—Frontend technologies: The web and mobile user interfaces are built using React and Expo, with Firebase providing real-time database and authentication services. TypeScript enhances code quality and maintainability.

—Blockchain infrastructure: The platform supports ERC20, BEP20, and TRC20 standards, ensuring compatibility with major blockchain networks such as Ethereum, BNB Chain, and Tron.

—Smart contracts: The use of smart contracts automates transactions and agreements, reducing the need for intermediaries and enhancing efficiency.

—On-chain monitoring solutions: Fideum provides real-time insights into blockchain transactions and activities, allowing for proactive monitoring of suspicious activities.

—Database management: PostgreSQL is used for data storage and management.

—Additional technologies: Kafka is used for real-time data processing, and Minio provides scalable storage for unstructured data.

@ Newshounds News™

Read the full Report Here:  Crypto Slate

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European stablecoin market declines under newly imposed MiCA rules.
Stablecoins trading momentum have slowed amid a broader crypto market downturn.

The market capitalization of European stablecoins declined in June due to the implementation of the Markets in Crypto-Assets (MiCA) regulation, according to CCData’s latest stablecoin report.

The market cap of Euro-based stablecoins fell by 2.51%, hitting a seven-month low of $307 million, the lowest since November 2023. During this period, Tether’s EURT stablecoin’s market cap dropped by 26%, mainly due to delistings from major exchanges like Bitstamp.

CCData noted that MiCA’s implementation spurred interest in stablecoins that comply with local laws. MiCA, the EU’s comprehensive crypto regulation package, was recently enacted. It allows firms licensed by one member state to operate throughout the EU.

However, stablecoin issuers like Tether have criticized the rules for their stringent requirements, such as limits on trading volumes for certain stablecoins.

Despite these challenges, several issuers and their stablecoins, including Circle’s USDC and EURC, Societe Generale’s EURCV, Monerium’s EURe, Membrane’s EUROe, and Quantoz’s EURD, are recognized under the law.

Stablecoins volume fall

In June, the global stablecoin market cap rose by 0.53% to $161 billion, marking a nine-month growth streak and the highest stablecoin market cap since April 2022.

CCData said:

“Stablecoin market dominance is currently at 6.83%, rising from 6.22% in May. The increase in the stablecoin dominance highlights the negative price action of digital assets, with Bitcoin and Ethereum retracing the gains made following the surprise approval of spot Ethereum ETFs in the US.”

Despite the growth, stablecoin trading momentum has slowed amid a downturn in the digital asset market.

Stablecoin trading volume on centralized exchanges fell by 18% to a seven-month low of $907 billion in June. Similarly, on-chain transfer volume decreased for the second consecutive month by 7.5% to $1.8 trillion, the lowest since February 2024. This decline aligns with ongoing bearish market sentiments.

The report also highlighted that USDC had the highest on-chain transfer volume in June, surpassing USDT and DAI.

CCData stated:

“Among the top five stablecoins on Ethereum, USDC leads with $786 billion in on-chain transfer volume, representing 43.6% of the market share. USDT and DAI follow with transfer volumes of $616 billion and $334 billion, accounting for 34.2% and 18.5% of the volumes.”

@ Newshounds News™

Read more:  Crypto Slate

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CENTRAL BANK OF IRAQ (CBI) INTERESTED IN FURTHERING THEIR POSITION ON E-REGULATION

"Ali Mohsen Al-Alaq, Governor of the Central Bank of Iraq (CBI), chaired a meeting on the regulation of e-commerce in Iraq, with participation from relevant authorities.

The meeting discussed controls and consumer protection measures, focusing on registration procedures and obtaining licenses for e-commerce activities.

The committee defined service providers and established a licensing process through an electronic platform to be developed by the Ministry of Commerce. Committee members emphasized the importance of licensing regulations to safeguard all parties involved in e-commerce."

@ Newshounds News™

Read more:  Iraq Business News

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FTC MAKES A STATEMENT ON CRYPTO AS ASSETS ENTER NEW PHASE

"The chairperson of the U.S. Commodity Futures Trading Commission (CFTC) Rostin Behnam is warning that the crypto industry is likely to face more headwinds from regulators over the coming months.

Speaking at the 2024 Milken Institute Global Conference, the CFTC chair says that the crypto industry will “probably see in the next six to 18 months or six to 24 months another cycle of enforcement actions” amid “asset appreciation and [renewed] interest by retail investors.”

"Without a regulatory framework, without that transparency, without those tools that we typically use as regulators, you are going to continue to see this fraud and manipulation.

And putting aside the legitimacy and where this technology may go and what role it might play in our economy and commerce, the internet, digital assets generally… we just have to think about things from a regulatory and consumer protection standpoint. And I think that needs to be our guiding light in terms of driving this conversation, filling these regulatory gaps and creating this framework that’s ultimately going to protect American investors.”

IF CRYPTOS ARE CLASSIFIED AS COMMODITIES INSTEAD OF SECURITIES, THEY WOULD FALL UNDER THE AUTHORITY OF THE CFTC INSTEAD OF THE SEC

@ Newshounds News™

Read more:  Daily Hodl

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Newshound's Daily Breakdown Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

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Subscribe to Newsletter

Thank you Dinar Recaps

Seeds of Wisdom RV and Economics Updates Wednesday Afternoon 7-10-24

Good Afternoon Dinar Recaps,

IS THE US MILITARY CONSIDERING BLOCKCHAIN ADOPTION?

"The United States Senate Committee on Armed Services has taken a significant step towards integrating advanced technology into national defense. As part of the fiscal year 2025 National Defense Authorization Act (NDAA) report, the committee has directed Secretary of Defense Lloyd Austin to investigate potential applications of blockchain technology within the military. This directive, issued on July 9, focuses particularly on enhancing supply chain management and strengthening national security."

"Secretary Austin is required to provide a briefing by April 1, 2025, outlining plans for blockchain integration in national security applications. The briefing must address pilot programs, benefits and risks, current adoption in industry and by foreign countries, and implementation feasibility."

"This move coincides with growing political interest in cryptocurrencies. The Republican National Committee recently included support for Bitcoin mining and digital asset self-custody in its draft policy platform. This development signifies increasing recognition of blockchain and cryptocurrency technologies in U.S. government and military planning, potentially shaping future national security strategies."

@ Newshounds News™

Read more:  CoinGape

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MICA REGULATIONS GAIN TRACTION IN ITALY

"The Bank of Italy is preparing to implement the European Union’s (EU) Markets in Crypto-Assets (MiCA) regulation. Notably, this significant move aims to preserve the smooth functioning of the payment system, according to recent reports. Besides, the upcoming guidelines by the bank will clarify how the new rules will apply, signaling a transformative phase for Italy’s crypto market."

"Besides, this strategic move by the Bank of Italy underscores its commitment to integrating crypto assets into the traditional financial system. By implementing MiCA, Italy aims to create a regulated and secure environment for crypto transactions. The guidelines will provide clarity and direction for market participants, fostering confidence in the evolving digital asset landscape."

WHERE DOES THE US STAND WITH CRYPTO REGULATION? There seems to be a lagging behind in the United States compared to the rest of the world.

@ Newshounds News™

Read more:  Coin Gape

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STABLECOINS GAINING ACCEPTANCE IN THE PHILIPPINES

"Gaming-centric sidechain Ronin announced Monday the launch of the first Philippine peso-pegged stablecoin on its network. "
“Over 80 million Filipinos transact online using the Philippine Peso, but the financial infrastructure available is often slow and expensive. That’s why Coins.PH is launching PHPC on Ronin,” Ronin said."

"PHPC’s launch comes as the Philippines prepares to introduce a crypto regime. The country’s Securities and Exchange Commission said in May that it would be ready by the second half of this year."

 @ Newshounds News™

Read more:  Daily Coin

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JANET YELLEN ADMITS TO DE-DOLLARIZATION

"When US Treasury Secretary Janet Yellen on Tuesday testified before the House Financial Services Committee, she said that one of her concerns is how best to protect the international status of the US dollar as US financial sanctions have pushed more countries seek alternative financial transaction methods that do not involve the US dollar, VOA reported."

