Seeds of Wisdom RV and Economic Updates Sunday Morning 9-22-24

Good Morning Dinar Recaps,

Highlights from IOTA Demo Day: Exciting Innovations and Presentations on IOTA EVM

▪️IOTA has shared a highlight of the recent Demo Day program featuring the likes of Qiro Finance, Black Frog, Orobo Finance, Auvo Digital, The Real Lifestyle, and Defa Primitive.

▪️According to the IOTA founder, this program is a huge step towards supporting and mentoring its beneficiaries to impact the ecosystem significantly.

The much-anticipated Real-World Assets (RWA) Accelerator Demo Day program by IOTA (IOTA) and Tenity was held on September 17 in Singapore with the participation of six finalists selected and supported by the two. As we earlier reported, each finalist got a $50,000 grant as well as mentorship, tools, and networking opportunities.

Soon after the program, IOTA shared a highlight with the community featuring presentations by Qiro Finance, Black Frog, Orobo Finance, Auvo Digital, The Real Lifestyle, and Defa Primitive.

Here’s a recap of the incredible presentations from yesterday’s #IOTA @tenity_global Demo Day! 🌟Let’s dive into the highlights from each team’s journey and the innovations they’re bringing to #IOTAEVM 👇— IOTA (@iota) September 19, 2024

Qiro Finance
According to Qiro Finance’s presentation, it is building an outstanding on-chain private credit marketplace on the IOTA EVM. The idea is to bridge the on-chain investors and the traditional Fintech funding to solve a major problem of rising credit defaults in private credit protocols.

Black Frog
Black Frog’s presentation was centered around the proposal for small-scale miners to capitalize on the mineral market via tokenized assets and provide returns to investors on held commodities.

Researching the background of its provision, CNF observed that the demand for minerals, especially Cobalt, could accelerate considerably with the growing need for a shift to green energy. To enable the industry to meet this need, Black Frog provides financing and credit facilities via loans and bonds on the IOTA platform. Recently, it unveiled a commodity-backed yield-bearing stablecoin to improve the interest offerings on commodities held by small miners.

The Real Lifestyle
According to IOTA, The Real Lifestyle (TRL) provided a comprehensive presentation on its vision of tokenizing and fractionalizing real estate. Fascinatingly, TRL ensures investors are offered fractionalized investment in home ownership and rental properties. In addition to lowering the barrier for real estate investment and triggering financial returns, TRL ensures that liquidity and economic activities are brought to the IOTA EVM.

Orobo Finance
Orobo’s presentation highlighted the importance of digital product passports for the circular economy. It also mentioned several initiatives that have been fully developed and are in the pipeline, ranging from RWA tokenization to sustainability, digital twins, and compliance. Orobo can validate and verify products and materials using the IOTA’s digital product passports.

Auvo Digital
Auvo Digital focuses on digital identity by providing users with a no-code identity management platform to secure on-chain identity. At the program, they displayed their innovative tools for businesses and organizations to enable them to create and manage decentralized identities. According to them, this secures the privacy-focused platform on the IOTA EVM.

Defa Primitive
Defa Primitive spoke about the incredible potential of transforming traditional invoices into RWA tokens. According to them, their initiative unlocks finance for trade logistics, supply chains, and Small and Medium-sized Enterprises (SMEs). On top of that, it provides immeasurable opportunities for on-chain investors to access new opportunities on the IOTA EVM.

Commenting on the initiative for these six finalists, IOTA founder Dom Scheiner disclosed that the support and mentorship provided through the Accelerator Program enhances RWA tokenization growth while ensuring that IOTA EVM users benefit from cutting-edge solutions.

At press time, IOTA (IOTA) was trading at $0.13 after surging by 7.6% in the last 24 hours.

@ Newshounds News™

Source:  Crypto News Flash

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CARDANO FOUNDER WARNS TRUMP DEFI VENTURE COULD POLITICIZE CRYPTO LANDSCAPE

Cardano and Ethereum co-founder Charles Hoskinson expressed deep concern over the new DeFi platform venture of former President Donald Trump known as World Liberty Financial.

Speaking in interviews, Hoskinson said the venture is likely to turn into a political flashpoint. This might add to the already delicate situation surrounding regulation of cryptocurrencies in the United States.

Through his comments, the executive expressed an emerging discomfort about seeing how politics is penetrating into the digital finance world from the top echelons of the industry.

Trump: Political Polarization And Crypto
The biggest fear Hoskinson has is political polarization due to Trump in crypto. According to him, “Everything Trump does, the left hates with such a passion,” suggesting that Trump’s actions might provoke a backlash from Democrats.

This could result in investigations by regulatory bodies like the Department of Justice or the Securities and Exchange Commission, potentially stifling innovation and growth within the industry.

According to the Cardano founder, although Trump presents himself as a pro-crypto candidate, the history of high staff turnover at the White House raises all kinds of concerns in regards to his ability to create a clear policy for cryptocurrency.

Moreover, Hoskinson criticized both Trump and Vice President Kamala Harris for failing to present a vision for the future of crypto in America. He believes that neither leader demonstrates enough sophistication in understanding the complexity surrounding regulation of cryptocurrency.

This is particularly alarming because both are positioning themselves for positions of leadership in America at a time when adoption of cryptocurrency across the world is increasing geometrically.

Implications For The Crypto Sector
The potential politicization of World Liberty Financial could have far-reaching implications for the entire crypto sector. Hoskinson emphasized that this platform might transform what has traditionally been a bipartisan issue into a divisive one.

Hoskinson warned that if Democrats feel threatened by Trump’s DeFi initiative, they might use governmental powers to choke it. This could make most of the crypto projects go offshore where regulatory environments could be more conducive.

Despite those risks, Hoskinson mentioned a couple of positive aspects to Trump’s approach on crypto. He said that the recent outreach by Trump toward the crypto community attracted influential investors and advocates within the industry. However, he remains cautious about whether this support will translate into effective policies if Trump returns to power.

Future Prospects For Digital Currencies
Looking ahead, Hoskinson said that the key thing is establishing a clear regulatory framework to encourage growth in the US crypto market. He thinks that if America could create an environment conducive to innovation, this could end up adding trillions of dollars to the country’s economy within the next decade.

To the contrary, he says other regions such as Singapore and parts of Europe are moving ahead with crypto-friendly regulations while the US lags behind.

Accordingly, players in the crypto field will need to be very vigilant about the way things progress politically as World Liberty Financial builds up to its launch. Success or failure of this project could set monumental precedent for subsequent crypto projects in America.

The bottom line is going to depend on whether or not both political parties learn to engage with this space of rapid change.

This warning from Charles Hoskinson reflects bigger concerns within the cryptocurrency community that international political affiliations should not influence regulatory policies. As Trump’s DeFi plans take shape, all eyes will be on how they impact not just his political ambitions but also the future viability of cryptocurrencies in America.

@ Newshounds News™

Source:  Bitcoinist

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AUDIO - A MUST HEAR! DO YOU WANT TO GO HOME? WHO ARE YOU?  |  Youtube

Jim educates us on our history and the CONtracts that have been hidden from us to show how we got to where we are since the days of Lincoln and the Civil War.  A must to listen to.

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Source: Seeds of Wisdom Team Currency Facts     

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Seeds of Wisdom RV and Economic Updates Saturday Afternoon 9-21-24

Good Afternoon Dinar Recaps,

US PAYING $1,157,762,000,000 IN INTEREST ON NATIONAL DEBT IN ONE YEAR, SAYS TREASURY DEPARTMENT, AS ELON MUSK WARNS GOVERNMENT ‘WHISTLING PAST THE GRAVEYARD’

The US Treasury Department says it expects to pay a whopping $1.157762 trillion in interest on the national debt for the fiscal year 2024.

The interest represents the cost of borrowing money, which the government does by issuing Treasury bonds, bills and other securities.

Interest payments have already totaled $1.05 trillion as of August, and the remaining payments will be added in by the end of the month as the fiscal year comes to a close.

The Treasury Department says interest on the debt is expected to be the country’s third-largest expense this fiscal year just behind the Department of Health and Human Services (Medicare and Medicaid) and Social Security Administration at $1.727 trillion and $1.520 trillion, respectively.

The updated numbers come as billionaire Elon Musk issues a warning on the growing deficit and debt, which has now reached $35.3276 trillion.

In a panel interview at the All-In Summit 2024, Musk said he believes the government is projecting confidence while in a dire situation.

“Everyone seems to be sort of whistling past the graveyard on this one… The Defense Department budget is a very big budget. It’s a trillion dollars a year – DoD (Department of Defense), intel – it’s a trillion dollars. And interest payments on the national debt just exceeded the Defense Department budget. They’re over a trillion dollars a year just in interest and rising.  

We’re adding a trillion dollars to our debt, which our kids and grandkids are going to have to pay somehow, every three months. Soon it’s going to be every two months and then every month.

And then the only thing that we’ll be able to pay is interest.”

The national debt jumped by about $1.337 trillion from January 1st until now.

This means the debt has actually increased by around $445.67 billion every three months on average.

@ Newshounds News™

Source:  DailyHodl

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SEC GREENLIGHTS OPTIONS TRADING FOR BLACKROCK’S ISHARES BITCOIN TRUST

The U.S. Securities and Exchange Commission granted approval for Nasdaq to list and trade options on BlackRock’s iShares Bitcoin Trust.

