Seeds of Wisdom RV and Economic Updates Monday Evening 9-9-24

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BRICS NEWS

El Salvador Proposes Crypto Trade With BRICS, Ditching US Dollar

El Salvador proposes crypto trade with BRICS, aiming to reduce dependence on the US dollar and enhance economic cooperation.

Russia's new crypto trade law enables El Salvador to simplify trade and evade Western sanctions, boosting bilateral trade.

El Salvador's crypto integration with BRICS signals a major shift in global trade dynamics, challenging US dollar dominance.

El Salvador recently proposed using cryptocurrency for trade with the BRICS alliance, aiming to reduce reliance on the US dollar. This move follows Russia's recent legislation allowing crypto for international trade. The legal shift, set to take effect in September, allows Moscow to circumvent Western sanctions.

Russian diplomat Alexander Ilyukhin stated this measure would simplify trade for El Salvador, where the dollar is the official currency. The proposal marks a step in El Salvador's ongoing efforts to integrate cryptocurrency into its economy. Furthermore, it aligns with the BRICS alliance's goal of de-dollarization and boosting the use of its own currency.

The BRICS alliance has focused on reducing reliance on the US dollar in recent years. The group seeks to shift international economic dynamics away from Western influence. Russia's legalization of crypto for trade represents a major stride in this direction. Hence, El Salvador's proposal could signal a new era of economic cooperation between the two nations.

Overcoming Trade Challenges and Western Pressure

Moreover, Ilyukhin highlighted the difficulties in trade settlements due to El Salvador's dollar dependency. He noted that El Salvador faces pressure from the West over this proposal. However, the diplomat emphasized the potential benefits of increased cooperation through crypto trade. This move could enhance trade volumes between El Salvador and BRICS nations.

Additionally, El Salvador's interest in joining the BRICS alliance could further solidify these economic ties. Although the country has not yet applied for membership, the potential for collaboration is evident. Consequently, El Salvador's connection to Bitcoin and other cryptocurrencies could facilitate smoother and more efficient trade with BRICS nations.

@ Newshounds News™

Read more:   Binance

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Gary Gensler Fired from SEC by Kamala Harris – Is Bitcoin Poised for a Breakout?

▪️The removal of Gary Gensler as the chairman by the Vice President Kamala Harris has created a lot of ambiguity in the cryptocurrency.

▪️The resignation may well indicate a potential change of tack to a more pro-crypto stance; all the same any significant shifts will likely take time to enact.

▪️Subsequent appointment of Gensler’s successor will have a major influence over the future of the U. S. cryptocurrency regulations and markets.

As part of the role reversal, Gensler, the head of the SEC, has been fired by Harris from his position. This has come as a huge shock in the financial industry especially the cryptocurrency business. SEC under Gensler has been very rigid in its approach towards the regulation of cryptocurrencies and this has not gone down well with proponents of the industry.

The announcement of Gensler stepping down has led to speculations on further shifts in the regulatory framework for cryptocurrencies. Some experts think that this may be a sign of more favorable approaches to the electronic currency. Bitcoin being the most popular cryptocurrency might experience a rise in demand from investors if the barriers created by the regulations are removed.

However, one must add that any major changes in the policy might take time to be effected. This news could elicit short-term movement in the cryptocurrency market, which is historically characterized by high levels of fluctuation. The long-term prospects are still unclear and will depend on the further actions of Gensler’s successor.

@ Newshounds News™

Source:  Crypto News Land

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Charles Hoskinson: Cardano Will Always Be Bitcoin’s Biggest Threat

▪️Charles Hoskinson believes Cardano is Bitcoin’s greatest competitor in the crypto space.  

▪️Cardano’s eco-friendly proof-of-stake system and smart contracts set it apart.  

▪️Hoskinson envisions Cardano evolving, challenging Bitcoin’s rigidity with regular upgrades.

Charles Hoskinson, the founder of Cardano, firmly believes that Bitcoin’s greatest rival has always been Cardano. He’s confident that Cardano is not just another cryptocurrency, but a game-changing platform.

According to Hoskinson, Cardano has the potential to challenge Bitcoin’s long-held position at the top. With its advanced technology and unique approach, many in the crypto world are starting to see his point.

What Sets Cardano Apart?
Hoskinson’s belief in Cardano comes from its strong foundation. While Bitcoin is known primarily as a store of value, Cardano aims to be much more.

Cardano offers a decentralized platform for smart contracts, decentralized finance (DeFi), and a variety of other applications. This broad focus makes it stand out in the competitive cryptocurrency landscape.

One of Cardano’s biggest advantages is its proof-of-stake (PoS) system. Unlike Bitcoin’s proof-of-work (PoW) model, which consumes large amounts of energy, PoS is much more efficient.

This difference makes Cardano more appealing to environmentally conscious investors and developers. As the demand for greener technology grows, Cardano’s eco-friendly approach could give it a significant edge.

Hoskinson’s Vision for Cardano’s Future
Hoskinson has big plans for Cardano’s future. He doesn’t just see it as a competitor to Bitcoin; he envisions it as a blockchain that can evolve and adapt.

This adaptability, he argues, is one of Cardano’s greatest strengths. Regular upgrades, such as the Alonzo update which introduced smart contracts, show the project’s long-term commitment to innovation.

In Hoskinson’s view, Bitcoin’s rigidity could be its downfall. While Bitcoin has widespread adoption and a strong reputation, it lacks the flexibility that Cardano (ADA) has.

Cardano’s strategic vision and technological innovation position it as a serious competitor. Whether it can truly dethrone Bitcoin remains uncertain, but Hoskinson is betting on it.

@ Newshounds News™

Source:  Crypto News Land

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XRP NEWS: TOP CRYPTO FOUNDER CLAIMS XRP CAN BECOME “WORLD MONEY”

▪️Versan Aljarrah highlights XRP’s potential to become a global currency and disrupt traditional banking systems.

▪️Ripple’s technology offers faster, more affordable cross-border payments, partnering with banks to enhance their systems.

XRP, a prominent digital asset in the cryptocurrency market, is gaining attention for its potential to reshape the financial landscape. According to Versan Aljarrah of Black Swan Capitalist, XRP possesses the potential to become a worldwide currency. His recent comments have underlined the role of this asset in subverting conventional banking models and thus integrating itself more into the finance industry.

Ripple’s design enables quick and low-cost cross-border payments, which have long been a problem in the conventional banking system. Ripple, the company associated with XRP, has created technology that helps in the transfer of money across borders. This approach minimizes the cost and time of transactions by speeding up transfer times from days to seconds at a lower cost.

Ripple has been able to foster partnerships with several financial institutions across the globe, making XRP the go-to cryptocurrency in cross-border payments. These partnerships enable banks and payment providers to incorporate Ripple’s product onto their platforms to enhance the efficiency of international wire transfers.

According to Aljarrah, the steady increase in Ripple’s value proves that XRP can compete with the current financial system and should be considered as a mode of transfer for international payments.

Disrupting Traditional Banking Systems

According to Aljarrah, the problem is that many people lose sight of the bigger picture when analyzing XRP and get distracted by the technicalities or the legalities. He stresses the need to concentrate on the progress Ripple has made in transforming the financial sector instead of dwelling on the current challenges. As highlighted by Aljarrah, Ripple’s technology is not an evolution of the current systems but a revolution.

He says that Ripple, which is still under development, is gradually eroding the conventional banking systems. With the incorporation of Ripple’s products, financial institutions have been able to cut down on costs and time taken to accomplish transactions. This is in line with Aljarrah’s perspective, whereby there is increasing belief within some segments that XRP is set to become a major player in the world of finance.

The potential of cryptocurrency to eliminate the existing archaic banking systems is also valuable in the context of growing globalization.

With the increase in global trade and finance, there is a need for effective and cheap methods of making payments. XRP’s ability to meet this demand makes it an important part of the growth of the world financial system.

XRP’s Role in Addressing Global Debt Challenges

One of the key questions regarding the future of XRP is whether it can assist in solving current global debt issues. Aljarrah also focuses on the possibility of the emergence of traditional financial systems due to the overwhelming debt burden, especially in the United States. In such a situation, XRP and other digital assets can be a solution to the broken systems.

Aljarrah had earlier explained that the US Dollar is vulnerable and that XRP could become even more valuable as debt levels around the globe rise.  Ripple’s expanding presence in global finance further strengthens this argument. The company’s continuous development and efforts to integrate XRP into mainstream financial systems are key to its growing acceptance as a potential global currency.

@ Newshounds News™

Source:  Crypto News Flash

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STABLECOIN AUSDT BACKED BY GOLD AS PRECIOUS METAL MUCH LESS VOLATILE THAN BITCOIN, SAYS TETHER CEO PAOLO ARDOINO

The CEO of Tether says that the stablecoin issuer’s synthetic aUSDT product is backed by gold rather than Bitcoin (BTC) because the precious metal is more stable in price than the crypto king.

In a new interview with Bloomberg, Paolo Ardoino says the firm could have chosen Bitcoin to back aUSDT but BTC’s tendency to go through wild price swings made gold a more preferable option.

“Until 1971, the US dollar was backed by gold and we often hear interest from our customers to have optionality…

[So] we also see the opportunity to provide an [option] for others that want to see a more transparent backing of a synthetic dollar and gold is probably the best asset to make that happen because it’s much less volatile than Bitcoin. We could have done Bitcoin but gold is probably a better choice for the short term.”

Earlier this year, Tether announced that it would be launching aUSDT, which is described as a digital asset over-collateralized by Tether Gold (XAUT), a gold-pegged stablecoin. Each XAUT coin represents exposure to physical gold secured in vaults in Switzerland.

According to Tether, aUSDT is the first product in its new line of Alloy products, which the firm says are “designed to track the price of reference assets through stabilization strategies like over-collateralization with liquid assets and secondary market liquidity pools.”

Over-collateralization occurs when the assets used to back a financial product are worth more than the value of the product itself, protecting investors against potential losses.

@ Newshounds News™

Source:  DailyHodl

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INTRODUCING CREDIT COOP: FINANCING GROWTH WITH FUTURE CASH FLOWS

[PRESS RELEASE – Miami, Florida, September 9th, 2024]

Introducing Credit Coop, a new private credit platform making strides in supporting the growth of the Web3 ecosystem by providing innovative financing solutions that leverage future cash flows. This approach directly addresses the capital constraints that have long hindered the scalability of cryptonative businesses as they seek growth capital to scale.

As the Web3 ecosystem rapidly evolves, companies face significant hurdles as traditional financing models are ill-suited to the industry’s unique needs. Over-collateralization requirements and rigid repayment terms have become major roadblocks, stifling innovation and impeding growth in this dynamic sector.

Credit Coop’s solution offers a way forward. By converting future cash flows into collateral through smart contracts, the platform offers businesses a more flexible and capital-efficient path to funding. This approach has already facilitated the deployment of $15 million in credit across four borrowers, with zero defaults.

“Blockchain technology is redefining finance, yet many companies still struggle to access the capital they need to scale,” said Christopher Walker, Co-Founder of Credit Coop. “We’re here to change that. We’ve created foundational infrastructure for originating structured products natively onchain.

 Our mission is to make credit more accessible, allowing companies to access capital more efficiently and focus on growth.”

Credit Coop’s transformative impact is already felt through the ecosystem. Rain’s Secured Line of Credit exemplifies this power. Within just one year, Rain increased its borrowing capacity from 20,000 USDC to 2,000,000 USDC per month. This remarkable 100-fold increase in financial firepower showcases how Credit Coop’s novel approach is not just enhancing, but fundamentally reimagining the growth trajectory and operational agility of businesses in the crypto space.

“Credit Coop has been a great partner as we’ve explored turning our credit card receivables into a tokenized RWA. They’ve helped make the market for this groundbreaking product and been instrumental in sourcing liquidity,” says Farooq Malik, Co-Founder of Rain.

Credit Coop has received investments from several notable venture firms, including Signature Ventures, Veris Ventures, TRGC, and others, reflecting confidence in its ability to address the financing needs of the Web3 market.

“We’re excited about Credit Coop because they’re not just iterating on existing models – they’re creating an entirely new paradigm for lending,” commented Juliane Hahn, Managing Partner at Signature Ventures. “Their model is setting new standards for capital efficiency, allowing businesses to unlock growth potential that was previously inaccessible.”

Credit Coop’s leadership team has deep expertise in finance, technology, and entrepreneurship, with backgrounds at institutions such as JP Morgan, Barclays, and Amazon. Their experience in structured finance, DeFi, and FinTech positions them well to navigate the evolving digital finance landscape.

With partnerships already established with Plume, Credora, and Index Coop, Credit Coop is positioned to continue supporting growth within the Web3 ecosystem. For businesses seeking to scale operations or investors looking to participate in the future of finance, Credit Coop represents a compelling opportunity at the forefront of blockchain-enabled lending.

@ Newshounds News™

Source:  Crypto Potato

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US Reacts to Turkey's BRICS Move!  |  Youtube

@ Newshounds News™

Source:  Currency Facts 

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Western intelligence agencies prepare to sabotage geopolitical transition process

Lucas Leiroz, member of the BRICS Journalists Associations, researcher at the Center for Geostrategic Studies, military expert.

