Seeds of Wisdom RV and Economic Updates Sunday Morning 9-1-24
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“SAME RISKS, SAME RULES”: THE SEC’S SELECTIVE APPROACH TO CRYPTO REGULATION
When it comes to cryptocurrency regulation, the SEC views most cryptocurrencies as securities, favoring the concept of ‘same risks, same rules’.
But is it possible it’s not being consistent itself?
The same rules aren’t being followed when it involves the custody of crypto-assets.
Good Morning Dinar Recaps,
“SAME RISKS, SAME RULES”: THE SEC’S SELECTIVE APPROACH TO CRYPTO REGULATION
When it comes to cryptocurrency regulation, the SEC views most cryptocurrencies as securities, favoring the concept of ‘same risks, same rules’.
But is it possible it’s not being consistent itself?
The same rules aren’t being followed when it involves the custody of crypto-assets.
The notorious SEC accounting bulletin SAB 121 changes the accounting rules around the custody of crypto-assets, requiring those assets to be disclosed on the balance sheets of listed firms.
That contravenes global accounting norms and has prevented banks from providing cryptocurrency custody. The SEC tries to argue that crypto-assets have elevated cyber risks.
A new heavyweight paper on crypto regulation points out that cyber risks are not new and are well covered by existing regulations. So using the principle of “same risks, same rules”, no additional cyber regulation is necessary for crypto-assets.
Yesterday Steven Schwarcz, Distinguished Professor at Duke University School of Law, published a paper on regulating financial innovation, with a focus on crypto-assets and DeFi.
We’d note that the paper does not directly mention SAB 121, so it is Ledger Insights that’s highlighting the inconsistency. However, the Professor’s cyber risks observation directly follows his discussion of the controversial application of ‘same risks, same rules’ to crypto.
A thought provoking paper on crypto regulation
Most regulations focus on the minutiae, whereas Professor Schwarcz reviews the high level models that can be used in regulating fintech innovation. ‘Same risks, same rules’ is one of six models he explores.
While some may disagree with various suggestions, regulatory clarity is necessary for new industries to flourish.
The Professor selected the salient aspects of the six models to outli The Professor selected the salient aspects of the six models to outline a recommended framework to address fintech innovation in gen ne a recommended framework to address fintech innovation in general. He then applies it to the crypto sector.
Sandboxes, smart contract audits (not just code)
A first step is to provide regulatory sandboxes. The Professor has a pragmatic view, recognizing that sandbox tests with a few customers won’t highlight all the potential risks.
There’s a need for fintech firms to self monitor their risks. However, that’s not likely to be sufficient, so there should be a system of third party expert monitoring.
In the crypto sector, smart contract audits are already widely used to identify bugs and qualify as a type of third party monitoring. But that only addresses one specific risk. A broader range of risks need exploring – risks to the firm and their customers, to other market participants and the public.
Plus, the automated nature of smart contracts can trigger a vicious cycle. We’ve already witnessed multiple crypto crashes and the impact on crypto lending. The liquidation of collateral leads to price declines, sparking a cascade of additional liquidations.
Stopping a crash
In traditional finance (TradFi) these sorts of issues exist in high frequency trading, where suspending trading helps to address the risk. However, the Professor recognizes that would be tricky to enforce in the crypto sector.
Hence, he recommends that businesses identify their counterparties and disclose the risks to them. If a third party monitor finds the firm’s smart contract usage creates significant risk, then “Regulators should have the power to suspend a business’s right to enter into new smart contracts.”
In other words, if you can’t stop a crash by suspending trading, then try to prevent it from happening in the first place. Although both are desirable.
One can imagine that the suggestion would cause the crypto sector to be up in arms, but it has merit, provided it’s not overused and one appropriately defines ‘significant risk’. TradFi has standard approaches to risk management which can be tweaked and ported to the crypto world. The more responsible players already do this.
For example, we’re aware of at least one exchange that saw the Terra Luna collapse unfolding early on, because they had systems in place. Hence, they protected their clients, although arguably their reaction exacerbated the downward spiral.
DeFi regulation
The Professor’s approach to DeFi resembles discussions already taking place about how to identify responsible people, with holders of governance tokens being one avenue.
An alternative option is to require DeFi platforms to be “provided by centrally registered and well capitalized entities.” At the same time, he acknowledges that could nullify DeFi benefits (low costs), so suggests consulting the DeFi industry before taking steps in this direction.
Regarding crypto-assets, he observes that some have proposed the financial equivalent of the FDA. In other words, all fintech innovations would need approval in advance.
He dismisses this as an innovation killer. He wrote that this “reverses the presumption, at least in the context of new financial products, that private-sector freedom of contract produces beneficial societal outcomes”.
In the case of financial stability risks, the Professor notes that fintechs are generally too small to create stability risks. These sorts of risks come from the actions of systemically important institutions. Hence, to address this particular risk, there should be limits on them rather than fintechs.
Surprisingly, he doesn’t mention that this is the approach taken by the Basel Committee for Banking Supervision.
Given the gravitas of this paper, who knows, perhaps he was the one that suggested banks have a maximum crypto exposure of 1% of Tier 1 capital.
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Source:
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BIDEN ADMINISTRATION NOT INTERESTED IN RESOLVING UKRAINE CONFLICT — ECONOMIST
The true causes of the Ukrainian conflict have never been explained to US citizens, Professor Jeffrey Sachs said.
NEW YORK, August 30. /TASS/. The administration of US President Joe Biden is not interested in resolving the conflict in Ukraine and refuses to admit that Washington is directly to blame for this crisis, American economist, Director of the Center for Sustainable Development at Columbia University, Professor Jeffrey Sachs said.
"There's nothing really that this administration <...> is going to do. I don't think the president is probably in any mental state to lead anything at this point. So I think we're kind of on autopilot, which is [a] very bad place to be," he said in an interview with US journalist Tucker Carlson.
"This is a war provoked by the US, <…> the US [that] aims for NATO enlargement, and it would take a president who understands the basics of this and why this was so wrong headed," the economist emphasized, adding that Biden is not such a person.
Sachs added that the true causes of the Ukrainian conflict have never been explained to US citizens. The information that Americans can receive on this issue is contrary to reality, he added.
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Source: TASS
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Iraq's Central Bank's Major US Visit | Seeds of Wisdom Team Youtube
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RUSSIA IS ABOUT TO TRY USING CRYPTO TO GET AROUND SANCTIONS
Experts doubt it will work, given the traceability of blockchains and the risk of even tougher sanctions for Russia.
▪️Russia will start its trial of cross-border payments using crypto next week.
▪️Recent statements from senior Russian leaders suggest the law’s purpose is to use crypto to counter sanctions.
▪️The law hands power to Russia’s central bank to oversee an “experimental” regime.
Russia will begin trialing cross-border crypto payments next week in an effort to circumvent international sanctions – but this effort may not work, several policy and legal experts told CoinDesk.
