Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 8-27-24

Good Afternoon Dinar Recaps,

RIPPLE Partner Nium Adopts JP. Morgan Payments: Is an XRP integration in the Works?

▪️J.P. Morgan discloses that Nium made a breakthrough in its global expansion following a strategic partnership that made its real-time solutions available for use.
▪️Nium operates in more than 220 countries, and its cards are issued to more than 30 countries globally.

Ripple’s partner, Nium, known for seamless real-time cross-border payments for financial institutions worldwide, earlier sealed a strategic partnership with J.P Morgan Payments.

According to reports, this development has enabled the Singapore-based fintech to navigate the complex regulatory structure in Asia Pacific that initially acted as a headwind against its expansion.

As multiple sources have captured, Nium leverages J.P. Morgan Payments customized solutions, including real-time and automated cross-currency solutions, to offset the foreign exchange risk associated with its cross-border and cross-currency transactions.

According to Nium, the provided solutions have helped it address the issue of exchange rate fluctuation and long-term shifts, which threatened its financial stability, customer demand, and profitability.

Nium has also been assisted in optimizing its banking set-up to experience the necessary upgrade critical for its expansion. Most importantly, this was achieved by capitalizing on JP Morgan’s global infrastructure and resorting to local best practices.

More on the Impact of J.P Morgan on Nium

Commenting on this, the Head of Compliance APAC, Nium Joey Tang, explained how J.P. Morgan’s experience has been crucial in its journey to the top.

We need a trusted bank that can help us navigate through complex currency restrictions and provide scalable solutions that can be easily extended to new markets. This gives us the flexibility to grow our business. J.P. Morgan Payments is our natural choice.

An official report was found on the JP. Morgan’s website mentions that the collaboration has enabled Nium to witness unimaginable expansion and growth, as it operates in more than 220 countries.

 Also, it has issued cards to over 30 countries so far. In the future, Nium, assisted by JP. Morgan, would solve its existing payment challenges and unlock the full potential of the global economy.

Also, the possibility of Nium going public, as we reported last year, is still high as the company records growth in several areas of its operation.

According to Anupam Pahuja, the EVP and General Manager of APAC & MEA, Nium, the company would continue to expand as long as it closely collaborates with the bank.

Nium has grown rapidly in recent years, and we’re excited to continue expanding globally with J.P. Morgan Payments as our trusted ally.

Following this publication, XRP enthusiasts have rekindled hopes that the popular bank could collaborate with Ripple to expose the asset to similar breakthroughs.

Long time #Ripple partner Nium has begun using JPMorgan Payments to better serve their customers with collections and global FX rails. This would seem to be an alternative to #Ripple products or perhaps just additional rails for Nium’s platforms.

Last year, a JP. Morgan’s report captured how banks could leverage Central Bank Digital Currencies (CBDCs) for corporate purposes. The report highlighted Ripple, SWIFT, and the CLS Group as the entities that address the issues of such payments and delays.

Specifically, the bank acknowledged the real-time nature of the cross-border payment infrastructures that use XRP as a settlement instrument. However, it highlighted the inherent volatility issue of Ripple’s system.

High volatility of XRP leading to limited willingness from banks in using it to facilitate payments.

@ Newshounds News™

Source:  Crypto News Flash

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MOSCOW TO HOST 6TH INTERNATIONAL MUNICIPAL BRICs FORUM

MOSCOW, August 27. /TASS/. The 6th International Municipal BRICS Forum will be held in Moscow’s Expocenter on August 27-28, 2024, the press service of the Moscow Department of Foreign Economic and International Ties said.

"The forum will be the largest international floor, where representatives of government authorities and the business will share the advance experience and discuss key issues of municipal cooperation," the press service said.

Delegations from 126 countries are expected to take part in the forum along with representatives of Russian regions. More than 5,000 participants from 500 cities of the world will discuss:

▪️current economic problems
▪️digital technology spheres
▪️environment
▪️municipal infrastructure
▪️transport
▪️healthcare
▪️education
▪️culture

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Source:  TASS

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The Secret To America's Takedown - Economic Ninja|  Youtube

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Lynette Zang’s Ultimate Warning To SILVER Stackers! |  Youtube

Good video on the value of owning Gold and Silver.

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Listen and learn from this man. He has facts and shares with us as we all wait. Share with others!

August 28, 2024 12:00 Central Noon, 1 PM ET

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Take a look at Isaac's Photos of His Currency  LINK

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Seeds of Wisdom RV and Economic Updates Tuesday Morning 8-27-24

Good Morning Dinar Recaps,

Cardano Founder Hints at New ‘Partner Chain’ Collaboration with Algorand: What’s Next for ADA?

▪️ Charles Hoskinson, Cardano’s CEO, praised Algorand’s blockchain technology and suggested a partnership for decentralized AI projects.

▪️ The much-anticipated Cardano Chang hard fork has been delayed to September 1, causing concerns within the community.

Cardano CEO Charles Hoskinson has expressed a strong interest in Algorand’s blockchain technology, suggesting a potential collaboration focused on decentralized artificial intelligence (AI) initiatives.

This potential collaboration can yield a lot of benefits for both Cardano and Algorand in the growing AI market.

Algorand has been receiving a lot of attention lately, and this has led Charles Hoskinson to express his opinion on the project. Furthermore, he stated that Algorand, in conjunction with a tailored proof of work suitable for AI tasks, could be a promising decentralized AI platform within the crypto market. 

This recognition from Hoskinson highlights the strategic value he sees in Algorand’s technology, particularly in its application to AI-driven projects.

Hoskinson also suggested that Algorand could be a partner chain to Cardano, a partnership he thinks can harness the full potential of Minotaur, Cardano’s proof-of-stake/proof-of-work multi-asset consensus protocol.

Such a partnership could open up new avenues of benefits that would improve blockchain networks, foster innovation, and increase its application in the sphere of AI.

Algorand CTO Responds Positively to Collaboration Proposal

In response to Hoskinson’s statements, Gary Malouf, the Chief Technical Officer of Algorand Technologies, expressed his interest in the cooperation.

Malouf pointed out that previous conversations about the integration of AI capabilities have taken place, which means that there is some level of coordination between the two blockchain networks.

In response to this exchange, Hoskinson told IOHK’s Chief Technology Officer, Romain Pellerin, to arrange a meeting to discuss the proposed collaboration. Pellerin agreed excitedly, saying that it would be great to have Algorand as a partner chain.

Although this partnership is currently nascent, the conversation between the two blockchain pioneers suggests that the partnership between IBM and Microsoft could lead to a significant integration of AI and blockchain.

Chang Hard Fork Experiences Another Delay

In another major event, the long-awaited Cardano Chang hard fork has again been delayed, with a new expected launch on the 1st of September. As we previously reported, the initial plan was to take place on August 27, but this shift has caused some concern among the Cardano community.

The Chang hard fork is a vital upgrade that will change the face of Cardano’s governance model, signifying the start of the Voltaire era and paving the way for a completely decentralized and autonomous network.

Charles Hoskinson complained about the delay, mentioning that even large exchanges like Binance have not yet announced their support for the upgrade. He especially stressed the need to adhere to the timelines, saying that all the parties should hasten their work.

In addition to the hard fork, there has been a lot of development activity in the project recently, even more than Ethereum in terms of GitHub pull requests.

This rise in activity is in line with the ongoing development of the Cardano ecosystem, whereby the developers are still working on new upgrades and projects whose intention is to improve the network.At the time of writing,

ADA was trading at $0.379, marking a 2% increase over the past 24 hours.

@ Newshounds News™

Source:  Crypto News Flash   

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Russia plans stablecoins, 2 crypto exchanges to circumvent sanctions

Last week Russian news outlet Kommersant reported on the planned creation of two cryptocurrency exchanges for foreign payments to circumvent sanctions, citing sources.

The aim is to create stablecoins for the Chinese yuan and a BRICS currency basket. It’s expected that initially individuals won’t be able to take part, given the goal is to support importers and exporters.