Western intelligence agencies are apparently preparing to face “serious global threats” due to current geopolitical changes. In a recent article for the Financial Times, the heads of the CIA and MI6 – the main American and British secret services – made it clear that their countries see the current process of geopolitical reconfiguration as a threat, having a big effort on the part of these security services to neutralize possible “enemies”.

@ Newshounds News™

Source:  BRICs

More on BRICs in the Late Newsletter

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Seeds of Wisdom RV and Economic Updates Monday Morning 9-9-24

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Ripple Targets FCA Approval, Eyes London IPO by 2025

▪️Ripple’s FCA approval may come by December 2024, setting the stage for a potential London IPO in 2025.

▪️Ripple is expanding XRP Ledger with features like NFTs, smart contracts, DEX, and AMM to strengthen its ecosystem
.
Ripple’s protracted battle with regulatory hurdles took another crucial turn when Judge Torres granted Ripple’s motion for a stay on the monetary penalty. This judgment is regarded as a critical development, potentially benefiting Ripple’s efforts to obtain permission from the UK Financial Conduct Authority (FCA).

Ripple Overcomes Regulatory Hurdles, UK License and London IPO in Sight

Previously, there was suspicion that the uncertainty surrounding the penalty Ripple could face from the SEC was delaying the licensing process for its UK crypto license. Now that the stay is in place and financial expectations are apparent, Ripple is on track to get permission by December 2024.

This certification is especially significant for Ripple’s overall plan, as it may pave the way for an initial public offering (IPO) in London as early as 2025. Ripple’s decision to pursue an IPO outside of the United States is consistent with its prolonged avoidance of the American market, owing principally to regulatory uncertainty.

Due to the SEC’s hostile attitude toward the company and the larger cryptocurrency industry, Ripple has been wary of launching an IPO in the United States, as CNF previously reported.

This friction has been a primary driver of Ripple’s expansion into other countries, particularly the United Kingdom, where regulatory regimes appear more receptive.

Ripple’s CEO, Brad Garlinghouse, reiterated these comments during Korea Blockchain Week, where he emphasized the problems of the US regulatory framework. He stated that one of the most important pieces of advice he gives to cryptocurrency entrepreneurs is to avoid establishing their operations in the United States.

Garlinghouse’s statements underline a growing industry worry about the absence of clear and supporting legislation in the United States, which has served as a bottleneck for many organizations looking to develop blockchain.

Meanwhile, Ripple is not solely concerned with handling regulatory difficulties. According to our prior report, the firm is also working to improve the technological capabilities of the XRP Ledger.

Non-fungible tokens (NFTs), decentralized exchanges (DEX), smart contracts, and automated market makers (AMMs) are some of the most recent additions. These changes aim to improve the XRPL’s functionality and increase its use cases, hence strengthening Ripple’s position in the cryptocurrency sector.

Ripple is preparing for a good year ahead, with FCA approval appearing on the horizon and promising technological breakthroughs. If all goes as planned, 2025 might be a watershed moment for Ripple, especially with the potential of a London IPO on the way.

@ Newshounds News™

Source:  Crypto News Flash

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CFTC LOSES ROUND ONE: KALSHI CLEARED TO OFFER US ELECTION BETS

A federal judge this week sided with the prediction market Kalshi’s motion for summary judgment in its legal battle with the U.S. Commodity Futures Trading Commission (CFTC). This decision opens the door for U.S. citizens to place bets on the upcoming November election.

However, the ruling isn’t the final word just yet, as the CFTC can still appeal. Following the judge’s order, the commodities regulator immediately filed an emergency request for a two-week stay.

Kalshi’s Legal Victory Could Change U.S. Election Betting Landscape, CFTC Files Emergency Motion

In a legal twist last year, Kalshi, a financial exchange and prediction market, took the Commodity Futures Trading Commission (CFTC) to court. Kalshi, established in 2018 by Tarek Mansour and Luana Lopes Lara, allows users to trade on real-world event outcomes.

The lawsuit, filed in November 2023, challenged the CFTC’s decision to block the company from offering specific event contracts, particularly those related to betting on the U.S. election, on its federally regulated platform.

On Sept. 6, 2024, Judge Jia Cobb delivered a decision in favor of Kalshi, rejecting the CFTC’s cross-motion for summary judgment. Bloomberg Law reported that Kalshi’s CEO, Tarek Mansour, called the ruling a milestone.

“Election markets are now legal in the United States for the first time in 100 years,” Mansour remarked. On the firm’s website, it states:

Election markets are coming to Kalshi. We did it! Stay tuned for more info, and God bless America!

Paradigm’s vice president of government affairs, Alexander Grieve, shared on X that he was delighted his firm supported the amicus. “Proud Paradigm contributed an amicus in this case, as (if it wasn’t clear already) the outcome of November’s election will have profound impact on the direction of crypto in this country,” Grieve said. “American companies need the ability to hedge political risk,” the Paradigm executive added.

Attorney Jake Chervinsky praised the ruling. “Huge win for Kalshi against the CFTC,” Chervinsky wrote. “I want to see the opinion before I start dancing on the grave of the administrative state, but this is even more evidence that the best way to deal with regulatory overreach is to file more lawsuits.” Although Kalshi secured a victory, the commodities regulator still has the option to appeal and take the fight back to court.

Right after the verdict, the CFTC swiftly filed an emergency motion requesting a two-week stay. They argued that “without the benefit of the court’s reasoning, the CFTC is unable to make an informed decision whether to appeal, nor is it able to fully brief a motion for stay pending any forthcoming appeal.” The regulator further added:

Time is of the essence in the issuance of a stay. The CFTC expects that Plaintiff Kalshi will immediately list the relevant election contracts and that trading will begin as soon as the contracts list. Plaintiff has already announced on its homepage that ‘Election Markets are Coming to Kalshi!’

The news arrives at a moment when Polymarket, a blockchain-powered prediction platform, has seen a significant increase in volume and open interest, thanks to the upcoming 2024 election.

Meanwhile, U.S. lawmakers, including Democratic Senator Elizabeth Warren from Massachusetts, have been pressing the CFTC to crack down on election prediction markets. “The last thing that voters heading to the polls need are bets waged on the outcome of that election,” the policymaker’s letter argued.

What do you think about Kalshi’s win this week and the chance the CFTC may appeal the decision? Share your thoughts and opinions about this subject in the comments section below.

@ Newshounds News™

Source:  Bitcoin News

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IOTA NEWS: INTRODUCING TWO NEW BONDS WITH IOLEND AND RUSTYROBOT – EXCITING OPPORTUNITIES AHEAD

▪️ApeBond has announced a significant partnership with IOLEND and the Rusty Robot Country Club (RRCC) to introduce two new IOTA bonds.

▪️This collaboration aims to enhance the DeFi ecosystem by leveraging IOTA’s infrastructure to provide sustainable growth and financial stability.

Multi-chain bonding protocol ApeBond recently announced big news for the IOTA community with the goal of introducing two new IOTA bonds in partnership with IOLEND as well as the Rusty Robot Country Club.

As said, the ApeBond project focuses on fostering a sustainable future for decentralized finance (DeFi) projects and communities. By leveraging cross-chain capabilities, ApeBond aims to provide long-term stability and growth opportunities within the DeFi ecosystem.

IOLEND has emerged as a key player in the decentralized finance (DeFi) market that offers innovative lending solutions on the IOTA network’s Ethereum Virtual Machine (EVM). what makes IOLEND special is that it uses top cryptocurrencies like ETH, USDT, and IOTA as collateral while standing out from other DeFi platforms.

IOLEND has been built on the RDNT Capital fork with the trusted framework of Aave. Thus, it ensures that users feel secure and confident in the platform’s reliability. Furthermore, this DeFi protocol allows users to deposit and withdraw assets, with interest rates determined by market forces, per the Crypto News Flash report.

One of IOLEND’s key strengths is its highly competitive APRs, which are among the lowest in the market. Users can earn up to 250% APR on ETH loops and 275% APR on USDT loops. These impressive yields are further enhanced by rewards in $IOL, IOLEND’s native governance token.

🔥 Big news for the @iota community! Today we’re thrilled to introduce not one, but TWO new #IOTA Bonds in partnership with @iolendfi and @RustyRobotCC 👇

💵 @iolendfi is a DeFi platform that aggregates top yield opportunities with smart leverage tools & yield-bearing… pic.twitter.com/9vtgcPwmf2

— ApeBond (@ApeBond) September 5, 2024

IOTA and Rusty Robot Country Club
The Rusty Robot Country Club is one of the longest-standing NFT communities currently on the IOTA blockchain that brings together a global team with the common vision of becoming the world’s largest creative brand.

RRCC excels in global creative collaboration across various mediums like music, comics, and books. Their platform, Coda, empowers artists to tokenize intellectual property (IP) through real-world asset (RWA) tokenization.

Moreover, the RCCC NFTs offer access to an ecosystem that includes comics, collectibles, Rusty Apparel, Rusty Robot Records, and $RUST-powered DeFi tools. Furthermore, the RUST token is central to the RRCC ecosystem as all the post-NFT sale activities require holding this token. Impressively, RRCC launched without an ICO, private sale, or investor backing.

The partnership between ApeBond and IOTA EVM marks a major advancement in diversifying treasuries and driving substantial growth. By utilizing IOTA EVM’s robust infrastructure, ApeBond enhances projects’ ability to manage their resources efficiently, promoting financial stability and supporting innovation and expansion. This collaboration will cultivate a vibrant DeFi ecosystem where projects can flourish and achieve growth, reported Crypto News Flash.

@ Newshounds News™

Source:  Crypto News Flash

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CARDANO FOUNDER REVEALS GAME-CHANGING PLAN FOR UNMATCHED SCALABILITY

Cardano founder Charles Hoskinson has recently unveiled a blueprint to significantly enhance the scalability of the Cardano blockchain.

In a tweet, Cardano developer Input Output Global (IOG) shared a game-changing statement made by Cardano founder Charles Hoskinson at a recent event that touched on making Cardano the best in class in scalability.

"Leios is going to provide a dramatic increase in layer 1 performance. Complemented by rollups – coming to PlutusV3 – and Hydra, these things together will make for best in class for scalability," the IOG tweet citing the Cardano founder reads.

According to the Cardano founder, Ouroboros Leios together with rollups that are coming to Plutus V3 and scaling solution Hydra will result in best-in-class scalability performance.

Ouroboros Leios, a new Ouroboros family variant, is designed to significantly enhance throughput while maintaining at least the same level of security as earlier Ouroboros variants.

Existing variants of the Ouroboros blockchain algorithm have limited throughput capabilities, both in terms of data throughput and CPU processing.

They are restricted not by the resources available to each node (network capacity or CPU performance) but by the distributed algorithm's data and communication needs. Improving this requires a new algorithm design, which is what Ouroboros Leios aims to be.

Cardano milestones and developments On Sunday, Sept. 1, 2024, the Cardano blockchain took the first major, irrevocable step from being one of the most decentralized blockchains to becoming an ecosystem governed solely by its community of ADA holders with the launch of the Chang 1 upgrade.

In the past week, Cardano node v.9.1.1 was released to address an issue where 9.1.0 nodes would replay from the genesis block upon restart during the Conway era. The Lace team has opened up governance to Conway-era hardware wallet users, enhancing access and functionality in Lace v.1.15. Looking ahead, the team is now preparing for the release of Lace v.1.16.

@ Newshounds News™

Source:  U Today

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HEDERA NEWS: 7 REASONS HBAR IS POISED TO LEAD THE NEXT WAVE OF BLOCKCHAIN INNOVATION

▪️A popular member of the Hedera community outlines seven reasons HBAR could dominate the Web3 industry in terms of innovation.

▪️According to him, building Layer 1 is incredibly complex, however, Hedera has done the most important things right.

Renowned developer Manu Kabrera has lauded the incredible evolution of the Hedera blockchain (HBAR), tipping it to lead the next wave of blockchain innovation.

In a post dated September 5, Kabrera explained that his position is based on seven key undeniable factors ranging from enviable community support to building an industry standard foundation.

Passionate Community

According to Kabrera, the Hedera community is one of the most educated, loyal, and passionate in Web3.

Admittedly, the developer stated that the various forums could certainly have a pocket of gamblers, flippers, and scammers. However, its community is filled with people who are passionately and genuinely seeking to use technology to address real-world problems.

The likes of HashPack Wallet, Kabila App, SaucerSwap Labs, etc were cited as part of the talented projects and companies within the Hedera ecosystem innovating and leading the way in blockchain use cases.

Speed of the Hedera Network

As captured in his post, Kabrera believes that the speed of this project “is in a league of its own”. Hedera’s transaction achieves finality in around three seconds, positioning it for mass adoption.

Nobody waits today. 3 seconds vs 30 seconds can be the difference between a viable Social DApp or a complete failure. Great user experience requires speed.

Super Low, Fixed Fees

Thirdly, the efficiency of the Hashgraph algorithm, according to the developer, has enabled super low fees at $0.0001 and $0.02 for minting a Non-Fungible Token (NFT). Most importantly, these fees are fixed, which enables businesses to offer predictable pricing.

Best-in-class technology

According to Kabrera, the Hashgraph consensus algorithm is a gift. His reason stems from the fact that the algorithm provides future scalability, decentralization, and high-grade security. Explaining the importance of this, he disclosed that most networks collapse in the long run due to the fact that their gas fees skyrocket unreasonably once they become successful and start handling a lot of transactions.