Per the details shared in the official filing on Sept. 20, the SEC’s approval comes after a lengthy review process that started on Jan. 9, 2024. That was when Nasdaq initially filed the proposal to trade options on exchange-traded products.

Nasdaq consistently followed up on its proposal with multiple amendments, which began on Jan 11. Over the following months, the exchange submitted additional amendments and information regarding IBIT and other Bitcoin-based ETPs.

SEC’s approval involved multiple stages of review
After almost eight months of review, the SEC finally gave the greenlight for Nasdaq’s proposal. The commission stated that the exchange even proposed to modify its rules to list and trade options on IBIT.

According to the official filing, options on IBIT will be physically settled with American-style exercise. Nasdaq also highlighted that IBIT options will be under the exchange’s continued listing standards.

“Options on IBIT will be subject to the Exchange rules that currently apply to the listing and trading of all ETF options on the Exchange,” the filing reads.

Crypto analysts say decision is bullish
Reacting to the SEC’s decision, several key crypto traders and analysts took to X to share their opinion. Crypto trader Ash Crypto tweeted that this is ultra bullish.

Senior ETF analyst Eric Balchunas also shared details of the approval on X. Balchunas tweeted his assumption that others will be approved in short order.

Balchunas also pinpointed this as a huge win for the Bitcoin ETFs, stating that this will attract more liquidity. However, he highlighted the fact that this is “just one stage of approval.”

The proposal still needs approval from the OCC and CFTC before the official listing.

“I’m assuming others will be approved in short order,” Balchunas added, calling it a “huge win” for Bitcoin ETFs “as it will attract more liquidity which will in turn attract more big fish.”

@ Newshounds News™

Source:  Crypto News

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TRUMP DEBUTS EXCLUSIVE SILVER COIN—DESIGNED BY TRUMP, MINTED IN AMERICA

Trump's new silver coin is not an investment tool.

Key Takeaways

▪️The Trump commemorative coin is designed by Donald Trump and is not intended for investment purposes.

▪️The coin features high-quality silver with a proof finish and comes with a certificate of authenticity.

Former US President Donald Trump has announced the launch of his first officially authorized commemorative silver coin, named “TRUMP COINS.” Priced at $100, the coin is designed by Trump himself and is minted in the US.

The item features 99.9% purity and a proof finish, marking it as the highest standard in collectible medals. It showcases a portrait of Trump on the front and the White House on the reverse. Each piece is encased in a premium custom felt pouch and includes a certificate of authenticity.

“This is a 1oz .999% silver medallion and struck with a proof finish featuring our 45th President’s profile on the obverse and the White House on the reverse,” as described on the initiative’s official website.  RealTrumpCoins . com

The coin will be available for purchase starting September 25 and is not intended as a legal tender or an investment tool.

“The coins are intended as collectible items for individual enjoyment only, and not for investment purposes. The coins are not political and have nothing to do with any political campaign,” as noted in the descriptions.

Enthusiasts can join the waitlist to purchase this exclusive item at the project’s official website.

@ Newshounds News™

Source:   Crypto Briefing

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RIPPLE NEWS: CEO BRAD GARLINGHOUSE ISSUES GRAVE WARNING TO XRP USERS AMID GROWING SCAMS

India’s Supreme Court YouTube channel was hacked on Friday, causing a disruption in its usual livestream of court hearings. Instead of showing the constitutional bench proceedings, the channel showed videos promoting XRP, a cryptocurrency developed by Ripple Labs.

One specific video was titled “Brad Garlinghouse Ripple Responds to SEC’s $2 Billion Fine,” but it only featured a blank screen. This comes as the FBI recently reported that Americans lost approximately $5.6 billion to cryptocurrency scams in 2023.

Ripple CEO Brad Garlinghouse immediately took to his X handle and reacted to the news. The CEO expressed disappointment and wrote, Unfort this feels like my annual PSA (and yes, I sound like a broken record): @Ripple and execs will NEVER ask you to send us XRP.

 It’s pathetic to see scammers prey on & exploit innocent crypto users, and the ease at which social media platforms allow it to happen. Stop, spot, avoid – protect yourself.”

Ripple took legal measures to address the increasing number of scams. In April 2020, Ripple filed a lawsuit against YouTube, claiming the platform did not do enough to stop fraudulent cryptocurrency promotions.  The case was settled in 2021, but Garlinghouse has remained an advocate for stronger safeguards on social media platforms.

This incident marks the first time the court’s YouTube channel, active since 2018 for broadcasting key hearings, has been compromised. The channel has played a crucial role in live-streaming important cases.

Following the breach, the Supreme Court administration has launched a formal investigation. As a precaution, the YouTube channel was disabled to prevent further unauthorized access and the potential spread of misinformation.

@ Newshounds News™

Source:  Coinpedia

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⚡️BREAKING NEWS:BILLION DOLLAR BANK BNY SET TO CUSTODY BITCOIN (BTC) THE FIRST BANK IN U.S. HISTORY  |  Youtube

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Source: Seeds of Wisdom Team Currency Facts  

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Seeds of Wisdom RV and Economic Updates Saturday Morning 9-21-24

Good morning Dinar Recaps,

BREAKING NEWS: BILLION-DOLLAR BANK BNY SET TO CUSTODY BITCOIN (BTC) AS THE FIRST BANK IN U.S. HISTORY

▪️BNY Mellon becomes the first bank with the SEC exemption from crypto accounting rules.

▪️SEC’s variance for BNY Mellon could open doors for more banks in crypto.

BNY Mellon has emerged as a pioneer in the cryptocurrency custody industry, becoming the first bank to be excluded from the SEC’s Staff Accounting Bulletin No. 121 (SAB 121). This significant development was announced during a public hearing in Wyoming’s Select Committee on Blockchain, Financial Technology, and Digital Innovation Technology.

SEC’s Landmark Exception: BNY Mellon Navigates SAB 121 with Ease
The SEC granted BNY Mellon a “variance” from the SAB 121 accounting requirements. This exception allows BNY Mellon to provide institutional crypto custody services, including Bitcoin, as part of its core business activities. Chris Land, general counsel for U.S. Senator Cynthia Lummis (R-WY), testified:

“[BNY] is looking to get more involved in the crypto custody business. They had some problems with Staff Accounting Bulletin (SAB) 121, and the SEC has apparently given them some kind of variance from SAB 121 to move forward.”

This decision marks a watershed moment for the bank and the whole crypto industry, indicating a shift in regulatory views toward traditional financial institutions that engage in digital asset custody.

SAB 121, which has been the subject of discussion in the financial sector, requires banks that hold cryptocurrencies on behalf of clients to register these assets as liabilities on their balance sheets.

Many in the crypto sector regard this rule as cumbersome, as it adds significant financial risk to any institution that engages in crypto custody.

SEC’s Exemption Sparks New Opportunities for Traditional Banks in Crypto
BNY Mellon’s exemption from this legislation might be a game changer, opening the door for other traditional banks to enter the cryptocurrency industry.

This exemption not only represents a watershed moment for BNY Mellon, but it could also dramatically increase institutional participation in the crypto business, lowering entrance barriers for banks that have been cautious owing to regulatory concerns.

The decision may serve as a stimulus for greater acceptance of crypto services by large financial institutions, indicating a mature market in which digital assets are increasingly regarded as viable investment possibilities.

This is not BNY Mellon’s first foray into the crypto and blockchain industry. Last year, in a Swift-led project revealed by CNF, BNY Mellon and Deutsche Bank worked together on the interoperability of electronic Bills of Lading (eBL) on blockchain.

This program sought to improve commercial efficiency by incorporating blockchain technology into traditional financial systems.

Such agreements demonstrate BNY Mellon’s continuous commitment to using blockchain technology to improve financial processes, cementing the company’s position as a pioneer in integrating crypto and blockchain solutions into traditional banking.

While BNY Mellon is making progress in crypto custody, other industry titans are also strengthening their standing in the crypto area. For example, as we previously highlighted, MicroStrategy’s Bitcoin holdings currently total 252,220 BTC after a new 7,420 BTC purchase, confirming its position as a leader in institutional BTC investment.

@ Newshounds News™

Source:  Crypto News Flash

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BRICS NEWS:  After Oil, BRICS Accounts for 72% of the World’s Rare-Earth Metals

After the BRICS expansion in 2024, the alliance officially accounts for 42% of the global oil and gas reserves. If that wasn’t enough, BRICS now accounts for the majority of the rare-earth metals reserve totaling to 72%. This gives the alliance an added advantage in global trade in the oil and rare-earth metals sectors.

BRICS countries complement each other for the extraction of critical minerals and production. The cooperation could lead to mutual trade within BRICS members and ensure the continuity of the supply. The alliance can also decide on the stability of the prices and be ahead in decision-making.

Latest reports indicate that the alliance will discuss oil and rare-earth metals trade in the next BRICS summit. The geological trade deals could be rewritten giving the bloc an undue advantage in settling cross-border transactions. “Prospects for cooperation between the BRICS countries in the field of studying, developing and rational use of mineral resources,” is on the cards, read a report.