Legislation passed at the end of July and swiftly signed into law by President Vladimir Putin does not lift an existing ban on using cryptocurrencies as legal tender for regular payments within Russia, but instead allows cross-border payments with crypto.
How the law will allow such payments remains unclear because the legislation doesn’t specify rules for such transactions. Instead it hands power to Russia’s central bank to oversee an “experimental” regime, experts said.
Russia's economy has been hit hard by a suite of sanctions imposed by the U.S. and other nations following its invasion of Ukraine.
Since Russia’s invasion of Ukraine in Feb. 2022, it’s faced 16,500 sanctions from the U.S., U.K., European Union, Australia, Canada and Japan.
"The passing of these bills by the Russian government signals a continuation of Russia’s evolving strategy to circumvent Western sanctions," blockchain analytics firm Chainalysis’ director of investigations, Valerie Kennedy, told CoinDesk.
The EU said about half of Russia’s total foreign currency reserves, worth 300 billion euros ($332 billion), including 70% of the assets of the Russian banking system, were frozen. Select Russian banks were disconnected by the interbank messaging system, the Society for Worldwide Interbank Financial Telecommunication (SWIFT).
"It has been difficult for Russia to avoid the U.S. dollar and euro via the SWIFT system, which has created increasing risk of secondary sanctions," she added. Secondary sanctions are penalties designed to prevent any third party from trading with a sanctioned nation.
What the law says
Some details have emerged in the days leading up to the Sept. 1 implementation of the law.
CoinDesk viewed a copy of the law using google translate. It said “during the circulation of digital currency in the Russian federation … special regulation may be established … by the experimental legal regime program.” That regime is still in the works. Before finalizing it, the central bank will consider proposals and suggestions from domestic stakeholders.
“Some players, including us, have already come with our own proposals,” said Anti Danilevski, founder and CEO of Kick Ecosystem, a one stop shop for crypto, who has been closely engaging with regulators.
“The central bank will decide if it fits with their view. They are moving very fast, so it won't take much time.”
Bloomberg reported that Russia is planning to use the National Payment Card System, for swapping between rubles and cryptocurrencies when testing payments.
The system was chosen because it already features infrastructure for functions like interbank settlement and is fully regulated by the central bank. If the trials are successful, Russia may allow the Moscow Exchange and the St. Petersburg Currency Exchange to set up crypto platforms next year, the report added.
Ivan Chuprunov, an associate professor at the Research Centre of Private Law in Moscow, said the regime’s “exact parameters are not clear” because none have been published yet but the “central bank will likely publish some guidance in the coming weeks.”
The law also appears to let the central bank change how it oversees these trials at any time.
The legislation said that the provisions may “exclude or change” parts of the Federal Law in relation to transactions with “digital currency made in the implementation of foreign trade activities through an authorized organization.”
The regime is “more a flexible one” because it’s “just the central bank who will be approving it,” said Chuprunov. “Whether they will have just one exchange, what currencies would be traded, how participants would get trading access, is still a big unknown.”
Nor does the law clearly specify what rules now apply to crypto entities or businesses wanting to deal in crypto, because the central bank will determine which companies will participate in the experiment.
While the law doesn’t specify what its exact purpose is, recent statements from senior Russian leaders pointed toward using crypto to counter sanctions.
On July 17, 2024, in an economic affairs meeting, Putin said Russia should not “miss the moment” and should promptly set up a “legal framework” for crypto, which is “increasingly used in the world as a means of payment in international settlements.”
Then, one of the authors of the bill said Russia views cryptocurrencies “primarily as a tool for circumventing sanctions,” followed by its central bank Governor Elvira Nabiullina saying that’s why we “softened our stance” on crypto at an event in Moscow recently.
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Source: CoinDesk
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Economist’s “News and Views” Saturday 8-31-2024
A Cryptocurrency Backed By GOLD?
Lynette Zang: 8-31-2024
In today's episode of GeeWhiz we are talking about the recent launch of Tether's new gold-backed cryptocurrency and what that really means for you and the dollar...
A Cryptocurrency Backed By GOLD?
Lynette Zang: 8-31-2024
In today's episode of GeeWhiz we are talking about the recent launch of Tether's new gold-backed cryptocurrency and what that really means for you and the dollar...
Central Banks Are DOOMED! Gold & Silver Are About To Go PARABOLIC! | Greg Mannarino
Wall Street Silver: 8-31-2024
Greg Mannarino joins us to discuss the global economy and more! Gold is on the rise and something big is coming! JOIN US!
*BRICS Bank vs. IMF: BRICS Bank Accepts New Member, Poised to Challenge IMF Predatory Tactics
Lena Petrova: 8-31-2024
Seeds of Wisdom RV and Economic Updates Saturday Afternoon 8-31-24
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BINANCE ANNOUNCES SUPPORT FOR BIGGEST CARDANO HARD FORK IN HISTORY: DETAILS
With the Cardano hard fork called Chang approaching, the world's largest cryptocurrency exchange, Binance, has announced that it will be supporting the network update.
The Chang hard fork is expected to occur on Sunday, Sept. 1, at approximately 9:45 p.m. UTC. An hour before the event, Binance will suspend all deposits and withdrawals from ADA, the network's native token; trading in the asset, however, will not be affected.
Good Afternoon Dinar Recaps,
BINANCE ANNOUNCES SUPPORT FOR BIGGEST CARDANO HARD FORK IN HISTORY: DETAILS
With the Cardano hard fork called Chang approaching, the world's largest cryptocurrency exchange, Binance, has announced that it will be supporting the network update.
The Chang hard fork is expected to occur on Sunday, Sept. 1, at approximately 9:45 p.m. UTC. An hour before the event, Binance will suspend all deposits and withdrawals from ADA, the network's native token; trading in the asset, however, will not be affected.
The Chang hard fork, which is being called Cardano's “most significant” update to date, will make the network fully decentralized. Few people know that Cardano is now actually run by three entities:
Cardano Foundation, IOHK and EMURGO. They are in fact responsible for all decisions made regarding the blockchain and affecting the price of the 10th largest cryptocurrency.
Under Chang, however, the keys and in fact the control mechanisms of Cardano will remain in the hands of the community and actual ADA holders who delegate their tokens to the staking pool.
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Read more: U Today
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CRYPTO HOLDERS DISPROPORTIONATELY FAVOR TRUMP FOR U.S. PRESIDENT, NEW ACADEMIC POLL SHOWS
Donald Trump’s outreach to the crypto community seems to be paying off.
Former U.S. President Donald Trump’s efforts to court the cryptocurrency industry this election cycle seem to be paying off, according to the results of a new poll from Fairleigh Dickinson University.
The poll results, released Friday, found that crypto holders are disproportionately likely to say they will vote for Trump over Vice President Kamala Harris in the upcoming U.S. presidential election. Half of all crypto-holding survey respondents said they planned to vote for Trump, while only 38% of crypto owners preferred Harris.