To him, Hedera provides a solution to this.

Developer Experience

The fifth point has to do with how Hedera’s native services have made it extremely easy for developers through the availability of traditional languages like Java, JavaScript, or Go. This is contrary to the new programming language like Solidity required by other networks to build on a blockchain.

Hedera’s provisions, according to Manu Kabrera, reduce entry-level barriers, costs, and development time.

Governance Model

In terms of governance, the developer believes that the community should have channels to submit proposals and feedback. Also, the reports that the entire economy could be tokenized on a blockchain demand that this responsibility falls on a group of experienced developers. According to Kabrera, Hedera has a governance system of 39 large, trustworthy entities with different backgrounds ranging from technology to logistics. These include Google, IBM, Ubisoft, etc.

All members of the Governing Council have a single vote and a maximum term of 3+3 years on the Council, preventing the concentration of power. This Council meets monthly, and all topics discussed and decisions made are transparently published on the Hedera website.

Foundation of the Hedera Network

In his final point, Kabrera stated that the originality of the Hedera Foundation could propel it to dominate the Web3 ecosystem. However, it would have to work on its clear processes, support for key ecosystem builders, transparency, and accountability.

@ Newshounds News™

Source:  Crypto News Flash

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IRAQ TAKES CONTROL—CHAPTER VII ENDS  |  Youtube

@ Newshounds News™

Source:  Currency Facts

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IRAQ'S CENTRAL BANK ENDS ELECTRONIC TRANSFER  |  Youtube

@ Newshounds News™

Source:  Currency Facts

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Sunday Afternoon 9-8-24

Good Afternoon Dinar Recaps,

WHY RIPPLE IS HOLDING BACK FROM A U.S. PUBLIC OFFERING

▪️Ripple avoids a U.S. IPO due to regulatory uncertainty, particularly the SEC’s hostility.

▪️Ripple’s diverse political affiliations include XRP donations to Donald Trump’s 2024 campaign.

Ripple CEO, Brad Garlinghouse, has stated that the company has no plans to go public in the US. The challenging regulatory environment, particularly the SEC’s harsh treatment of cryptocurrency startups like Ripple, is a major driving force behind this decision.

Ripple CEO Urges Caution in U.S. Crypto Operations Amid SEC Conflicts

Garlinghouse highlighted the SEC’s conflicting actions in authorizing Coinbase’s public listing and then bringing a lawsuit against the business. Ripple is wary of doing an Initial Public Offering (IPO) in the United States due to regulatory uncertainty.

During Korea Blockchain Week, Garlinghouse expressed his broader concerns about the US regulatory landscape, stating that one of his top pieces of advice to crypto startups is to avoid incorporating in the United States.

He warned that doing so would certainly result in increased legal costs, a reality Ripple has seen directly in its current struggle with the SEC. Despite these hurdles, Garlinghouse voiced optimism about the crypto industry’s future, saying he is more confident than ever in the next five years.

Ripple is currently focused on extending its global footprint and resolving regulatory difficulties rather than pursuing a U.S. IPO.
 
In addition to these corporate decisions,Ripple’s political associations have sparked interest. According to CNF, the company’s executives have expressed support for both sides of the political spectrum, endorsing candidates in the 2024 US presidential election.

Stuart Alderoty, Ripple’s General Counsel, donated $300,000 worth of XRP to Donald Trump’s campaign, while other Ripple executives backed Kamala Harris. This exposes the company’s multiple political opinions and demonstrates a purposeful strategy for maintaining partnerships with many political forces.

Garlinghouse also emphasized the SEC’s broader impact on the cryptocurrency business. He underlined that, while the SEC wields great power, challenging the regulator requires significant resources and resolve.

Ripple has scored legal successes in its struggle with the SEC, including a court order that dramatically decreased the SEC’s initial sanctions.

@ Newshounds News™

Source:  Crypto News Flash

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SEPTEMBER’S KEY EVENTS WHICH WILL REVIEW STRUGGLING CRYPTO MARKET

▪️Trump-Harris debate may influence crypto market with candidates' stances on digital assets.

▪️US CPI report could impact Federal Reserve decisions, affecting crypto

▪️On 12 sept PPI report along with Jobless claims will be released.

With cryptocurrencies experiencing a significant drop of nearly 30% from their peak in March, the upcoming week is packed with key events that could greatly impact both the crypto and traditional trading markets. Here’s what to watch for in the coming week.

Key Events Of The Next Week

Sep 10: U.S – Trump-Harris Debate
The debate between presidential candidates Kamala Harris and Donald Trump on September 10 is creating buzz in the crypto market. Both candidates have recently shown increased interest in cryptocurrencies.

Trump’s positive stance on crypto and Harris’s connections with industry leaders could affect market trends. This debate might bring new insights or uncertainties about the future of digital assets.

Sep 11: U.S – CPI

On September 11, the U.S. will release its Consumer Price Index (CPI) report for August. This report is important because it shows how prices are changing and can influence economic decisions. The July CPI report showed a 0.2% increase from the previous month and a 2.9% rise compared to last year.

Experts predict that August’s CPI will show a slightly higher increase, with core inflation expected to be around 0.26%. This data could impact the Federal Reserve’s decisions on interest rates, affecting both traditional and cryptocurrency markets.

Sep 12: U.S – PPI & Jobless Claims

On September 12, the U.S. will also release its Producer Price Index (PPI) report. The PPI measures how prices are changing for goods before they reach consumers.

 The July report showed a 2.2% increase compared to last year, which was a slight drop from June’s 2.7%. Analysts expect August’s PPI to show a further easing of inflation pressures.

Additionally, the Initial Jobless Claims report will be released on the same day. This report tracks the number of people filing for unemployment benefits. The latest data showed a drop to 227,000 claims, the lowest since early July, compared to economists’ forecast of 230,000.

This information helps us understand the overall job market and economic health, which can also impact the cryptocurrency market.

As these events unfold, they could create opportunities or challenges for the cryptocurrency market.

@ Newshounds News™

Source:  Coinpedia

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RIPPLE CTO BREAKS SILENCE ON RLUSD STABLECOIN RUMORS

Ripple CTO David Schwartz recently addressed speculation surrounding the RLUSD stablecoin. In a tweet, Schwartz indicated that RLUSD might likely be accessible only to institutions, at least initially

In his tweet, Schwartz stated, "It will probably only ever be available directly to institutions. Can you get USDC from Circle or USDT from Tether? Because I can't."

Schwartz was responding to an X user who asked if RLUSD could be only available, at least initially, to institutions and not crypto retail.

The X user proposed that restricting RLUSD to institutional access could protect it from risks linked to other stablecoins, like USDT, which has been criticized for alleged connections to money laundering and concerns over its stability.

Schwartz further addressed concerns about potential manipulation of the RLUSD stablecoin, stating, "I don't think that's likely to happen except maybe in very early test phases before anyone is really using it to move or store value."

Ripple USD (RLUSD) is currently being tested in private beta on XRP Ledger and Ethereum mainnet. As reported, the Ripple CEO Brad Garlinghouse at a recent XRPL event indicated that the Ripple stablecoin was gearing much closer to its release, suggesting a timeline of "weeks."

As RLUSD moves closer to its anticipated launch, Schwartz’s statements offer insight into Ripple’s cautious approach to rolling out RLUSD. Ripple USD stablecoin In April, Ripple announced plans to introduce a stablecoin tied 1:1 to the USD on XRP Ledger and Ethereum.

This initiative is intended to broaden Ripple's reach into institutional and DeFi markets, diversify use cases and improve its payments infrastructure, bringing traditional and decentralized finance closer together.

Stablecoins are an important entry point into DeFi, and adding an enterprise-grade stablecoin to XRP Ledger is expected to increase use cases, liquidity and opportunity for developers and consumers alike.

Ripple's stablecoin will be fully backed by U.S. dollar deposits, U.S. government bonds and cash equivalents, and Ripple promises transparency through monthly third-party attestations to ensure confidence and reliability.

Aside from the RLUSD stablecoin, Ripple and the broader XRP community intend to introduce more programmability, including smart contracts, to the XRPL developer ecosystem in 2025, both through the XRPL EVM sidechain and by exploring native capabilities on the XRPL mainnet.

 @ Newshounds News™

Source:  U Today

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MASTERCARD LAUNCHES CRYPTO CARD ENABLING USERS TO SPEND IN 100 MILLION EUROPEAN MERCHANTS

Mastercard partners with Mercuryo to launch a euro-denominated crypto debit card

Mastercard, the payments giant, has announced a partnership with Mercuryo to launch a euro-denominated crypto debit card, allowing users to spend crypto from self-custodial wallets.

Mastercard is a global leader in the payments industry. They operate international payment card services since 1966 and provides various financial services in more than 210 countries and territories.

As payments are considered one of the key use cases for crypto, Mastercard’s entrance into the crypto market was somewhat natural. The payment giant officially announced support for crypto on its network in February 2021.

Senior Vice President of Crypto at Mastercard, Christian Rau told Cointelegraph “At Mastercard, we are working closely with partners to innovate and enhance the self-custody wallet experience.”