“One of the possible areas of cooperation in this sphere is to expand the mutual trade in mineral commodities and metals for the purpose of ensuring continuity of supplies and stability of prices,” said Evgeny Petrov, the Head of the Russian Federal Subsoil Resources Management Agency Rosnedra.

 He added, “The simple analysis shows that accession of new members to BRICS will provide for 72% of world resources of rare-earth metals.”

Also, if BRICS uses local currencies for rare minerals trade, the US will dollar will begin to face deficits.  The BRICS bloc is adding all commodities under its sleeves and could turn the alliance’s fortunes in the coming years.

@ Newshounds News™

Source:  Watcher Guru

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THIS IS A CALL NOT A VIDEO - Silver Jim 57 The Constitution 9 20 24 |  Youtube

Jim educates us on our history and the CONtracts that have been hidden from us to show how we got to where we are since the days of Lincoln and the Civil War.  A must to listen to.

@ Newshounds News™

Source: Seeds of Wisdom Team Currency Facts     

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RAFIDAIN BANK IS LEADING THE CHARGE INTO THE FUTURE! #Iraq #Banking |  Youtube 

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Source: Seeds of Wisdom Team Currency Facts  

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Seeds of Wisdom RV and Economic Updates Friday Afternoon 9-20-24

Good Afternoon Dinar Recaps,

BRICS POWER SURGE SPARKS ECONOMIC WARNING FROM JPMORGAN CEO—CRYPTO SEEN AS A HEDGE

▪️Jamie Dimon warned about the rising government deficits, elevated public spending, and geopolitical challenges like the growing influence of the BRICS bloc.

▪️The JPMorgan CEO expressed concerns over the U.S. economy, highlighting the risks of stagflation—persistent high inflation alongside stagnant growth.

JPMorgan Chase & Co. CEO Jamie Dimon recently raised alarms about a potential economic crisis in the United States. 

He emphasizes the impact of rising inflation and geopolitical challenges as the BRICS bloc gains power. Speaking at the Council of Institutional Investors in New York this week, Dimon expressed concerns over the country’s economic outlook.

Dimon also hinted that the challenges could go far beyond a typical recession. On Wednesday, September 18, the Federal Reserve made its first interest rate cut in four years as inflation is inching closer to the Fed’s 2% target. Despite this reduction, Dimon cautioned that the economy remains on shaky ground.

Fed Rate Cuts Won’t Solve The Inherent Problems In US Economy
The decision to lower rates comes after interest rates had previously surged to a 23-year high, a measure taken by the central bank to curb inflation. However, many experts, including Dimon, worry that the country’s economy might not yet be in the clear.

One of Dimon’s primary concerns is the possibility of stagflation, wherein there is stagnant economic growth alongside high inflation. During the event in Brooklyn, Dimon said, “I would say the worst outcome is stagflation—recession, higher inflation. And by the way, I wouldn’t take it off the table.”

His remarks underscore the unease surrounding the U.S. economy, with inflation still out of control despite recent monetary policy changes. Dimon further highlighted that inflationary pressures could persist due to several key factors. On the other hand, the BRICS bloc poses different challenges while moving away from the USD.

These include rising government deficits and increased public spending, which could keep inflation elevated. Moreover, the high interest rates that persisted for years make it difficult to predict a swift recovery for the economy.

“They’re all inflationary, basically in the short run, the next couple of years,” Dimon said. He further added, “It’s hard to look at [it]and say, ‘Well, no, we’re out of the woods.’ I don’t think so.”

Recently, the world’s largest asset manager BlackRock stated that the spot Bitcoin ETF could be a good diversification tool amid the rising US debt, per the CNF report.

The BRICS Factor In-Play
Dimon’s warnings come at a time when the United States is facing growing competition on the global stage. The BRICS (Brazil, Russia, India, China, and South Africa) bloc has been pushing efforts to reduce reliance on the U.S. dollar, commonly referred to as “de-dollarization,” as reported by Crypto News Flash.

This shift could weaken the dollar’s dominance in global markets.  Moreover, it could further strain the U.S. economy as the debt has risen to a whopping $35.27 trillion. In addition, the rise of blockchain-based financial solutions could pose an additional threat to the USD’s long-standing supremacy.

@ Newshounds News™

Source:  Crypto News Flash

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TURKISH BANKS WANT TO STOP TRANSACTIONS WITH RUSSIA, TRANSFER THEM TO ONE BANK — SOURCE

The issue reportedly concerns private and state-owned Turkish banks that do not have foreign partners, mainly Western ones

ANKARA, September 19. /TASS/. Almost all Turkish banks are virtually trying to stop servicing transactions related to Russia and transfer them to only one local financial institution, an informed source in the field of Turkish financial consulting told TASS.

"Based on the current situation, almost all Turkish banks virtually want to completely withdraw from transactions with Russia and Belarus. They would like to leave all these transactions to Emlak Katilim Bank in order to protect themselves from possible future problems in the form of restrictions and sanctions," the source said.

The issue concerns private and state-owned Turkish banks that do not have foreign partners, mainly Western ones. Financial institutions with Western participation have already effectively stopped servicing transactions related to Russia.

The source noted that "only Emlak Katilim Bank carries out trading transactions in the Russian ruble/Turkish lira pair".

Earlier, Russian Ambassador to Turkey Alexey Erkhov, commenting on the situation in the interbank sphere, told TASS that Turkish banks are increasingly "squeezing out companies" involved in the transit of goods to Russia, blocking their transfers and closing their accounts.

@ Newshounds News™

Source:  TASS

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GOVERNMENT BITCOIN RANKINGS: SURPRISING PLAYERS EMERGE IN 2024

▪️The US leads global Bitcoin holdings with $12.16B, primarily from law enforcement seizures.
▪️Bhutan leverages BTC mining for income, holding $782.46M in cryptocurrency reserves.

Arkham Intelligence has published its newest government Bitcoin holdings leaderboard, which provides an intriguing view of global cryptocurrency strategy among nation-states. The United States leads the pack, with a stunning $12.16 billion in BTC.

This vast hoard, totaling around 203,239 BTC, is mostly the result of law enforcement seizures, most notably the Silk Road case. The US government’s approach to managing these assets is not static; regular transactions suggest active management with the goal of leveraging the portfolio.

This position, along with other digital assets such as Ethereum, demonstrates a diverse approach to optimizing returns from their cryptocurrency portfolio.

Also, the United Kingdom is second, with $3.67 billion worth of Bitcoin, or around 61,245 BTC. Unlike the United States, the UK government has taken a more passive approach to management. There have been no large cryptocurrency transactions in the recent few years, with the last substantial shift coming three years back.

This shows that the UK is more interested in holding its Bitcoin as a long-term investment than trading or diversifying into other digital assets.

Bhutan and El Salvador: Contrasting BTC Strategies with Global Impact
Bhutan’s ranking on the leaderboard is surprising and impressive. As we previously reported, with $782.46 million in Bitcoin, or 13,047 BTC, the little Himalayan country is the third-largest government BTC holder. Bhutan’s plan is unique in that it is actively involved in Bitcoin mining operations.

The cash earned by mining pools such as “Foundry USA Pool” and “Ant Pool” benefits the country’s economy, making cryptocurrencies an important component of Bhutan’s financial ecosystem.

Bhutan also holds smaller amounts of Ethereum, valued at roughly $1.51 million, as well as other altcoins, demonstrating a more diverse portfolio than El Salvador, which focuses only on Bitcoin.

Further, El Salvador, which is well-known for using Bitcoin as legal tender, is ranked fourth on the ranking. Its government has $351.75 million in Bitcoin, which equates to 5,877 BTC. Unlike other countries, El Salvador’s plan relies entirely around Bitcoin, which is consistent with the country’s overall economic policies.

The Salvadoran government carefully controls its Bitcoin holdings and conducts daily trades. Over the last year, its portfolio has fluctuated, but it has recently steadied at around $350 million. Despite the inherent dangers and volatility associated with Bitcoin, El Salvador remains completely committed to the cryptocurrency experiment.

One of the most notable adjustments in the rankings is Germany’s decline from possessing $3.56 billion in BTC to having none. This significant reduction in ownership indicates a total exodus from Bitcoin; however, the reasons for this shift remain unknown.

@ Newshounds News™

Source:  Crypto News Flash

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KOREA  PREPS TOKENIZED DEPOSIT, WCBDC PILOT WITH 100,000 USERS THIS YEAR

Today the Korea Times reported that 100,000 individuals will participate in large scale pilots of tokenized deposits later this year, citing sources.

However, it said the deposit tokens will be “akin to using vouchers”, consistent with previously announced plans. A year ago the Bank of Korea announced plans for a wholesale central bank digital currency (wCBDC) to support the interbank settlement of tokenized deposits from banks.

It subsequently said there would be trials involving up to 100,000 people starting in September or October this year.

In June, two government institutions announced funding for a voucher project being developed by the central bank where the deposit tokens can be used for welfare, culture, education and other services.

However, today’s report states the vouchers in the pilot will be used to buy goods at convenience stores.

Last year the Bank of Korea said the voucher trials, which sound similar to Singapores’s Purpose Bound Money concept, would have two parts. All banks will participate in one trial. Another test will allow banks more leeway in the programmability. 

The central bank said the Korea Financial Telecommunications and Clearings Institute will be the smart contract management agency.