Russia passed legislation in late July allowing cryptocurrency exchanges to operate as part of cryptocurrency experimental legal regime (ELR) under a program developed by the central bank.

The use of stablecoins rather than un-backed cryptocurrencies makes sense given the central bank’s role.

UPDATE:  shortly after publication, Bloomberg said that preliminary tests start this weekend, citing sources. These trials will use the National Payment Card System to swap rubles for any cryptocurrencies using an existing crypto exchange.

Use of the card system gives the central bank oversight. The outcome of these preliminary tests will determine steps around the potential creation of crypto exchanges next year, as described below. Bloomberg’s sources reiterated the same two exchanges.

The Kommersant article was a little controversial. It stated that one of the cryptocurrency exchanges might involve the Moscow Exchange. The other exchange will use the St. Petersburg Currency Exchange (SPCE) database for foreign economic activity.

While the currency exchange disputed this point, it would make sense to use its database, given the currency exchange knows the details of the importers and exporters. Interfax, the state news agency, published a report in which the St. Petersburg Currency Exchange (SPCE) strongly denied involvement.

The Moscow Exchange runs the main currency exchange, but trading in dollars and euros came to an abrupt halt in June when OFAC placed it on the sanctions list. Hence, it also has data on who might qualify as a professional for FX trading in stablecoins.

There may be some confusion between two entities that we suspect are not related. The sanctions and sanction busting sometimes resemble Whac-A-Mole. Every time Europe or OFAC sanctions an entity or methodology, Russia tries something else.

Russia has iterated through foreign branches, digital financial assets involving tokenized commodities, CBDC, crypto and others. The foreign branches are gradually getting sanctioned, with warnings not to open new ones. And most of the digital financial asset (DFA) issuing platforms and known cryptocurrency exchanges have also been sanctioned. Sanctions announced this week cover commodities.

Sanctions and two similar sounding Russian entities

There are two Russian entities with similar names. There is the Saint Petersburg Currency Exchange known in English as SPCEX or SPVB and in Russia as JSC SPB, versus the Saint Petersburg Stock Exchange (PJSC SPB). OFAC sanctioned the stock exchange in November 2023. We don’t think the currency exchange has yet been sanctioned directly, but there’s a caveat.

It is believed that state owned bank Promsvyazbank controls the currency exchange. The bank was one of the first on the sanctions list, which includes subsidiaries and hence the currency exchange.

However, as the ownership isn’t entirely clear, it’s conceivable the currency exchange may have been ignored so far. That may be why it doesn’t want to be associated with the crypto exchange.

Google translates the currency exchange acronym СПВБ as the Saint Petersburg Stock Exchange.

On the other hand, the sanctioned stock exchange is registered as a digital financial assets platform. In a May interview, its CEO said its involvement as a cryptocurrency exchange operator was under discussion. However, we believe it’s the currency exchange that has the useful data.

While the Russian end isn’t clear yet, nor is the other side. If Russia wants to use a Chinese currency stablecoin, what assets would form part of the reserves? Likely it will use the excess reserves Russia received for all payments.

Which cryptocurrency exchange will be used on the Chinese end? Will China allow some off-ramping from a stablecoin to the mainland? Or will it be via Hong Kong?

An even bigger question is this: in the absence of CBDC, could stablecoins form the interim foundation of the so-called BRICS Bridge for local currency payments?

@ Newshounds News™

Source:  Ledger Insights

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They Are Taking Our Silver  |  Youtube

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Seeds of Wisdom RV and Economic Updates Monday Evening 8-26-24

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New Study Reveals How IOTA Technology Can Boost Security for Smart Homes and Protect IoT Devices from Cyberattacks

▪️ Ripple has minted the first 185 tokens of its RLUSD stablecoin onA new study by the University of Mosul details how IOTA improves security for smart homes to protect Internet of Things (IoT) devices from cyberattacks.

▪️ Ripple has minted the first 185 tokens of its RLUSD stablecoin onThe study proposes a new lightweight authentication model based on IOTA’s Tangle for an IoT-based smart house monitoring system.

We’re living in the era of the Internet of Things, with over 17 billion IoT devices today, a number that’s expected to double by the end of the decade. As the devices surge, so does the danger lurking from cyber criminals, and according to a new study, IOTA offers the best security for this sector.

Today, IOTA caters to several industries, from supply chain management to tokenization, as founder Dominik Scheiner told CNF in an interview earlier this year. 

However, at its founding, the network mainly targeted the machine-to-machine economy enabled by the Internet of Things. And despite diversifying, it remains the best network for IoT.

IOTA’s superiority was backed by a recent report by two researchers from the computer science department at the University of Mosul in Iraq. The two, Sameera Abbas Fadhel and Dr. Ahmed S. Nori, acknowledged that while blockchain offers superb data integrity and security, its “limitations in terms of scalability, throughput, and storage capacity” make blockchain “an unsuitable option for devices with limited resources in the IoT environment.”

The two proposed a new lightweight authentication model for an IoT-based smart house monitoring system that’s based on the IOTA Tangle and utilizes other technologies, such as decentralized identifiers and stronghold vault technologies.

IOTA for IoT

IoT is changing the world, enabling automation and efficiency by allowing devices to communicate autonomously. It’s impacting healthcare through remote monitoring, smart cities through automated administration processes, consumer experience through personalised interactions and much more.

However, researchers warn that IoT devices could be the next big target for hackers. According to one study by the World Bank, Europe, and APAC regions experience around 70 IoT attacks weekly per organization.

This makes security the most critical requirement for IoT networks, and according to the two researchers, IOTA may be the solution.

They believe that IOTA’s Directed Acyclic Graph (DAG) based technology “enhances the transactional throughput, decreases transaction confirmation time, minimizes control consumption and removes transaction charges, hence being more suitable in the IoT setting.”

One of IOTA’s advantages is feeless transactions. The network requires a user to approve two previous transactions in lieu of paying a fee, “thereby increasing the engagement of users in protecting the network without charging.”

And then there’s the scalability, where IOTA is unmatched by its peers, and with billions of devices and, potentially, trillions of daily transactions, IoT can only work on a network that scales massively.

The researchers stated:

Moreover, unlike the blockchains fixed to traditional single chain processing of transactions, IOTA works with the structure called Tangle which enables parallel processing of the transaction. This design greatly enhances the system‟s generated throughput and scalability which makes IOTA capable of accommodating a larger number of users and transactions in its network.

IOTA trades at $0.1404, dipping 2.9% in the past day.

@ Newshounds News™
Source:  Crypto News Flash

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THIS IS NOT A CONSPIRACY THEORY

Countries are accelerating their efforts in crypto exchanges, stable coins, and gold stockpiling, all while developing central bank digital currencies.

This is not a conspiracy theory.

These are all facts.

Connect the dots.

@ Newshounds News™ https://t.me/+PRwSMqsjRVViOTVh

Source: X Gold Telegraph: https://x.com/goldtelegraph_/status/1828106418735718831?s=46

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Listen and learn from this man. He has facts and shares with us as we all wait. Share with others!

August 28, 2024 12:00 Central Noon, 1 PM ET

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Replays - YouTube Currency Facts - YouTube

Ask your questions in the Living Room: Link Directly from Isaac when ask for a bio

“But understand I do not have contacts. Isaac

"I have buyers the us treasury , DOD , Admiral , HSBC several big platforms that I have signed contracts with all and they paid already for the inspection several times" Isaac

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Seeds of Wisdom RV and Economic Updates Sunday Morning 8-25-24

Good Morning Dinar Recaps,

DBS BANK PILOTS BLOCKCHAIN-BASED GOVERNMENT GRANTS

The blockchain-based solution builds on DBS Bank’s participation in Project Orchid, an effort by the Monetary Authority of Singapore to test the benefits of tokenization.