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Read more: CoinDesk
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COINBASE CEO ANNOUNCES FIRST AI-MANAGED CRYPTO TRANSACTION
▪️Brian Armstrong announced the first AI-managed crypto transaction on Coinbase.
▪️AI bots can now perform instant, global, and free transactions using crypto wallets.
▪️New developments are enabling AI bots to autonomously manage financial transactions.
Coinbase CEO Brian Armstrong announced a groundbreaking development in the crypto sector. Armstrong revealed the first crypto transaction entirely managed by artificial intelligence (AI) bots on the platform. This transaction is considered a significant step at the intersection of AI and cryptocurrencies.
Armstrong Announced the Development on X
On August 30, Armstrong shared, “This week, we witnessed the first AI-to-AI crypto transaction on Coinbase.” In this transaction, an AI bot interacted with another AI bot using cryptocurrencies, and the AI purchased tokens.
These tokens play a critical role in the development of AI technologies as data sequences that enable algorithm learning. Access NEWSLINKER to get the latest technology news.
Armstrong highlighted another important point: AI bots were designed to perform specific tasks but struggled to manage transactions until now.
This was seen as one of the biggest obstacles to integrating AI into daily life. Without payment methods, AI bots couldn’t participate in economic activities, but the advent of crypto wallets is gradually removing this barrier.
They Can’t Open Bank Accounts
Armstrong noted that while AI bots cannot open traditional bank accounts, they can possess crypto wallets. These wallets enable bots to perform instant, global, and free transactions on the Base platform using cryptocurrencies like USDC. This development paves the way for AI bots to become active participants in the digital economy.
Armstrong’s innovative approach aligns with his previous calls for equipping AI systems like large language models (LLMs) with crypto wallets. Armstrong aims to revolutionize the world of digital transactions by enabling AI bots to perform tasks on behalf of users and participate widely in the economy.
Other Developments Are Also Underway
The sector is responding to Armstrong’s vision with new developments that grant transaction capabilities to AI bots. For instance, in August, the Blockchain development firm Skyfire launched a payment platform that allows AI bots to autonomously spend money.
This platform enables AI to manage financial transactions independently, a function previously exclusive to humans.
Additionally, the Web3 infrastructure firm Biconomy is taking significant steps by deploying AI bots to facilitate on-chain transactions for users. According to co-founder Aniket Jindal, the Delegated Authorization Network (DAN) introduces a new authorization phase that allows commercial activities to be delegated to AI bots.
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Source: Coin-Turk
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US ON FAST TRACK TO BANKRUPTCY — MUSK
"Government overspending is what causes inflation," the businessman said
NEW YORK, August 30. /TASS/. The United States may soon face bankruptcy, businessman Elon Musk said.
"At current rates of government spending, America is in the fast lane to bankruptcy. Government overspending is what causes inflation," Musk wrote on his page in the X social network.
The state debt for the first time crossed the level of $35 trillion, the US Department of the Treasury said on July 29. According to forecasts of the Congressional Budget Office, it will be over $50 trillion or more than 122% of GDP in 2034. The Office estimated that the average annual growth of US GDP will be 1.8% in 2029-2034.
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Source: TASS
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Seeds of Wisdom RV and Economic Updates Saturday Morning 8-31-24
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BRIDGE RAISES $58M FOR STABLECOIN API TO ENABLE REAL WORLD B2B PAYMENTS
Yesterday stablecoin startup Bridge announced it has raised a cumulative $58 million in venture funding from Sequoia, Ribbit, Index, Haun Ventures and others.
It’s initially offering two sets of APIs, one for issuing stablecoins and the other for orchestrating payments. Bridge supports a variety of stablecoin use cases, but the company’s Head of Revenue seems particularly focused on global B2B payments.
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BRIDGE RAISES $58M FOR STABLECOIN API TO ENABLE REAL WORLD B2B PAYMENTS
Yesterday stablecoin startup Bridge announced it has raised a cumulative $58 million in venture funding from Sequoia, Ribbit, Index, Haun Ventures and others.
It’s initially offering two sets of APIs, one for issuing stablecoins and the other for orchestrating payments. Bridge supports a variety of stablecoin use cases, but the company’s Head of Revenue seems particularly focused on global B2B payments.
“While local bank interests and network rules worked great in the past, with today’s global work and borderless fund flows we need a truly global framework that can ride on top of financial systems,” Marco Mahrus, Bridge’s Head of Revenue told Primary Venture Partners.
The company outlined its ambitions in a job advertisement stating that it aims to “enable global companies to move and support millions of potential customers.”
To date, stablecoins have primarily been used for a narrow range of purposes – mainly for crypto transactions, by those that live in countries with volatile fiat currencies who wish to hold dollars, and sometimes for (mainly) consumer cross border payments.
Beyond emerging economies, usage outside of the crypto sector hasn’t been huge, despite the promise of low cost payments.
SpaceX and stablecoin real world use cases
Yesterday was Bridge’s formal public launch, but it started operations around 18 months ago, so it already has clients. One of them is SpaceX that uses stablecoins for global treasury management.
Bridge enables on and off-ramping in numerous currencies around the world, which can be converted to stablecoins for cross border payments.
It also supports payouts from aid organizations, creator platforms, and claims to work with the US government.
In addition to supporting FX conversions between fiat currencies and dollar stablecoins, Bridge enables conversions between different types of stablecoins. Last month it engineered a solution for Coinbase allowing the Tether stablecoin on the Tron blockchain to be converted to the USDC stablecoin on Base, Coinbase’s layer 2 blockchain.
Another client is crypto exchange, Bitso, that is providing Mexican businesses with a cross border MXN-USD payment rail using Bridge’s APIs. It’s also working with apps that target African and Latin American consumers that want to save and spend in US dollars.
The company’s team is pretty experienced. Both co-founders had stints at Coinbase and Square. Head of Revenue Marco Mahrus held similar roles at Uber and corporate card startup BREX. So far the company has money transmitter licenses in 22 U.S. states.
In Europe it has a Polish subsidiary which is in the Virtual Currency Activities Register. This is not a MiCA licence, as we don’t believe Poland has yet issued any crypto asset service provider (CASP) registrations.
Meanwhile, Mahrus spoke about the ability of stablecoins to support transactions that arrive in seconds and at a small cost.
“When people get access to and are used to frameworks for economic exchange and payments that are available 24/7, no one will go back to a bank branch and wait for SWIFT or wire transactions during bank hours,” he said.
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Source: Ledger Insights
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JUST IN: 🇧🇷 Brazil officially bans X (Twitter).
JUST IN: 🇧🇷 Brazil says anyone caught using a VPN to access X (Twitter) will be fined up to $8,874 per day.