So far six major commercial banks are involved, but there’s no final decision on which institutions will take part. NH NongHyup Bank was mentioned as one of the participants.

“While the timeline seems slightly delayed compared to our initial expectations, we are working to launch the CBDC test involving 100,000 participants using deposit tokens by the end of the year, which would be a globally significant milestone,” a banking industry official told Korea Times.

Korea’s cross border CBDC work
Meanwhile, the Bank of Korea is also involved in Project Agorá, the BIS cross border payment initiative to tokenize correspondent banking that involves seven central banks and 41 institutions.

 That initiative also involves six Korean banks, Hana Bank, Industrial Bank of Korea, KB Kookmin Bank, NongHyup Bank, Shinhan Bank and Woori Bank. Additionally, Korea is an observer of mBridge, the other BIS cross border payment initiative.

@ Newshounds News™

Source:   Ledger Insights

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What is Money Explained Simply!  Youtube

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Source: Seeds of Wisdom Team Currency Facts    

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Seeds of Wisdom RV and Economic Updates Friday Morning 9-20-24

Good Morning Dinar Recaps,

AI NEWS: UN CALLS FOR GLOBAL AI GOVERNANCE AS META & OPENAI FACE CHALLENGES

AI News: UN advisory body proposes 7 recommendations for global AI governance to address risks, transparency, and unequal development.

▪️UN advisory urges global AI governance, highlighting risks of concentrated power among a few AI companies.
▪️Global AI fund proposed to aid developing nations, ensuring fair capacity and collaboration in AI deployment.
▪️OpenAI restructures safety oversight amid criticism, creating an independent body to oversee AI model safety.

AI News: The United Nations has issued seven recommendations for reducing the risks of artificial intelligence (AI) based on input from a UN advisory body. The final report of the council’s advisory body focuses on the importance of developing a unified approach to the regulation of AI and will be considered at a UN meeting scheduled for later this month.

AI News: UN Calls for Global AI Governance
The council of 39 experts noted that large multinational corporations have been able to dominate the development of AI technologies given the increasing rate of growth, which is a major concern.

The panel stressed that there is an ‘unavoidable’ need for the governance of artificial intelligence on a global scale, since the creation and use of artificial intelligence cannot be solely attributed to market mechanisms.

According to the UN report, to counter the lack of information between the AI labs and the rest of the world, it is suggested that a panel should be formed to disseminate accurate and independent information on artificial intelligence.

The recommendations include the creation of a global AI fund to address the capacity and collaboration differences especially in the developing countries that cannot afford to use AI.

The report also provides recommendations on how to establish a global artificial intelligencedata framework for the purpose of increasing transparency and accountability, and the establishment of a policy dialogue that would be aimed at addressing all the matters concerning the governance of artificial intelligence.

While the report did not propose a new International organization for the regulation, it pointed out that if risks associated with the new technology were to escalate then there may be the need for a more powerful global body with the mandate to enforce the regulation of the technology. The United Nation’s approach is different from that of some countries, including the United States, which has recently approved of ‘a blueprint for action’ to manage AI in military use – something China has not endorsed.

Calls for Regulatory Harmonization in Europe
Concurrent with the AI news, leaders, including Yann LeCun, Meta’s Chief AI Scientist and many CEOs and academics from Europe, have demanded to know how the regulation will work in Europe.

In an open letter, they stated that the EU has the potential to reap the economic benefits of AI if the rules do not hinder the freedom of research and ethical implementation of AI.

Meta’s upcoming multimodal artificial intelligence model, Llama, will not be released in the EU due to regulatory restrictions, which shows the conflict between innovation and regulation.

The open letter argues that excessively stringent rules can hinder the EU’s ability to advance in the field, and calls on the policymakers to implement the measures that will allow for the development of a robust artificial intelligence industry while addressing the risks. 

The letter emphasizes the need for coherent laws that can foster the advancement of AI while not hindering its growth like the warning on Apple iPhone OS as reported by CoinGape.

OpenAI Restructures Safety Oversight Amid Criticism
In addition, there are concerns about how OpenAI has positioned itself where the principles of safety and regulation of AI are concerned.

As a result of the criticism from the US politicians and the former employees, the CEO of the company, Sam Altman, stepped down from the company’s Safety and Security Committee.

This committee was formed in the first place to monitor the safety of the artificial intelligence technology and has now been reshaped into an independent authority that can hold back on new model releases until safety risks are addressed.

The new oversight group comprises individuals like Nicole Seligman, former US Army General Paul Nakasone, and Quora CEO Adam D’Angelo, whose role is to ensure that the safety measures put in place by OpenAI are in line with the organization’s objectives.

This United Nations AI news comes at the heels of allegations of internal strife, with former researchers claiming that OpenAI is more focused on profit-making than actual artificial intelligence governance

@ Newshounds News™

Source:  CoinGape

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CARDANO FOUNDER TO MEET ARGENTINA PRESIDENT, TALK CRYPTO ECONOMY

Cardano founder Charles Hoskinson is set to meet with Argentina president Javier Milei to discuss the role of crypto in the global economy. Milei is widely known for his belief in Bitcoin as an asset class. Subsequently, the two are set to discuss how blockchain can be used for the benefit of global infrastructure.

Both Hoskinson and Milei will meet at the Tech Forum Argentina on October 19th. Hoskinson said that the conversation will be surrounding the future of blockchain in economic and political systems throughout the world. Moreover, they will place an emphasis on what can benefit Argentina specifically.

Cardano Founder to Meet With Argentina’s Milei to Talk Blockchain Potential
In December of last year, Argentina opted to elect radical presidential candidate Javier Milei. With the country’s economy in a horrid state, citizens believed in the change that Milei could bring. His arrival came with a shift in perspective. For crypto, that has been a positive thing.

Now, the country could be looking to integrate crypto even more. Reports show that Cardano founder Charles Hoskinson is set to speak with Argentina’s president to talk about the game-changing power of blockchain technology and crypto. Specifically, how that technology can reform political and economic systems.

“We’ve had many discussions with his administration, and I’m going to meet him probably on the 19th, but at some point, if not then within that time frame,” Hoskinson told Cointelegraph. “We’ve been discussing with people that work with him and form what blockchain’s future is going to look like,” he added.

Additionally, Hoskinson noted that “it’s not a Cardano-only conversation, there’s a whole family of technologies.” This ensures that the talks will center more around blockchain, and less around Hoskinson’s singular developments.

Yet, that doesn’t change the positive sentiment Cardano has enjoyed recently. A recent poll saw ADA dominate both Ethereum and Solana, according to some traders. Specifically, those market participants prefer the technology of Cardanon as opposed to both ETH and SOL.

@ Newshounds News™

Source:  Watcher Guru

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RIPPLE’S BOLD CLAIM : THE U.S. CRYPTO MARKET IS FALLING BEHIND ASIA

Ripple’s APAC Managing Director, Fiona Murray, has expressed concerns that the United States is lagging behind regions like Singapore and the UAE in fostering a crypto-friendly environment.

During Token2049 in Singapore, Murray emphasized that while the U.S. has significant potential, it remains far behind in crypto regulation and innovation.

Much of Ripple’s growth and innovation has been driven by Singapore, a region that offers a “stable environment” with solid infrastructure, regulatory clarity, and active support from banks like DBS, Southeast Asia’s largest bank. This contrasts with the U.S., where a “lack of open-mindedness” has pushed many crypto founders to more supportive regions.

Elections Alone Won’t Fix U.S. Crypto Challenges
Murray believes that even though the U.S. is behind, there is still time to catch up, but it will require more than just favorable election outcomes.

She noted that true progress hinges on enabling U.S. banks to support Web3 and blockchain projects, something already happening in countries like Singapore.

Murray remains skeptical that the upcoming elections will provide a quick solution, emphasizing the need for regulatory and infrastructural clarity.

Despite recent high-profile events, such as former President Donald Trump purchasing a burger with Bitcoin and signs that some U.S. lawmakers are warming to crypto, Murray believes the election alone won’t solve the U.S.’s crypto challenges.

She stressed the need for a supportive banking community, adequate infrastructure, and a shift in regulatory attitudes to create a thriving environment for digital assets.

Ripple’s Resilience: Battling the SEC
Murray’s comments come against the backdrop of Ripple’s ongoing legal battle with the SEC. Ripple Labs was recently ordered to pay a $125 million fine for allegedly using its XRP cryptocurrency as an unregistered security.

Though the fine is substantial, Ripple CEO Brad Garlinghouse viewed the court’s decision as a win for both Ripple and the broader crypto industry, given that the original SEC proposal was reduced by 94%.

In conclusion, while the U.S. has significant potential to lead the crypto space, regions like APAC are currently setting the pace, and it may take more than elections to shift the tide.

@ Newshounds News™

Source: CoinPedia  

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US TREASURY SANCTIONS TWO BANKS FROM RUSSIA AND SOUTH OSSETIA

Inclusion in the sanctions list entails the freezing of assets in the US and a ban on American citizens and companies doing business with sanctioned persons and entities

WASHINGTON, September 19. /TASS/. The US Department of the Treasury has imposed sanctions against Russian citizen Dmitry Nikulin, as well Timer Bank PJSC and Stroytreyd LLC from Russia and as International Settlement Bank LLC from South Ossetia, according to a written statement by the financial department.