Singapore’s DBS Bank launched a solution that uses blockchain technology to streamline the disbursement of government grants.

DBS Bank announced that in the pilot, it collaborated with Enterprise Singapore (ESG), a statutory board under the Ministry of Trade and Industry of the Government of Singapore and the Singapore Fintech Association (SFA), which promotes financial technology in the country.

DBS Bank Uses Smart Contracts To Disburse Government Grants

During the pilot, the SFA disbursed government grants to 27 members. DBS said that its pilot showed how blockchain-based programmable grants can improve efficiency, enhance governance and allow businesses to have faster access to government grants.

With DBS’ permissioned blockchain, ESG and its intermediaries, like the SFA, can determine the conditions of the programs and govern grant disbursements. According to DBS, this includes disbursements to approved recipients upon fulfilling certain business conditions.

Once the conditions are fulfilled, smart contracts will verify that they are met. After this process, the grants will be disbursed automatically to the beneficiaries.

According to DBS, the solution enhances governance control and reduces the need for intermediaries to manually process cash handling. This allows businesses to receive their cash payouts from the government much faster.

Furthermore, the bank’s permissioned blockchain gives full visibility of the process, giving greater transparency to the organizations involved.

Permissioned blockchains are networks with an access control layer that allows participants only a pre-approved level of authority. Even though they use distributed ledger technology, these blockchains are only partially decentralized.

Results of MAS-led Project Orchid

DBS Bank also noted that the programmable grants pilot applies what the firm has learned from participating in Project Orchid, a digital currency initiative led by the Monetary Authority of Singapore (MAS). The initiative tests the benefits of tokenization with local stakeholders.

DBS Bank also previously collaborated with digital payment provider Ant International on a blockchain-based treasury and liquidity management solution. On Aug. 13, DBS launched its treasury tokens, which Ant will use for liquidity and treasury management. The tokens are within the bank’s Ethereum Virtual Machine (EVM) permissioned blockchain.

The solution was created using systems developed during the company’s participation in another MAS-led effort on digital currencies, Project Guardian.

@ Newshounds News™

Source:  Coin Telegraph

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DEBIT CARDS IN DIGITAL WALLETS Gaining Ground Across Sectors
August 2024

With a growing number of consumers adopting digital wallets, payment preferences have shifted. Debit cards are now the preferred method underpinning digital wallet payments. 

Meanwhile, digital wallets have seen more significant adoption in the retail and grocery sectors. Apple Pay, in particular, has deepened its niche in travel-related transactions, possibly foretelling a broader acceptance of mobile-first, touchless payments. This report explores these trends, how different sectors are adapting to digital wallets and what this all means for businesses.

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Source:  PYMNTS

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PROOF OF INK BY GAVIN WOOD:  THE TATTOO THAT SECURES YOUR WEV3 PRIVACY

The Web3 individuality mechanism will require a unique, algorithmically generated tattoo to prove digital citizenship.

Parity Technologies is launching a Web3 individuality solution, which is a crucial missing element for mainstream Web3 adoption.

The new solution, “Proof-of-Ink,” will enable users to prove their digital individuality in a privacy-preserving manner through a unique tattoo serving as proof of digital citizenship.

Proof-of-Ink is set to launch in the fourth quarter of 2024, according to Gavin Wood, the co-founder of Ethereum, Polkadot and Kusama.

Wood announced during a keynote speech at the Web3 Summit in Berlin:

“We are able to deploy the baseline palette and launch the app at some point this year, hopefully in the final quarter […] We are aiming to launch the other two mechanisms next year.”

While Wood teased that one of the additional two digital identity solutions is further in development, he shared no details about their mechanics.

Mainstream adoption is crucial for any technological paradigm. Experts like Wood hope that Web3 adoption will create a more decentralized and user-centric internet, envisioned as a free public good to help humanity.

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Read more:  Coin Telegraph

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WYOMING Aims to Launch US DOLLAR-BACKED STABLECOINS in 2025

Wyoming is reportedly developing its own U.S. dollar-backed stablecoin to be used for consumer payments.

The state plans to launch the Wyoming Stable Token in the first quarter of 2025, CNBC reported Friday.

“It is clear to me that digital assets are going to have a future,” Wyoming Governor Mark Gordon told CNBC at the Wyoming Blockchain Symposium in Jackson Hole. “The United States has to address this issue. Washington’s being a little bit stodgy, which is why Wyoming, being a nimble and entrepreneurial state, can make a difference.”

Advocates of the project the Wyoming stable token will provide a faster and cheaper way for individuals and businesses to transact, will create a new revenue stream for the state and may serve as a model for a stablecoin at the federal level, according to the report.

Gordon said the stablecoin will be transparent, fully backed by short-term Treasurys and dollar-dependent, per the report.

Wyoming has already been working to create a favorable regulatory environment for crypto, having passed more than 30 pieces of legislation related to that field since 2018, according to the report.

The state is currently vetting potential vendors and partners to provide an exchange, digital wallets and other technology needed for the stable token, per the report.

Wyoming aims to make the stablecoin a payment method for everyday use, Flavia Naves, a commissioner at the Wyoming Stable Token Commission, said in the report.

“When you walk into Cowboy Coffee in Jackson, Wyoming, and you want to buy your latte, there’s going to be their wallet there in Solana that you can use to buy your coffee with the Wyoming token,” Naves said, per the report.

Stablecoins are a type of currency designed to maintain a stable value by pegging their worth to a fiat currency, PYMNTS reported in April. Unlike traditional cryptocurrencies like bitcoin, which are notorious for their price fluctuations, stablecoins offer a level of stability that closely mirrors that of traditional currencies.

On the federal level, U.S. Sen. Kirsten Gillibrand, D-N.Y., and Sen. Cynthia Lummis, R-Wyo., introduced legislation to govern stablecoin use.

@ Newshounds News™

Source:  PYMNTS

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Seeds of Wisdom RV and Economic Updates Saturday Afternoon 8-24-24

Good Afternoon Dinar Recaps,

CARDANO DELAYS CHANG HARD FORK TO SEPTEMBER

Cardano delays its Chang hard fork to September 1, ensuring full ecosystem readiness, while exploring a potential groundbreaking AI partnership with Algorand.

Cardano has postponed its much-anticipated Chang hard fork to September 1, moving the date from August 27. 

This delay allows more time for exchanges and decentralized applications (DApps) to prepare. The decision, announced on August 23 by Intersect, a Cardano membership organization, ensures the ecosystem is fully ready for this crucial upgrade.

The Chang hard fork is a critical milestone in Cardano's journey toward the Voltaire era, which will bring enhanced community governance and smart contract capabilities. The delay emphasizes the importance of being fully prepared to avoid any disruptions during this major transition.

This hard fork is significant not just for its technical upgrades but also for how it involves the community in decision-making. Intersect highlighted that it's the first time such a wide range of community members and engineers have been involved in the process.

This marks a shift in how decisions are made within the Cardano ecosystem, with more emphasis on community participation and on-chain governance.

Charles Hoskinson, Cardano's founder, provided further insight into the delay. He revealed that some exchanges, particularly Binance, were not yet ready for the upgrade.

Hoskinson compared the situation to a rocket waiting for the weather to improve before launch, indicating that everything must be perfectly aligned for the hard fork to proceed smoothly.

The Chang hard fork is a key step in Cardano's roadmap, especially as the network moves towards the Voltaire era. 

This era will enhance Cardano's governance model, allowing token holders to be more involved in decision-making. The upgrade will also improve data security and expand smart contract functionalities, making it a pivotal development for the network.

While preparing for the Chang hard fork, Hoskinson is also exploring a possible partnership with Algorand, a competing blockchain network. This potential collaboration could create a "decentralized AI powerhouse," combining Algorand's technology with a proof of work system optimized for AI. Hoskinson believes this partnership could push the boundaries of decentralized AI and revolutionize the industry.