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Source: @WatcherGuru
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XRP NEW UPDATE: BLACKROCK HAVE OFFICIALLY BOUGHT IT ALL! XRP ANOTHER WIN
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Seeds of Wisdom RV and Economic Updates Friday Afternoon 8-30-24
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BITCOIN ADOPTION IN THE US: Billion-Dollar Bank NCR Atleos Partners with LibertyX for BTC Cashouts at ATMs
▪️NCR Atleos has launched the LibertyX Bitcoin Cashout feature, allowing users to convert Bitcoin into cash.
▪️The feature is designed to simplify Bitcoin-to-cash transactions by letting users pre-stage their transactions via an app.
NCR Atleos has launched the LibertyX Bitcoin Cashout feature, allowing users across the United States to convert Bitcoin into cash through select ATMs. This new service aims to simplify the process of withdrawing cash from Bitcoin sales, addressing a significant hurdle in the wider adoption of cryptocurrency.
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BITCOIN ADOPTION IN THE US: Billion-Dollar Bank NCR Atleos Partners with LibertyX for BTC Cashouts at ATMs
▪️NCR Atleos has launched the LibertyX Bitcoin Cashout feature, allowing users to convert Bitcoin into cash.
▪️The feature is designed to simplify Bitcoin-to-cash transactions by letting users pre-stage their transactions via an app.
NCR Atleos has launched the LibertyX Bitcoin Cashout feature, allowing users across the United States to convert Bitcoin into cash through select ATMs. This new service aims to simplify the process of withdrawing cash from Bitcoin sales, addressing a significant hurdle in the wider adoption of cryptocurrency.
Simplified Bitcoin-to-Cash Transactions
The LibertyX Bitcoin Cashout feature is a service intended to enable buyers to get cash after selling Bitcoin. To purchase cryptocurrency, users have to choose a LibertyX-affiliated ATM in their region first. The user then enters a Bitcoin address, generates a code, and withdraws U.S. dollars from an ATM. This process removes the need for traditional banking transfers, which can often be slow and cumbersome.
Currently, the feature is available across 30 states, which is only a part of the over 280,000 ATMs managed by Atleos in the United States. The current rollout is limited, but the service could be made available to more people if the trial is successful.
According to Chris Yim, the General Manager of LibertyX, this solves a major problem that hinders Bitcoin uptake because it becomes easier to cash out the digital currency.
This feature is implemented by Atleos’s ReadyCode API, which facilitates the process of making Bitcoin-to-cash transactions at ATMs. However, the service has some disadvantages. For instance, the maximum one can sell in a transaction using the Bitcoin sale access code is $400. However, the users can make several transactions to withdraw higher amounts.
LibertyX, a licensed BitLicense holder in New York, has been active in the cryptocurrency ATM business, providing Bitcoin purchasing options at over 30,000 ATMs across the country.
The implementation of the Bitcoin Cashout feature is viewed as a logical addition to its services since it connects the digital and physical worlds.
US Cryptocurrency Adoption Grows Rapidly
The LibertyX Bitcoin Cashout feature is in line with developments in the US, where the uptake of cryptocurrencies is rising.
Security. org’s 2024 Cryptocurrency Adoption and Sentiment Report revealed that 40% of the adults in America own cryptocurrency, an increase from 30% in 2023. Out of these crypto owners, 63 percent intend to invest in more digital currencies in the next year.
Furthermore, the report reveals that the number of women investors in cryptocurrencies has grown from 18% in 2023 to 29% in the first quarter of 2024. This increase in interest can be attributed to the increasing popularity of cryptocurrencies in the US financial market.
Currently, the United States dominates the market, with 82% of the total number of Bitcoin ATMs installed worldwide. However, there has been a decline in the number of functioning Bitcoin ATMs in the U. S. due to a crackdown on the machines associated with extortion and scams.
The number of Bitcoin ATMs in the United States declined by more than 400 between May and July 2024, bringing the total to 31,273.
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Source: Crypyo News Flash
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US partners with Nigeria for responsible AI use in military
The U.S. State Department has teamed up with Nigeria to further the responsible use of artificial intelligence (AI) in the military.
Mallory Stewart, whose role at the State Department focuses on arms control and stability, recently discussed AI use in military operations with Nigeria’s Ministry of Foreign Affairs, the Ministry of Defence, the national security advisor, civil society, and other officials from the regional bloc ECOWAS.
The U.S. has been on a global tour drumming up support for its initiative to have guardrails for AI use in the military. This initiative, which has garnered the support of 55 countries, advocates using AI “in a manner consistent with international laws and recognising inherent human bias,” Stewart told journalists in Abuja.
“We’ve learned the hard way [about the] inherent human bias built into the AI system … leading to maybe misinformation being provided to the decisionmaker,” she added.
It’s not the first time the U.S. government has partnered with Nigeria on AI. Earlier this year, the American government reiterated its support for Nigeria’s AI strategy, pledging to support the development of the West African nation’s infrastructure to boost research and innovation.
A few months later, the two governments signed an MoU to increase AI engagements between their respective national AI institutes.
The U.S. Department of Commerce has also pledged to collaborate with Nigeria on its approaches to critical areas such as “data, trusted digital infrastructure, power/green energy, AI governance policies, computing resources, digital skills relevant to AI and more.”
The controversy of AI in the military
As with virtually every other sector, AI is gaining rising adoption in the military. For some, like Japan, the technology presents a solution to a rapidly aging and declining population that has left the country short of a military workforce. Others are using it to collect and analyze data and assist in decision-making.
According to former Google (NASDAQ: GOOGL) CEO Eric Schmidt, global wars are “no longer about who can mass the most people or field the best jets, ships, and tanks.” It’s now about autonomous weapon systems and powerful algorithms.
Regulations and guardrails are critical for the technology’s deployment in the sector. However, global political alignments have overshadowed the need for policy frameworks.
One major movement led by the U.S. brought together 31 nations, including France, Germany, Canada, and Australia, to sign a declaration setting guardrails on military AI. However, China and Russia, the other two most powerful militaries after the U.S., were conspicuously missing.
As regulators slack off, AI developers are increasingly voicing their concerns and opposition to the military deployment of AI. Earlier this year, nearly 200 employees at Google DeepMind signed a letter demanding the company terminate its contracts with military organizations.
“Any involvement with military and weapon manufacturing impacts our position as leaders in ethical and responsible AI, and goes against our mission statement and stated AI Principles,” the developers say.
Industry leader OpenAI has also been dragged into military applications. Earlier this year, the company quietly removed its ban on using its AI models “for military and warfare” and has been working with the Pentagon since.
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Source: CoinGeek
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BANKS USING PERMISSIONLESS BLOCKCHAINS FOR TRANSACTIONS FACE MULTIPLE RISKS: BIS
Risks include operations and security, governance, legal, settlement finality and compliance, the report said.
▪️Banks transacting on permissionless blockchains face multiple risks including settlement finality, the Bank for International Settlements said in a working paper.
▪️The paper also said technology to address some of the risks, particularly privacy, is being developed. naming zero-knowledge proofs as a potential solution.