Inclusion in the sanctions list entails the freezing of assets in the US and a ban on American citizens and companies doing business with sanctioned persons and entities.

As Washington claims, the persons that came under restrictions "have enabled and supported ongoing efforts to establish illicit payment mechanisms between Russia and the Democratic People’s Republic of Korea (DPRK).

" They allegedly "have assisted DPRK and Russian sanctions evasion," and were involved in "the funding of the DPRK’s unlawful weapons of mass destruction (WMD) and ballistic missile programs" and support Russia’s special military operation in Ukraine.

"The growing financial cooperation between Russia and the Democratic People’s Republic of Korea (DPRK) directly threatens international security and the global financial system," Matthew Miller, spokesperson of the US Department of State said in a press statement.

Sanctions were also imposed on a number of legal entities that were already subject to American restrictions. These include the Russian Financial Corporation bank, Trans Kapital LLC, Center for International Settlements (CMRBank LLC) and the Pyongyang-based Korea Kwangson Banking Corp.

@ Newshounds News™

Source:  TASS

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THE EXACT TIMING OF THE GLOBAL CURRENCY RESET  |  Youtube

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Source: Seeds of Wisdom Team Currency Facts  

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SEC BOSS ISSUES WARNING TO CRYPTO EXCHANGES

U.S. Securities and Exchange Commission Chairman Gary Gensler has warned so-called crypto exchanges that they must follow rules.

The SEC is currently engaged in legal battles with such major exchanges as Coinbase, Kraken, and Binance.  During a Wednesday interview with CNBC, Gensler stressed that the SEC would keep protecting the investing public.

"This is a field that is rife with fraudsters and scammers, and grifters," Gensler stressed.  

The SEC boss pointed to the fact that some of the biggest crypto figures from 2022 are now either in jail or awaiting extradition. Gensler, of course, was alluding to former FTX CEO Sam Bankman-Fried, former Binance CEO Changpeng Zhao, and Terra co-founder Do Kwon.  

The rules are clear  

Gensler has also stated that there was "nothing incompatible" about the field and basic protections in the securities laws.  

"If you store something on an accounting ledger…investors still need to have basic protections," he added.

While many industry leaders have been clamoring for regulatory clarity, Gensler is convinced that there is already enough regulatory clarity, arguing that the securities laws that have worked for 90 years.

The SEC's anti-crypto policies have been criticized by some lawmakers from both parties. However, the agency's approach also has some proponents on Capitol Hill. Case in point: Elizabeth Warren.