The idea of a Cardano-Algorand partnership has sparked interest in the blockchain community. Gary Malouf, Algorand's Chief Technology Officer, expressed interest in discussing the possibilities further.

This potential partnership could lead to significant developments in the blockchain space, as both networks continue to evolve and expand their technological capabilities.

Algorand, founded in 2017 by MIT professor Silvio Micali, has positioned itself as a leading Layer-1 blockchain network. Despite controversies over its advertisements criticizing rival networks like Bitcoin and Ethereum, the potential collaboration with Cardano could open new avenues for innovation and collaboration in the blockchain industry.

In summary, the delay of the Chang hard fork to September 1 allows Cardano to fully prepare for this critical upgrade.

At the same time, the potential partnership with Algorand could lead to groundbreaking advancements in decentralized AI, marking an important moment in the blockchain industry's evolution.

@ Newshounds News™

Source:  Coin Paprika

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IOTA Set for MEXC LISTING IN ASSESSMENT ZONE: USDT Trading Pair Goes Live

IOTA is set to be listed in the Assessment Zone of the MEXC exchange after recommendations from community users.

Recently, IOTA announced that it has completed the final phase of the European Blockchain Pre-Commercial Procurement.

The exchange of high-performance and mega transaction matching technology MEXC has announced the IOTA (IOTA) listing in its Assessment Zone.

According to the official blog post, this groundbreaking move would be a gateway for the commencement of open trading for the IOTA/USDT trading pair. Trading start time, August 23, 2024, at 12:00 (UTC).

@ Newshounds News™

Read more:     Crypto News Flash

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RUSSIA PLANS TO PEG CHINA'S YUAN TO IT'S NEW STABLECOIN

According to a Kommersant source, Russia has revealed plans to launch two State-linked crypto exchanges to incorporate digital payments for trade settlements. The two crypto exchanges will operate in Moscow and St. Petersburg.

Russia gets deeper into decentralized finance

Russia, the heavyweight nation behind BRICS, plans to launch a new stablecoin linked to the Chinese yuan. Since the war broke out between Russia and Ukraine, the US sanctions have forced Russia to find alternative payment methods to keep its economy afloat.

Russia intends to link the Chinese yuan to the new crypto-based stablecoin at a 1:1 ratio. This guarantees that the coin’s price remains consistent and without volatility, making it reasonably safe for carrying out transactions without fear of price fluctuations.

The plan is that the Russian ruble and the Chinese yuan will profit the most when trade is handled using the new payment mechanism, finally achieving their de-dollarization agenda. The US dollar will play no role in the payment system, allowing local currencies to take a large proportion of settlements.

Russia’s launch of the crypto exchanges has “The goal is to support foreign economic activity (FEA).” According to lawyers and analysts, they will most likely be created in an experimental legal regime.

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Source:  CryptoNewsz

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Seeds of Wisdom RV and Economic Updates Saturday Morning 8-24-24

Good Morning Dinar Recaps,

SWISS NATIONAL BANK announces launch of instant payments in Switzerland

The Swiss National Bank (SNB) has announced the market launch of instant payments in Switzerland.

The introduction of instant payments has been enabled by a technical framework established in November 2023 in partnership with SIX Interbank Clearing.

Around 60 Swiss financial institutions can now receive and process instant payments, encompassing more than 95% of Swiss retail payment transactions.

The SNB says that some institutions have “already launched retail offerings enabling customers to send instant payments”, with more banks expected to announce similar services “in the coming months”.

The central bank predicts that “all financial institutions active in retail payment transactions will be reachable” by the end of 2026 “at the latest”.

@ Newshounds News™

Read more:  FinTech Futures

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85 BILLIONS XRP TRADE MONTHLY ON CASH MARKETS

XRP witnesses significant trading volume on cash markets, with over 85 billion tokens traded by market participants every month.

Recall that American derivatives firm Bitnomial recently unveiled its plans to launch XRP/USD Futures contracts. This move has been described as a crucial step toward the potential future launch of a spot XRP ETF by an asset manager in the United States.

However, amid the excitement, Australian-based pro-crypto attorney Bill Morgan highlighted some important data from Bitnomial’s submission to the Commodity Futures Trading Commission (CFTC), including XRP’s impressive monthly trading volume.

XRP Trade Volume

One of the most striking details revealed by Bitnomial is that over 85 billion XRP tokens are traded on cash markets every month. Data from CoinMarketCap confirms this claim, with XRP’s trading volume averaging $1.6 billion daily over the past few weeks.

Notably, this figure sees occasional spikes during periods of heightened trading activity and price surges. For instance, earlier this month, XRP’s daily volume crossed $5 billion amid the price increase triggered by the final ruling in the SEC v. Ripple case, with South Korean exchanges accounting for most of the figure.

Also, XRP witnessed a surge in trade volume last July following the declaration by Judge Analisa Torres that it is not a security in the summary judgment ruling. Remarkably, XRP’s volume hit $10.4 billion, but this figure was merely the 76th highest in XRP’s history.

Meanwhile, Attorney Morgan also pointed out that Bitnomial’s proposal includes a spot month position limit of 300 million XRP, equivalent to about 0.049% of the total supply.

He stressed that this position limit is notable because it closely mirrors the amount Ripple releases from its monthly escrow, which is often a point of contention among critics who argue that these releases negatively impact XRP’s price.

Ample Regulatory Compliance

Bill Morgan also pointed out that Bitnomial’s filing with the CFTC includes a U.S. clearinghouse license, ensuring compliance with regulatory standards. This addresses concerns about market manipulation and the protection of participants. Bitnomial obtained a clearinghouse license from the CFTC last December.

Moreover, the July 2023 summary judgment ruling in Ripple vs. SEC lawsuit, in which the court ruled that XRP is not a security in itself, has bolstered confidence in XRP’s regulatory standing.

This ruling, combined with Bitnomial’s CFTC-approved futures contracts, could further legitimize XRP in the eyes of regulators and investors, potentially accelerating the timeline for a spot ETF launch.

The introduction of XRP/USD Futures by Bitnomial is also about paving the way for a spot XRP ETF. Futures contracts are often a precursor to spot ETFs because they provide a regulated framework and pricing mechanism that can be used as a reference by potential ETF issuers.

@ Newshounds News™

Source:  The Crypto Basic

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CHINA SUPREME COURT revises Anti-Money Laundering law to include ‘virtual assets’

The Supreme People’s Procuratorate said the number of people prosecuted for money laundering has risen 20-fold since 2019.

China’s supreme court and public prosecutor have revised their interpretation of the country’s Anti-Money Laundering (AML) laws to recognize “virtual asset” transactions for the first time.

The country adopted its existing AML law on Jan. 1, 2007, making the latest revision its first significant update in almost two decades.

In an Aug. 19 conference, the Supreme People’s Court and the Supreme People’s Procuratorate said under their new interpretation of the law, “virtual asset” transactions are now listed as one of the recognized money laundering methods.

It comes amid recent speculation on X that the country could be looking to unban crypto soon — though many are skeptical about it.

According to the courts, the transfer and conversion of criminal proceeds through digital transactions will now be covered under regulations that prohibit “covering up and concealing the source and nature of criminal proceeds and their benefits by other means.”

@ Newshounds News™

Read more:  Coin Telegraph

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CAMBODIA LAUNCHES BAKONG TOURIST DLT PAYMENT APP

The National Bank of Cambodia has already achieved enormous success with its Bakong digital payment app that uses DLT. There are more than ten million wallets out of a population of 17 million. Now it has soft-launched an app for Cambodian tourists.

Beyond the Bakong tourist app, a key goal of Bakong is to encourage greater usage of the local riel currency. Around 80% of all local transactions are in U.S. dollars versus less than 60% via Bakong. The Bakong tourist app only supports QR code payments in riel.

Today most tourists use a mix of cards and cash, often locally available U.S. dollar notes, which are rather damaged. Credit cards are accepted at 55,000 outlets compared to 3.3 million locations that support the KHQR codes used in Bakong, including small stalls.