 "The remarks from Yellen have shed light on growing concerns regarding US dollar hegemony. Experts believe that the weaponization of the US dollar will reduce its dominance as the world moves toward local currency settlements and accelerate policies to facilitate de-dollarization. China and other countries are actively promoting local currency settlements and multilateral cooperation, offering more choices and possibilities for the global financial order."

"For a long time, the US has abused its dollar hegemony, shifting domestic crises and harvesting global wealth by damaging the economic and financial stability and well-being of other countries. It is also used as a tool to impose financial sanctions, isolating other countries from the dollar payment system."

"In June, Saudi Arabia joined a central bank digital currency initiative for international trade, which may set the stage for wider local currency payments for oil trade between China and Saudi Arabia and reduce the reliance on the US dollar."

@ Newshounds News™

Read more:  Global Times

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WHOLESALE CBDC's ARE GAINING GROUND IN INTERNATIONAL TRADE

"Last week China’s President Xi Jinping visited Kazakhstan.  The Chinese government reported that the country supports Kazakhstan becoming a member of BRICS and President Xi penned an article in a Kazak newspaper. The National Bank of Kazakhstan and the People’s Bank of China signed a memorandum of understanding to cooperate on digital currency"

"Last October China signed a similar agreement with the UAE and used the digital renminbi to settle a crude oil transaction later that month. The UAE is also a founding participant of mBridge the cross-border central bank digital currency (cross-border CBDC) project where China developed the technology. Additionally, the UAE was the first to execute a live transaction on mBridge, making a Dirham 50 million ($13.6m) payment to China in January."

"The National Bank of Kazakhstan is not a participant in mBridge but is an observer on the project, alongside another 22 central banks. The country has been working on CBDC, with plans to go live next year. When it released a status report last year it said the initial focus was retail CBDC for consumer transactions with a clear path to production. However, it said it was researching wholesale CBDC and its use for interbank settlements and cross border payments."

@ Newshounds News™

Read more:  Currency Insider

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WILL THE US HAVE A CBDC AND IF SO WHAT WILL IT LOOK LIKE?

Newshounds News has been reporting on CBDC's and their implementation around the world but the United States has yet to introduce either a wholesale or retail version.

"A U.S. central bank digital currency (CBDC) would be a tokenized and blockchain-based version of the U.S. dollar, maintained and issued by the Federal Reserve. This form of digital fiat money would be similar to cryptocurrencies in that a blockchain would be used, but a CBDC would be regulated by the Federal Reserve, recognized as legal tender, and backed by the full faith and credit of the U.S. government."

"The United States doesn't yet have a CBDC as of 2024, but it's important to understand the concept with this option under discussion, as well as the benefits and risks attached and steps taken so far."

"Fiat currency is a government-issued currency that's not backed by a physical commodity such as gold or silver. It's backed by the government that issues it. This type of money is the dominant means of making transactions in most countries. People use it to facilitate the exchange of goods and services in an economy. Generally, a country's central bank issues fiat currency for the nation's use. The Federal Reserve plays this role in the U.S."

"A U.S. CBDC would serve as a complement to existing central bank reserve account balances and widely used fiat currency. As a bonus, it should provide a medium for executing instant and seamless cross-border transactions. "

WHAT US CITIZENS ARE LOOKING FOR IS A CBDC THAT'S BACKED BY GOLD AND NOT THE FIAT DOLLAR.

@ Newshounds News™

Read more:  Investopedia

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JANET YELLEN SAYS TREASURY NOT RESPONSIBLE FOR 'QUARTERBACKING' BETWEEN SEC, CFTC OVER CRYPTO RULES

"Yellen also responded to questions about concentrated risk and Russia potentially bypassing US sanctions via crypto and stablecoins."

"US Secretary of the Treasury Janet Yellen said the Treasury is not responsible for ‘quarterbacking’ between the CFTC and the SEC regarding their opposing positions toward crypto regulation."

"Yellen made the statement during a July 9 hearing before the House Financial Services Committee."

Opposing positions
"House Financial Services Committee Chairman French Hill said that the SEC and CFTC have taken opposing legal positions in federal court on crypto and asked if the Treasury’s Financial Stability Oversight Council (FSOC) is working to unite the two regulators."

"Hill said the council is “supposed to quarterback for financial risk.” However, Yellen disagreed, stating:

“It’s not the job of the Financial Stability Oversight Council to adjudicate.”

She noted that the Treasury had published a report on crypto risks, partly addressing risks arising from a lack of agreement between regulators.

"Earlier in her testimony, Yellen told Hill she remains committed to achieving a regulatory framework for digital assets and hopes the efforts “reach a good conclusion.”"

Concentrated risk, Russian stablecoins
"Yellen also responded to other questions related to crypto. Congressman Mike Flood asked Yellen whether decentralized trading protocols require a different approach to regulation from centralized services."

Yellen answered that the SEC and CFTC are looking at the issue and added that some matters “may fall under the regulatory umbrella of the banking agencies as well.”

"Flood also questioned whether SEC rulemaking could reduce custodial options for crypto. He asked Yellen if a limited number of approved custodians available to registered investment advisors (RIAs) for Bitcoin ETFs would introduce concentrated risk."

"The Treasury secretary responded that the trend could pose a “potential” risk but declined to answer with certainty without more details."

"Congressman Brad Sherman commented on the Russian central bank’s plans to bypass Western sanctions with crypto. Yellen said that the Treasury is “very attentive” to the use of crypto and stablecoins but does not believe that Russia’s activities are substantial."