@ Newshounds News™

Source:  U Today

Visit, Like and Subscribe to Seeds of Wisdom Team Currency Facts

~~~~~~~~~

US LAWMAKERS DEMAND ANSWERS FROM GARY GENSLER ON SEC’S POSITION THAT CRYPTO AIRDROPS ARE SECURITIES TRANSACTIONS

Two crypto-friendly US lawmakers want U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler to clarify the regulator’s position on airdrops.

In a public letter sent to Gensler this week, Representatives Patrick McHenry (R-North Carolina) and Tom Emmer (R-Minnesota) argue that the SEC’s regulatory approach inhibits decentralization in the crypto space.

“By creating a hostile regulatory environment, including making assertions about airdrops in various cases and increasing warnings for additional enforcement actions, the SEC is putting its thumb on the scale and precluding American citizens from shaping the next iteration of the internet.”

The lawmakers cited the SEC’s 2023 lawsuit against crypto mogul Justin Sun, the Tron Foundation, BitTorrent Foundation and Rainberry Inc (formerly known as BitTorrent). The regulator accused the defendants of offering and selling unregistered crypto securities, namely TRX and BitTorrent (BTT).

The SEC specifically claimed Sun, BitTorrent and Rainberry sold BTT in “unregistered monthly airdrops to investors,” which the regulator argued violated securities laws. The lawsuit is ongoing.

Emmer and McHenry want Gensler to clarify how airdrops fit in with the Howey Test, an assessment created by the Supreme Court more than 90 years ago to determine whether assets should be classified as securities.

“In recent court filings, the SEC has taken the position that digital assets, in and of themselves, are not securities. Does the SEC believe that giving away non-security digital assets for free implicates the Howey Test? If so, under what circumstances or arrangements?

Companies routinely offer rewards to customers through intangible representations of value, such as airline miles or credit card points, without implicating the Howey Test.

 These rewards are distributed freely to encourage engagement, just as airdrops aim to engage users and developers in the blockchain network’s growth and decentralization. How does the SEC distinguish between these rewards, given away for free, and digital assets airdropped to an individual?”

The Republican lawmakers asked for a response by September 30th.

@ Newshounds News™

Source:  DailyHodl

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LOUISIANA ACCEPTS FIRST CRYPTOCURRENCY PAYMENT FOR STATE SERVICES

Louisiana became the first U.S. state to accept cryptocurrency for government services on September 17, 2024, according to a press release from Louisiana State Treasurer John Fleming. Residents can now pay using bitcoin, BitcoinBitcoin +6.4% Lightning, and USD Coin from private crypto wallets.

The first cryptocurrency payment was processed on September 17, 2024 by the Louisiana Department of Wildlife and Fisheries. The state is partnering with Bead Pay, a cryptocurrency payment processor, to convert incoming crypto payments into U.S. dollars before depositing them into state accounts.

"By introducing cryptocurrency as a payment option, we're not just innovating; we're providing our citizens with flexibility and freedom in interacting with state services," Fleming said in a statement.

Key benefits of the new system, according to the state treasury, include:

▪️Reduced fraudulent transactions

▪️Protection from cryptocurrency price volatility

▪️Compatibility with any digital wallet supporting the accepted cryptocurrencies

▪️The state receives all payments in U.S. dollars


This development comes three months after Louisiana passed House Bill 488, which was signed into law on June 19, 2024. According to a Forbes article by Susie Violet Ward, HB 488 established legal protections for bitcoin users and miners, while banning the use of Central Bank Digital Currencies for state payments.

The bill included provisions for the right to self-custody digital assets, transactional freedom with bitcoin, support for bitcoin mining in industrial areas, and a ban on CBDCs. Representative Mark Wright, who sponsored the bill, told Ward, "It's important to me that we create a welcome economic environment for innovation and investment." 

The acceptance of cryptocurrency payments for state services appears to be a practical implementation of the pro-cryptocurrency stance Louisiana took with HB 488.

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Read more:  Forbes

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LOUISIANA ISN'T THE ONLY US STATE TO ACCEPT BITCOIN PAYMENTS—HERE ARE THE OTHERS

The state has already received a fine paid to the Louisiana Department of Wildlife and Fisheries via the Bitcoin Lightning Network.

The government of Louisiana has officially begun accepting cryptocurrency payments, making it the latest U.S. state to embrace digital currencies for state services.

Louisiana State Treasurer John Fleming announced earlier this week that residents can now use a number of digital assets as payment for various state services. Residents can now pay using Bitcoin (BTC), the Bitcoin Lightning Network, and the U.S. dollar-pegged stablecoin USDC.

The state said its first cryptocurrency payment has already been processed—a fine paid to the Louisiana Department of Wildlife and Fisheries via the Bitcoin Lightning Network.

According to Fleming, this development results from a collaboration between the state, Bead Pay, and local integration partners. He stated that the initiative aims to modernize payment systems and reduce fraudulent transactions.

"In today’s digital age, government systems must evolve and embrace new technologies," Fleming said. "By introducing cryptocurrency as a payment option, we’re not just innovating; we’re providing our citizens with flexibility and freedom in interacting with state services."

Other U.S. States Accepting Crypto Payments
Louisiana joins a growing list of states exploring the integration of cryptocurrency into government operations.

In 2018, Ohio started accepting cryptocurrency for tax payments through its now-defunct platform OhioCrypto.com. Businesses could pay 23 types of taxes using Bitcoin, which was converted to dollars via BitPay before reaching state coffers.

However, in 2019, the Ohio Attorney General declared that the state treasurer lacked the authority to operate the program without proper approval from the Board of Deposit and had not followed required bidding processes for payment processors. As a result, the initiative was shut down within a year, having been utilized by fewer than 10 companies.

Also 2018, the Seminole County Tax Office in Florida started accepting crypto payments through BitPay. The county tax collector was later found to have used public funds to finance his own blockchain company and was indicted by the Justice Department.

That was not the last initiative of this kind in the state. In March 2022, Florida Gov. Ron DeSantis promised that state agencies would allow businesses to make tax payments in cryptocurrency. This initiative aimed to promote Florida as a crypto-friendly state and encourage innovation in financial technology.

The same year, Colorado announced that it would begin accepting tax payments in cryptocurrency, requiring residents to “have the entire value of your invoice in a single cryptocurrency in your PayPal Cryptocurrencies Hub.”

Building on the 2022 momentum, in June 2024, Rep. Matt Gaetz (R-FL) introduced a bill that would permit Americans to settle their federal income tax obligations using Bitcoin.

Gaetz stated that modernizing the tax system to include cryptocurrency payments would promote innovation, increase efficiency, and help maintain the United States' leadership in technological advancement.

In 2022, Utah also passed a bill allowing state government agencies to accept cryptocurrency for tax payments starting in 2023. A 2022 Bloomberg report listed Arizona, California, Hawaii, Illinois, New York, Oklahoma, and Wyoming as legislatures that introduced similar proposals that never came into effect.

While not directly accepting cryptocurrency payments, California has also shown interest in blockchain technology. In early, 2023 the California Department of Motor Vehicles (DMV) began utilizing blockchain as an unfalsifiable database for its records. This move aimed to enhance the security and efficiency of record-keeping within the state's motor vehicle registry.

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Source:  Decrypt

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LAWMAKER FLAGS CONCERNS OVER SEC'S CRYPTO APPROACH

Congressman French Hill has raised concerns over the U.S. Securities and Exchange Commission (SEC)’s handling of digital asset regulations, criticizing Chairman Gary Gensler’s leadership for creating legal uncertainty and a politicized approach.

The lawmaker highlighted his subcommittee’s legislative successes but expressed frustration with the SEC’s broad and unclear regulations, which he argued burden digital asset firms and stifle innovation.

Rep. Hill Criticizes SEC’s Approach to Digital Assets
Congressman French Hill (R-AR), chair of the House Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion, delivered remarks Wednesday at a hearing titled “Dazed and Confused: Breaking Down the U.S. Securities and Exchange Commission (SEC)’s Politicized Approach to Digital Assets.”

The hearing scrutinized the SEC’s regulatory actions on digital assets under Chairman Gary Gensler, focusing on its enforcement methods and legal uncertainty.

In his speech, Hill acknowledged the subcommittee’s legislative achievements, including the Clarity for Payment Stablecoins Act and the Financial Innovation and Technology for the 21st Century Act (FIT21) regulatory framework. However, he expressed concern about the SEC’s actions under Gensler’s leadership, stating:

Despite this legislative progress on a bipartisan basis, we’ve been troubled by the fact that the SEC as chaired by Chairman Gensler has instead chosen to front-end the work of Congress and insert politics instead of being an independent regulator.

Hill argued that the SEC’s approach has created confusion and uncertainty, particularly through broad, unclear regulations that impose heavy burdens on digital asset firms. “How is this protecting the public?” he questioned, noting that this strategy leaves market participants in a “lose-lose-lose” situation.

The lawmaker criticized the SEC’s handling of digital asset custody services, stating, “Nowhere has the SEC’s prejudice against digital assets been more apparent than in the Staff Accounting Bulletin 121, which upends decades of legal precedent in the custody business and creates an impenetrable hurdle for those financial institutions seeking to provide digital asset custody services for their clients—particularly banks and bank trust departments.”

He also highlighted that the SEC’s actions have driven blockchain developers out of the U.S. and condemned the approval process for bitcoin exchange-traded products (ETFs).

“Even the SEC’s approval of exchange-traded products for bitcoin and ether earlier this year only happened because Chairman Gensler tried to overplay his hand but could no longer explain to the courts why the SEC approved bitcoin futures ETFs but not the proposed spot Bitcoin products,” Hill said, concluding:

We’re against SEC enforcement abuse and making it hard for legitimate actors who are trying to follow the rules to do a fine job and bring innovation and technology to our markets.

@ Newshounds News™

Source:  Bitcoin News

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Turkey Sets New Standards to Safeguard Cryptocurrency Transactions

▪️Turkey's new rules aim to increase security in cryptocurrency trading.

▪️SPK outlines strict regulations for exchanges to protect customers.

▪️All exchanges must comply with these newly established standards.

This year, Turkey has enacted legislation establishing specific standards for cryptocurrency exchanges, prompting institutions to take action.

The Capital Markets Board (SPK) has outlined comprehensive rules and prohibitions within its jurisdiction concerning cryptocurrency exchanges. Following these new regulations, exchanges servicing Turkish citizens must comply with these rules.

SPK’s Cryptocurrency Rules
The Capital Markets Board (SPK) is the equivalent of the SEC in the United States for Turkey. Many regulations regarding cryptocurrency exchanges are implemented by this public institution.

Today, we can say that a significant step has been taken. The new rules and prohibitions can be summarized as follows.

▪️Customer cryptocurrency and cash assets must be kept separate from platform assets. It is stipulated that customer cash held in banks should be monitored in a separate account designated for platform clients, apart from the platform’s own cash assets.

▪️Accounts opened on behalf of customers will be explicitly defined as belonging to the respective platform clients and cannot be used for unintended purposes.

▪️Payments to customers can only be made through banks and authorized intermediaries. Cash cannot be received or given directly to customers.

▪️All orders from customers must be received through the platform’s registered websites, mobile applications, or authorized personnel. Customer orders cannot be taken through social media platforms (WhatsApp, Telegram, etc.). Proper and secure record-keeping of orders is required.

▪️As of November 8, 2024, customers’ order logs, phone order recordings, and request recordings must be preserved.

▪️NFTs can be opened to users with a warning message indicating that assets traded in this market are not subject to the listing principles of the Capital Markets Law and are not under the supervision of the SPK.

▪️Transactions made in a P2P marketplace on behalf of someone else will be considered unauthorized cryptocurrency service activities. Exchanges must terminate these activities by November 8.

▪️Promotional campaigns that promise specific returns or encourage investments in one or more cryptocurrencies cannot be organized. Such campaigns must end within 15 days.

▪️Cryptocurrency exchanges must integrate with the Central Registry Agency (MKK) system.

▪️Platforms may only sell as much cryptocurrency as they have in their wallets for customer transactions. The responsibility of ensuring that sufficient assets exist for transactions between customers lies with the platform.

▪️Platforms cannot utilize customer assets or engage in leveraged transactions, nor can they lend these assets to customers.

@ Newshounds News™

Source:  CoinTurk

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CRYPTO.COM RECEIVES FULL APPROVAL FROM THE KINGDOM OF BAHRAIN