Tourists can download the app and register via email. Currently they have to top up at banks and hotels, with the ability to enter card details via the app coming soon.

With this level of identity verification, tourists can spend the equivalent of up to $1,000 a day, with a $3,000 limit after verifying their identity in person. The Post implied that hotels and travel agents can perform the verification with a passport ID check.

On departure, the remaining balance can be converted at a bank, given to a local charity, or used at other tourist destinations in Thailand, Laos, Vietnam and other jurisdictions. We’d observe that using Bakong overseas will be subject to a foreign exchange spread at the very least. However, these countries also top the list for foreign arrivals into Cambodia.

Additional integrations with Malaysia and South Korea are meant to go live in the next couple of months. The central bank has also inked collaborations with China, India, Singapore and Japan for cross border payments. Japan’s Soramitsu is the technology provider for Bakong.

While many treat Bakong as a CBDC, it’s not. In fact, it’s a tokenized deposit solution designed by the central bank.

Bakong tourist app benefits

There are several benefits of the Bakong tourist app. The stated goal of local currency usage means the banks and central bank effectively get foreign currency, while traders get more local currency. Other than that, the central bank mentioned the convenience for tourists and the avoidance of tatty dollar notes.

We see a few additional benefits. For the 55,000 outlets that support cards, it can save them expensive merchant fees charged by Western credit cards. For the central bank, it helps to provide greater visibility into economic activity with tourism making up more than 18% of GDP in 2019.

A simple survey at airport departures can help it get a sense of the ratio of tourists that use the app. Otherwise, with a large proportion of cash transactions, it’s hard to see what’s really happening in the economy.

The data could potentially be used for tax purposes, but as soon as that happens, Bakong usage could decline. Getting a picture of economic activity is a big win on its own.

@ Newshounds News™

Source:  Ledger Insights

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INDIA's CRYPTO FUTURE hinges on gov’t consultation paper

India’s Department of Economic Affairs’ consultation paper is expected to be a watershed moment for crypto regulation in the country, potentially setting the stage for future legislation.

India’s cryptocurrency landscape could be about to change as the Department of Economic Affairs (DEA) prepares a key consultation paper on cryptocurrency legislation.

According to local media, the paper, which is expected in September or October, will invite feedback from various stakeholders, with the government playing an active role in the direction of digital currencies in India.

India’s crypto conundrum

The paper, led by a panel chaired by the secretary of the DEA, represents a significant step in India’s ongoing effort to balance innovation and regulation in its rapidly evolving crypto sector.

The release comes at a time when global scrutiny of cryptocurrencies is intensifying, particularly in light of the G20 nations’ unified approach to regulation, as highlighted by Indian Finance Minister Nirmala Sitharaman at a meeting of the group of nations in October 2023.

India, which has already implemented a stringent tax regime on cryptocurrency transactions, has taken a cautious approach to regulation. The 30% tax on unrealized crypto gains and a 1% tax deducted at source implemented in April 2022 marked the government’s first major move toward imposing some control over the crypto market.

However, despite the measures, the Indian government has refrained from regulating the sale and purchase of cryptocurrencies, focusing instead on curbing crypto-related money laundering and terrorism financing.

DEA paper to address regulatory concerns

The DEA’s forthcoming paper is expected to address the broader concerns surrounding the regulation of crypto assets, including those raised by the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI).

In May, SEBI suggested a multi-regulatory approach, wherein different aspects of cryptocurrency trading would be overseen by various financial authorities. This fragmented approach underscores the complexity of regulating a technology that crosses traditional financial boundaries and poses unique challenges.

On the other hand, the RBI has consistently warned of the macroeconomic risks posed by digital currencies. The central bank’s stance reflects deep concerns about the potential impact of cryptocurrencies on India’s economic stability.

This caution is mirrored in the government’s recent actions against offshore crypto platforms and digital asset service providers, including a high-profile ban on Binance, the world’s largest cryptocurrency exchange.

Despite this, Binance managed to reestablish its presence in India by registering with the Financial Intelligence Unit, even as it faces a hefty $86 million tax demand from Indian authorities.

@ Newshounds News™

Read more:  Coin Telegraph

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Friday Afternoon 8-23-24

Good Afternoon Dinar Recaps,

Fed Chair Jerome Powell: Time Has Come for Policy to Adjust

Bitcoin rose in the immediate aftermath of his remarks at the Fed's Jackson Hole conference.

As expected, Jerome Powell indicated that a rate cut is coming in September

Bitcoin and traditional markets at least initially have moved sharply higher
Investors will now focus on whether the initial rate cut will be 25 or 50 basis points

After a long wait, central bank rates in the U.S. now appear certain to be headed lower in September after Jerome Powell said the "time has come" for an easing in monetary policy.

"My confidence has grown that inflation is on a sustainable path back to 2 percent," said Powell in his keynote address at the Kansas City Fed Jackson Hole Symposium.

 "The labor market has cooled considerably from its formerly overheated state," he continued. "We do not seek or welcome further cooling in labor market conditions."

"The time has come for policy to adjust," added Powell. "The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks."

Though markets fully expected Powell to indicate that a rate cut was coming at the Fed's September meeting, the tone of his remarks likely leaned a bit more dovish than anticipated. In the minutes following the release of his speech, bitcoin (BTC) added more than 1% to $61,900.

A check of traditional markets finds big gains as well: The Nasdaq is higher by 1.7%, while the S&P 500 is up 1.2% and gold has climbed 1%. The 10-year Treasury yield has dipped five basis points to 3.80% and the U.S. dollar index has fallen 0.6%.

After years of near-zero Fed policy rates, the U.S. central bank in early 2022 embarked on a long series of rate hikes, eventually taking its fed funds rate up to the 5.25%-5.50% range in 2023.

Since, it's been a waiting game, with the Fed wanting to see crystal clear signs that inflation was meaningfully slowing to its 2% target before moving to begin trimming rates. That day surely has now arrived.

The question going forward will be if the Fed cuts the fed funds rate by 25 or 50 basis points at its mid-September meeting. Markets continue to lean towards 25 basis points, but the chances of a 50 basis point move have grown to 32.5% currently from 24% one day ago, according to CME FedWatch. There remain some key economic reports between now and that September decision – August's employment and inflation numbers among them – which should be key to Fed's ultimate decision.

@ Newshounds News™

Souece:  CoinDesk

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U.S. sanctions over 400 entities and individuals for aiding Russia’s war effort, including Chinese firms

U.S. officials have repeatedly warned China about its support for Russia’s defense industry and have issued numerous sanctions aimed at restricting Moscow’s access to critical technologies.

The latest measures target companies in China involved in shipping machine tools and microelectronics to Russia, as highlighted in a State Department fact sheet covering sanctions against 190 entities. The Treasury Department imposed additional sanctions as part of this broader effort.

Sanctions were also aimed at stifling Russia’s energy sector, with actions taken against firms in Turkey, the United Arab Emirates (UAE), and Central Asian nations believed to be assisting Russia in evading existing sanctions.

“Today’s actions hit Russia where it hurts – degrading its ability to generate revenue through its energy projects and disrupting its acquisition of material to supply its war machine,” said Aaron Forsberg, director for economic sanctions policy at the State Department.

The sanctions come as the war in Ukraine escalates, following Ukraine’s August 6 military offensive in Russia’s Kursk region. Despite some recent successes, Ukrainian forces continue to face pressure from advancing Russian troops in eastern Ukraine.

Among those sanctioned is the import-export division of China’s Dalian Machine Tool Group, which allegedly supplied $4 million worth of dual-use items to Russian firms. China denies providing weaponry to Russia but defends its trade relationship with Moscow as normal.

Washington's measures also target companies supplying components for Orlan drones, used by Russia in Ukraine, and firms involved in energy projects like the $21 billion Arctic LNG 2 initiative.