@ Newshounds News™

Read more:  Crypto Slate

~~~~~~~~~

Newshound's Daily Breakdown Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Seeds of Wisdom RV and Economics Updates Tuesday Afternoon 7-9-24

Good Afternoon Dinar Recaps,

RUSSIA'S PROSPERITY INCREASES AFTER US SANCTIONS
DE-DOLLARIZATION CONTINUES

"Russia, one of the leading nations in the world, has now added one more feather to its cap. The nation’s GDP has reportedly exploded post-sanctions. Russia is now one of the most prosperous nations in the world, with its per capita income ranging from $14,250 annually. The nation is also spearheading efforts to derail the US Dollar by echoing the multipolar currency narrative."

"It is particularly interesting to note, considering that the US has sanctioned Russia by cutting its access to the SWIFT payment system. Despite encountering a major financial blow, the Russian economy is projecting an upward ascent, displaying its mettle against global nations."

"Russia is exclusively heading the de-dollarization agenda. Being an active part of the BRICS alliance, the nation, alongside China, India, Brazil, and South Africa, is currently planning to launch an independent currency system rivaling the USD’s prestige. At the same time, Russia is also conducting active trade proceedings with China in local currency, ditching USD usage in every possible way."

© Newshounds News™

Read more:  Watcher Guru

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BRICS duplicating THE BRETTON WOODS structure?

"Jim Rickards: Notice what the BRICS are doing, they COPIED the World bank AND the IMF…they are DUPLICATING the Bretton Woods structure.
They're also building underseas {fiber optics} telecom channels so they can BYPASS channels like SWIFT & others that are controlled by the West."

BRICS has been building this infrastructure for 15 years.

© Newshounds News™

Read more:  Twitter
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SAB 121 SET FOR VETO VOTE ON WEDNESDAY

"The US House of Representatives is scheduled to vote on significant crypto legislation on Wednesday, July 10. This vote might override President Joe Biden’s veto of the Securities and Exchange Commission’s (SEC) resolution to repeal Staff Accounting Bulletin 121 (SAB 121)"

"The SEC issued SAB 121 in 2022, which mandates that banks holding cryptocurrency must disclose these assets as liabilities on their balance sheets. Many in the crypto industry have questioned this accounting treatment, claiming that the additional regulatory burden deters banks and other institutional actors from dealing with digital assets."

"Ron Hammond of the Blockchain Association highlighted the unusual political dynamics at play, noting that “crypto has now found itself to be a campaign issue.”

© Newshounds News™

Read more:  Bitcoinist  

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BITCOIN ETF'S GAINING ACCEPTANCE IN AUSTRALIA

"Australia's leading stock exchange, the Australian Securities Exchange (ASX), has approved listing the second Bitcoin exchange-traded fund (ETF) on its platform. On July 9th, the ASX gave the green light to digital asset manager DigitalX to launch a spot Bitcoin ETF. The new ETF will begin trading on July 12th under the ticker BTXX."

"The flurry of new Bitcoin investment vehicles hitting the Australian market reflects the growing interest in Bitcoin exposure. Investors are increasingly looking to gain Bitcoin exposure through regulated fund structures rather than direct ownership."

"ETFs provide an easy avenue to invest in the asset class without needing to custody Bitcoin directly. Many expect more countries to approve Bitcoin ETFs as the instruments gain traction and regulatory acceptance expands.

"By greenlighting another Bitcoin ETF, Australia's main securities exchange demonstrates a favorable shift in attitudes toward Bitcoin assets within one of the world's top financial markets."

© Newshounds News™

Read more:  Bitcoin Magazine

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"Banque de France partners HKMA to explore interoperability between wholesale CBDC infrastructures"

WE'RE SEEING EUROPE JOINING IN WITH CHINA AND THE EAST LINKING WHOLESALE CBDC'S

"The Banque de France (BDF) has signed a memorandum of understanding with the Hong Kong Monetary Authority (HKMA) to explore how their differing infrastructures can support cross-border settlement using wholesale central bank digital currencies (wCBDCs), building on their mutual participation in the European Central Bank’s (ECB) Eurosystem CBDC exploratory project."

"The testing will focus on “real-time cross-border and cross-currency payments”, according to the central bank, and will explore the optimization of settlement efficiency by strengthening the compatibility of financial market infrastructures between different jurisdictions. From this month up until November, the group will be tasked with exploring the mock settlement of domestic payments, foreign exchange PvP transactions and “a wide set of securities-related use cases”, as per the ECB’s June announcement."

© Newshounds News™

Read more:  Currency Insider

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GLOBAL RACE FOR CRYPTO REGULATION SPEEDING UP

"HK maturing, Singapore cautious, Dubai pragmatic, EU comprehensive, US promising"

"There has been a marked recognition amongst global regulators that to build the guardrails to protect investors - we must collaborate. And policymakers have listened, supported and reacted."

Hong Kong advances crypto regulation with strategic developments
"Over the last 12 months, Hong Kong has pushed forward a raft of regulatory announcements in a bid to develop a tightly regulated home for the digital asset industry. From implementing a licensing regime for virtual asset trading platforms, to working on a framework for fiat-referenced stablecoins."
A major milestone was reached with the introduction of bitcoin and ether ETFs.

In December 2023, the Securities and Futures Commission, alongside Hong Kong’s Monetary Authority (HKMA) released a joint statement in which they detailed the requirements that must be met for the regulator to approve ETFs with more than 10% of holdings in crypto. Within four months of this circular, spot crypto investment products in Hong Kong received the green light."

Singapore strengthens crypto ecosystem with robust regulations
"Meanwhile, Singapore continues to enhance its regulatory framework for cryptocurrencies. While cryptocurrency trading and possession are legal, the Monetary Authority of Singapore (MAS) maintains a cautious approach, particularly concerning the public advertisement of crypto services. 

Against this regulatory backdrop, Singapore is spearheading forward-thinking initiatives like Project Guardian. This project, a distinct yet complementary approach to Hong Kong’s e-HKD program, also explores blockchain’s potential across different financial sectors and demonstrates how tokenization can significantly enhance market and transaction efficiencies."

Dubai attracts crypto firms with a defined regulatory framework
"The UAE has signalled its intent to become a global hub for the sector by outlining clear guidelines for firms looking to operate in the region. In 2022, Dubai established the world’s first independent regulator for virtual assets, the Virtual Assets Regulatory Authority (VARA), to serve as a transparent and trusted guiding authority for the emerging world of crypto. Firms operating in the cryptocurrency space in the UAE must obtain a licence from the Securities and Commodities Authority, ensuring they meet the required AML and know-your-customer standards."

Europe presents unified approach through MiCA
"Europe has taken a proactive stance with the introduction of the Markets in Crypto-Assets (MiCA) regulation.

This comprehensive framework is the first of its kind globally. The crypto measures aim to create a unified regulatory landscape across 27 countries in the EU, ensuring consumer protection, facilitating legal certainty for businesses and attracting more investment to the region."

Promise of progress in the United States
"In the United States, the recent passage of the Financial Innovation and Technology for the 21st Century Act (FIT21) by the US House of Representatives is a landmark development, after large industry players quit the country due to regulatory crackdown and uncertainties that have made investments in the US higher risk.

FIT21 aims to clarify the regulatory responsibilities of the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission over digital assets and update existing securities and commodity laws to accommodate blockchain technology applications, including decentralized protocols. It categorizes digital assets into restricted digital assets, digital commodities, and permitted payment stablecoins, each with distinct regulatory oversight."

@ Newshounds News™

Read more:  The Asset

~~~~~~~~~

WHY IS TOKENIZATION OF TRADE FINANCE TRANSFORMATIVE FOR INVESTORS? 

Standard Chartered and Synpulse paper explains why digital assets are critical to addressing financing requirements of companies

Institutional investors are always looking for new, fast-growing markets.  Trade finance tokenization provides exposure to emerging market assets.  For banks, "tokenization can help raise their net interest income and optimize their capital structure."

Standard Chartered Bank's new paper titled “Real-World Asset Tokenization: A Game Changer for Global Trade” written in collaboration with global consulting company Synpulse gives some insights into tokenization of trade finance.

"In its simplest form,

TOKENIZATION  --- is —   the process of issuing digital representations of real or traditional assets in the form of a token on a distributed ledger which can be fractionalized into smaller and transferable units. "

"This ability to produce bite-sized assets for ownership is a game changer for asset classes that are struggling to secure funding and liquidity."

"Tokenizaboutation could support companies in need of trade financing by opening a viable channel for institutional investors such as asset management companies and sovereign wealth funds to provide capital.  MMEs are especially active in fast-developing regions such as the Middle East, Asia, and Africa. They represent a vast and largely unaddressed market, offering an immense yet unrecognized opportunity for investors."

"Banks stand to gain from increased tokenization of trade finance assets as well. With the increased pressure to comply with Basel IV requirements by 2025 on the calculation of risk-weighted assets, banks need to be strategic with their balance sheets."

"Through tokenization, banks can adopt an originate-to-distribute model for trade finance by distributing trade finance instruments they have initially financed to the capital markets and the emerging digital asset markets, thereby providing companies in need of trade financing, access to a global pool of institutional investors seeking returns."

Learn more about the role of banks in the tokenization of trade finance and how the tokenization of trade finance is a win-win for both banks and institutional investors globally by reading the entire article and pdf below.

@ Newshounds News™

Read more:  The Asset

Read more:  Real-World Asset Tokenization: A Game Changer for Global Trade

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Seeds of Wisdom RV and Economics Updates Monday Afternoon 7-8-24

Good Afternoon Dinar Recaps,

PRESIDENT TRUMP POSITIONING HIMSELF TO BE A STRONG PROPONENT OF BITCOIN AND TOKENIZED ASSETS

In a Forbes article several lawmakers are described as offering pro-crypto advice to President Trump.

“We want all the remaining Bitcoin to be made in the USA!”

"In a Truth Social post last month, Republican presidential candidate Donald Trump expressed strong support for bitcoin. In the same post, he recognized the geopolitical significance of the world’s largest cryptocurrency, warning that any policy that seeks to hamper bitcoin “only helps China and Russia.” Trump’s statement not only positioned him as the first pro-bitcoin nominee of a major political party—it also put a spotlight on discussions about classifying bitcoin as a strategic reserve asset. "

"Former presidential candidate Vivek Ramaswamy, for example, has been advising President Trump on bitcoin and digital assets since January. Ramaswamy staked a unique position in the final weeks of his campaign by proposing that the dollar be backed by a basket of commodities that, in time, could include bitcoin."