@ Newshounds News™

Source:  The Street

~~~~~~~~~

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Source:  Currency Facts

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Seeds of Wisdom RV and Economic Updates Sunday Morning 9-8-24 Part 2

Good morning Dinar Recaps,

PETER BRANDT AND PETER SCHIFF DEBATE GOLD AND BITCOIN

▪️Peter Brandt and Peter Schiff debated Gold and Bitcoin's performance.

▪️Schiff criticized Bitcoin ETFs, while Brandt suggested a long-term view.

▪️Gold is seen as safe, Bitcoin as risky, with differing future outlooks.

Famous investor Peter Brandt and long-time cryptocurrency critic Peter Schiff engaged in a debate over Gold and Bitcoin $54,220.27.

The discussion began when Schiff highlighted the poor performance of Bitcoin ETFs. Schiff pointed out that since the launch of Bitcoin ETFs, their gains have been below 10%, while gold has shown a 24% increase.

Brandt responded by arguing that this situation should be viewed from a long-term perspective. The chart he shared showed that gold has weakened compared to Bitcoin and indicated a “Head and Shoulders” formation in favor of Bitcoin.

Comparison of Gold and Bitcoin

The formation in the chart shared by Peter Brandt is a technical analysis indicator frequently used in the investment world. The Head and Shoulders formation usually indicates that the value of an asset will decrease. In this case, according to Brandt, this formation is developing in favor of Bitcoin, suggesting it could gain value against gold.

However, Peter Schiff looks at the same chart from a different angle and argues that gold will prevail. Schiff believes that gold has always been a safe haven against economic fluctuations and that Bitcoin cannot fulfill this function.   (referenced chart was not part of the article)

Different Investor Groups for Bitcoin and Gold

Gold is traditionally seen as a safe investment vehicle and gains value, especially during inflation periods. Bitcoin, on the other hand, is considered a riskier asset. Institutional investors still view Bitcoin as a highly volatile investment. However, some investors believe that Bitcoin could be called “digital gold” in the future and could replace precious metals.

Recent Inflation Data and the Drop in Gold Prices

The US inflation data announced in mid-August was below expectations. This caused a sudden drop in gold prices. Investors misinterpreted the low inflation data and turned to selling gold. Peter Schiff argued that this development was a wrong decision, stating that investors misread the inflation data and that gold did not lose its real value.

Peter Schiff: “Investors misinterpreted the inflation data. This led to the unnecessary selling of precious metal.”

Bitcoin, on the other hand, gained value during this period and attracted investors’ attention. However, Peter Schiff emphasized that Bitcoin acts as an “anti-gold” and contains higher risk compared to gold. According to Schiff, Bitcoin investors were mistaken in using the inflation data against gold.

The debate between Peter Brandt and Peter Schiff brought the long-standing competition between cryptocurrencies and precious metals back to the forefront. Cryptocurrency investors argue that Bitcoin will surpass gold in the long run, while traditional investors believe that gold holds an unchanging value.

A key point in the debate is how investors will choose between these two assets. While gold is accepted as a long-standing trust element, Bitcoin is rising as a new investment alternative in the digitalizing world. However, neither side can definitively conclude how their assets will perform in the long run.

@ Newshounds News™

Source:  CoinTurk News

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EL SALVADOR CELEBRATES 3 YEARS OF BITCOIN ADOPTION, EYES BROADER ACCESS

▪️El Salvador is celebrating the third anniversary of adopting Bitcoin as a legal tender.

▪️The Central American country has $31 million in unrealized gains from its BTC holdings.

▪️President Nayib Bukele's government is promoting Bitcoin awareness through education.

Three years ago today, El Salvador made history as the first nation to adopt Bitcoin as legal tender.

This move has sparked a phase of growth and development for the country, as it has become a model for crypto adoption and has drawn attention from global stakeholders.

Bitcoin’s Role in El Salvador Grows With $31 Million in Unrealized Gains

In honor of this milestone, Max Keiser, senior Bitcoin adviser to President Nayib Bukele, shared the administration’s vision for expanding Bitcoin access.

“Our plan is to provide every Salvadoran with a Bitcoin cold storage solution. So that even $0.50 of regular savings into Bitcoin creates education, retirement, and inheritance funds,” he explained.

Keiser’s statement highlights the Bitcoin-friendly approach chosen by President Bukele’s government. Though international bodies like the IMF initially criticized the move, they have since acknowledged that Bitcoin’s adoption has not harmed the country’s economy.

Instead, Bitcoin has benefited El Salvador. Its national Bitcoin wallet holds 5,865 BTC, generating over $31 million in unrealized gains. While the profit may seem small, the real impact has been increased global recognition and investment in the country.

For context, a port in El Salvador’s proposed Bitcoin City was one of the two that Turkish company Yilport Holdings would upgrade with a record $1.6 billion investment. Further, Bukele’s administration’s strong stance on freedom of speech and individual liberty has also gained attention.

President Bukele stressed this in a recent post, describing El Salvador as a new safe haven for freedom of speech and expression.

“As the world spirals into chaos and government crackdowns intensify, we will stand as the new beacon of hope for the future,” Bukele stated.

Despite the progress, Bukele acknowledged that Bitcoin adoption has not reached the expected levels. He attributes this to its voluntary use in the country but remains optimistic about the long-term financial benefits for early adopters.

Meanwhile, political opponents have called the Bitcoin initiative a failure, claiming “nobody” uses it. In response, the government is ramping up efforts to promote Bitcoin awareness, focusing on education. Recently, a Bitcoin training program was launched for 80,000 public servants.

@ Newshounds News™

Source:  BeinCrypto

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TOP 9 CRYPTO FRIENDLY COUNTRIES FOR DIGITAL ASSETS INVESTORS

Which are the most crypto friendly countries with the highest tax exemptions for individuals? As crypto regulations have taken the mainstage of the financial systems of most countries, crypto investors are keen to move their assets to crypto tax-free countries.

We go over the best countries that support technological innovation and exempt individuals from paying capital gains taxes. This list covers the top 9 crypto friendly countries for investors.

1. El Salvador

After becoming the first country in the world to qualify bitcoin as legal tender, El Salvador, aims to attract foreign investors and has a tax exemption in place for them. The nation exempts bitcoin profits from any capital gains or income tax.

The world is still waiting for El Salvador’s legal framework to enforce these official statements, but the crypto world is praising it as one of the best crypto tax-free countries.

2. Switzerland

Switzerland is the crypto-valley of Europe and is seen as an innovation hub. Regarding taxation, the Swiss Federal Tax Administration sees crypto transactions to be the same as traditional fiat transactions and exempts it from tax reporting.

Cryptocurrency investors choose Switzerland for the lack of taxation for profits stemming from crypto trading. Big crypto foundations have also chosen the Swiss as their home, including Ethereum, Tezos, and the Diem Association.

However, the profits of crypto business and professional trading are liable to income taxation, which differs from region to region, and an annual wealth tax.

3. Germany

Germany is one of the top crypto friendly countries, as it’s one of the few crypto tax-free countries in the world.

As opposed to the EU, Germany has a unique take on crypto taxation, and it encourages individual investors. If held for more than a year, the laws exempt bitcoin and other cryptocurrencies from capital gains tax.

If the funds are exchanged for fiat or for other cryptos within one year, you are still exempt from paying tax if your profit is under €600 (~ $700). Beyond that gains limit, investors have to report their income for tax.

However, businesses must report and pay corporate income taxes for crypto gains, and it works the same way as any other asset.

4. Singapore

Known as one of the most developed economies in the world, Singapore, is also one of the best places for business. The nation is quite pro crypto and has issued a series of laws to back them. That’s why Singapore continues to attract crypto organizations and investors.

Singapore is a fintech hub in the Southeast Asia region.

Singapore doesn’t have a capital gains tax. Cryptocurrency funds of individuals and companies are not liable to taxation. But Singapore-based companies are liable to income tax, if they operate as a crypto trading company or if they accept crypto payments.

Bitcoin comes under intangible property, not legal tender. The laws view crypto payments as barter trades. It taxes goods and services, but not payment tokens.

The country’s central bank, the Monetary Authority of Singapore (MAS), aims to develop a balanced environment for crypto. The MAS doesn’t look to heavily regulate crypto, but rather to monitor it as a preventive measure to spot money laundering and illegal activities. Bitcoin falls under goods and, as such, experiences goods and services tax.

5. Malta

Home to many crypto and blockchain companies, the famous blockchain island of Europe has many laws favoring crypto investors and entrepreneurs.

Overseas companies operating in Malta and foreign residents receive several privileges. They do not have to pay income and capital gains tax in Malta for long-term investments in digital currencies.

However, crypto trades do receive 35% in income tax as they are the same as stock trading by legal definition. But this too can be lowered to 0–5%, if you benefit from the structuring options offered by the country’s financial system. Malta sees bitcoin and other financial tokens as different assets. Financial tokens can be dividends, interest or premiums, and regular income tax applies to it.

Non-domicile corporations are subject to a 5% income tax. Malta is one of the top crypto friendly countries and a tax haven for foreign entities, companies, and residents.

6. Portugal

Portugal is one of the most attractive crypto friendly countries in the world. As of 2016, the Portuguese Tax Authority (PTA) exempts crypto transactions from capital gains and income tax. Businesses that accept digital currencies for their goods and services are liable to income tax.

7. Slovenia

Slovenia is another small European country with an attractive taxing system for digital assets. The country’s lawmakers are still working on a legal framework to make the tax law clear for all individuals and businesses interested in conducting business there.

Slovenia exempts individuals from capital gains tax when selling bitcoin, as these gains are not seen as income. Companies that receive crypto payments are eligible to pay corporate income tax. ICOs are also subject to taxation. Slovenia doesn’t allow companies to conduct only cryptocurrency transactions, such as accepting bitcoin as the only means of payment.

Other commercial activity that involves cryptocurrency, such as crypto mining, is subject to a 25% income tax.

8. Bermuda

Bermuda is a popular destination for cryptocurrency holders, as it has comparatively favorable standards as far as financial regimes worldwide go. In 2018, Bermuda released the Digital Asset Business Act, which stands as the country’s regulations for digital assets. Famous for its lack of income and capital gains taxes, crypto transactions are also tax-free in Bermuda.

Famous for becoming the first country in the world to accept taxes and fees in cryptocurrency, Bermuda, is a popular destination for crypto investors. As of October 2019, Bermuda accepts payments for governmental services in USD Coin (USDC).

9. Belarus

The president of Belarus, Alexander Lukashenko, wants to turn the country into a crypto-based digital economy. That’s why, in 2017, he signed a new law that legalizes cryptocurrencies. The same decree also exempts businesses and individuals from crypto taxes until 2023, when the law will undergo a review.

Mining and crypto investments are exempted from income tax and capital gains. Belarus wants to boost technological innovation, and it’s one of the top crypto friendly countries in the world for its legal approach and crypto trading.

@ Newshounds News™

Read more:   BeinCrypto  

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Janet Yellen No Red Lights for Financial System  |  Youtube

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Seeds of Wisdom RV and Economic Updates Sunday Morning 9-8-24 Part 1

Good morning Dinar Recaps,

THE UN’S SUMMIT OF THE FUTURE IS ONLY WEEKS AWAY YET THE PUBLIC REMAINS IGNORANT

A resetting of the global financial system is a crucial component of their plans.

With the UN’s Summit of the Future less than 20 days away the vast majority of the public has no idea governments of the world are set to sign the so-called Pact for the Future.

On September 22 and 23, the United Nations member states will gather in New York City at the UN headquarters for the historic Summit of the Future with the intention to sign the Pact for the Future. This document is expected to radically accelerate the push towards the completion of the UN Sustainable Development Goals (SDGs) and the Agenda 2030.

The Summit of the Future is taking place during the 79th session of the annual UN General Assembly. The summit has been in the making since at least 2022 after repeated calls by UN Secretary-General Antonio Guterres to shift financial resources to rapidly complete the Agenda 2030 goals set by the UN in 2015.

Although this historic gathering is sure to impact the majority of the world’s population, it has received very little coverage from the corporate media, and almost no coverage from the independent media.

One issue which has received mainstream coverage relates to 77 Nobel Laureates and world leaders signing a letter complaining about references to fossil fuels being removed from the Pact for the Future. The references were later reinserted after the letter was made public.

The discussion about fossil fuels fits the UN’s narrative about impending doom relating to climate change. It is this panic around climate change which has led to the convening of the Summit of the Future and calls for strengthening the UN infrastructure.

The Summit’s theme — “Ultilateral Solutions for A Better Tomorrow” — illustrates the goal of this gathering. Namely, a push for strengthening, and even remaking, the UN to better tackle crises which are ostensibly looming in the coming years.

The UN is focused on several potential planetary emergencies, including climate change, war, biodiversity loss, and environmental degradation. The UN claims these potential crises are too great for any one nation-state to tackle alone, and thus, will require greater cooperation and organization between UN member states.

“We recognize that the multilateral system and its institutions, with the United Nations and its Charter at the centre, must be strengthened to keep pace with a changing world. They must be fit for the present and the future – effective and capable, prepared for the future, just, democratic, equitable and representative of today’s world, inclusive, interconnected, and financially stable,” the latest draft of the Pact for the Future states.

As The Last American Vagabond (TLAV) has previously reported, the Summit of the Future is also expected to include calls for remaking the UN into what has been called “UN 2.0”.

Global Shocks Require Global Government

The 3rd draft of the Pact for the Future was released on August 27 and is currently being reviewed by UN member states. This draft continues the discussion around “global shocks” and how these shocks will require a global response.

For example, one section titled “We will strengthen the international response to complex global shocks”, states that there is a need for a “coordinated and multidimensional international response to complex global shocks and the central role of the United Nations in this regard.”

The UN defines “complex global shocks” as events that “have severely disruptive and adverse consequences for a significant proportion of countries and the global population”. These shocks would require a “multidimensional multistakeholder, and whole of government, whole of society response.”

The document says “armed conflict” does not constitute a complex global shock”, but could lead to “impacts across multiple sectors”.

These potential shocks would necessitate the activation of “emergency platforms” which could grant the UN more power to respond to these apparent emergencies. The document says the UN will present member states with “protocols for convening and operationalizing emergency platforms based on flexible approaches to respond to a range of different complex global shocks”.

While the UN claims these emergency platforms will only be “convened for a finite period”, and will not be a standing institution or entity with respect to national sovereignty, critics of the UN fear that these emergency platforms will be seized upon and used to grant the UN new legal powers.

TLAV has previously reported that calls for an Emergency Platform are similar to calls for the UN to declare a planetary emergency. UN-affiliated organizations like the Climate Governance Commission (CGC) have been calling for such a declaration over the last year.

In late November 2023, just before the opening of the UN Climate Change Conference COP28, the Climate Governance Commission released a report titled Governing Our Planetary Emergency. In this report, the CGC continues their advocacy for updating our ideas on governance.

We can trace the call for a Planetary Emergency back to the infamous but obscure group, the Club of Rome. The CGC’s November 2023 report even notes that the belief in a “polycrisis” is “recognized in the work of the Club of Rome Planetary Emergency Project“.

This reference to the Club of Rome reveals yet another reason the public ought to be concerned with the push for a planetary emergency and claims of crossing planetary boundaries

The Club of Rome has been calling for declaring a Planetary Emergency since at least 2019 with the publication of their “Planetary Emergency Plan”. The report would be updated in August 2020, after the beginning of COVID1984. 

The Club of Rome’s Emergency Plan is described as a “roadmap for governments and other stakeholders to shift our societies and economies to bring back balance between people, planet and prosperity”.

Ultimately, the push for an emergency platform as part of the Pact for the Future is intended to reinforce the idea that humanity is facing a Planetary Emergency which requires the UN’s influence and authority to be increased. 

The document shies away from the term world or global government — instead preferring multilateralism or global governance — but the outcome is the same: a United Nations with more authority to act and compel nation states to comply with its edicts.

For example, under a section titled “Transforming Global Governance”, the UN document outlines “Action 41”:

“We will transform global governance and reinvigorate the multilateral system to tackle the challenges, and seize the opportunities, of today and tomorrow.”

The section goes on to describe numerous ways in which the Pact for the Future intends to transform and empower the UN to tackle the emergencies facing the planet.

Resetting the Financial System

The latest draft of the Pact for the Future also outlines specific ways in which the “international financial architecture” should be reformed so that it “supports countries equitably during systemic shocks and makes the financial system more stable.”

Specifically, section 82 states that the “growing frequency and intensity of global economic shocks” has slowed down progress on the completion of the UN SDGs. The solution, according to the Pact, is to “recognize the role of Special Drawing Rights (SDRs) in strengthening the global financial safety net in a world prone to systemic shocks”.

SDRs are not considered a currency but instead are considered “foreign exchange reserve assets” which allow IMF member nations to exchange SDRs for a currency held by IMF members. Interestingly, independent researcher James Corbett warned about the potential for the SDRs to become a “world reserve currency” as far back as 2013.

The Pact for the Future makes it clear that SDRs will indeed play a major role in the transformation of the international financial system.

“We welcome the pledges to rechannel over $100 billion worth of SDRs to developing countries while stressing the urgency of delivering on these pledges to developing countries as rapidly as possible,” the draft states.

The draft also notes that the UN will call on nations to “continue to explore options to voluntarily rechannel at least half of SDRs from the 2021 allocation, including through multilateral development banks, while respecting relevant legal frameworks and preserving the reserve asset character of Special Drawing Rights.”

Further recommendations of the draft include encouraging the International Monetary Fund to “explore all options to continue to strengthen the global financial safety net” to help developing nations respond to “macroeconomic shocks”.

Under “Action 55” it states, “We will accelerate the reform of the international financial architecture so that it can meet the challenge of climate change.”

The Pact mentions Multilateral Development Banks again, calling on these institutions to “increase the availability, accessibility and impact of climate finance to developing countries” and supporting these countries as they develop strategies to fight climate change.

There are multiple sections in the draft with references to these banks and their need to “mobilize additional financing” to support “adaptation and deploy and develop renewable and energy efficiency technologies”.

The document repeatedly mentions these “Multilateral Development Banks” and they are clearly going to be an important piece of the UN 2.0 system. TLAV will be investigating these institutions in future reports.

The stated goal of reforming the international financial system to fund the SDGs and Agenda 2030 mimic recent statements made by UN Secretary General Antonio Guterres where he called for a “new Bretton Woods moment”, referencing the infamous 1944 international agreement that established the IMF.

The Breton Woods meeting also adopted rules for governing monetary relations among independent states, including requiring each nation to guarantee convertibility of their currencies into U.S. dollars.

Guterres noted that in 2022 the IMF allocated $650 billion in SDRs, with the European Union nations receiving 160 billion dollars in SDRs and African countries receiving only 34 billion dollars.

Additionally, a UN document on the Summit of the Future titled, What Would it Deliver?, calls for “A Global Financial System That Works For All”.

“A transformed international financial architecture is fit for purpose, more inclusive, just, representative, effective, and resilient, responsive to the world today rather than as it looked following the Second World War. This architecture invests up-front in SDGs, climate action, and future generations.”

These calls mirror similar ones made during the “Summit for a New Global Financing Pact” held in Paris, France in June 2023.

The Summit, led by French President Emmanuel Macron, welcomed 50 heads of state, representatives of NGOs and civil society organizations to discuss the effort to reset the international financial system as part of the continued push towards the 2030 Agenda and Net Zero goals.

The French government stated that the objective of the gathering was to “build a new contract between [the global] North and South” which will better equip the nations to fight poverty and climate change. 

The summit was attended by US President Joe Biden, German Chancellor Olaf Scholz, British Prime Minister Rishi Sunak, and Brazilian President Luiz Inacio Lula da Silva. 

In addition to heads of state, the summit was organized with support from the Open Society Foundations, the Bill and Melinda Gates Foundation, and the Rockefeller Foundation, among others.

Based on these previous statements from the UN and the draft of the Pact for the Future, it is clear that a resetting of the financial system is a crucial component of their plans.

If there is any chance to prevent the signing of the Pact for the Future, the creation of emergency platforms, and the potential declaration of a planetary emergency, we must spread the word quickly.

Additionally, we ought to put our energy into the creation of alternative, parallel systems which can compete with the Technocratic State directly. This is why I am helping produce The People’s Reset: UK, “Our Summit for Our Future”, taking place in Bath, UK the weekend after the UN’s Summit.

 For 3 days we will host 24 presenters from around the world with a focus on solutions for creating these much-needed parallel systems in the areas of health, finance, education, digital technology, and community building. Together we can create the more beautiful world we know is possible.

TLAV will be on the ground in New York City reporting from the Summit of the Future. Stay tuned for updates as we document this historic gathering of globalists.

Copyright 2024 The Last American Vagabond

@ Newshounds News™

Source:   Vigilant News 