Crypto.com can now offer payment services in Bahrain after the Central Bank approved its local subsidiary

Key Notes
▪️Digital currency trading firm Crypto.com has landed major Bahraini license.

▪️The license was secured through FORIS GFS BH B.S.C CLOSED, the exchange's local outfit.

▪️Crypto.com has maintained a major global expansion trend over the years.

The Central Bank of Bahrain has given Singapore-based cryptocurrency exchange Crypto.com full approval to provide payment service provider (PSP) services. The approval was secured through its subsidiary registered in the Kingdom of Bahrain under the commercial name “FORIS GFS BH B.S.C. CLOSED”. This adds to the company’s significant regulatory milestones in the region.

This milestone comes barely one month after Crypto.com was named the official partner of the UEFA Champions League, one of the world’s most prestigious football tournaments.

Beyond Bahrain: Crypto.com Is Expanding Its Presence Globally
The full approval from Bahrain allows Crypto.com to expand its offerings of e-money and fiat-based payment services regionally. 

Some of these services include the launch of its world-renowned prepaid cards. H.E. Noor bint Ali Alkhulaif, the Minister of Sustainable Development and the Chief Executive of Bahrain Economic Development Board, acknowledged Crypto.com’s international presence and its earned reputation for regulatory compliance.

She noted that the decision to invest in the Kingdom of Bahrain will further bolster the nation’s ability to deliver on its vision of developing a digital-first, resilient economy that celebrates innovation and progress. The country already has an approach that fosters a streamlined investment environment that champions ease of doing business.

According to Alkhulaif, Bahrain is committed to building a world-class ecosystem to support the evolution of the fast-growing blockchain, crypto, and fintech industry.

The presence of robust regulations and a diverse pool of highly skilled and future-ready talent within the financial services and technology sectors puts Bahrain on the path to achieving its goal.

Crypto.com’s President and COO, Eric Anziani, highlighted the milestones that Bahrain has achieved over the years. He admitted to seeing Bahrain’s dedication to building an innovation-friendly crypto and fintech ecosystem. Over time, the nation has upheld a key factor: clear regulation that balances consumer protection with commercialization.

In the Gulf region, Crypto.com has successfully emerged as a leading hub for crypto services and fintech innovation. It prides itself on being one of the first Gulf Cooperation Council (GCC) nations to issue crypto-asset licenses.

Crypto.com is gradually expanding its presence to include regions like Singapore, France, the UK, and the US.

Crypto.com Bags More Exciting Deals
Apart from this approval from the Kingdom of Bahrain, Crypto.com has made headlines for different reasons in the past few weeks. Last month, it officially rolled out its Global Retail Services, a major step in expanding its offerings to users worldwide. This service was first launched in the UAE, with plans to expand to other regions in the future.

Similarly, the Singapore-based crypto exchange teamed up with the Telegram-based game Hamster Kombat to introduce a new metal card. The strategic partnership’s focus is to enhance payment flexibility for both in-game activities and real-life transactions. It will make crypto payment cards available for gamers and business owners worldwide.

@ Newshounds News™

Source:  CoinSpeaker

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RIPPLE AND SEC: THE FINAL STAGES OF A HISTORIC BATTLE

▪️The Ripple and SEC case is approaching its final stages after a significant fine.
▪️October 7 is a critical date that may affect XRP Coin's volatility.
▪️Ripple is preparing for potential outcomes to expand the use of XRP Coin.

Following a $125 million fine, the struggle between Ripple and the SEC is nearing its conclusion. This pivotal process has been ongoing since the end of 2020, impacting all altcoins significantly. However, can we definitively say the case is over? Not quite, as there is still an upcoming appeal process to monitor.

As a result, the SEC’s arbitrary labeling of assets as securities, including SOL Coin and many other cryptocurrencies, has become widely disregarded. For instance, Coinbase continues to list assets likely viewed as securities by the SEC.

The legal battle between Ripple and the SEC stands as the largest legal conflict that the SEC has pursued as an institution. Other similar cases, such as that involving Telegram, have been resolved much more swiftly. Previous assessments noted that the Judge confirmed that institutional sales constituted securities, which led to Ripple’s $125 million fine.

Appeal and XRP Coin
However, the SEC remains unsatisfied with the outcome. It is expected to assess the appeal process that will conclude in October 2024. Ripple has set aside the $125 million fine in escrow, preparing for the potential appeal.

In summary, the critical date ahead is October 7, and it would not be surprising to see increased volatility in XRP Coin’s price as this date approaches. If the SEC does not appeal, Ripple officials anticipate relief by October 7, marking the process as complete. Nevertheless, if an appeal occurs, it could lead to a short-term decline and prolong the proceedings significantly.

Regardless of the outcome, Ripple is now seeing light at the end of the tunnel. Moving forward, the expansion of XRP Coin’s use cases and additional measures will likely enhance the value of this altcoin. However, the continuously rising circulation supply makes reaching $3 prices somewhat implausible.

@ Newshounds News™

Source:  CoinTurk

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Lawmaker Flags Concerns Over SEC's Crypto Approach

Congressman French Hill has raised concerns over the U.S. Securities and Exchange Commission (SEC)’s handling of digital asset regulations, criticizing Chairman Gary Gensler’s leadership for creating legal uncertainty and a politicized approach.

The lawmaker highlighted his subcommittee’s legislative successes but expressed frustration with the SEC’s broad and unclear regulations, which he argued burden digital asset firms and stifle innovation.

Rep. Hill Criticizes SEC’s Approach to Digital Assets
Congressman French Hill (R-AR), chair of the House Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion, delivered remarks Wednesday at a hearing titled “Dazed and Confused: Breaking Down the U.S. Securities and Exchange Commission (SEC)’s Politicized Approach to Digital Assets.”

The hearing scrutinized the SEC’s regulatory actions on digital assets under Chairman Gary Gensler, focusing on its enforcement methods and legal uncertainty.

In his speech, Hill acknowledged the subcommittee’s legislative achievements, including the Clarity for Payment Stablecoins Act and the Financial Innovation and Technology for the 21st Century Act (FIT21) regulatory framework. However, he expressed concern about the SEC’s actions under Gensler’s leadership, stating:

Despite this legislative progress on a bipartisan basis, we’ve been troubled by the fact that the SEC as chaired by Chairman Gensler has instead chosen to front-end the work of Congress and insert politics instead of being an independent regulator.

Hill argued that the SEC’s approach has created confusion and uncertainty, particularly through broad, unclear regulations that impose heavy burdens on digital asset firms. 

“How is this protecting the public?” he questioned, noting that this strategy leaves market participants in a “lose-lose-lose” situation.

The lawmaker criticized the SEC’s handling of digital asset custody services, stating, “Nowhere has the SEC’s prejudice against digital assets been more apparent than in the Staff Accounting Bulletin 121, which upends decades of legal precedent in the custody business and creates an impenetrable hurdle for those financial institutions seeking to provide digital asset custody services for their clients—particularly banks and bank trust departments.”

He also highlighted that the SEC’s actions have driven blockchain developers out of the U.S. and condemned the approval process for bitcoin exchange-traded products (ETFs).

“Even the SEC’s approval of exchange-traded products for bitcoin and ether earlier this year only happened because Chairman Gensler tried to overplay his hand but could no longer explain to the courts why the SEC approved bitcoin futures ETFs but not the proposed spot Bitcoin products,” Hill said, concluding:

We’re against SEC enforcement abuse and making it hard for legitimate actors who are trying to follow the rules to do a fine job and bring innovation and technology to our markets.

@ Newshounds News™

Source:  Bitcoin News

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SEC Charges Defi Platform Rari Capital and Founders

The U.S. Securities and Exchange Commission (SEC) has announced charges against decentralized finance (defi) platform Rari Capital and its co-founders for misleading investors and operating as unregistered brokers. The settlement involves penalties, injunctions, and bars against the individuals involved, with violations stemming from unregistered securities offerings and deceptive practices.

SEC Charges Defi Platform Rari Capital Over Securities Law Violations

According to the announcement, the SEC’s investigation revealed that Rari Capital, through its Earn and Fuse pools, allowed investors to deposit crypto assets into lending pools while reportedly misleading them about the functionality and profitability of the investment products.

As stated by the SEC, the platform falsely claimed that its Earn pools autonomously rebalanced crypto assets, when in fact, manual intervention was often required.

This, along with hidden fees, resulted in substantial losses for a significant portion of investors. In addition to the deceptive practices, the securities regulator insists that Rari Capital and its co-founders, Jai Bhavnani, Jack Lipstone, and David Lucid, allegedly engaged in unregistered broker activity.

The SEC stated that the founders violated securities laws by selling interests in these pools and the Rari Governance Token (RGT) without proper registration. The complaint further alleges that the firm misrepresented the potential returns and failed to account for significant fees and risks, ultimately causing investor harm.

@ Newshounds News™

Source:  News Bitcoin   

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Seeds of Wisdom RV and Economic Updates Wednesday Evening 9-18-24

Good Evening Dinar Recaps,

THE FED OPTS FOR JUMBO 0.5% RATE CUT — WHAT IT MEANS FOR CRYPTO

The Federal Reserve cut interest rates by 0.5%. Market participants are divided on whether the larger-than-ordinary cut is good news.

It’s finally happening: US interest rates are coming down.

Federal Reserve Chair Jerome Powell announced on Wednesday that the nation’s central bank will cut interest rates by 0.5%, bringing them to a range between 4.75% and 5%.

“The U.S. economy is in good shape. It is growing at a solid pace. Inflation is coming down,” Powell said.

Bitcoin rose half a percentage point to $60,500, while other major crypto assets like Ethereum and Solana stayed steady.

High interest rates make it more expensive for people to borrow money, and incentivises investors to buy risk-free Treasury bonds to earn yield.

When rates come down, however, taking loans becomes easier, which dynamises the economy, and investors are nudged to buy riskier assets like stocks and crypto.

The Fed began its course of interest rate increases in March 2022 to combat raging inflation. At the time, rates were 0%. By July 2023, they had been hiked to between 5.25% to 5.50%, marking the fastest and largest rate hike cycle in US history.

0.25% or 0.5%?
The lead-up to the rate cut announcement was somewhat uncommon because this time traders didn’t know what to expect: an ordinary 25 basis point cut, or a larger 50 bps cut. A basis point equals one-hundredth of a percentage point.

The market had priced the odds of a 0.5% cut at 61%, FedWatch data showed, while a 0.25% cut was given a 39% chance of occurring.

Even investment banks were divided on the issue, with Goldman Sachs and Morgan Stanley predicting a 0.25% cut, and JPMorgan, 0.50%.

Logically, you’d expect a bigger rate cut to be positive for investors, since it makes liquidity available faster. But calls for a 0.5% rate cut emerged alongside concerns that the US economy might be entering a recession.

“The 50 [basis point] cut might send a wrong message to markets and the economy. It might send a message of urgency and, you know, that could be a self-fulfilling prophecy,” George Lagarias, chief economist at consulting firm Forvis Mazars, told CNBC.

But recession fears have been overblown, Quinn Thompson, founder of crypto hedge fund Lekker Capital, told DL News. And investors worried about the market selling off are putting too much emphasis on precedent.

“People are simply looking at the two or three historical examples where the Fed started with 50 bps cuts and saying: ‘Oh, every time they cut 50 bps first, the market goes to shit,’” Thompson said.

@ Newshounds News™

Source:  DL News

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FEDERAL RESERVE MEETING MAJOR HIGHLIGHTS AND KEY POINTS

Federal Reserve cuts federal funds rate by 50 basis points to 4.75%-5.00%, aiming to balance inflation and economic stability. he added.  

• ️Fed cuts federal funds rate by 50 basis points to 4.75-5.00%, first reduction in four years.

• ▪️Powell cites solid economic growth and nearing 2% inflation target as key reasons for rate cut.

• ▪️Future projections suggest Fed rates could drop to 2.9% by 2026, amid cautious investor reactions.

The Federal Reserve lowered the target range for the federal funds rate by 50 basis points on Wednesday. This action brings the rate to a new range of 4.75% to 5.00%, which is the first decline in four years.

The decision is in line with the Fed’s policy of ensuring that inflation is kept in check without jeopardising the stability of the economy.

Federal Reserve’s Justification for Rate Cut

The Federal Reserve announced the rate cut citing recent economic figures that pointed to growth at a steady pace, but with some moderation. Although job creation has slowed down and the unemployment rate has risen marginally, inflation is slowly moving towards the Fed’s target of 2%.

@ Newshounds News™

Read more:  CoinGape   

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DONALD TRUMP MAKES HIS FIRST BITCOIN PURCHASE ON A BURGER AT PUBKEY BAR IN NEW YORK CITY

@ Newshounds News™

Read Here:   The Block