"Ramaswamy’s plan echoed a similar proposal from Independent presidential candidate Robert F. Kennedy, Jr., in which a small percentage of US Treasury bills 'would be backed by hard currency, by gold, silver, platinum, or bitcoin."

© Newshounds News™

Read more: Forbes

~~~~~~~~~

AN EXCELLENT INTERVIEW ON "Unchained" WITH SENATOR LUMMIS ON WHY CRYPTO HAS BI-PARTISAN SUPPORT

"Show highlights:"

1. Why the SAB 121 approval was bipartisan
2. Whether President Biden will veto the resolution
3. How it’s a “mystery” to Sen. Lummis why the SEC had a change of heart about Ether ETFs
4. How the SEC’s approach to regulating the industry “is not the American way”
5. Whether there is a bipartisan majority in favor of crypto in Congress
6. How bitcoin has come a long way in terms of adoption
7. Sen. Lummis’ thoughts on how to regulate the stablecoin industry and avoid a Terra Luna situation
8. The differences between the Lummis-Gillibrand bill and FIT21
9. How Sen. Lummis feels about the denial of a master account for Custodia Bank
10. Whether there’s a move against Bitcoin mining companies in the US, given the recent ban of an operation in Wyoming
11. What Sen. Lummis would advise for the industry to accomplish its goals

© Newshounds News™

Read more:  Unchained Crypto

~~~~~~~~~

1 VES TO USD
VENEZUELAN BOLIVAR showing a slight strengthening against the US Dollar

Read more:  Forbes

~~~~~~~~~

MAJOR DIFFERENCES BETWEEN BASEL CRYPTO RULES AND THE SEC ON BANKS BALANCE SHEETS

The House will seek to overturn the veto possibly later this week with a 2/3rds vote.

"At the end of May President Biden vetoed a bipartisan resolution in the House and Senate that aimed to cancel SEC accounting rule SAB 121, which prevents banks from providing digital asset custody. This week’s House schedule indicates another vote is on the cards.

 
If lawmakers successfully cancel SAB 121, then the SEC could not provide guidance on crypto custody in the future."

"SAB 121 requires listed firms to show digital assets held in custody as both an asset and liability on their balance sheet, contrary to accounting convention. It particularly impacts banks, because laws require them to set aside risk capital based on their balance sheet. This makes it prohibitively expensive for banks to provide crypto custody and is the reason none provide crypto custody for the Bitcoin ETFs. The SEC did not consult bank regulators before publishing SAB 121.

Firstly, there was the Basel rules for bank treatment of crypto. When the Basel Committee published final rules in late 2022, they did not require crypto held in custody to be shown on the balance sheet. This appeared to be a green light. However, in late March 2022 the SEC had published SAB 121 which meant that international banks could provide custody, but not U.S. ones. The SEC chose not to amend SAB 121 even though it conflicted with the Basel proposals."

Newshounds News will report back on any updates regarding this legislation.

© Newshounds News™

Read more:  Ledger Insights

~~~~~~~~~

TAIWAN BUILDS CBDC PROTOTYPE PLATFORM, PLANS HEARINGS FOR NEXT YEAR

"The Block has confirmed that Taiwan’s central bank governor will present a CBDC research report in parliament on Wednesday."

"The central bank started to research a potential central bank digital currency in 2019."

"Taiwan has built a prototype platform for a potential central bank digital currency (CBDC). It plans to hold multiple hearings and forums next year as its central bank continues to study and develop a CBDC."

Taiwan’s Central Bank Governor, Chin-Long Yang, said in a research report on Sunday that building a digital currency isn’t an international competition and that the central bank has yet to set a fixed timeline for CBDC issuance, according to a report from the semi-official Central News Agency.

"The report said the central bank had developed a CBDC prototype platform with a two-tier issuance structure.  Initially, the CBDC would be non-interest bearing, and CBDC wallets may come in both anonymous and registered types, according to the report."

"On the retail front, the central bank said that the prototype platform has increased its processing speed to 20,000 transactions per second. The central bank also plans to develop the CBDC at the wholesale level, which could be used as a clearing asset for asset tokenization."

"The central bank stated that cryptocurrency and stablecoins are not part of the CBDC research, as those assets are separate from the digital currency system. The crypto industry remains largely unregulated in Taiwan, with the financial regulator requiring crypto service providers to comply with anti-money laundering laws."

@ Newshounds News™

Source:  The Block

~~~~~~~~~

Do US Consumers Underestimate the Potential Of Digital Wallets?

In the United States, digital wallets can be anywhere a smartphone is. In other words, everywhere. Many U.S. consumers are embracing digital wallets, particularly for online shopping. In fact, data shows consumers are 23% more likely to use them for online shopping than in-store purchases. Beyond shopping, PYMNTS Intelligence finds that digital wallets are popular for peer-to-peer payments.

Yet, despite a reputation for tech-savviness, most U.S. consumers are unfamiliar with all these tools could offer. For example, just 8.7% of consumers have used one to store nontransactional credentials. Even fewer have used one of the credentials they have stored.

@ Newshounds News™

Read more:  PYMNTS

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BRICS Coalition Eyes Ripple for New Financial Order, Is This the Awaited XRP Price Pump Trigger?

➖BRICS coalition explores Ripple/crypto strategy to challenge US dollar dominance.
➖RippleNet could replace SWIFT for cross-border transactions.
➖XRP Ledger offers a decentralized platform for asset-backed currency.

The BRICS coalition, composed of Brazil, Russia, India, China, and South Africa, is considering a Ripple/crypto plan to challenge the US dollar’s global supremacy. This action, according to analysts, has the potential to change the present financial situation.

Leaders like Vladimir Putin and Xi Jinping are showing strong interest in cryptocurrency as a means of countering US financial dominance. An entirely new financial order based on real assets and blockchain technology might emerge from such a development, altering the current petrodollar system.

The XRP Ledger (XRPL), in particular, provides a potential decentralized platform for quick, safe transactions as a result of the technology developed by Ripple. These features make XRPL a promising foundation for a new asset-backed currency, decreasing reliance on central banks while increasing financial transparency.

RippleNet, Ripple’s payment network, is also key in this potential change. It allows for real-time, cross-border transactions, potentially replacing the traditional SWIFT system. RippleNet uses XRP in conjunction with On-Demand Liquidity (ODL) to eliminate the requirement for pre-funded accounts, simplifying international payments.

A new, more transparent, efficient, and less reliant on the US dollar global financial system may emerge from the BRICS coalition’s interest in cryptocurrencies and Ripple’s technology. By embracing a crypto/Ripple approach, the BRICS nations have the potential to completely reshape the world financial environment, with major effects on commerce and banking across borders.

The possible adoption of a Ripple/crypto strategy by the BRICS coalition represents a major advancement in global financial services. Ripple’s decentralized technology might serve as the basis for a new asset-backed currency. This change would make the banking system more efficient and put the US dollar under more pressure.

Read more   Crypto News Land

~~~~~~~~~

US House Considers Overturning Biden’s Crypto Custody Veto — This Could Spark Wide Market Rally

"The US House of Representatives could overturn President Joe Biden’s veto of the crypto custody bill next week, sparking a bold recovery across the recently battered crypto market."

“In May, the US House voted to overturn the Securities and Exchange Commission SAB 121 rule that requires regulated firms custodying cryptocurrencies to record their holdings on balance sheets.”

“However, President Biden later vetoed the bill, saying it could affect the ability of the SEC to set up the much-needed guardrails in the industry.  The President also noted it would affect the well-being of investors and customers.”

“The bill is now back in the House of Representatives and has been classified as “legislation that may be considered.” The US House can overturn or uphold the President’s veto.”

A two-thirds majority vote from both the Senate and the House is needed to overturn the veto.

Could A Recovery for the Crypto Market Be Brewing?

With the recent decline in Bitcoin and the cryptocurrency market, an overturn of the bill could be just what the market needs to recover.