This project has already been hit by previous Western sanctions, limiting its access to ice-class tankers. Additional sanctions were imposed on UAE-based White Fox Ship Management, which the U.S. says acquired four tankers to transport liquefied natural gas (LNG).

@ Newshounds News™

Souece:  Badlands Media

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Tether shuns blockchain launch, cites market concerns

Tether’s decision to avoid launching its blockchain stems from the crowded market and strategic alignment with existing platforms.

Tether, the issuer of the world’s largest stablecoin, USDT, has calculated to forgo its own blockchain launch, citing market saturation and strategic concerns.

According to an interview with Bloomberg News, the company’s CEO, Paolo Ardoino, explained that the stance comes from analyzing the blockchain space and a crowded market.

Ardoino stated that the firm launching a blockchain might not be the “right move” since “very good blockchains” are already available to the public.

Market saturation

In the interview, Ardoino noted that blockchains are becoming increasingly commoditized, with many offering similar functionality to users.

As such, he explained that the firm is satisfied with the remaining blockchain as “agnostic” as long as USDT  trading retains peak sustainability and security using blockchains as “transport layers.”

In a YouTube interview with Unlock Blockchain, Ardoino explained that Tether is “a product market fit.”

“We created the entire stablecoin market in 2014. There was no stablecoin before us."

Tether Aptos expansion

On Aug. 19, Tether launched USDT on the Aptos blockchain to reduce transaction costs and improve global digital currency accessibility.

With the new integration, the company aims to leverage Aptos’ speed and scalability to provide users with gas fees that cost “only a fraction of a penny.”

The announcement by Tether follows the Aptos blockchain, witnessing significant growth and a “record-breaking” 157 million transactions in a single day in May.

Launch of dirham stablecoin

On Aug. 21, Tether partnered with the United Arab Emirates’ Phoenix Group and Green Acorn Investments to launch a dirham-backed stablecoin.

The new stablecoin aims to digitally represent the dirham currency, “fully backed by liquid UAE-based reserves” while adhering to Tether’s “transparent and robust standards.”

This expansion into the UAE market is expected to offer users a cost-effective method for accessing “the benefits of the AED.”

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Friday Morning 8-23-24

Good Morning Dinar Recaps,

LIVE: Fed Chair Jerome Powell speaks at the 2024 Jackson Hole Economic Policy Symposium — 8/23/2024 AT 10:00 AM EDT

Federal Reserve Chair Jerome Powell speaks at the central bank’s annual Jackson Hole conference on the economic outlook on Friday. That will follow minutes from the Fed’s July gathering released Wednesday. They indicated that most participants at the central bank’s meeting said it would “likely” be appropriate to lower the fed funds rate from the current range of 5.25% to 5.5% at the September meeting — if data continues to come in as expected.

@ Newshounds News™

Watch Live Here: BENZINGA

~~~~~~~~~

rypto Expert Warns: 95% of XRP Holders May Miss Out on Generational Wealth – Here’s Why

Edoardo Farina, CEO of Alpha Lions Academy, advises XRP holders to focus on long-term potential.

Farina stresses the importance of securing digital assets and suggests using cold wallets to protect investments.

Edoardo Farina, CEO of Alpha Lions Academy and Head of Social Adoption XRPHealthcare, recently addressed XRP holders during Istanbul Blockchain Week with a cautionary message. Farina, a notable figure in the cryptocurrency sector, emphasized the importance of patience and strategic thinking in maximizing the potential of XRP investments.

Farina pointed out that a lot of XRP holders are only in it for the quick buck, and they grow impatient with the price volatility of the cryptocurrency. He pointed out the difficulties of XRP investors but emphasized that the main thing is to focus on the long-term strategy.

“Unfortunately, a lot of XRP holders are losing their patience, and I totally understand that it has been quite a journey,”

Farina stated. He encouraged investors to forget the short-term fluctuations in the market and focus on the long-term process of building wealth through crypto-currencies.

Farina Compares XRP Investment to Marathon Running
Farina further stated that XRP can make one rich but this process is among the longest and most frustrating of all. He compared the process to running a marathon and explained that people should not expect too much from the market too soon.

Farina also focused on the issue of investment as one of the critical factors that need to be considered. He told the XRP holders not to allow digital currency to define their lives and that they should find other ways to make money.

As noted by Farina, this approach helps in avoiding biases and minimizes the stress of monitoring the market on a daily basis.

Farina also pointed out the need to protect digital assets as well. He advised that XRP investors should keep their investments in cold wallets to avoid exposing them to risks on the internet. He emphasized that it is crucial for the protection of investments in the long run.

“Have your 10,000 XRPs or whatever number you want to hold,” Farina advised, warning that frequent trading could lead to missed opportunities. He stated that buying and keeping XRP in the midst of market volatility will be profitable once its value rises.

XRP’s Potential to Disrupt Global Finance
Farina’s optimism about XRP is based on the fact that this cryptocurrency is capable of revolutionizing the world’s financial systems. He noted that XRP could take a large share of SWIFT’s transactions that amount to 10 quadrillion dollars. This means that even a small percentage of this market could lead to a massive surge in the value of XRP.

“Just imagine what will happen when XRP captures one percent of SWIFT’s 10 quadrillion in transactions,” Farina said. He argued that those who can remain patient and stick to a well-thought-out strategy could achieve generational wealth.

In his message to the XRP community, Farina emphasized the principles of restraint, planning, and prudence. He advised investors to ignore short-term fluctuations in the market and consider the long-term value of their investments.

@ Newshounds News™

Source:  Crypto News Flash

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Franklin Templeton expands blockchain fund to Avalanche network

Franklin Templeton has expanded its pioneering blockchain-integrated money market fund to Avalanche, broadening institutional investor access to digital finance.

Franklin Templeton, a global asset management firm, has expanded its Franklin OnChain US Government Money Fund to the Avalanche network.

According to a press release shared with Cointelegraph, the expansion to the layer-1 blockchain will be the “first-of-its-kind onchain money market fund” on Avalanche.

The fund, which launched in 2021, allows institutional investors access to Franklin Templeton’s blockchain-integrated record-keeping system, Benji Investments.

“[Investors] may hold their wallets on the Avalanche network upon request and subject to eligibility.”

The decision to expand to Avalanche
Franklin Templeton’s decision to expand to Avalanche builds upon its existing digital asset initiatives, which can be seen in the firm’s digital assets teams’ focus on blockchain technology since 2018.

In the press release, Ava Labs president John Wu stated that he was “thrilled” to see the fund expand to the Avalanche network:

“Franklin Templeton shares a mutual commitment to developing transformative digital financial products and services that will meet onchain investor demand today and bring offchain capital and users into the ecosystem tomorrow.”

In a written Q&A with Cointelegraph, Wu explained the significance of the expansion of the fund into the Avalanche ecosystem, describing it as a “foundational piece.”

“Blockchain and tokenization enable traditional finance to more easily reach people and businesses, offering new capabilities that are not possible via traditional rails.”

Franklin Templeton ETF filing
On Aug. 16, the global asset management firm applied to the United States Securities and Exchange Commission to launch a new exchange-traded fund (ETF).

The new ETF — the Franklin Crypto Index ETF — is designed to be a one-stop-shop crypto portfolio and to track the performance of the CF Institutional Digital Asset Index.

Katalin Tischhauser, head of investment research at Sygnum, explained that the “next logical step” is index ETFs because “indices are efficient for investors.”

Fund launch on Arbitrum
On Aug. 8, Franklin Templeton also announced the launch of the fund on Arbitrum, which aims to bridge traditional finance and decentralized finance.

Users of the fund on the Benji Investments platform can acquire and hold its tokenized shares on Arbitrum to generate low-risk investment yields.

With the addition of the Avalanche network to the fund’s expansive efforts, Franklin Templeton now offers tokenized shares on Avalanche, Arbitrum, Stellar and Polygon.

@ Newshounds News™

Source:  Cointelegraph

~~~~~~~~~

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Bill Holter: Will We Ultimately See A Gold Revaluation?