~~~~~~~~~

BRICS: 3 MAJOR ANNOUNCEMENTS TO EXPECT AT THE 2024 SUMMIT

The BRICS economic alliance is headed toward what may be the most important event in its history. The bloc’s annual summit has become a vital meeting for the group. Moreover, this year’s iteration looks to be filled with the potential for groundbreaking developments to arise. Specifically, the BRICS collective is expected to share 3 major announcements throughout its 2024 annual summit.

In 2023, the group enacted its first expansion since 2001. A landmark moment for the bloc, the United Arab Emirates (UAE), Egypt, Ethiopia, and Iran joining the bloc. With its members now reaching nine, there are some thoughts that this year’s announcements could be even more groundbreaking.

1.  BRICS Pay to Make Its Long-Awaited Arrival

Perhaps the most important focus for the alliance as it approaches its 2024 summit is the arrival of BRICS Pay. For the past two years, de-dollarization has been a focal point for its infrastructure. With talks of a native currency fizzling out, its own payment system is set to be a game-changer.

Blockchain-based, it should be one of the biggest geopolitical and economic developments of recent years. Moreover, it will operate as the global south’s answer to the Western-dominated SWIFT payment system. Specifically, in its allowance of nations to conduct increased bilateral trade in local currencies.

Since 2022, and the weaponization of the US dollar, BRICS has fast-tracked these efforts. Earlier this year, Russia loosened its legal restrictions on cryptocurrencies. Therefore, leading many to believe that this new payment system is critical to its ongoing trade dealings.

It couldn’t have come at a better time either. In the last six months, Russian trade with the bloc has increased 14.7%. That figure is present even with China reportedly returning 80% of all transactions in the Ruble.

The BRICS Pay project is set to be the cornerstone of the event. Its presence should serve as a key turning point for the economic grouping for years to come. Not only is it the natural next step in lessening reliance on the greenback, but it opens a world of possibilities for trade dealings within the bloc.

Earlier this year, Russian President Vladimir Putin traveled to North Korea, Iran, and India to facilitate new trade dealings. These agreements should factor in heavily. Specifically, non-BRICS members should be able to increase trade with the group. Thus, contributing to its local currency goals.

2.  Another Expansion to Grow Bloc Beyond 10 Members

Following last year, the BRICS 2024 summit will see the world anticipate an announcement regarding continued expansion. In 2023, it issued more than six invitations to join the alliance. Subsequently, there has undeniably been increased interest in nations seeking to follow the four countries that accepted.

Earlier this year, more than 30 nations confirmed interest in joining BRICS. Interestingly, that figure may have only gotten bigger as the year has gone on. In a surprising development, NATO member Turkey announced its interest in becoming a member.

They join countries like Venezuela, Nigeria, Malaysia, and Thailand, all seeking entry. Every nation listed has reason to want to become a member. Moreover, they all bring some sort of value to what the collective is building. However, the question of expansion is one only the current members can answer.

The year has been full of uncertainty regarding continued expansion. It is easy to forget that the four nations included in 2023 were the first to join since South Africa more than two decades prior.

There is value to continued growth, but dissension toward the merit of that value. Currently, the bloc appears split on whether or not a 2024 Summit expansion announcement would be beneficial to the overall goals of the bloc.

The Saudi Arabia issue still looms large. Although they accepted the invitation, the nation has yet to join the bloc. That has created concern regarding continued invitations. Earlier in the year, the idea of partner nations—as opposed to full members—was discussed. That is likely to be the announcement, with several of the prospective countries included.

3.  New Development Bank Gets Highlighted as 10-Year Anniversary Approaches

Finally, the BRICS 2024 Summit should place a focus on its New Development Bank. More aptly known as the BRICS Bank, it is approaching its 10-year anniversary in 2025. Therefore, it is expected that a roadmap or strategic announcement of some sort should be in the works.

In August, BRICS Bank president Diane Rousseff noted that local currency promotion remains a main focus. Moreover, the development bank welcomed its first additional member country since 2021. Indeed, Algeria joined the bank in a notable addition.

Therefore, many experts predict the BRICS banks to be involved in some way. It has been a staple of the economic alliance since it launched in 2015. Moreover, it has been key to providing developing nations with access to local currencies. In that sense, it provides an invaluable quality to the purpose of the bloc itself.

Already issuing more than $5 billion in loans, there is more expected. Moreover, native currency loans are expected to become its primary funding method. It is also likely that the BRICS Pay system could become a critical aspect of its operations after it launches in October.

All of these are focal points as the day draws near. Overall, it should be one of the most important geopolitical developments of 2024. Additionally, it could rival the landmark announcements that took place just a year prior.

@ Newshounds News™

Source:  Watcher Guru

~~~~~~~~~

Janet Yellen No Red Lights for Financial System  |  Youtube

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Seeds of Wisdom RV and Economic Updates Saturday Afternoon 9-7-24

Good afternoon Dinar Recaps,

XRP POWERS UP CROSS-BORDER PAYMENTS – RIPPLE’S SOLUTION REDUCES COUNTERPARTIES AND SPEEDS UP TRANSACTIONS

▪️Ripple Payments addresses these challenges faced by businesses, such as liquidity issues and slow settlement, by using XRP crypto and the XRP Ledger.

▪️This system helps crypto businesses streamline operations, improve customer experience, and expand their global reach while reducing risks related to FX and crypto volatility.

With the growing adoption of crypto, traditional financial infrastructure has proven to be absolutely inadequate to cater to the needs of crypto and blockchain-powered companies.

 Thus, in identifying the key challenges for businesses, Ripple is at the forefront of addressing issues related to liquidity, low settlement times, and limited off-ramp options, which have recently stemmed from outdated cross-border payment systems.

Ripple’s recently published report highlights how exchanges, OTC desks, and other crypto companies have faced huge struggles in global transactions.

This has led to a major hindrance in their growth and success while creating a need for real-time cross-border payment solutions that provide transparency and speed as modern digital assets provide.

The Ripple report stresses that real-time payments are crucial in today’s fast-moving crypto space. Customers expect immediate transactions, and businesses require quick, flexible global payouts and instant settlement to ensure liquidity. 

However, traditional financial systems fail to provide the necessary speed, flexibility, or transparency, causing delays and high costs.

The problems increase further with the complexity of establishing global payout networks and the limited availability of off-ramps for digital assets like stablecoins.

Many financial institutions that do provide off-ramp services impose high fees and unfavorable foreign exchange rates, making it costly for crypto businesses to operate. This is exactly where Ripple comes into the picture.

Ripple Payments Provides Some Interesting Solutions

As reported by Crypto News Flash, Ripple payments leverage the XRP digital asset and XRP Ledger blockchain to provide speed, access, and cost-efficiency as requested by Crypto businesses. This system allows for transaction settlement within seconds.

Besides, it operates 24/7, thereby reducing costs by streamlining international payments. This gives crypto companies a competitive advantage by ensuring they can meet market demands quickly and offer better pricing to customers.

Businesses can connect with Ripple’s global payments network to simplify payments using a single API or UI while offering stablecoin and digital asset off-ramps for various currency payouts. This comprehensive solution improves customer experiences, builds long-term loyalty, and strengthens brand reputation.

Ripple Payments is a complete solution for crypto businesses looking to expand their international reach, boost market responsiveness, and mitigate risks associated with FX and crypto volatility.

 As reported by Crypto News Flash, it can also be a game changer for local banks facilitating cross-border business transactions.

On the other hand, Ripple is also building the XRP Ledger with the goals of introducing smart contracts, EVM sidechain, and other innovative NFT features to the XRP Ledger, reported CNF.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

IOTA NEWS: GROUNDBREAKING STUDY SHOWS HOW IOTA 2.0 SMART CONTRACTS SECURE SDN

A recent study explores how IOTA 2.0 smart contracts can enhance the security of Software-Defined Networking (SDN), addressing vulnerabilities in SDN’s centralized architecture.

The proposed solution leverages IOTA’s Tangle technology to offer scalability, eliminate transaction fees, and reduce energy consumption.

The latest study conducted explores the integration of IOTA 2.0 smart contracts into Software-Defined Networking (SDN) in order to explore the security vulnerabilities present in SDN’s centralized architecture. Although SDN offers network management solutions with better flexibility and control, its centralized nature comes along with significant security risks.

The paper’s proposed solution leverages IOTA’s Tangle technology, a directed acyclic graph (DAG) structure that boosts scalability, eliminates transaction fees, and reduces energy consumption.

According to the CNF report, the IOTA Tangle Treasury also implemented anti-fraud measures last month.

The study report also introduces three different smart contracts – Authority, Access Control, and DoS Detector – which ensure secure network operations by preserving control data integrity, preventing unauthorized access, as well as mitigating denial-of-service attacks.

Additionally, simulations conducted on the IOTA mainnet and the ShimmerEVM IOTA Test Network demonstrate the effectiveness of these contracts in bolstering SDN security. 

The findings emphasize IOTA 2.0’s potential to offer a decentralized and robust solution for securing SDN environments, thereby promoting the further integration of blockchain technology in network management, as reported by CNF.

Here’s How IOTA 2.0 Smart Contracts Secure SDN
As said, the SDN architecture uses IOTA’s Tangle technology to revolutionize network security via energy-efficient, scalable, and cost-effective solutions for real-time operations. 

Using its Directed Acyclic Graph (DAG) structure, IOTA’s Tangle facilitates parallel transaction processing without the need for miners. This helps in reducing both costs and energy consumption while facilitating secure network management.

As said, there are three smart contracts at the core of the system:

1.  Directed Acyclic Graph (DAG) structure: This acts as a gatekeeper, verifying trusted entities like ISPs while ensuring only authorized participants control network switches and devices.

2.  Access Control: This smart contract regulates communication between controllers and switches, thereby allowing only verified controllers to manage network data flow and preventing unauthorized access.

3.  DoS Detector Smart Contract: This smart contract provides real-time defense against denial-of-service (DoS) attacks by automatically blocking devices that send excessive requests.

For example, an Internet Service Provider (ISP) can securely manage switches across its network using IOTA 2.0’s smart contracts, ensuring all communications are verified and authorized.

Moreover, this decentralized, feeless system offers scalability and resilience, making it an ideal solution for global networks, the Internet of Things (IoT), and industrial applications, per the CNF report.

By decentralizing network management, IOTA addresses the risks of single points of failure and creates a more secure, adaptive system for modern cybersecurity needs.

@ Newshounds News™

Source:  CryptoNews

~~~~~~~~~

STABLECOIN ECONOMY EXPANDS $1.08B IN 2 WEEKS DESPITE REDUCTIONS IN KEY COINS

In the past 15 days, the stablecoin economy experienced modest yet steady expansion, adding $1.08 billion to its overall value. During this time, tether’s market capitalization increased by 790 million.