Banks that transact on permissionless blockchains face multiple risks, including money laundering and terrorism financing, the Basel Committee on Banking Supervision concluded in a new paper.
The committee is part of the Bank for International Settlements (BIS), the primary global standard setter for prudential banks.
Other risks include operations and security, governance, legal, settlement finality and compliance, the paper said.
"Certain risks stem from the blockchains’ reliance on unknown third parties, which makes it difficult for banks to conduct due diligence and oversight. These risks require new risk management strategies and safeguards. Current practices for mitigating these risks remain in various stages of development and have not been tested under stress," according to the paper.
Banks are also exposed to political uncertainty as a new legislation could "change validator behaviour," making the "blockchains themselves operationally unstable.
" A ban for instance could "reduce the amount of computing power or staked native tokens available to secure the blockchain, temporarily increasing the risk of a 51% attack," in which ”a coordinated effort is put forward to control greater than 50% of the validation nodes."
The paper also said technology to address some of the risks, particularly privacy, is being developed, naming zero-knowledge proofs as a potential solution.
Last month, the committee approved a disclosure framework for banks' exposure to crypto that must be implemented by the start of 2026.
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Source: CoinDesk
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Seeds of Wisdom RV and Economic Updates Friday Morning 8-30-24
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HONG KONG launches PROJECT ENSEMBLE SANDBOX for wCBDC, tokenization
Today the Hong Kong Monetary Authority (HKMA) launched the Project Ensemble Sandbox to support institutional experimentation with tokenization, both traditional securities and real world assets (RWA). The initiative also involves an experimental wholesale CBDC (wCBDC) to enable interbank settlement between the tokenized deposits of banks.
Four banks are providing the tokenized deposits:
▪️HSBC, ▪️Standard Chartered (Hong Kong),
▪️Bank of China (Hong Kong) and ▪️Hang Seng Bank.
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HONG KONG launches PROJECT ENSEMBLE SANDBOX for wCBDC, tokenization
Today the Hong Kong Monetary Authority (HKMA) launched the Project Ensemble Sandbox to support institutional experimentation with tokenization, both traditional securities and real world assets (RWA). The initiative also involves an experimental wholesale CBDC (wCBDC) to enable interbank settlement between the tokenized deposits of banks.
Four banks are providing the tokenized deposits:
▪️HSBC, ▪️Standard Chartered (Hong Kong),
▪️Bank of China (Hong Kong) and ▪️Hang Seng Bank.
Other direct participants are Microsoft Hong Kong, Ant Digital Technologies (ADT) and Hashkey Group.
The Securities and Futures Commission (SFC) is partnering with HKMA for one of the four trial categories relating to fixed income and funds, where BlackRock and Franklin Templeton are amongst the ‘non community’ participants.
Julia Leung, SFC CEO said the Sandbox is an “example of how innovation and regulation can go hand in hand to blaze a new path for our financial markets.
As two major architects of Hong Kong’s financial markets, the SFC and the HKMA share the same vision and dedication to future-proofing the city’s financial system through innovative market infrastructure.”
Unlike stablecoins where payments involve a single token transfer, a tokenized deposit is a digital twin. Hence, a token transfer from the client of one bank to another also requires the banks to settle with each other in their off-chain books. That can be done with a payment using the conventional RTGS system, or ideally with a wholesale CBDC.
Liquidity, supply chain and green finance use cases
Meanwhile, another Sandbox application category is for liquidity management, including repo and treasury management. Ant International (not ADT), is collaborating with StanChart and HSBC to develop a global liquidity management solution.
The goal is to use Ant’s Whale platform for treasury management to help the banks to exchange their tokens. Ultimately, this aims to support+ real-time 24/7 cross border payments.
Supply chain finance is an area to be explored in the Sandbox. One use case involves issuing electronic bills of lading (eBL) on the Global Shipping Business Network (GSBN) blockchain infrastructure.
These eBLs are tokenized by Ant Digital Technologies to support money movements for trade finance using tokenized deposits, with interbank settlement using wCBDC. The ICC Digital Standards Initiative is a participant in another trade related use case.
The fourth application area is for green finance, which attracted the most external participants (8) including local stock exchange HKEX.
Apart from these four areas, the HKMA said it would continue to engage with the community to potentially add more. Plus, it’s exploring collaborating with the BIS Innovation Hub on one or more themes.
The HKMA is also taking part in the European Central Bank wholesale DLT settlement trials. They aim to test the interoperability between the Project Ensemble platform and the Banque de France DL3S blockchain for wCBDC.
@ Newshounds News™
Source: Ledger Insights
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JUST IN: Elon Musk wins dismissal of lawsuit claiming he rigged Dogecoin and conducted insider trading.
JUST IN: Elon Musk wins dismissal of lawsuit claiming he rigged Dogecoin and conducted insider trading.
Source: @WatcherGuru
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Governments are scrambling to secure and safeguard their critical minerals.
Meanwhile, the majority of investors remain sleeping.
Billions of dollars worth of minerals in the ground are trading at a fraction of their true value.
This eventually will change.
Source: Gold Telegraph on X
~~~~~~~~~
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Seeds of Wisdom RV and Economic Updates Thursday Evening 8-29-24
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BRICS News: 126 Nations Discuss Moving Away from US Dollar, Explore Crypto Payments
BRICS hosted its sixth International Municipal Forum this week, with over 5,000 participants representing 126 countries attending the event in Moscow, Russia.
De-dollarisation will be high on the priority list for the countries as more countries beyond North America and Europe seek to break the US stranglehold on global finance.
Good Evening Dinar Recaps,
BRICS News: 126 Nations Discuss Moving Away from US Dollar, Explore Crypto Payments
BRICS hosted its sixth International Municipal Forum this week, with over 5,000 participants representing 126 countries attending the event in Moscow, Russia.
De-dollarisation will be high on the priority list for the countries as more countries beyond North America and Europe seek to break the US stranglehold on global finance.
BRICS is becoming stronger by the day and continues to attract more developing nations who are fed up with the continued dominance of a few economies at the expense of the majority. This made this week’s summit in Moscow even more significant, with de-dollarisation topping the list of priorities.
The sixth BRICS International Municipal Forum was held on August 27-28 this week in Moscow, Russia. According to local media, leaders from 80 Russian regions were joined by over 5,000 leaders from 120 countries globally.
Commenting on the event, Moscow’s International Relations head Sergey Cheremin said the event allowed the attendees to align their priorities in their fight for global equality.
“This forum will allow us to strengthen relations not only between the BRICS capitals and Moscow but also between our partners on all continents. Today, more than 60 official delegations are represented at the event. <…> For us, this presence is evidence of our colleagues’ interest in the technologies that Moscow is implementing in the municipal sphere,” he stated.
The forum allowed the attendees to discuss some of the challenges they face in their home countries and figure out solutions and synergies together. It touched on healthcare, transport, science and technology, education and more.