“The market has already recorded a bold recovery in the last 24 hours, with the global market cap up by 4.3%.  All the top-ten cryptos by market cap are also trading in the green today.”

“Bitcoin and Ether have gained by 4.5% and 5.3%, respectively, in the last 24 hours. XRP and Cardano are among the top gainers, with an 8% and 7% gain, respectively.”

@ Newshound News™ 

Read more:  ZY Crypto 

~~~~~~~~~

Countries Where Cryptocurrency Is Legal vs Illegal

Where Is Cryptocurrency Legal?
Cryptocurrency is currently legal in 119 countries and four British Overseas Territories. This means more than half of the world's countries have legalized cryptocurrency. 64.7% of countries that have legalized crypto are emerging and developing countries from the Asian and African continents.  However, out of the 119 countries that legalized cryptocurrency, 20 (16.8%) have imposed bank bans. These bans restrict financial institutions from interacting with cryptocurrency exchanges or users.

Europe Leads With 39 Countries Recognizing Crypto’s Legitimacy
Europe is at the forefront of global cryptocurrency legalization, with 39 (95.1%) out of 41 analyzed countries acknowledging its legitimacy. North Macedonia is the only European country where cryptocurrency is illegal, while Moldova's status remains unclear.

Out of 31 countries in the Americas, 24 (77.4%) countries recognize cryptocurrency as legal. Bolivia stands as the sole exception, deeming cryptocurrency illegal. Six American countries - Guatemala, Guyana, Haiti, Nicaragua, Paraguay, and Uruguay - have yet to establish their official stance on cryptocurrency.

In Africa, only 17 out of 44 (38.6%) countries have legalized cryptocurrency, while 35 (77.7%) out of 45 countries in Asia recognize cryptocurrency as legal.

How Many Countries Have Defined Crypto Laws?
Only 62 (52.1%) of the 119 countries where cryptocurrency is legal have comprehensive regulations. This number has gone up by 53.2% since 2018 when only 33 jurisdictions had cryptocurrency regulations.

Among the 62 countries with established regulations, 36 (58.0%) are individual countries, 22 (35.5%) are part of the European Union (EU), and 4 (6.5%) are British Overseas Territories. Notably, half of these countries are advanced economies, while the remaining half are emerging and developing economies.

Half of the countries that have legalized cryptocurrency have yet to implement robust regulatory frameworks. This gap between legalization and full regulation raises potential concerns about investor protection and clarity for businesses operating in the cryptocurrency space in those countries.

Instead, several countries have taken the approach of adapting existing regulatory frameworks to encompass cryptocurrencies, rather than establishing entirely new regulations. This approach often involves applying established tax laws and anti-money laundering and counter-financing of terrorism (AML/CFT) laws to cryptocurrency transactions and activities.

Major advanced economies, including France, Japan, and Germany, have successfully established regulatory frameworks for cryptocurrencies.
In contrast, other major advanced economies, such as Italy, the United States, Canada, and the United Kingdom, face challenges in implementing comprehensive cryptocurrency regulations. Multiple governments and financial regulatory bodies in these countries contribute to the complexity of the regulatory process.

EU member states, on the other hand, adhere to EU-wide regulations regarding crypto assets. These regulations provide a more harmonized approach to cryptocurrency regulation within the bloc.

Which Countries Use Cryptocurrency as Legal Tender?
Only two countries, El Salvador and the Central African Republic (CAR), have adopted cryptocurrency as legal tender. Of which, El Salvador remains the only country actively using cryptocurrency as legal tender today.

El Salvador made history in August 2021 by legalizing Bitcoin through the Bitcoin Law. This landmark legislation cemented Bitcoin's acceptance as legal tender with automatic conversion to US dollars. In January 2023, El Salvador took another step towards embracing Bitcoin by passing the Digital Securities Law. This law classifies Bitcoin as a "digital commodity" and all other crypto assets as "securities."

@ Newshound News™ 

Read more:   CoinGecko 

~~~~~~~~~

THE UK COULD BE THE FIRST COUNTRY TO DESIGN CBDCs TO HELP THE PEOPLE, NOT THE BANKS

Labour's plan acknowledges the growing case for a state-backed digital pound and emphasizes the need for financial products to reach underserved communities.

"The landslide victory of the UK’s Labour Party in the general election saw little to no mention of Bitcoin, blockchain, or digital assets.  However, Labour’s previous statements and plans suggest a cautious yet open stance toward blockchain technology. "

Labour backs Digital Pound, but what could it look like?

“Labour’s financial services plan, “Financing Growth,” acknowledges the growing case for a state-backed digital pound and emphasizes the need for “financial products to reach underserved communities.

“Embrace innovation and fintech as the future of financial services by becoming a global standard-setter for the use of AI in FS, delivering the next phase of Open Banking, defining a roadmap for Open Finance, embracing securities tokenisation and a central bank digital currency, and establishing a regulatory sandbox for financial products to reach underserved communities.”

“The party has fully supported the Bank of England’s ongoing work in this area, indicating a commitment to continue exploring and developing a CBDC.”

The Labour party has “highlighted the importance of addressing key concerns such as privacy, financial inclusion, and stability in designing any potential CBDC.” This indicates Labour “prioritizes public interest and economic stability.”

“Labour’s plan also emphasizes the importance of making the UK a global hub for securities tokenization” and exploring the tokenization of securities. "

"Labour has expressed intentions to advance open banking initiatives, explore the potential of open finance, and establish regulatory sandboxes to test financial products aimed at underserved communities. "

Healthy Skepticism for CBDCs

"As with any attempt to deliver a CBDC, it’s important to remain skeptical due to its potential for governmental overreach and abuse."  However, "as one of the few ‘Left Wing’ governments to oversee a CBDC, Labour could offer a unique take on its design."

“Labour’s support for CBDC exploration does not equate to an immediate implementation plan. The party has emphasized the need for thorough consultation and careful consideration of potential impacts” such as privacy concerns associated with CBDCs.  “It is clear that FIAT, in its current form, is failing.”

A positive CBDC design would include:
More transparency over government spending
More accessible access to finance for the unbanked
Cheaper and faster international transfers
Reduced costs of Central Bank printing
Increased privacy
A reduction in financial crime

“However, designing a CBDC to offer all these things without the more Orwellian alternatives may require too much of a leap of faith for most. A party with socialist origins, with a forward-thinking and modern technology focus, in the 2024 United Kingdom could theoretically adopt the best of what blockchain offers without overreaching if app    priately advised by those in the digital assets industry.”

“We would have one shot at this, and it would have to be designed so that a future government could not alter it to take advantage of its citizens.”

"The coming months and years will be critical in determining whether the UK under Labour leadership can successfully navigate the complex landscape of digital currencies, balancing innovation with stability and public interest. If successful, the UK could emerge as a global leader in the responsible development and implementation of CBDCs, setting a precedent for other nations to follow."

@ Newshound News™ 

Read more:  CryptoSlate

~~~~~~~~~

STABLECOINS AND NATIONAL SECURITY:  LEARNING THE LESSONS OF EURODOLLARS

"As Congress struggles to resolve big issues like funding for Ukraine and Israel, the debate over legislation to regulate stablecoins seems like small potatoes. But there is a connection, which is that stablecoins could have national security implications: Unless we strengthen their regulation, they could undermine our ability to use sanctions to advance our national interests. 

This was illustrated recently by news that Russian smugglers have used Tether, the largest stablecoin, to avoid Western sanctions and purchase billions of dollars worth of weapons."

"Stablecoins are a type of cryptocurrency that is far more useful as a means of payment than Bitcoin.  1 That is because stablecoins are designed to maintain a constant price in terms of another asset.  2 Stablecoins pegged to the U.S. dollar are more “money-like” than other cryptocurrencies.

They can be used to move value across borders without going through banks, and it is the banking system—and in particular the role of U.S. banks—that is key to the implementation and efficacy of sanctions."

"Stablecoins are in some respects similar to Eurodollars, a financial innovation that helped to create the financial plumbing used to implement sanctions. Both stablecoins and Eurodollars are U.S. dollar-based liabilities that had their origins outside the regulated banking system... 

It is the global dominance of the dollar, coupled with the role of U.S. banks in facilitating dollar payments, that gives the U.S. its tremendous financial leverage."

"Could stablecoins undermine that leverage? As with the early days of the Eurodollar market, stablecoin use is minimal today, and so their national security risk may also be minimal. But just as Eurodollar use grew quickly and unexpectedly, stablecoins could also grow.

While they are used principally to trade other crypto assets today, they could become a more widespread means of payment. They have also become popular as a means for people in countries with weak currencies to acquire a dollar substitute.

 Moreover, that growth could come even if the U.S. does not take action. That is because many other jurisdictions are creating frameworks to license stablecoins, including Europe, the U.K., Japan, Singapore and the U.A.E.  While those frameworks may lead to stablecoins in native currencies, they could also give rise to new dollar-based stablecoins.

@ Newshound News™

Read more:  BrookingsEdu 

~~~~~~~~~

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Seeds of Wisdom RV and Economics Updates Saturday Evening 7-6-24

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WHAT CAN RLUSD STABLECOIN DO THAT XRP CANT DO?