Modest $1.08B Growth in Stablecoin Market Since Aug. 23

Growth in the stablecoin economy has slowed, though it continues to expand, as highlighted by recent statistics.

 From Aug. 23, 2024, to Sept. 7, 2024, the stablecoin market grew from $169.72 billion to $170.80 billion, a gain of $1.08 billion.

On Saturday, the stablecoin economy dominated trade volume, contributing $80.16 billion of the $114.2 billion traded in the last 24 hours.

Tether (USDT) saw its supply rise from 117.39 billion to 118.18 billion USDT, while Circle’s USDC experienced smaller gains, increasing by 50 million over the 15-day span.

However, DAI’s market supply dropped by 60 million since Aug. 23. Ethena’s USDE supply decreased by 330 million, and although FDUSD briefly surpassed USDE, it has since fallen back.

FDUSD, which stood at 2.65 billion, is now down 90 million, sitting at 2.56 billion today. Despite these reductions, the growth in USDT and several other stablecoins helped the stablecoin economy continue its upward trend, albeit at a slower pace compared to previous weeks. For instance, in the five days leading up to Aug. 23, the stablecoin economy expanded by $1.3 billion.

What do you think about the $1.08 billion added to the stablecoin economy over the last 15 days? Share your thoughts and opinions about this subject in the comments section below.

@ Newshounds News™

Source:  Bitcoin News

~~~~~~~~~

CHAMBER OF PROGRESS DEMANDS CLARITY ON CRYPTO FROM PRESIDENTIAL HOPEFULS

Chamber of Progress has urged the presidential debate moderators to ask for crypto clarity as 18 million Americans await candidate positions.

The Chamber of Progress, a technology industry coalition advocating for digital innovation, has urged moderators of the upcoming ABC presidential debate to include a critical question on crypto regulation.

In a letter sent to moderators Linsey Davis and David Muir on Sept. 5, the organization highlighted the growing role of digital assets in the US economy and called for transparency on the candidates’ positions.

The letter stated that over 18 million Americans currently hold or trade crypto, making it a pressing issue in the 2024 election cycle. It emphasized the importance of addressing digital asset policy in the first debate between Vice President Kamala Harris and former President Donald Trump.

The letter added:

“Voters deserve to know where the nominees stand on crypto before they head to the ballot box in November.”

Rising adoption

According to the letter, crypto has gained traction across various demographics. Recent polls reveal that one in five Americans has invested in, traded, or used crypto.

Moreover, data from the Kansas City Federal Reserve shows that Black investors are more likely to hold crypto than traditional stocks or mutual funds.

With Black, Hispanic, and Asian US adults accounting for 20% of crypto users, the letter noted that crypto policy has become a key issue for underrepresented communities.

Additionally, polling data cited in the letter suggests that Gen Z and Millennial voters are particularly invested in digital asset policy. More than half of these groups support a federal approach that fosters crypto use in the US.

As the 2024 election approaches, 52% of voters believe increased regulation of digital assets is necessary, with one in five registered voters considering it a major issue when casting their ballots.

Clear stance on digital assets

The letter also highlighted the evolving positions of the two major candidates. Former President Trump, who once referred to crypto as a “scam,” has since reversed his stance and is now actively courting crypto voters. His campaign has built a “crypto army” aimed at mobilizing supporters in favor of digital asset adoption.

On the other hand, while Vice President Harris has not yet released a formal crypto policy agenda, one of her senior advisors recently indicated that she is open to regulation that would promote the industry’s growth while protecting consumers.

The letter the need for the candidates to explain how they plan to balance nurturing innovation with safeguarding consumer interests. It added:

“A crypto question at September’s debate could bring voters some much-needed clarity on this important issue.”

With the rising adoption of digital currencies and ongoing discussions about regulatory frameworks, the Chamber of Progress hopes this debate will provide a platform for clear positions on the future of crypto in the US.

@ Newshounds News™

Source:   CryptoSlate  

~~~~~~~~~

US NATIONAL DEBT EXPLODES BY $684,322,497,000 IN THREE MONTHS AS FITCH WARNS AMERICA HAS FAILED TO FIX GROWING DEBT BURDEN

The US national debt has ballooned by over half a trillion dollars in just three months.

According to the U.S. Treasury, America’s national debt jumped from $34,635,364,143,328 on June 3rd to $35,319,686,640,609 on September 3rd – a surge of $684,322,497,000.

The massive rise is coming just over a month after the US national debt crossed the $35 trillion mark.

The US credit rating giant Fitch continues to sound the alarm on the growing debt and deficit.

In a new rating action commentary, Fitch says it is affirming its long-term “AA+” rating for the US with a stable outlook due to the nation’s high per capita income, position as the largest economy in the world and dynamic business landscape.

But the agency says it is not ready to upgrade the country to the “AAA” rating due to the nation’s underlying fiscal conditions.

“The ratings are constrained by high fiscal deficits, a substantial interest burden and high government debt, all of which are more than double the ‘AA’ rating medians…

The government has failed to meaningfully tackle large fiscal deficits, the growing debt burden and looming increases in spending associated with an aging population.”

The rating giant notes that the US has a significant edge over other nations due to the dollar’s status as the world’s reserve currency. But trust in the US and the dollar may erode if the country continues to rely on debt to fund expenses.

“However, persistent rises in the public debt burden would increase vulnerability to economic and confidence shocks.”

Last year, Fitch downgraded the long-term rating for the US from the “AAA” gold standard to “AA+,” citing expected fiscal deterioration over the coming years.

Source:  Dailyhodl

~~~~~~~~~

CBI'S BIG MOVE CONTRACTS WITH VISA, MASTER CARD AND MONEYGRAM  |  Youtube

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Okie's  NDA Secrets  Why Catfish Stay Safe!  |  Youtube

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The Future of Money RV, GCR, and QFS  |  Youtube

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China's New Forex Tool Game Changer  |  Youtube

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Seeds of Wisdom RV and Economic Updates Saturday Morning 9-7-24

Good Morning Dinar Recaps,

BRICS SUMMIT 2024: 54 NATIONS TO ATTEND, DITCHING THE US DOLLAR – IS BITCOIN ADOPTION NEXT?

▪️The BRICS summit for 2024 is gaining momentum, with about 54 nations likely to attend.

▪️Bitcoin might take center stage as the group explores an alternative currency in an aggressive de-dollarization push.

About 54 nations are set to attend the highly anticipated BRICS 2024 Summit scheduled for next month. A major discussion at the event would focus on reducing US dollar trade settlements within the group. This has raised questions about the adoption of Bitcoin (BTC) among BRICS member countries.

This bloc is an intergovernmental organization with Brazil, Russia, India, China, and South Africa as its founding members.

Expectations of BRICS Expansion

Market participants are highly anticipating an expansion announcement from BRICS, just like it did in the BRICS 2023 Summit. As noted in our previous report, the economic group welcomed UAE, Egypt, Ethiopia, and Iran in January, bringing the total number of member countries to nine.

Notably, the BRICS Group’s first attempt at expansion was in 2010, when it welcomed South Africa as a member. With 54 countries expected to attend the BRICS Summit this year, a similar expansion could take place. Russian aide Yury Ushakov said 36 heads of state have received invitations, while 18 nations have already confirmed they will attend.

Compared to 2022, the BRICS group has grown into a key economic collective on a global scale. With a key event on the horizon, the group’s influence has amplified further this year. While 2023’s summit had the most historic announcement, this year’s event is set to be the biggest in the Bloc’s history.

Officials have praised the preparations for the upcoming event. Ushakov stated,

We are satisfied with the way the perpetration [for the summit] is going. The preparations are indeed serious, as the event is of an unprecedented scale.

Notably, talks about expansions have also been going on, with many countries expressing interest in joining the economic group. As discussed earlier, almost 30 countries expressed interest in joining the group in January. This has only increased over the previous eight months, highlighting the group’s growing influence on economic, political, and security collaboration.

BRICS De-dollarization Efforts With Blockchain

The upcoming event could have an unprecedented impact on global finance as the BRICS bloc has been actively working towards de-dollarization. A recent update we covered shows that the group has been developing its BRICS Pay system.

The blockchain-based payment system is set to be the global south’s answer to the West’s SWIFT. Market players think the system could finally debut at the upcoming summit.

As more nations move away from the US dollar’s dominance, BRICS may contemplate embracing Bitcoin. The digital asset is largely decentralized and inclusive of all investors without discrimination, which makes it a good fit for the BRICS.

The approval of spot Bitcoin exchange-traded funds (ETFs) in the United States has further strengthened Bitcoin’s position as an asset class. Therefore, integrating Bitcoin into the new BRICS payment system could be a major topic at the BRICS 2024 Summit.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

US SEC TARGETS CRYPTO MARKET AGAIN, REVOKES SECURITIES LICENSE OF CRYPTO LENDER

The US SEC has revoked the securities license of a crypto lender for non-compliance with reporting requirements, sparking concerns of regulatory overreach in the crypto market.

▪️US SEC revokes Salt Blockchain's securities license due to non-compliance with reporting rules.

▪️SEC claimed that the crypto lender failed to file periodic reports since December 31, 2021.

▪️Regulatory action sparks concerns about SEC's regulatory overreach in the crypto market.

▪️Expert predicts increased enforcement actions by SEC near fiscal year-end.

The US SEC has once again targeted the digital assets sector, with the latest regulatory actions against crypto lender Salt Blockchain. The agency has revoked the securities license of the crypto lender, sparking discussions in the market. It’s worth noting that the regulatory body has received heavy backlash from the crypto community recently, claiming the regulatory overreach of the agency.

US SEC Revokes Salt Blockchain’s Securities License

The US SEC has recently disclosed in a report that it has revoked the registration of securities for Salt Blockchain. The move against the Delaware-based crypto lender comes as the firm failed to comply with legal report requirements, the report showed.

The order states that the company hasn’t filed periodic reports since December 31, 2021, which violates Section 13(a) of the Securities Exchange Act of 1934, along with other rules. Notably, this non-compliance with reporting requirements has led the agency to impose sanctions, ultimately revoking the firm’s securities license.

Meanwhile, Salt Blockchain had previously faced regulatory hurdles in 2020, but it appeared that the firm has resolved those issues. Besides, the company has even explored potential buyers at a point. However, the latest regulatory action highlights the firm’s ongoing compliance struggles.

Meanwhile, the revocation became effective on September 6, 2024, and marks a significant setback for Salt Blockchain as it navigates the regulatory landscape.

Notably, the order showed that Section 12 (j) of the Securities Exchange Act grants authority to the agency to suspend to freeze a securities license if an issuer fails to maintain the legal requirements.

Crypto Market Remains On Edge

The SEC’s latest action against Salt Blockchain has stirred debates about the agency’s regulatory approach toward the crypto sector. Critics argue that the SEC’s enforcement strategy is too aggressive, potentially stifling innovation and growth within the digital assets market.

Many in the crypto community view these actions as part of a broader pattern of regulatory overreach. Notably, the agency has recently faced heavy criticism for issuing a Wells Notice against OpenSea, targeting NFTs.

In addition, Jake Chervinsky, Chief Legal Officer of VariantFund, noted that enforcement actions by agencies like the US SEC and CFTC could intensify as their fiscal year-end approaches on September 30. Chervinsky suggested that regulatory bodies often increase enforcement activities near fiscal deadlines to bolster performance metrics for budgetary reviews. In a recent X post, the CLO said:

“It’s typical in September to see a flurry of enforcement actions as they shore up their performance reports and budget requests for Congress.”

@ Newshounds News™

Source:  CoinGape

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ANALYSTS BELIEVE TOKENIZATION SOLVES GLOBAL TRADE FINANCE ISSUES

▪️Tokenization can solve global trade finance issues, say major financial analysts.

▪️It simplifies financing, increases liquidity, and reduces transaction costs.

▪️Efforts like MakerDAO's competition promote tokenization despite adoption challenges.

Analysts from major financial institutions believe tokenization will significantly solve global trade finance issues. According to stakeholders from Standard Chartered and HSBC, tokenization will make financing options more accessible for interested organizations.

HSBC Global Trade Solutions Product Manager Bhriguraj Singh recently stated in an interview that tokenization would be directly beneficial for these companies and trade finance providers.

According to Singh, tokenization will simplify financing and distribution in global trade processes, which could make banks and other companies more liquid.

Tokenization and Trade Finance Gap

Tokenization is the process of representing real-world assets (RWAs) or data on a blockchain. This process increases liquidity and improves accessibility. 

By converting assets into tokens on a blockchain, tokenization speeds up trade transactions and reduces transaction costs due to the absence of intermediaries.

 Steven Hu, Head of Digital Assets, Trade, and Working Capital at Standard Chartered, believes blockchain technology will optimize financial services and make credit facilities more accessible.

The trade finance gap refers to the difference between import and export demands and the corresponding approvals. According to the Asian Development Bank (ADB), this gap worsened by 29.4% in 2022, reaching $2.5 trillion from $1.7 trillion in 2020. Estimates predict this figure will rise to $36.2 trillion by 2030.

“Imagine a future where the trade finance element is structured within a digital token and can be freely traded in secondary markets. This will turn into a new potential business model based on fees.” – Steven Hu

Advantages of tokenization include expanding a company’s target audience and making it easier to invest in unfamiliar markets. Additionally, it significantly reduces the transaction process, allowing companies to transfer securities and make instant payments via blockchain. Otherwise, this process could take several days.

While Steven Hu praises the benefits of tokenization, he also noted that a lack of expertise could delay its adoption.

Ongoing Efforts

While widespread adoption of tokenization may take time, efforts are already underway by various stakeholders. For instance, in July, MakerDAO announced a tokenization competition for innovators looking to introduce related products.

MakerDAO’s Spark Tokenization Grand Prize plans to include $1 billion worth of tokenized real-world assets (RWA) into the decentralized finance (DeFi) ecosystem. The competition prioritizes proposals aligned with MakerDAO’s Spark ecosystem and focuses on those with high liquidity and competitive pricing potential.

The judging panel includes renowned platforms such as Steakhouse Financial and Phoenix Labs, which will evaluate the submitted proposals. After selecting several finalists, MKR token holders will vote to determine the ultimate winner.

Tokenization has the potential to narrow the global trade finance gap. HSBC and Standard Chartered officials state that this technology will optimize financial services and make credit facilities more accessible. However, the lack of expertise and the process of widespread adoption may take time.

Meanwhile, organizations like MakerDAO are undertaking various initiatives to promote tokenization. These processes should be closely monitored, and developments should be carefully followed.

@ Newshounds News™

Source:  CoinTurk News