Bill Holter: Will We Ultimately See A Gold Revaluation?

Arcadia Economics:  8-21-2024

In 2024 alone, we've seen the Philadelphia Federal Reserve publish a study on the effectiveness of a gold standard, confirmations that the BRICS are moving forward plans for a 40% gold-backed settlement currency, and a senator propose revaluing the Fed's gold certificates in order to fund a Strategic Bitcoin Reserve.

 Mean while the debts and deficits continue to grow with no end in sight, while the gold price has reached a new all-time high.

And with gold and silver investors wondering for years whether we might ultimately be headed towards a gold revaluation, Bill Holter joins me on the show to talk about what he expects.

Bill also explains why he continues to feel that the silver is the vulnerable spot in the market. And to find out why, click to watch the video now!

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

Seeds of Wisdom RV and Economic Updates Wednesday Evening 8-21-24

Good Evening Dinar Recaps,

El Salvador launches Bitcoin training for 80,000 public servants

Over the years, El Salvador has stepped up efforts to integrate Bitcoin into its educational system.

El Salvador’s National Bitcoin Office (ONBTC) has launched a Bitcoin training and certification program for 80,000 public servants.

In an Aug. 20 statement, ONBTC confirmed that Bitcoin education is now a vital component of a governance initiative designed for public sector employees.

 This program is part of the Higher School of Innovation in Public Administration (ESIAP), established by President Nayib Bukele in 2021 to elevate governance standards.

The program features nine training modules covering Bitcoin, Blockchain, Cybersecurity, and Artificial Intelligence, among others. Upon completion, participants will receive certification in these areas.

Stacy Herbert, Director of the Bitcoin Office, hinted at a larger announcement on the horizon, noting that this program is just the beginning. She added:

“These education projects are very low time preference commitments to the long term success of El Salvador and its bitcoin (& tech) policy.”

Meanwhile, these trainings are part of El Salvador’s broader effort to advance Bitcoin education nationwide. Since adopting Bitcoin as a legal tender in 2021, the country has introduced three other crypto-focused educational initiatives, including Cuboplus, My First Bitcoin, and Node Nation, which are now part of the public school curriculum.

El Salvador Bitcoin

This move confirms that El Salvador remains steadfast in its Bitcoin strategy despite initially drawing criticism and doubt from international observers.

Indeed, the strategy appears to be finally paying off, as the International Monetary Fund (IMF) recently acknowledged that its anticipated risks of El Salvador adopting Bitcoin as a legal tender have not materialized.

Further, El Salvador’s Bitcoin holdings have yielded a profit of over 35%, largely due to strategic acquisitions made during market downturns. According to Nayibtracker data, the country currently holds 5,848 Bitcoin at an unrealized profit of more than $47 million.

In addition, President Bukele recently announced a $1.6 billion investment by Turkish firm Yilport Holdings to upgrade two ports in the country, one of which will host the proposed Bitcoin City. 

The city, envisioned during the 2021 Bitcoin adoption, is expected to be a tax haven powered by geothermal energy for Bitcoin mining and will attract crypto enthusiasts worldwide.

@ Newshounds News™

Read more:  CryptoSlate

~~~~~~~~~

Crypto Payment Network for AI Agents Launched by Former Ripple Execs

The company, Skyfire, raised $8.5 million to help AI get things done, even when it involves paying for something.

AI systems can do many things: conjure images and videos, write treatises, synthesize terabytes of information, and even replicate human speech patterns and emulate emotions.

But one thing they cannot yet do, as simple as it sounds, is pay for anything.

Two former Ripple developers now seek to eliminate that barrier by fusing blockchain payments with AI to bring forth what they believe will soon emerge as a new chapter for both technologies.

Their novel service, an open-source payment system called Skyfire, will allow autonomous AI agents to zip around the internet, purchasing whatever goods they need to complete assigned missions—everything from data storage and creative assets to airfare and groceries. All such transactions will be powered by USDC, the popular stablecoin.

The company, which today announced an $8.5 million seed raise, is backed by crypto heavy hitters, including Circle—the issuer of USDC—Ripple, Gemini, and the VC firm of prominent Silicon Valley billionaire and Bitcoin advocate Tim Draper. Skyfire currently runs on Polygon, the Ethereum scaling network, but it says it plans to expand to additional blockchains soon.

@ Newshounds News™

Read more:  Decrypt

~~~~~~~~~

Swiss Banks Embrace Instant Payments: Could XRP Become the Go-To Crypto?

▪️Switzerland has taken a step further in embracing crypto with the recent expansion of the instant payment scheme as other banks integrate XRP into their trading platforms.

▪️According to reports, 28% of banks in Switzerland allow or are planning to allow customers to invest in crypto.

According to an announcement by the Swiss National Bank (SNB) and financial infrastructure operator SIX Interbank Clearing Ltd, Switzerland has reached an advanced phase in its effort to leverage the power of instant payment schemes to go cashless.

In the SNB report reviewed by Crypto News Flash, about 60 financial institutions within the country currently can process and receive payment instantly (within 10 seconds). Interestingly, this makes up about 95% of the Swiss retail payment transactions.

The report further discloses that the first institution has launched its retail offering with several others expected to join in the coming months. With this, experts believe that the financial economy could be boosted since private individuals and companies could perform account-to-account transactions around the clock.

This offers significant advantages for individuals, companies and commercial banks. Thanks to shorter settlement chains, risks are reduced and funds received are available immediately. For companies and commercial banks, instant payments expand opportunities for automating processes and linking with other services.

Commenting on this, SNB and SIX disclosed that instant payment could be widely established in Switzerland in the medium term and could be a model for future related innovations.

The technical framework for this new type of payment was put in place with the successful go-live of the new generation of the central Swiss payment system in November 2023.

This market launch represents a further important milestone and reflects the collective stakeholder commitment to the future of cashless payments in Switzerland.

Could XRP be Considered for this Innovation

With the country expected to fully redefine its financial system with the perfect establishment of an instant payment scheme, experts believe that XRP could be integrated in the future.

Fortunately, this possibility is not far-fetched as a Swiss bank fully owned by the government, PostFinance, recently announced the addition of Solana (SOL) and Ripple (XRP) to its trading platform.

According to reports, XRP could get more integration in the future, with 28% of Swiss banks currently allowing clients or planning to enable them to invest in crypto. In addition to PostFinance, the cantonal banks of Zug, St Gallen, and Lucerne have all introduced their crypto offerings.

PostFinance’s history in the crypto industry could be traced beyond 2023, when it partnered with Sygnum Bank to regulate crypto services. The basis of the collaboration was to allow customers to buy, sell, and store cryptos like Bitcoin (BTC), Ethereum (ETH), and now XRP.

Last year, we reported that Swiss banking giant BBVA had expanded its partnership with Ripple-owned Metaco to enable a robust engagement in crypto. 

Priding itself as the first tier 1 bank in the Eurozone to combine crypto custodial and trading services alongside traditional assets, BBVA is expected to lead the way for full XRP integration.

Currently, XRP is being set up to lead the new global financial era, which is marked by its recent integration with MasterCard, while Ripple is working to boost Real-World Asset (RWA) tokenization worldwide.

At press time, XRP traded at $0.59 after declining by 0.12% in the last 24 hours.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 8-21-24

Good Afternoon Dinar Recaps,

IOTA Foundation a Winner in EBSI PCP, Demonstrating Scalability and Sustainability

The IOTA Foundation has successfully completed the final phase of the European Blockchain PCP, developing a scalable, energy-efficient, and secure blockchain solution using its Tangle technology.

As part of the European Blockchain PCP, IOTA created prototypes such as Digital Product Passports for electronics and plastics and an Intellectual Property Rights (IPR) Marketplace.