"Ripple President Monica Long explains the dual role the forthcoming RLUSD stablecoin could play alongside XRP for developers and payment utilities."

1. Some customers will prefer to transact in USD, so the stablecoin is the better method.
2. Sometimes a bridge asset is unnecessary.
3. XRP is a neutral crypto FOR USE as a BRIDGE ASSET.
4. XRP can move more than just currency, RLUSD only moves US dollars.

"Ripple sees XRP as essential for efficient cross-currency or cross-token settlements, particularly for long-tail assets and currencies. Long cited instances with the sub-Saharan African region, Europe, and the Middle East where costs can be very high amid insufficient liquidity. In these scenarios, fees can exceed 10% of the payment, making XRP crucial for the transactions."

© Newshounds News™

Read more   The Crypto Basis

~~~~~~~~~

DONALD TRUMP STATES HE WILL BECOME THE FIRST CRYPTO PRESIDENT

"At a campaign fundraising event in June, former president Donald Trump styled himself as something that would have seemed unlikely not long ago. He said he would be the crypto president," tech executive Trevor Traina, who attended the fundraiser, told Reuters that month."

"By May, he declared that the US should be the industry's global leader in the space."

"The numbers back the point. According to a May report from Public Citizen, the cryptocurrency sector is becoming a titan of political funding that's hard to ignore."

"About half of young voters surveyed by Grayscale said they will consider a candidate's crypto position before voting."

DONALD TRUMP'S STANCE ON CRYPTO SHOULD GET THE ATTENTION OF THE US SENATE WHO HAS YET TO PASS A CRYPTO BILL

© Newshounds News™

Read more:  Business Insider

~~~~~~~~~

"Which Banks Are Using Ripple?
Ripple’s network of banking partners has continued to grow as the blockchain expands its global reach and influence. Moreover, the number of potential partners is expected to increase as Ripple Labs tries to move forward from its lengthy legal battle with the U.S. Securities and Exchange Commission (SEC)."

"The following banks are confirmed to have been working with Ripple:

*Santander (USA)
*Canadian Imperial Bank of Commerce (Canada)
*Kotak Mahindra Bank (India)
*Itaú Unibanco (Brazil)
*IndusInd (India)
*InstaReM (Singapore)
*BeeTech (Brazil)
*Zip Remit (Canada)
*LianLian (China)
*RAKBANK (U.A.E.)
*IFX (U.K.)
*TransferGo (U.K.)
*Currencies Direct (U.K.)
*Airwallex (Australia)
*SEB (Sweden) 
*SBI Remit (Japan)
*Siam Commercial Bank (Thailand)
*Krungsri (Thailand)

On the flipside Ripple may be a faster and more affordable blockchain network than Bitcoin and Ethereum, but it is outclassed by modern networks like Solana (SOL) regarding speed and efficiency."

© Newshounds News™

Read more:  Daily Coin

~~~~~~~~~

VIETNAM INTRODUCES MANDATORY FACIAL RECOGNITION FOR DIGITAL PAYMENTS THAT EXCEED APPROXIMATELY $390

This will be an issue for many US citizens going into the digital age as privacy concerns accompany KYC/AML (know your customer/ anti-money laundering) laws.

"Authorities in Vietnam have introduced a facial recognition requirement for all digital payments of 10 million dong (about $390) or more made in the country. The measure, which has already raised questions about privacy and security, requires all money transfers made through banks or e-wallets to involve face scanning on smartphones via banking applications. According to the State Bank of Vietnam, the obligation aims to “ensure the security of online and bank card payments.”

Newshounds News will be keeping an eye on these new laws and will report on their advancement.

© Newshounds News™

Read more:  Agenzia Nova 

~~~~~~~~~

BASEL COMMITTEE UPDATE REGARDING CRYPTO RULES FOR BANKS

"The committee is unveiling the standards later in July, culminating a years-long process."

"The Basel Committee met on July 2-3 and made policy decisions on issues that included disclosure of banks’ crypto exposure. A disclosure framework for banks’ crypto assets was proposed in December 2022 and opened for comments in May 2023.

"Updated standards will be published later in July, according to a Bank for International Settlements (BIS) statement."

This article is dated July 3, 2024, up-to-date news regarding BIS and BASEL 3 @ Newshounds News™

Read more:  Coin Telegraph

~~~~~~~~~

Venezuela’s Digital Asset Remittances Hit Yearly $460 Million

"Venezuelans have recorded an increased amount of remittances with crypto numbers surging in the last one year."

HIGHLIGHTS

*"Venezuela recorded $5.4 billion in remittances last year."
*"Out of this number, over $460 million were crypto transactions."
*"Global adoption of crypto assets continues to soar with more use cases."

"Venezuelan citizens have recorded a surging number of cryptocurrency remittances with figures above $460 million in the last 12 months.  Generally, remittances in the country have grown due to harsh economic conditions that led to huge numbers of migrants. The figure shows a growth in crypto adoption in the last year in Latin America and other jurisdictions."

"Venezuelans Embrace Crypto Remittances"

"Venezuelans have increased their crypto usage for transactions as general figures have spiked in the last year. According to data from the Inter-American Dialogue, Venezuelans remitted about $5.4 billion contributing 6% to the gross domestic product. To put growth in perspective, the figure is almost a 75% surge from 2021. "

"Crypto remittances were up to $461 million, totaling 9% of numbers per Chainalysis data.  Manuel Orozco, director of Migration, Remittances, and Development at the Inter-American Dialogue noted that while the figures are high, a large number of migrants cannot afford to send remittances. “The number of Venezuelan migrants that are sending remittances has jumped 50-60%. It’s not a higher percentage because the rest of the migrants cannot yet afford to send money.”"

"Venezuelan remittances spiked after the country faced an economic crisis leading to migration with about 30% of households receiving money from foreign countries. In the last 10 years, over 7 million Venezuelans have left the country sending money back home through digital methods. While traditional remittance methods appear slower and more expensive, crypto assets provide an easier route. However, crypto users back home face certain regulations on some digital asset exchanges with many calling on pro-industry laws."

Globally, Crypto usage has soared.  Traditional means of remittances have huge rates attached, while crypto is a much faster and cheaper way to send remittances.

@ Newshound News™

Read more:  CoinGape

~~~~~~~~~

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Seeds of Wisdom RV and Economics Updates Thursday Evening 7-4-24

Good Evening Dinar Recaps,

WHAT IS A TIER ONE BANK?

"Banking regulations known as the Basel Accords require banks to have different types of capital on hand. These liquid and cash assets balance out the risk-weighted assets that banks hold. This increases banks' stability, which increases the stability of the overall financial system. "

"Tier 1 capital is the primary funding source of the bank. Typically, it holds nearly all of the bank's accumulated funds. These funds are generated specifically to support banks when losses are absorbed so that regular business functions do not have to be shut down.  Under Basel III, the minimum tier 1 capital ratio is 10.5%."

"What Do the Basel Accords Do?"