~~~~~~~~~

STAKING REWARDS TO HOST WORLD’S LARGEST STAKING SUMMIT IN BANGKOK NOVEMBER 8–9, 2024

Crypto staking explorer Staking Rewards has announced that its international staking conference is returning for its third consecutive year.

The two-day summit will be hosted in Bangkok, Thailand, from November 8-9, 2024, uniting key participants in the global staking industry to provide insights and innovations that will shape the future of PoS (proof-of-stake).

Set to be hosted at the Siam Kempinski Hotel in Bangkok, the 2024 Staking Summit promises to be the largest event of its kind.

Over the course of two days, delegates will hear keynotes, panel discussions, fireside chats and participate in workshops that illuminate the latest industry developments across the multi-chain landscape.

Topics such as Bitcoin staking, restaking, LSTfi, validators, home staking and emerging PoS chains will be among the many themes up for debate during a conference that covers every aspect of the multi-billion dollar staking industry.

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Read more:  Daily Hodl

~~~~~~~~~

HOW GENERATIVE AI IS TRANSFORMING BANKING  |  Youtube

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CBI Bank's High Stakes NYC Negotiations  |  Youtube

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STOCK MARKET CRASH SILVER'S NEXT MOVE!  |  Youtube

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TRUMP'S BOLD PLAN TO SAVE THE DOLLAR!  |  Youtube

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Seeds of Wisdom RV and Economic Updates Friday Afternoon 9-6-24

Good Afternoon Dinar Recaps,

IS THE XRP LEDGER SET FOR MAJOR UPGRADE? RIPPLE CEO BRAD GARLINGHOUSE DROPS NEW CLUES

▪️Ripple is upgrading the XRP Ledger (XRPL) with key advancements like the introduction of smart contracts and the Ethereum Virtual Machine (EVM) sidechain.

▪️Ripple CTO David Schwartz and XRPL Labs Director Wietse Wind have expressed differing views on adopting Layer 1 smart contracts.

Blockchain startup Ripple has recently undertaken the task of upgrading the XRP Ledger, the underlying blockchain technology that powers up Ripple’s global payments network.

Earlier this week, Ripple shared that it’s upgrading its XRP Ledger to enhance its functionality by focusing on key advancements such as smart contracts introduction to the XRPL mainnet and thus boosting programmability through the upcoming EVM Sidechain, per the CNF report.

Ripple CEO Brad Garlinhouse has expressed optimism about the future of the XRP Ledger, stating that “The foundations of crypto infrastructure serving real-world use cases are steadily becoming more robust by the day.”

The recent announcements regarding the smart contracts and the EVM sidechain for the XRP Ledger come over and above the Automated Market Maker (AMM) functionality announced earlier this year.

Ripple Chief Technology Officer (CTO) David Schwartz expressed his enthusiasm for the integration, which aims to strengthen XRPL’s role in the Decentralized Finance (DeFi) sector.

The introduction of Automated Market Makers (AMMs) will simplify token exchanges, improving transaction efficiency and enhancing the overall user experience. 

These innovations will further boost XRPL’s appeal while attracting a wider user base and driving adoption and growth in the DeFi ecosystem as it continues to hit new milestones, per the CNF report.

The XRPL EVM Sidechain and XRPL Hooks

Revealed earlier this year in 2024, the EVM Sidechain will bridge the XRP Ledger along with the Ethereum Virtual Machine (EVM). This would further pave the way for developers to build decentralized applications (dApps) that leverage the strengths of both platforms.

The XRP EVM Sidechain brings forth a compelling proposition wherein developers familiar with the EVM ecosystem can deploy their existing dApps on the XRP Ledger which will benefit from faster transaction speeds and lower fees. On the other hand, the XRP Ledger developers will gain access to a vast library of existing dApps along with the broader developer community.

A key element in XRPL’s evolution is the introduction of Hooks, a foundational technology that will allow seamless integration of smart contracts into XRPL’s mainnet. Ripple said it will focus on making these smart contracts permissionless, enabling anyone to deploy them while ensuring they are accessible to developers of all skill levels.

Moreover, the platform will offer extensive customization options, allowing developers to tailor smart contracts to meet specific requirements. 

XRPL Labs Director Wietse Wind expressed mixed emotions about the recent adoption of Layer 1 (L1) smart contracts following years of dedicated effort by XRPL Labs. Wind shares his disappointment in discovering Ripple’s change in stance through indirect sources rather than direct communication, per the CNF report.

This sentiment comes in contrast to earlier remarks by Ripple CTO David Schwartz at XRP Ledger Apex, where the mainnet was described as a “fixed function ledger” not designed for smart contracts.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

CARDANO INITIATES CONWAY ERA WITH SUCCESSFUL CHANG HARD FORK

▪️Cardano successfully implemented the Chang hard fork, initiating the Conway era.

▪️ADA holders voiced concerns about governance and reward system changes.

▪️Hoskinson clarified the new governance options for withdrawing staking rewards.

Cardano successfully implemented the Chang hard fork, initiating the Conway era. This step represents significant progress towards full decentralization. ]

This milestone included the implementation of the CIP-1694 governance model, allowing ADA holders to actively vote on network decisions. According to the network’s blog post, this significant milestone “realizes the vision of a fully autonomous and decentralized network.”

Changes in Governance and Reward System

However, following the Chang hard fork, ADA holders began to worry about changes in governance and reward systems. Cardano’s founder Charles Hoskinson responded to these growing concerns.

“To withdraw staking rewards from the network, a user must choose one of three options: not voting, abstaining, or delegating to a DRep.”

Linda, as a stake pool operator of MALU Pool, first voiced these concerns in an X post, stating: “After the next hard fork, you will likely need to delegate to a DRep to continue withdrawing your staking rewards. (This is not confirmed yet, but it seems very likely.)” This statement led to intense discussions within the Cardano community about how governance changes would affect staking rewards.

Hoskinson’s Explanations

In response to Linda, Hoskinson detailed that ADA holders must choose one of three options to withdraw staking rewards: “not voting, abstaining, or delegating to a DRep.”

Hoskinson suggested, “If a user only chooses delegation, wallets like Lace will automatically select abstaining to simplify the user experience.”

An X user asked if abstaining meant selecting the abstaining delegation option. Hoskinson clarified that abstaining is an active choice, noting that ADA holders had confused abstaining with doing nothing. However, Hoskinson stated, “It is an action, which is why I clarified my tweet.”

Concerns in the New Governance System

Following the implementation of the Chang hard fork, there are growing concerns about the new governance system, particularly the potential for misuse or mismanagement of the roles of DReps. A user expressed their concerns, saying: “I choose to abstain. I don’t want to see little girl and boy influencer DReps zeroing out the treasury in this experiment.”

“That’s why this option is there. You can even vote no confidence in the entire system.”

Hoskinson reassured the concerned community by emphasizing the flexibility brought by the new governance system. According to Hoskinson, the new governance system allows users to express their views.

Currently, ADA holders hold the key to the network. They can participate in voting or delegate their governance rights to DReps. Stake Pool Operators like Linda continue to participate in the governance process while maintaining the network’s infrastructure.

At the time of writing, ADA is trading at $0.3253, experiencing a 1.63% decrease in the last 24 hours.

@ Newshounds News™

Source:  CoinTurk News

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BINANCE TO BECOME THE FIRST LEGAL CRYPTO EXCHANGE IN KAZAKHSTAN

Binance is just one step away from becoming the first fully regulated crypto exchange in kazakhstan. It has achieved a major milestone by securing formal consent from the Astana Financial Services Authority (AFSA).

This is a major development for the company and reflects its unwavering commitment to regulatory compliance and security in the crypto industry.

The Journey of Collaboration and Education

Binance did not get this achievement overnight. This is the culmination of a two year journey of collaboration and development. The company has been working closely with Kazakhstan’s government organizations to advance blockchain education and adoption.

Binance partnered with the Ministry of Digital Development, Innovations, Aerospace industry and the Ministry of Education.

This partnership resulted in launching a large-scale blockchain education initiative. The motive of this program is to educate 40 thousand people in Kazakhstan by 2026. This will solidify the country’s position as a leader in digital technologies.

Binance had made huge efforts for this partnership. In May 2022, the former CEO of Binance, Changpeng Zhao had a meeting with the president of Kazakhstan, Kassy-Jomart Tokayev. Their discussion regarding blockchain and crypto education became the foundation of Binance’s deep engagement in the country.

From Initial License to Fully Regulatory Consent

In October 2022, AFSA granted Binance a permanent license to operate a digital asset platform. It also allowed the exchange to provide custody services at Astana International Financial Center (AIFC). This was an initial license , a testament to Binance’s robust compliance and security controls.

This allowed the platform to offer exchange and conversion services, fiat currency deposits and withdrawals along with custody of crypto assets. In 2023, Binance launched its local digital asset platform. Government officials, representatives from the banking industry and many other prominent people joined the launch.

The Road Ahead : A fully Regulated Exchange

Binance is poised to significantly expand its operations in Kazakhstan with the recent consent from AFSA. Once the full license is won, the platform will be fully authorized to operate as a cryptocurrency trading facility.  This will enable the company to better serve the local digital assets ecosystem and set a new standard of crypto trading in the country.

The Journey of Binance in Kazakhstan, from education initiative to regulatory achievements, underscores its commitment to foster innovation, trust and growth in this dynamic market.

@ Newshounds News™

Source:  Coinpedia

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GLOBAL BANKING SHAKE UP BASEL 3 CODES  |  Youtube

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Source:  Currency Facts

~~~~~~~~~

ARGENTINA'S GOLD TRANSFER  |  Youtube

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Source:  Currency Facts

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Seeds of Wisdom RV and Economic Updates Friday Morning 9-6-24

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CORE BLOCKCHAIN UNVEILS LIQUID STAKING TOKEN FOR BITCOIN: $LSTBTC

A New DeFi Opportunity for Bitcoin Holders

Core Blockchain has introduced a new liquid staking token, $LstBTC, that promises to revolutionize how Bitcoin holders engage with decentralized finance (DeFi). 

This innovation allows users to stake their Bitcoin (BTC) without having to lock it up, offering them the ability to earn rewards while maintaining liquidity. With this launch, Core Blockchain aims to bridge the gap between Bitcoin and DeFi, enhancing BTC’s utility within this rapidly growing sector.

Liquid Staking for Bitcoin: Expanding DeFi Access

The $LstBTC token is pegged 1:1 to Bitcoin, meaning each token represents an equal amount of BTC. What sets it apart is its liquid staking feature, which resolves a longstanding issue for Bitcoin holders. Typically, staking assets like BTC requires locking them up in exchange for rewards, limiting their use in other applications.

 However, with $LstBTC, users can stake their Bitcoin and still keep it liquid, making it available for DeFi use. This dual benefit is expected to enhance Bitcoin’s role in the DeFi ecosystem, a space where the cryptocurrency has traditionally been underrepresented.

Core Blockchain believes that $LstBTC provides a new avenue for Bitcoin holders who want to earn rewards without sacrificing the flexibility of their assets.

The token’s innovative design allows users to participate in DeFi protocols, such as lending, borrowing, and yield farming, without the usual restrictions imposed by traditional staking mechanisms.