The attendees also discussed emerging trends such as AI, smart cities, IoT, climate change, and more. However, the global movement of money was one of the biggest themes.
BRICS De-dollarisation—Is Crypto Next?
As we’ve reported, BRICS has been the biggest critic of the US dollar-based global financial systems. The bloc’s founding members, especially Russia and China, have been at odds with the US for decades, competing on the tech, military, and economic front. America has continued to rely on the position of its currency to suppress these countries, and they are now fighting back.
Russia is the prime driver of the BRICS de-dollarisation movement. The Eastern European nation has been kicked out of most global funds transfer systems, including SWIFT, through the 5,000+ sanctions imposed by the US and its allies. As we recently reported, it’s working on a crypto-based system to circumvent this blockade.
When it started, BRICS was just an economic bloc of five nations with a vision of a post-USD world. However, earlier this year, five others, including Egypt and the UAE, joined, and it’s now turning into an unstoppable movement. Some reports have revealed that nearly 50 nations have expressed an interest in joining BRICS and that over half of them have formally sent their applications.
Another thing BRICS nations have in common is their affinity for crypto. Russia is set to fully legalize crypto for cross-border payments and open two new state-owned exchanges, and reports say China could follow suit.
@ Newshounds News™
Source: Crypto News Flash
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HOUSE COMMITTEE PLANS for Heap of Crypto Hearings in September
The House Financial Services Committee is expected to look at DeFi, U.S. enforcement and "pig butchering" in a series of hearings the panel is set to schedule for next month.
▪️The U.S. House of Representatives' financial-services committee is said to be tackling a ton of crypto issues next month, including DeFi and Securities and Exchange Commission matters.
▪️Digital assets will likely be a hot topic for SEC Chair Gary Gensler, who is said to be scheduled to face the entire committee later in September.
The U.S. House Financial Services Committee is poised to launch a series of crypto hearings digging into several aspects of the industry, according to a person briefed on the planning, including decentralized finance (DeFi), the Securities and Exchange Commission's oversight of digital assets businesses and the implications of "pig butchering" scams.
The congressional panel, which has oversight over U.S. securities and most financial products, will set a September hearing calendar jammed with crypto-relevant topics, the person said. The committee chairman, Rep. Patrick McHenry (R-N.C.), is retiring at the end of the year and has said one of his top remaining priorities is finishing one of the bills to begin establishing tailored federal rules for crypto.
The first of the hearings on Sept. 10 will be a long-awaited subcommittee examination of DeFi, an aspect of the crypto industry that's received mostly negative attention from regulators to date.
A number of proposed rules at various federal agencies could have existential consequences for DeFi projects, including at the SEC and Internal Revenue Service.
A busy day on Sept. 18 will feature two hearings – one in the morning on the enforcement practices of the SEC and one later on the implications of so-called pig butchering, the practice of posing as a romantic partner to scam people out of their assets.
But a full-committee hearing on Sept. 23 could carry the most crypto weight, with the SEC set to testify. The House panel is said to be seeking testimony from Chair Gary Gensler and the rest of the five-member commission in the same hearing – a highly unusual approach.
They'd appear just as the lawmakers are also negotiating legislation that could seek to hem in the agency's digital assets jurisdiction in favor of casting the Commodity Futures Trading Commission in a more prominent role.
The possibility of crypto legislation remains dicey this year, though the calendar includes time for work on bills, and prominent lawmakers – including Senate Majority Leader Chuck Schumer (D-N.Y.) – keep saying they intend to get something done.
A spokesperson for the committee chairman didn't immediately respond to a request for comment on the schedule planning.
@ Newshounds News™
Source: CoinDesk
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Seeds of Wisdom RV and Economic Updates Thursday Morning 8-29-24
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Nigeria’s SEC issues first license to local crypto exchange
As the regulatory environment continues to evolve, other local exchanges will likely follow Quidax’s lead and seek to meet the SEC’s requirements.
The Nigerian Securities and Exchange Commission has issued Quidax, an Africa-based crypto exchange, its first provisional operating license.
The development signals the beginning of formal recognition and regulatory oversight for the country’s digital asset industry.
Good Morning Dinar Recaps,
Nigeria’s SEC issues first license to local crypto exchange
As the regulatory environment continues to evolve, other local exchanges will likely follow Quidax’s lead and seek to meet the SEC’s requirements.
The Nigerian Securities and Exchange Commission has issued Quidax, an Africa-based crypto exchange, its first provisional operating license.
The development signals the beginning of formal recognition and regulatory oversight for the country’s digital asset industry.
According to a press release shared with Cointelegraph, the SEC’s license permits Quidax to operate as a registered crypto exchange in Nigeria.
Quidax said the SEC’s approval is a “shot of adrenaline” for the Nigerian crypto community, encouraging further innovation and expansion.
Regulatory milestone
Buchi Okoro, the co-founder and CEO of Quidax, praised the SEC — particularly under the new leadership of Emomotimi Agama — for its decisive action to bring order, confidence and investor protection to the Nigerian crypto industry.
The regulatory approval now enables Quidax to collaborate with banks and other financial institutions, pending the Central Bank of Nigeria’s approval. The SEC’s licensing follows a comprehensive amendment to its rules on June 21, which covered digital asset issuance, offering platforms, exchange and custody.
A notable part of the regulatory overhaul is the introduction of the Accelerated Regulatory Incubation Programme designed to help virtual assets service providers align with new regulatory requirements.
Despite these advancements, there was initial concern that the stringent licensing requirements might significantly reduce the number of local crypto exchanges.
The Nigerian SEC mandates a minimum upfront capital requirement of 500 million naira ($556,620) and a current Fidelity Insurance Bond covering at least 25% of the stipulated minimum paid-up capital for both digital asset exchanges and digital assets offering platforms.
Nigeria’s crypto landscape
Nigeria — Africa’s largest economy — has consistently ranked high in global cryptocurrency adoption. According to a recent survey of 15 countries, Nigeria boasts the world’s most cryptocurrency-aware population.
Chainalysis’ “2023 Cryptocurrency Geography Report” placed Nigeria second in crypto adoption among 154 countries, underscoring its critical role in the global digital asset ecosystem.
However, despite the high adoption rate, the anticipated influx of foreign crypto investment has not materialized as expected. The new regulatory framework and Quidax’s licensing could potentially alter this trajectory by providing a more stable and secure environment for both local and international investors.
@Newshounds
Source : Coin Telegraph
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Hong Kong announces sandbox to accelerate RWA tokenization adoption
Hong Kong’s financial regulator launched a new sandbox initiative at testing tokenization use cases across asset classes and real-world applications in the financial sector.
The Hong Kong Monetary Authority has launched its new initiative dubbed “Project Ensemble Sandbox” in a bid to double down on its tokenization efforts of real-world assets.
In an Aug. 28 press release, the HKMA said the initiative aims to test and refine the use of tokenized money for interbank settlements and transactions involving tokenized assets.