"The Basel Accords are international banking regulations that ensure banks have enough capital on hand both to meet their obligations and absorb any unexpected losses. They are set by the Basel Committee on Bank Supervision (BCBS)."

© Newshounds News™

Read more:  Investopedia
~~~~~~~~~

Crypto Industry Is About to Boom, Is Outperforming the Internet: Architect Partners

The digital asset industry added more than $750 billion in value in the first half of the year, the report said.

—The cryptocurrency industry is starting a major growth phase, the report said.

—Architect Partners said the industry added more than $750 billion in value in the first half of the year.

—Crypto, the stepchild of the internet, is outperforming its predecessor at the same part of their respective life cycles, the advisory firm said.

The digital asset industry is beginning a major growth phase and is in a far better place than it was two years ago, investment bank Architect Partners said in a quarterly report published last week.

© Newshounds News™

Read More:  Coin Desk

~~~~~~~~~

"ISO 20022 is an ISO standard for electronic data interchange between financial institutions."

"Over the next four years, ISO will revolutionize the banking sector by improving efficiency, data quality and the ability for organizations to establish enhanced controls."

"Over 70 countries have already adopted ISO 20022 in their payment systems including Switzerland, China, India and Japan. SWIFT, which begins its own migration journey to ISO 20022 in November 2022, estimates 80% of global, high-value payments by volume will be processed through the standard by 2025."