Daily Rewards in $CORE Tokens

One of the key incentives of $LstBTC is that it offers daily rewards to its users in $CORE, the native token of Core Blockchain. This feature makes staking more appealing to Bitcoin holders, who can now earn a steady stream of $CORE tokens while their BTC remains accessible for DeFi activities.

The daily reward structure provides an additional layer of utility, attracting users who want to maximize their returns without losing access to their Bitcoin.

Core Blockchain envisions $LstBTC as a tool that will drive greater adoption of its ecosystem. By integrating liquid staking with Bitcoin, the platform anticipates attracting both existing users and newcomers who are looking for more flexible ways to utilize their digital assets. This strategic move aligns with Core’s broader goal of expanding its user base and increasing participation in DeFi.

Boosting DeFi Adoption Through Security and Growth
Another critical aspect of $LstBTC is its focus on security. The token is managed through a multi-signature (multi-sig) setup, which involves multiple entities participating in its management. This added layer of protection ensures that the token is secure and resistant to single points of failure.

 Multi-sig setups are commonly used in the blockchain space to enhance security by requiring multiple approvals for any transaction, thus safeguarding the asset from potential misuse or theft.

Rich Rines, an early contributor to the Core DAO, highlighted that while Bitcoin dominates the cryptocurrency market, its integration into DeFi has been limited.

He believes that $LstBTC could be a game-changer in this regard. By making Bitcoin more accessible and usable in DeFi, Core Blockchain aims to unlock the potential of BTC in a sector where it has traditionally had a minimal presence.

The liquid staking solution not only benefits individual users but also aims to attract developers to build new products on Core’s platform. By providing a secure and flexible tool for staking Bitcoin, the company hopes to encourage the creation of additional liquid staking products, further expanding the ecosystem’s capabilities.

Driving Ecosystem Growth and Adoption
Core Blockchain anticipates that $LstBTC will attract a wider audience, from experienced Bitcoin holders to developers eager to build on the platform. The token’s unique combination of liquidity, staking rewards, and security is designed to appeal to a broad range of users, driving growth and innovation within the ecosystem.

The company expects that as more people adopt $LstBTC, the Core platform will see a surge in development activity. New liquid staking products, DeFi applications, and tools built around $LstBTC could significantly enhance the platform’s offerings. The growth in adoption could, in turn, attract more developers to the ecosystem, creating a positive feedback loop that fuels further expansion.

Core’s vision for $LstBTC is not limited to short-term gains. The company aims to position itself as a key player in the DeFi space by providing innovative solutions that address some of the industry’s most pressing challenges, such as asset liquidity and security.

By creating a product that combines these elements, Core Blockchain is paving the way for Bitcoin to play a more significant role in the future of decentralized finance.

In conclusion, the launch of $LstBTC represents a major step forward for both Core Blockchain and the broader DeFi space. By offering Bitcoin holders a way to stake their assets without locking them up, Core is addressing a key pain point for users and unlocking new opportunities for growth.

The added security of a multi-sig setup and the potential for ecosystem expansion make $LstBTC a compelling proposition for those looking to engage with DeFi while retaining the flexibility of their Bitcoin holdings.

@ Newshounds News™

Source:  Cointrust

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DECENTRALIZED PHYSICAL INFRASTRUCTURE NETWORKS OFFER NEW OPPORTUNITIES IN THE CRYPTO WORLD

▪️DEPIN integrates physical assets with blockchain technology.

▪️It has significant potential in energy and smart city projects.

▪️Widespread adoption may take time due to early-stage development.

In the world of cryptocurrencies, decentralized physical infrastructure networks (DEPIN) are emerging as a new application area. This new technology is expected to create a significant shift in the crypto ecosystem. DEPIN aims to enable decentralized applications (dApps) to integrate more with the physical world.

What is DEPIN?

Decentralized physical infrastructure networks allow users to manage physical assets using blockchain technology. This includes controlling sensors, distributed energy sources, and other physical devices via blockchain. DEPIN is noted to have significant potential, particularly in the energy sector and smart city projects.

Revolution in the Energy Sector

The use of DEPIN in the energy sector can enable more efficient management of distributed energy resources. Users can optimize their energy consumption by managing individual energy sources like solar panels through blockchain. This can lead to reduced costs and more equitable energy distribution.

Smart City Applications

In smart city projects, DEPIN technology can enable more efficient and sustainable management of city infrastructure. For example, DEPIN can be considered for areas such as traffic management, waste collection, and water resource management. This technology is expected to reduce infrastructure costs while improving service quality in cities.

MV Capital argues that DEPIN will be the next major application area for cryptocurrency. The company states that this technology holds great potential for the future and can create a revolution in many sectors.

“DEPIN will enable decentralized applications to integrate more with the physical world.” – MV Capital

DEPIN, along with decentralized finance (DeFi) and other blockchain-based applications, can create a new wave in the crypto ecosystem. The adoption of this technology can enable cryptocurrencies to be used more widely in real-world applications.

DEPIN stands out as an innovation that integrates crypto technology not only with digital financial transactions but also with the physical world. This technology is considered for a wide range of uses, from energy management to city infrastructure.

There is a general consensus that DEPIN technology holds great potential in the energy sector and smart city projects. However, some sources emphasize that the technology is still in its early stages and that widespread adoption may take time.

While there is agreement on DEPIN’s potential, it is noted that more development is needed for the technology to mature. Discussions on this topic show that there are different views on what the future impact of DEPIN will be

@ Newshounds News™

Source:  Cointurk News

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JAPAN MULLS LOWER CRYPTO TAX RATES IN 2025 OVERHAUL

The country intends to lower taxes on crypto to a flat rate of 20% – in line with taxes that currently apply to traditional assets such as stocks.

Japan's financial regulator, the Financial Services Agency (FSA), has proposed a significant overhaul of the country's tax code for fiscal year 2025. A key component of this reform is a potential reduction in the tax rate for cryptocurrency assets.

In a recent request submitted to the government, the FSA advocated for treating cryptocurrencies as traditional financial assets, aligning them with publicly traded investments. This move could pave the way for a more favorable tax environment for crypto holders in Japan.

“Regarding the tax treatment of cryptocurrency transactions, cryptocurrency should be treated as a financial asset that should be an investment target for the public,” the FSA said.

The FSA's proposal aligns with the growing sentiment among crypto advocates in Japan, who have been petitioning the government to reform the tax on cryptocurrencies, saying that high tax rates on crypto profits are "hindering" the ability to save and invest.

Currently, crypto profits in Japan are subject to a miscellaneous income tax rate ranging from 15% to 55%. The highest rate applies to earnings exceeding 200,000 Japanese yen ($1,377). This compares unfavorably to the 20% maximum tax rate on profits from stock trading.

For corporate entities, the tax burden on unrealized crypto gains is even more substantial, with a flat 30% rate applied at the end of each financial year, regardless of whether a profit has been realized through a sale.

At the WebX Conference held in Tokyo last week, Japanese Minister of Economy, Trade and Industry Takeru Saito said he would help the industry create more use cases by implementing tax reforms to support the development of start-ups, local media reported.

While the FSA's proposal represents a positive step towards a more crypto-friendly tax environment in Japan, the ultimate outcome will depend on the deliberations of the tax system research committee and the country's national legislature.

If approved by both houses of the Japanese government, the proposed tax reforms could significantly impact the nation's crypto industry.

@ Newshounds News™

Source:  Blockhead

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Farm Bill Showdown Will Congress Act  |  Youtube

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Source:  Currency Facts

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India's Blockchain Revolution  |  Youtube 

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Seeds of Wisdom RV and Economic Updates Thursday Evening 9-5-24

Good Evening Dinar Recaps,

ICCS DIGITAL STANDARDS INITIATIVE SHARES DIGITAL TRADE, EBL CASE STUDIES

The International Chamber of Commerce’s (ICC) Digital Standards Initiative (DSI) for trade documents has come a long way since its founding in 2020.

 In April it published a document that outlined no less than 36 different trade documents and associated standards. Now it has released a series of 22 case studies, including several on electronic bills of lading (eBL).

An eBL has several advantages over the paper version. Given bills of lading are used to collect cargo, they are valuable documents. 

Paper versions are prone to forgery, whereas electronic ones are digitally signed. They’re also much more efficient. McKinsey predicted that eBL could lead to $6.5 billion in direct cost savings.

In order for the importer to collect the cargo on arrival, the original bill of lading has to be couriered from the departure point to the destination.

This can cause delays if it doesn’t arrive fast enough. Plus, couriers carrying the bill of lading have to travel between airports and the ports, creating wasteful emissions.

This latter point was one of the case studies in the ICC paper. Earlier this year, the shipping blockchain network GSBN explored the potential environmental impact, estimating that there’s a potential saving of 440,820 metric tons per year in CO2 emissions. We analyzed the report, finding the figures were rather high, but the saving is nonetheless significant.

BHP contributes to 25% eBL target

Another eBL case study relates to mining firm BHP. One of the key benefits it found by using eBL is that amendments to eBLs are much faster. Otherwise, a new original bill of lading would have to be couriered a long way if there are amendments. This helps to avoid delays in customs clearance.

Stepping back, several shipping organizations have made commitments to adopt eBL, including the FIT Alliance, with only around 2% digitized in 2022. A key hold up is a lack of interoperability between different solutions, something that the ICC is trying to address.

In early 2023, the Digital Container Shipping Association (DCSA), secured commitments from nine of the top ten largest container shipping carriers to adopt eBLs. The first deadline was 50% in five years, with 100% in ten years.

Another shipping association, BIMCO, joined the effort with a shorter target of 25% by 2025. After just a year, four shippers, BHP, Rio Tinto, Vale and Anglo American, have already reached an average adoption rate of 25.1% for iron ore trades.

Lloyds Bank adopts two blockchain solutions

Earlier this year we reported that Lloyds Bank had partnered with WaveBL for eBL. Additionally, it is working with Enigio to use its blockchain-based digital promissory notes (dPN).

The case study starts with shipping carrier MSC issuing an eBL using the waveBL platform. Then the exporter’s bank sent the eBL to Lloyds, which was working for the importer. Lloyds issued a digital promissory note (dPN), that the importer signed.

That digital signature allowed Lloyds to release the eBL faster. Lloyds reckons the solutions reduced the transaction time from 15 days to 24 hours. Plus, it removed the need for six courier trips.

“Together, the eBL and the dPN have eradicated the need for any physical paper to change hands,” said Rogier van Lammeren, Head of Trade and Working Capital Products, Lloyds Bank.

“This has meant a faster transaction, which helps shorten parties’ working capital cycles, with less risk, at lower cost and with significantly less admin for the businesses involved.”

Meanwhile, another case study involved eBL platforms WaveBL and TradeGo integrating verifiable Legal Entity Identifiers (vLEI) into their solutions. Plus, there was a client case study for blockchain eBL solution CargoX.

@ Newshounds News™

Source:  Ledger Insights

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PUTIN CALLS WEST'S POLICY TO BAN RUSSIA FROM DOLLAR SETTLEMENTS ‘STUPID’

The head of state noted that in this situation, Russia and its friendly countries are switching to national currencies in their mutual settlements

VLADIVOSTOK, September 5. /TASS/. The West already understands that it made a mistake, and its stupid steps are only pushing countries to abandon the dollar, Russian President Vladimir Putin said speaking at the plenary session of the Eastern Economic Forum.

"The financial and political authorities of the United States are pushing this process with their not just sloppy, but unprofessional and stupid actions. I think, they already understand that they made a mistake, but they simply cannot get out of this rut.

It is probably rather embarrassing for them to admit that they made a mistake. They should have already made some corrections, as they see that the tools they use do not work," Putin said.

He noted that in this situation, Russia and its friendly countries are switching to national currencies in their mutual settlements. But the Western leaders are not ready to abandon their policies, he added.

"Apparently, only those people who will replace today's generation of politicians can do this. Because changing something means admitting your mistakes. Apparently, this is difficult. And what is the reason for such behavior?

Apparently, they were counting that everything would collapse in our country. That is why they banned us from dollar service. But the trends are not obvious. They only push, as I have already said, these processes, but the trends in the use of currency are connected with the growth of the [Russian] economy," Putin said.

The Eastern Economic Forum is underway on the campus of the Far Eastern Federal University in Vladivostok on September 3-6, 2024. The main theme of the EEF this year is ‘Far East 2030. Combining strengths to create new potential’. The Roscongress Foundation is the Forum’s organizer. TASS is the general information partner of the EEF.

@ Newshounds News™

Source:  TASS

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Trump Doubles Down on Bitcoin, Says He's Got a Job for Elon Musk If Elected

Outlining the economic policies of a potential Trump administration, the former president said Musk could lead a new government fraud task force.

During a speech before the Economic Club of New York on Thursday, Republican candidate for U.S. president Donald Trump asserted that the country would be the “world capital of crypto and Bitcoin.”

In addition to reiterating his stance on digital assets, Trump also proposed—at the suggestion of Telsa CEO Elon Musk—a new government efficiency commission that will audit the federal government.

“I will create a government efficiency commission tasked with conducting a complete financial and performance audit of the entire federal government, making recommendations for drastic reforms,” Trump said. “We need to do it.”

Musk agreed, tweeting in response to reports of Trump’s remarks, “This would unlock tremendous prosperity for America.”

@ Newshounds News™

Read more: Decrypt

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