The sandbox is said to focus on four main themes for its initial round of experimentation: fixed income and investment funds, liquidity management, green and sustainable finance, and trade and supply chain finance.
The HKMA says banks have already connected their tokenized deposit platforms to the sandbox, allowing for real-time testing of payment-versus-payment and delivery-versus-payment settlement mechanisms.
The initiative includes Standard Chartered (Hong Kong), HSBC, Bank of China (Hong Kong), Hang Seng Bank, and HashKey Group, among others.
In a separate development, Ant International, a tech firm headquartered in Singapore, revealed its participation in the sandbox with a focus on liquidity management. The company will work with Hong Kong branches of Standard Chartered Bank and HSBC to develop a global liquidity management solution that supports real-time, cross-border payments.
HKMA Chief Executive Eddie Yue commenting on the initiative said the sandbox marks a “significant step forward for the HKMA and the industry to explore the application of tokenization in real-life business scenarios,” adding that with the latest development it wants to further drive innovation and progress in the Hong Kong tokenization market.
@Newshounds
Source: Crypto News
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Seeds of Wisdom RV and Economic Updates Wednesday Evening 8-28-24
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NASDAQ UNVEILS PLANS FOR SPOT BITCOIN OPTIONS
Today Nasdaq announced it has filed an application with the Securities and Exchange Commission to launch Nasdaq Bitcoin Index Options (XBTX). Its partner is CF Benchmarks, the creator of the CME CF Bitcoin Real-Time Index (BRTI). The offering is subject to SEC approval.
The index represents current trades on cryptocurrency exchanges and these will be spot options. This complements the existing CME Options which are linked to bitcoin futures.
Good Evening Dinar Recaps,
NASDAQ UNVEILS PLANS FOR SPOT BITCOIN OPTIONS
Today Nasdaq announced it has filed an application with the Securities and Exchange Commission to launch Nasdaq Bitcoin Index Options (XBTX). Its partner is CF Benchmarks, the creator of the CME CF Bitcoin Real-Time Index (BRTI). The offering is subject to SEC approval.
The index represents current trades on cryptocurrency exchanges and these will be spot options. This complements the existing CME Options which are linked to bitcoin futures.
“Spot options settling to BRRNY (CME CF Bitcoin Reference Rate – New York Variant) will build upon the hugely successful BTC futures and options contracts offered by CME,” said aid Sui Chung, CEO of CF Benchmarks.
“Together these regulated crypto derivatives will give investors the confidence to deploy more nuanced ways to gain exposure to the largest digital asset and will complement the spot ETFs that have already proved so popular with investors.”
On that point, there have been several filings for the approval of options linked to the Spot Bitcoin ETFs. This month four proposals were withdrawn by Cboe, NYSE, Nasdaq and BOX. A Bloomberg commentator expects to see re-filings and approval for ETF options in Q4.
Meanwhile, the New York Stock Exchange (NYSE) made a filing in May for spot Bitcoin options similar to the Nadaq’s, although those are based on the Coindesk index.
@Newshounds
SOURCE: LEDGER INSIGHTS
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IOTA’s EVM, REAL WORL ASSETS, and DUBAI’s CRYPTO BOOM: Shaping the Future of DeFi
IOTA’s EVM, RWAs, and Dubai’s thriving crypto nature are poised to revolutionize decentralized finance.
Additionally, Dubai’s friendly regulatory framework and forward-thinking approach could transform Dubai into a key player in the crypto economy.
The growth of the blockchain ecosystem is fueling the development of cutting-edge technologies that have the potential to revolutionize decentralized finance.
In particular, IOTA’s Ethereum Virtual Machine (EVM), Real World Assets, and the thriving crypto environment in Dubai. By converging these three elements, the future of Decentralized Finance is poised to flourish.
The launch of IOTA’s EVM, which happened mid-May this year, was a significant milestone in bridging the gap between its unique Tangle technology ( an innovative type of distributed ledger technology) and the Ethereum ecosystem- the king of smart contracts.
This integration means that developers can leverage Ethereum’s off-the-edge tools and Dapps, also making IOTA a force to be reckoned with in the smart contract landscape. Making this a dynamic duo, the IOTA network is acclaimed for feeless transactions and scalable network.
Going unheeded is the growing trend in the tokenizing of real-world assets such as real estate, commodities, and more. Bringing assets like this onto the Blockchain means easy trading, transparency, and security. As this real-world asset digitization, regions like Dubai, where the real estate market is blooming and has a strong appetite for innovation, could be a step in the right direction.
IOTA’s EVM and RWA lead the way in Dubai’s Blockchain Revolution
Since 2021, Dubai has emerged as a dubayy for blockchain and cryptocurrency innovation. Dubai boasts a crypto-friendly regulatory framework that has often attracted blockchains from across the globe.
Its forward-thinking approach has made the city the leader in real estate business, technology and innovation, Finance and banking, and the E-commerce sector.
Dubai’s ambition to become a leading crypto-friendly city aligns perfectly with the developments surrounding IOTA’s EVM and RWAs. The city dreads to integrate the thriving blockchain technology into various sectors from finance to real estate.
By amalgamating the finest attributes of both realms: IOTA’s secure data, feeless transactions, and minimal resource demands This, is a perfect recipe to foster innovative business models in Dubai.
Additionally, In doing so, Dubai requires a platform that will offer security, transparency, and efficiency especially when it comes to RWAs.
The synergy between these elements could unlock new opportunities for asset tokenization in Dubai. This would see real estate in the city being tokenized on IOTA, allowing fractional ownership and easier access to international investors.
This would not only boost Dubai’s real estate market but also contribute to the growth of the local crypto ecosystem.
Meanwhile, IOTA is swapping hands for $0.1353, marking a 3.70% and 20.04% decline in the last 24 hours and past month, respectively.
@Newshounds
SOURCE: Crypto News Flash
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UPDATE💡 Due to an unexpected event the Isaac Call has been delayed and To Be Announced. 💡Stay Tuned for the SURPRISE. 💡 Isaac used the word surprise. Call will be in the Podcast Room. Replay on YouTube 💡If you have a question for Isaac, please post in the living room, 💡 Please Subscribe ~ Enjoy ~ Share. Get ready to learn and grow!
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Only This Can Save You as Global Sovereign Debt Bubble Bursts, System Collapses
Only This Can Save You as Global Sovereign Debt Bubble Bursts, System Collapses
Daniela Cambone: 8-28-2024
“You must own gold in this environment. And we're going to own it until there is an honest, sound monetary system,” says Jeff Clark, editor of Paydirt Prospector.
In an interview with Daniela Cambone, Clark emphasizes the importance of owning physical gold as a hedge against systemic risks until a stable monetary system is established.
Only This Can Save You as Global Sovereign Debt Bubble Bursts, System Collapses
Daniela Cambone: 8-28-2024
“You must own gold in this environment. And we're going to own it until there is an honest, sound monetary system,” says Jeff Clark, editor of Paydirt Prospector.