The IOTA Foundation recently announced that it has successfully completed the third and final phase of the European Blockchain Pre-Commercial Procurement (PCP), a big initiative funded by the European Commission. IOTA was one of the seven projects to participate in the European Blockchain PCP which began back in 2020.

The goal of the European Blockchain PCP is to build new Distributed Ledger Technology (DLT) solutions for integration into the European Blockchain Services Infrastructure (EBSI). 

As reported by Crypto News Flash, EBSI is an open-source permissioned network supporting cross-border credential attestations across the European continent.

Its long-term vision includes the evolution of the infrastructure into the European Digital Infrastructure Consortium for Blockchain (EUROPEUM-EDIC) which will offer scalability, energy efficiency, and secure blockchain applications.

Throughout the phases of this project, IOTA, along with its partners such as Digimarc, Software AG, Uncommon Digital, etc., developed a solution combining the DAG-based tangle DLT with open-source building blocks and APIs. 

This solution includes a core DLT layer built atop the Stardust version of the Tangle protocol, which uses a Decentralized Coordinator with a Proof-of-Authority consensus mechanism involving EU member states and institutions.

It further ensures decentralization, efficiency, interoperability, and scalability, enabled by the “Tangle Tree” data sharding concept and EVM-compatible IOTA Smart Contract Chains. 

Now, with the completion of the European Blockchain PCP, IOTA can apply these innovations and prototypes in the market, thereby contributing to future blockchain services in Europe.

IOTA Builds Innovative Prototypes for European Blockchain PCP

As part of its involvement in the European Blockchain Pre-Commercial Procurement (PCP), the IOTA Foundation built innovative solution prototypes. One such prototype focuses on intellectual property rights (IPR) management by leveraging NFTs, smart contracts, and decentralized identities (DIDs). As reported by Crypto News Flash, IOTA has also created an IPR Marketplace that is accessible through an EU Digital Identity-compatible credential wallet.

Similarly, IOTA has also developed Digital Product Passports (DPPs) for both the electronics and the plastic industries. Thus, the Electronics DPP prototype tracks the entire lifecycle of electronic devices, right from manufacturing to recycling. Similarly, the Plastics DPP prototype focuses on the transformation of agricultural plastic waste into bioplastic, while recording each phase of the process, per the CNF report.

IOTA successfully demonstrated its technology in the European Blockchain PCP across multiple areas such as:

▪️Scalability: IOTA’s Tangle technology achieved 90K confirmed transactions per second by using the Tangle Tree sharding concept, thereby supporting exponential scalability with 100 interconnected Tangles.

▪️Sustainability: The energy consumption for IOTA’s Stardust Tangle has scaled logarithmically with transaction volumes. IOTA noted that this makes it more energy-efficient than other solutions, like Hyperledger Besu.

▪️Security and Privacy: IOTA aligned with industry standards, developed quantum-resistant cryptography, and ensured compatibility with European regulations, enhancing both security and privacy in its blockchain solution.

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Source:  Crypto News Flash

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Malaysia’s Anwar Ibrahim visits India to reset ties, boost Brics membership bid

The first visit to India by PM Anwar Ibrahim is timely due to China’s rising dominance of Malaysia’s foreign policy space, analysts say

Malaysia’s Anwar Ibrahim on Monday makes his debut trip to India as prime minister, seeking support for his country’s application to join the Brics bloc and to rekindle a bilateral relationship that was worth over US$16 billion in trade last year.

During its first prime minister-led delegation’s visit to India since 2018, Malaysia hopes to bolster ties with one of Asia’s fastest-growing economies. India is the largest buyer of Malaysian palm oil and a key exporter of rice to the Southeast Asian nation.

The application to join Brics, which was submitted to the current chairman Russia, is aimed at cushioning a potential impact on Malaysia from the escalating US-China trade and tech war, analysts say.

Brics comprises founder members Brazil, Russia, India, China and South Africa, as well as Saudi Arabia, Iran, Ethiopia, Egypt and the United Arab Emirates, offering preferential trade and investment with countries covering 45 per cent of the world’s population.

Anwar’s three-day visit is also a chance to reset Malaysia’s relations with India, analysts say, following a hangover from a spat with New Delhi under a previous Malaysian administration and China increasingly dominating the Southeast Asian nation’s foreign policy space.

During his visit, Anwar is scheduled to hold talks with his counterpart Narendra Modi, Malaysia’s foreign ministry said in a statement on Sunday, as well as meet India’s captains of industry and deliver a lecture on Malaysia-India ties.

The visit marks the first top-level visit by a Malaysian leader since former prime minister Mahathir Mohamad in 2019 accused India of having “invaded and occupied” Kashmir. His comments triggered a limited boycott of Malaysia’s palm oil – one of its biggest exports – by Indian traders.

India has been Malaysia’s top export market for its palm oil for 10 years running, buying 2.84 million tonnes in 2023, or nearly 20 per cent of Malaysia’s total palm oil exports, according to Malaysian government data. In contrast, China bought 1.47 million tonnes of palm oil shipments.

Malaysia is also heavily dependent on India for its domestic food supply.

In March, Malaysia’s government put in a request to import an additional 500,000 metric tonnes of rice from the world’s largest rice exporter, as a prolonged drought crimped domestic output and put pressure on national grain stockpiles. The request was on top of an earlier rice export quota of 170,000 metric tonnes allocated for Malaysia for the year.

India also has deep cultural links with Malaysia, whose minority ethnic Indians make hundreds of thousands of annual visits each year to their ancestral family villages and perform religious pilgrimages in temples, mostly in India’s south.

There is also a burgeoning strategic dimension in the relationship to serve as ballast to counter China’s influence, which looms large over the contested South China Sea, analysts say.

“Beijing’s rapid ascendency in the past three decades has transformed the entire power and economic equation in the region, and until recently, there was no adequate power balancer to this new power dynamic apart from the West,” said Collins Chong Yew Keat, a foreign affairs analyst with the University of Malaya.

The visit presents an opportunity for Malaysia to explore deeper defence cooperation with India, which has been upgrading its security and naval capacities and is carving out an increasingly important role in Asia’s regional maritime resilience, Chong added.

It is a role outlined in Modi’s Indo-Pacific Oceans Initiative launched in 2019, which presents the South Asian power as potentially the “primary power challenger” to China, Chong said.

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Read more:  SCMP

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Ripple Enhances XRP Ledger (XRPL) with Launch of New Batch Devnet Servers

▪️Ripple launches Batch-Devnet Servers, boosting XRPL’s development with enhanced testing capabilities.

▪️New Batch Transactions feature on XRPL streamlines complex operations, aiding NFT minting and more.

Ripple Labs developers are taking significant steps to enhance the XRP Ledger (XRPL). Following the new era for XRPL we discussed earlier, Ripple and Archax are working to tokenize millions in real-world assets.

The latest update is the announcement of the availability of Batch-Devnet Servers, which serve as a parallel XRP Ledger test network.

As per a tweet yesterday, RippleX shared that the Batch-Devnet Servers are now available as a parallel XRP Ledger test network.

These test networks provide a platform for testing changes to the XRPL and connecting software without using real funds. It’s important to note that the ledger history and balances on these networks can be reset at any time, and users are advised not to use Testnet or Devnet credentials on the Mainnet.

RippleX also highlighted that users can now explore the new “Batch Transactions” feature. This allows multiple transactions to be bundled and executed as a single unit, enhancing reliability and predictability for complex operations.

All balances and XRP on these networks are separate from the Mainnet. As a precaution, do not use Testnet or Devnet credentials on the Mainnet.

One practical use case for this technology is the minting of non-fungible tokens (NFTs) and creating an offer for them in a single transaction.

Taking into account that the XRP Ledger set a new record with 90 million ledgers closed, as CNF previously highlighted, it was a key achievement highlighting XRPL’s growth and community involvement. According to CoinMarketCap data today, Ripple (XRP) is trading at $0.5946, declined by 1.39% in the past day, and surged by 3.23% in the past week.

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Source:  Crypto News Flash

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