© Newshounds News™

Read more:  The Global Treasurer, Wikipedia

~~~~~~~~~

BRICS and XRP

"In its foundational documents, including summit declarations and joint communiqués, BRICS emphasizes key principles like respect for sovereignty, non-interference in the internal affairs of member states, and a commitment to a multipolar world. These documents typically revolve around topics such as trade, investment, technology, and sustainable development."

BRICS and XRPL: A Surprising Convergence
"Surprisingly, within the realm of these documents, a unique convergence with blockchain technology, particularly Ripple’s XRPL, becomes apparent. The mention of XRPL within BRICS documents reflects an acknowledgment of the potential of blockchain technology to reshape the global financial landscape. This recognition indicates that the member nations of BRICS perceive blockchain as a strategic enabler for enhancing financial systems, fostering transparency, and promoting efficient cross-border transactions."

"Ripple’s XRP Ledger (XRPL) stands out in the blockchain space due to its focus on facilitating real-time, cross-border transactions with minimal fees. Unlike traditional financial systems, which can be slow, costly, and subject to intermediaries, XRPL’s decentralized nature allows for seamless peer-to-peer transactions, enabling faster remittances and lower fees. So, the integration of XRPL technology could potentially streamline trade and investment between BRICS member states, promoting economic growth and collaboration."

© Newshounds News™

Read more:  All Coin Buzz

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Vietnam's Digital Payments Landscape: A Look at the Emerging Trends

Vietnam's digital payment ecosystem is undergoing a remarkable transformation, driven by a tech-savvy population, government initiatives, and innovative financial solutions. Over the past decade, the country has seen a surge in digital payment adoption, making cashless transactions a way of life for millions of Vietnamese people.

Vietnam's digital payment revolution is marked by a shift away from cash transactions toward convenient, secure, and efficient digital payment methods. E-wallets, QR code payments, contactless cards, and innovative fintech solutions have played a pivotal role in reshaping the country's payments landscape.

Read more:  FinExtra

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Japan Is on a Web 3.0 Hot Streak, and the World Should Take Notes

From its cultural heritage to cutting-edge technological advancements, Japan is where ancient customs and modern marvels converge.

The unique blend of tradition and innovation reflects Japan’s strategic positioning within crypto.

Putting regulatory clarity into practice

Despite crypto’s evolution from a speculative investment to an asset class contributing to a balanced portfolio, governments worldwide remain conflicted about how to regulate it.

While it’s not atypical for regulatory bodies to disagree on how to oversee financial instruments, the approach to crypto assets continues to be divisive.

India, for example, has no centralized authority handling crypto regulations and offers no guidelines for settling disputes when dealing with digital assets, leaving investors to trade at their own risk.

The absence of regulations allows unmonitored practices to flourish – and without appropriate safeguards, criminals can and do benefit from the lack of oversight, leaving law-abiding citizens to suffer.

Without laws, there are no legal ramifications, and crypto has magnified this issue before when people or organizations have gotten away with crimes due to legal shortcomings.

{{This is why putting the Regulations into place is so important.}}

Read more:  DailyHodl

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CRYPTOCURRENCY EXPLAINED WITH PROS AND CONS FOR INVESTMENT  
Learn what you need to know before you invest in a virtual currency | Investopedia

☝An excellent article if you are new to crypto

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Seeds of Wisdom RV and Economics Updates Wednesday Afternoon 7-3-24

Good Afternoon Dinar Recaps

Circle expects MiCA to squeeze other unregulated stablecoins

"Circle EU expects a transformative year ahead for the European crypto market. Key implementation dates for MiCA include June 30 for stablecoins and December 30 for crypto asset service providers."

"Circle’s USDC and EURC stablecoins are now fully compliant with the new regulations, alleviating concerns that investors would need to redeem their stablecoins or transfer funds to other digital assets to remain compliant."

© Newshounds News™

Read more:  Finance Feeds
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“Will the US set standards for stablecoins, or would we continue down the path of uncertainty?"

"Pointing to clear-cut laws in centralized finance, the company advocated for pro-stablecoin laws giving the country an edge. Describing stablecoins as the foundation for modern commerce, Circle added that it can do for finance what email did for communication. Furthermore, the company noted that stablecoin laws in the United States can help preserve the dollar as the world reserve currency."

"Circle issues the USDC and highlights its pathway to regulations. Per the release, its stablecoin reserves are public on its website calling on authorities to make broader rules to protect investors. The company added that the country is a massive opportunity to lead finance to the next internet wave."

CIRCLE SEEMS TO BE LEADING THE CHARGE IN THE US CALLING FOR CLEAR STABLECOIN REGULATION.

© Newshounds News™

Read more:  Coin Gape

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WILL DIGITAL CURRENCIES BECOME THE NORM?

"A CBDC is not a new currency. It is a digital representation of an existing national currency. So an Australian CBDC would have exactly the same value as an Australian dollar. It would be legal tender."

"Like the banknotes in our wallets, the CBDC we could spend using our phones would be issued by the Reserve Bank. But it would enable more sophisticated and innovative types of financial transactions, such as 'smart contracts'. The wholesale version, by contrast, would only be available to financial institutions."

"While the BIS report shows 94% of central banks are considering CBDCs, with about one third running pilot projects, most are being cautious and do not expect to issue their own digital currency in the next few years.'

© Newshounds News™

Read more:  Currency Insider

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WHAT ARE SMART CONTRACTS?

"A smart contract involves an instant payment made simultaneously with, and conditional on, the transfer of ownership of an asset."

Why are we discussing smart contracts when we don't even know what they are? Because we WILL be using them in our very near future. TRANSFER OF OWNERSHIP at the same time money changes hands through a digital platform.

"Vending machines provide a good analogy. If you insert $2 and press B4, then the machine dispenses the cookies in the B4 slot. In other words, if (and only if) the vending machine receives the required item of value, then it instantly performs the requested action."

© Newshounds News™

Read more:  Currency Insider

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30 TRILLION IN TOKENIZED ASSETS BY 2034?

"A new study released today by Standard Chartered and Synpulse, estimates that the demand for tokenised assets could soar to $30.1 trillion by 2034. Global trade is expected to reach $32.6 trillion by 2030."

"“We see the next three years as a critical junction for tokenisation, with trade finance assets coming to the fore as a new asset class,” said Kai Fehr, Global Head of Trade, Standard Chartered.  Banks need to increasingly take on the role of bridging the existing traditional financial markets with a newer and more open token-enabled market infrastructure."

© Newshounds News™

Read more:  Trade Finance Global

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Seeds of Wisdom RV and Economics Updates Tuesday Evening 7-2-24

Good evening Dinar Recaps,

WHAT EXACTLY IS A STABLECOIN

"Stablecoins are a type of cryptocurrency that seeks to maintain a stable value by pegging their market value to an external reference. This reference could be a fiat currency like the U.S. dollar, a commodity such as gold, or another financial instrument."

"Stablecoins play a crucial role in the cryptocurrency ecosystem due to their stability."

"They aim to provide the speed and security of a blockchain while eliminating the volatility that most cryptocurrencies endure. Initially used primarily to buy cryptocurrencies on trading platforms that did not offer fiat currency trading pairs, stablecoins have seen their adoption grow. They are now used in several blockchain-based financial services, such as lending platforms, and can even be used to pay for goods and services.

© Newshounds News™

Read more:  CoinBase

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DO YOU UNDERSTAND BLOCKCHAINS?

Blockchains are the critical infrastructure underlying cryptocurrencies. The common feature of these distributed ledgers is the sequential updating of a cryptographically secure, verifiable transaction record among a network of peers all operating under a certain set of rules enforced through the software itself. This record is owned and operated in common by anyone anywhere.

While research in shared ledger technology goes back decades, the arrival of the Bitcoin blockchain introduced the first distributed ledger technology that was thoroughly decentralized and resistant to censorship, seizure and collusion.

Blockchain technology, in its various manifestations including the Ethereum blockchain and others, is ultimately a global consensus system — i.e., it allows people to coordinate and cooperate around a neutral source of information without trusting each other or a central administrator. The use cases are wide-ranging, from finance and energy trading to supply chain management.

At Cointelegraph, we are chronicling the evolving blockchain industry. Is it revolutionary or overhyped? Or both? Will it become the solution to securing trust in finance and global trade? What will be the rate of blockchain transactions in the coming years?

Stay tuned to find out.

© Newshounds News™

SOURCE:  Coin Telegraph 

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Crypto-Friendly Silvergate Bank Pays $63M to Settle Charges With SEC, Fed, California Regulator

Silvergate's executives were aware of 'critical deficiencies' in the bank's anti-money laundering protections, the SEC alleged.

Silvergate Bank's parent company settled charges with the Securities and Exchange Commission, Federal Reserve and California Department of Financial Protection and Innovation alleging it failed to maintain a proper anti-money laundering program and made misleading disclosures about the program's effectiveness.

The SEC also charged Silvergate's former executives. Former CEO Alan Lane and former COO Kathleen Fraher agreed to settlements, while former CFO Antonio Martino denied the charges.

Read more:  Coin Desk

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Coinbase files motion to reinforce judge's ruling on Binance case: Secondary market transactions not securities

The SEC is suing Coinbase for selling unregistered securities, but the definition of a security under US law is unclear as applied to crypto, according to Coinbase.

Coinbase uses Judge Jackson's ruling to argue for consistent securities law enforcement in crypto.

The motion calls for clarity in the application of the Howey test to crypto transactions.

Read more:  Crypto Briefing

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CFTC Announces Supervisory Stress Test Results

The Commodity Futures Trading Commission today issued Supervisory Stress Test of Derivatives Clearing Organizations: Reverse Stress Test Analysis and Results, a report detailing the results of its fourth Supervisory Stress Test (SST) of derivatives clearing organization (DCO) resources. Among other findings, the 2024 report concluded the DCOs studied hold sufficient financial resources to withstand many extreme and often implausible price shocks.

The Risk Surveillance Branch of the Division of Clearing and Risk conducts periodic SSTs to assess how DCOs might fare under extreme stress. Staff previously conducted SSTs in 2016, 2017, and 2019. The 2019 SST included a reverse stress test component, and this 2024 SST is a major expansion of that, which includes nine DCOs, representing 11 clearing services across four asset classes (futures and options on futures, cleared interest rate swaps, credit default swaps, and foreign exchange products).

The purpose of the analysis was twofold: (1) to identify hypothetical combinations of extreme market shocks, concurrent with varying numbers of clearing member (CM) defaults, that would exhaust prefunded resources (DCO committed capital, and default fund), and unfunded resources available to the DCOs (this represents the reverse stress test component), and (2) to analyze the impacts of DCO use of mutualized resources on non-defaulted CMs.

Read more:  CFTC

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Seeds of Wisdom RV and Economics Updates Tuesday Afternoon 7-2-24

Good Afternoon Dinar Recaps,

THE CHEVRON DOCTRINE OVERTURNED BY THE SUPREME COURT

A 40 year PRECEDENT called the Chevron Doctrine WAS OVERTURNED by SCOTUS on June 28th. How could this affect the RV of CURENCY in the U.S.?
The overturning of the Chevron Doctrine stripped 3 letter agencies from enacting enforceable policies from ambiguous laws.

"Under that doctrine, if Congress has not directly addressed the question at the center of a dispute, a court was required to uphold the agency’s interpretation of the statute as long as it was reasonable. But in a 35-page ruling by Chief Justice John Roberts, the justices rejected that doctrine, calling it “fundamentally misguided.”

How will this affect the SEC and the CFTC moving forward as they address Crypto and Digital Asset guidelines?

© Newshounds News™

Read more:  SCOTUS Blog

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STOCK MARKET CORRECTION ON THE HORIZON?

"Leading global investment bank JP Morgan has predicted a major US stock market crash. The bank remains cautious on the S&P 500 index noting that a 20% downside could be on the cards. JP Morgan’s doomsday stock market prediction comes when BRICS is looking to uproot the dollar and damage the US economy."

" If the US stock market dips 23% according to JP Morgan, BRICS currencies will gain strength in the forex markets. While the US stock market will look at ways to stop the crash, BRICS could cause further damage by cutting ties with the dollar."

"JP Morgan’s bearish forecast for the US stock market is bullish for BRICS as it wants to pull the dollar down. The weakening of the US dollar is a boon to BRICS which wants to push local currencies ahead for trade."

© Newshounds News™

Read more:  Watcher Guru

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DO YOU OWN GOLD?

"The vast majority of professional investors in North America own at least some gold and the number has been growing in recent years. A World Gold Council survey of 525 North American investors found a steadily growing trend of gold ownership. The survey included large institutions, consultants, and financial advisors."

"Over one-quarter of respondents said they plan to increase gold allocations in the next 12 to 18 months. That was more than double the number who said they plan to reduce their exposure to gold."

"In fact, gold has outperformed most asset classes over the last 25 years. In fact, with an average 8 percent return each year, gold has outperformed equities over the last quarter century. "

© Newshounds News™

Read more:  ZeroHedge

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U.S. SENATE PICKS UP CRYPTO LEGISLATION

H.R. 4763 passed in the Congress late May giving the U.S. their first look at crypto legislation. The Senate has yet to act upon any Crypto/Digital Asset bill until now as Senator JD Vance (R-OH) is now crafting legislation.

"On June 26, Politico reported that Sen. J.D. Vance (R-OH) has been circulating the draft of a digital assets bill that he hopes to introduce in July. Vance’s bill will reportedly give ‘crypto’ operators even more latitude than the Financial Innovation and Technology for the 21st Century Act (FIT21) approved by the House of Representatives last month."

"And yet Vance’s draft bill reportedly takes “a more industry-friendly approach” than FIT21, which is saying something, given that FIT21’s passage set champagne corks-a-poppin’ within the halls of U.S. digital asset firms. Vance’s bill will reportedly “take a simpler approach to determining which digital assets the SEC would oversee versus the CFTC.”

© Newshounds News™

Read more:  Coin Geek

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MiCA AND STABLECOIN RESTRICTIONS

"A few press reports have raised concerns about stablecoin limits under the European Union’s Markets in Crypto Assets Regulation (MiCAR). The stablecoin elements of the regulation came into force at the end of June. The regulation does indeed have some draconian limits, at which point the stablecoin must cease activity. The European Banking Authority has relaxed the rules in its final iteration."

"The EU is saying if you want to use stablecoins to buy crypto and do DeFi stuff, have at it. But if you want to use stablecoins to pay for goods and services like your coffee or your rent, then you need to use Euro (or other EU currency) stablecoins. The limits are really about monetary sovereignty."

© Newshounds News™

Read more:  Ledger Insights

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