In an interview with Daniela Cambone, Clark emphasizes the importance of owning physical gold as a hedge against systemic risks until a stable monetary system is established.
"We're going to be overweight gold, meaning 20% of your portfolio in physical metal stored outside of your home until the monetary system is revamped.” While Jeff is bullish on gold and silver, he advises against going all-in on one asset class.
A balanced portfolio is important to mitigate risks.
Seeds of Wisdom RV and Economic Updates Wednesday Morning 8-28-24
Good Morning Dinar Recaps,
IS BRICS ABOUT TO ANNOUNCE A GOLD-BACKED CURRENCY?
Back in July, BRICS announced the intention to create a new payment system to rival SWIFT and further the bloc’s stated goal of de-dollarization.
While the exact details of how the system works are not yet confirmed, Former Russian Ambassador to the USA Yury Ushakov made public statements confirming it would use cutting-edge digital technology, including blockchain. He called this an “important goal for the future.”
Good Morning Dinar Recaps,
IS BRICS ABOUT TO ANNOUNCE A GOLD-BACKED CURRENCY?
Back in July, BRICS announced the intention to create a new payment system to rival SWIFT and further the bloc’s stated goal of de-dollarization.
While the exact details of how the system works are not yet confirmed, Former Russian Ambassador to the USA Yury Ushakov made public statements confirming it would use cutting-edge digital technology, including blockchain. He called this an “important goal for the future.”
The system is set to facilitate both cross-border payments and settlements and will not require U.S. Dollars. Further comments made by Russian central banker Elvira Nabiullina suggest that as many as 159 countries have expressed interest in using it, signaling strong international interest in ways to trade that don’t depend on the USD.
In a potentially related move, Russian President Vladimir Putin signed a bill allowing digital currencies to be used for export payments. Evidently, Putin is trying to find ways to trade internationally while under U.S. sanctions due to the war in Ukraine.
Could the BRICS payment system use a gold-backed digital currency?
Anyone familiar with the digital currency industry knows that rumors and speculation circulate widely on little more than suggestive evidence and loosely connected dots.
So, it should come as no surprise that there’s been much debate about a potential link between Putin’s bill and the BRICS payment system and whether the “chosen” blockchain’s native token stands to gain in value.
What many seem to be missing is this: if the rumors are true and BRICS released a gold-backed digital currency, what does it mean for the digital gold narrative peddled by BTC proponents?
While BTC does have a fixed supply for now and users can take custody of their own coins, there isn’t much real liquidity supporting it, and there are well-known long-term problems with the economics of the system.
Could a gold-backed BRICS currency that is actually useful for trade be more appealing to speculators and those who still believe in both hard money and electronic cash? Time will tell, but as usual, BTC maximalists are intent on asking questions to confirm their biases and only tell one side of the story.
De-dollarization won’t be so easy
Whatever form the new BRICS payment system and currency takes, de-dollarizing won’t be easy, and it won’t happen quickly. Just look at some stats showcasing how entrenched the USD is in global trade:
▪️59% of all global reserves are held in USD, according to the IMF.
▪️ 80-90% of global trade is conducted in USD, and oil is priced in it.
▪️ 85% of all FOREX trades involve the USD.
▪️ 60% of all global debt issuances are priced in U.S. dollars.
U.S. Treasuries are still the go-to safe haven asset.
On top of the immense power that USD gives Washington, there’s also the issue of sanctions. The U.S. government can also tell any party doing business with entities it has sanctioned (e.g., Russia) that they aren’t welcome in the U.S. markets, restricting access to capital and more. These secondary sanctions are a powerful weapon in Washington’s arsenal.
While some will choose BRICS over the United States for political reasons, it’s unlikely that many will choose to lock themselves out of the world’s largest economy by nominal GDP, especially if other large markets like the EU are aligned with it.
Nonetheless, the BRICS system and currency will pose a meaningful challenge to U.S. financial dominance. Brazil, Russia, India, China, South Africa, and the other members are not to be underestimated and will play an increasingly important role in the future as their economies grow.
What the BRICS system will look like in the future is anyone’s guess, but with its annual summit ahead in Kazan on October 22-24, we may get our first glimpse soon enough.
@ Newshounds News™
Source: CoinGeek
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IOTA completes EU blockchain pre-commercial phase
Iota completes the final phase of the European Blockchain PCP, setting the stage for scalable, sustainable and secure blockchain infrastructure across the European Union.
The European Commission has been working with leading blockchain developers to set the stage for a future of scalability, sustainability and security across the European Union.
The Iota Foundation announced its successful completion of the final stage of the EU’s blockchain Pre-Commercial Procurement (PCP), along with seven other participants.
Blockchain advances in the EU
The developers have been working on “cutting-edge” prototypes using distributed ledger technology solutions that focus on specific touchpoints, such as intellectual property rights management and digital product passports.
Initiated in 2020, the European Blockchain PCP was part of a broader strategy to enhance the European Blockchain Services Infrastructure (EBSI), a network designed to support cross-border digital services.
Iota’s recent completion of the third phase puts the foundation in a position to be able to contribute to the next generation of blockchain infrastructure under the forthcoming European Digital Infrastructure Consortium for Blockchain (EUROPEUM-EDIC).
This phase included collaborations with local partners, such as Software AG and the Universidad Politécnica de Cataluña, to develop solutions on its blockchain that incorporate decentralized identities, smart contracts and advanced data sharding techniques.
The end goal is to enable scalable and energy-efficient blockchain applications running across infrastructure in the EU.
Dominik Schiener, chairman of the Iota Foundation, said:
“EBSI is a crucial step towards a cohesive digital future for Europe, providing the necessary framework for innovation and collaboration across various sectors.”
EU’s tech initiatives
As the European blockchain landscape transitions into EUROPEUM-EDIC, Iota said that it plans to solidify its partnerships with commercial entities and governmental bodies in the region to bring its prototypes to market.
Potential applications it highlighted range from automotive battery tracking to secure intellectual property management.
This development comes as the EU advances its policies and available innovations in the emerging technology sector.
In July, the EU confirmed its collaboration with ChromaWay to develop blockchain-based sustainability solutions.
The team from ChromaWay, along with other participants in the blockchain space, will join the EU at a follow-up workshop in Brussels this September to outline the next steps for Q4 2024 and into 2025.
Although Europe has taken a progressive stance in collaborating with developers and creating laws to regulate crypto and artificial intelligence, critics have become increasingly vocal that Europe’s progress may be set back by too much red tape.
@ Newshounds News™
Source: CoinTelegraph
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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
Listen Here - Podcast Room https://t.me/+VAm-AlWWqWPzyK8G
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“But understand I do not have contacts. Isaac
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Take a look at Isaac's Photos of His Currency LINK
@ Newshounds News™
Source: Isaac's Call
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