 ~~~~~~~~~

BRICS announced a new payment system that excludes the U.S. Dollar  |  Youtube

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Source: Seeds of Wisdom Team Currency Facts  

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Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 9-18-24

Good Afternoon Dinar Recaps,

Report on Powell's decision regarding the FED rate cut will be in the 10pm Newsletter.  ~  The Newshounds

~~~~~~~~~

WHAT IS THE U.S. DOLLAR’S ROLE IN STABLECOIN ECOSYSTEMS?

Stablecoins have seen explosive growth in the last four years, increasing from a $17.6 billion market capitalization to $170.6 billion. The number of holders has also skyrocketed from 3.78 million to 119.72 million. However, this growth brings critical questions. How safe is it to hold stablecoins?

How secure are the assets backing stablecoins? Could stablecoins pose a threat to traditional banking systems, and how might governments react to such competition?

▪️What is money?
▪️The trust model
▪️What is fiat money?
▪️Why are the majority of stablecoins pegged to USD?
▪️How do stablecoins maintain their peg?
▪️The future of stablecoins and government action

These are essential questions, yet they are often ignored. The TerraUSD (UST) collapse serves as a prime example, where only a small group of investors and analysts predicted its downfall before it finally happened. Many users simply trusted the system without questioning the true stability of the underlying assets. And, unfortunately, because of that blind trust, they lost a lot of money. Understanding the risks requires first exploring the broader concept of what money represents.

What is money?
Money = value. When a person buys a chocolate bar, they exchange money for that value. The merchant can then use the money to obtain the value they need in return.

Money hasn’t always existed in the form of paper bills or digital currencies. In ancient times, people used cattle, leather, mollusks, wheat, and salt as mediums of exchange. 

Eventually, societies shifted to gold as a more standardized form of value. But imagine going to the store and buying a chocolate bar for the price of 0.0353 ounces (1 gram) of gold. This would require scales, cutting tools, and is simply not convenient.

So, the government created a model that worked this way: The government takes your gold in exchange it gives you money depending on the exchange rate. It was the Gold Standard, which happened first in England in 1816. In time, the government changed the model now they were printing money without anything backing it, which is where we are now.

The trust model
The evolution from tangible value to paper money introduced a key factor: trust. Initially, people trusted the inherent value of a commodity like gold. Today, trust has shifted from something (gold) to someone (the government or central authority). Trust forms the basis of modern currency systems.

Without trust, exchange would be impossible. For instance, no one would sell a house for a bag of rocks because rocks hold no universal trust or value.

Modern money, whether paper or digital, holds value only because of collective trust in the government or the central institution behind it. Without this trust, money would revert to being worthless pieces of cotton and linen.

What is fiat money?
The term “fiat” refers to a decree or order issued by someone in authority. When it comes to fiat money, its value stems not from any intrinsic property or commodity backing but from the government’s declaration that it holds value. In simple terms, money has value because the government says so.

Cons of fiat money
Fiat money has several critical weaknesses. It is centralized, meaning that trust is placed in the actions and integrity of banks and governments.

JPMorgan Chase data breach (2014): The data of 83 million accounts was compromised.
Wells Fargo s16): Ovcandal (20er 2 million fraudulent savings and checking accounts were created without clients’ consent.
India’s demonetization (2016): Overnight, the government declared that 86% of the country’s currency circulation, 500 and 1000 rupee bills, was no longer valid.

Another problem with fiat money is excessive printing, which leads to inflation.
Germany (Weimar Republic, 1923): Prices doubled every two days during hyperinflation.
Brazil’s inflation (1985-1994): Prices increased by a staggering 184.9 billion percent during a decade-long crisis.
Venezuela (2015-2022): The cumulative inflation rate from 2016 to April 2019 reached 53.8 million percent.

So, several problems plague traditional money systems. First, paper currency can become worthless overnight due to governmental decisions. Second, the stability of money varies widely between countries. Inflation affects all currencies, but some experience it more severely, leading to rapid devaluation and loss of purchasing power.

But digital fiat money introduces its own set of issues. Banks operate on a fractional reserve system, meaning they hold only a portion of customer deposits in reserve. Laws and regulations, such as the Basel Accords and national banking laws, permit banks to lend out the majority of deposited funds. This practice transforms money into mere numbers on a ledger, essentially IOUs, without full backing.

The fractional reserve system also brings the risk of a bank run, where a large number of customers withdraw their funds at once due to fears about the bank’s solvency. Since banks do not hold all deposits in reserve, they often cannot meet the sudden demand for cash, which leads to panic and potential bank failure.

Stablecoins operate on a different level from traditional fiat money but are not entirely immune to these issues either. Unlike fiat currencies, stablecoins like USDT, USDC, and DAI aim to maintain a stable value by being pegged to a fiat currency, usually the U.S. dollar.

Why are the majority of stablecoins pegged to USD?
Before understanding how stablecoins differ from traditional fiat money, we need to explore why the U.S. dollar holds such a dominant position. Why not the Swiss Franc or the Japanese Yen?

Many would respond that the dollar is simply used everywhere, but the real question is why it became the world’s dominant currency in the first place.

The U.S. dollar’s dominance is due to its “exorbitant privilege.” As long as the dollar remains the world’s reserve currency, the United States avoids balance of payment crises.

Through mechanisms like the Petrodollar system and the forced purchase of the U.S. Treasuries by foreign central banks, the U.S. could borrow cheaply and spend without immediate consequence.

The system allows the U.S. to print dollars and use them to buy real goods and services globally, exporting the inflation created to other countries.

This is one reason developing nations often suffer from higher inflation—they absorb the inflationary effects of American monetary policy. In essence, the U.S. has a unique advantage in the global economy, trading printed money for tangible goods without immediately facing inflationary pressures domestically.

The Federal Reserve lowers interest rates or engages in quantitative easing to inject new dollars into the economy. Such actions increase the total supply of dollars circulating globally. U.S. governments, corporations, and banks benefit from the system by accessing cheaper credit, which leads to the creation of more dollars as loans are issued. Newly minted dollars are used to import goods from abroad, further pushing dollars into foreign economies.

Once foreign countries accumulate dollars, they face a critical choice. They can allow their own currency to appreciate against the dollar, but doing so would harm their export competitiveness. Alternatively, they can print more of their own currency to maintain its value relative to the dollar.

However, this approach often leads to domestic inflation, creating a cycle in which foreign central banks must balance the value of their currency against the effects of inflation.

The U.S. benefits enormously from the global arrangement. When foreign countries accumulate dollars, they frequently invest them in U.S. Treasuries, which effectively lend money to government at low interest rates.

The process helps the U.S. finance its deficit spending on war, infrastructure, and social programs. The U.S. can sustain such expenditures because foreign nations continue to buy its debt, driven by their need to hold dollars for trade and financial stability.

This is why the vast majority of stablecoins are pegged to the U.S. dollar, and almost the entire stablecoin market revolves around it as the anchor.

In just four years, the monthly transfer volume of stablecoins has increased from $202 billion to $3.6 trillion.

To put that into perspective, when compared with traditional finance, the U.S. dollar forex trade in 2022 reached $2,739 trillion, according to the Progressive Policy Institute. By 2024, it is reasonable to estimate that trade will grow to $3 trillion, translating to approximately $250 trillion traded per month. So, stablecoins already represent nearly 1.5% of the dollar trade.

How do stablecoins maintain their peg?
The vast majority of stablecoin market volume and capitalization is concentrated in three primary coins: USDT, USDC, and DAI. Each of these stablecoins employs different mechanisms to maintain their peg to the U.S. dollar.

USDT
Tether keeps its peg to the U.S. dollar through a system of reserve assets and strict issuance protocols. For every USDT token in circulation, an equal amount of value exists in reserve, typically held in cash, cash equivalents, and U.S. Treasuries. The reserves ensure that each USDT can be exchanged for one USD.

When demand for USDT grows, Tether issues additional tokens, matching them with the necessary reserve assets. In contrast, when users exchange USDT for USD, the tokens are destroyed to keep the supply in line with the reserves.

The peg always deviates slightly due to liquidity imbalances or shifts in supply and demand on exchanges.

For instance, during periods of heightened market activity or stress, a sudden surge in demand for USDT could cause the price to rise above $1, as traders may pay a premium for quick access to a stable asset. Conversely, a rapid sell-off of USDT can lead to a brief dip below $1, as the supply temporarily exceeds demand.

Only entities that are verified and have an account with Tether can directly exchange USDT for USD. Typically, these entities are institutional clients, large traders, or exchanges. On the other hand, retail investors or smaller traders cannot redeem USDT directly from Tether. Instead, they usually convert USDT to USD on cryptocurrency exchanges.

However, controversy has surrounded Tether for years, and negative sentiment remains strong. One of the primary concerns revolves around the transparency of Tether’s reserves.

Critics have questioned whether Tether has always maintained a full 1:1 backing for USDT tokens. In 2021, Tether settled with the New York Attorney General’s office after an investigation found that Tether had misrepresented the extent of its reserves in the past.

Another point of criticism is the lack of full audits by top-tier accounting firms. While Tether has started providing transparency reports on a quarterly basis, many are skeptical due to the absence of comprehensive audits by major global accounting firms.

Despite the controversies and skepticism, Tether remains extremely profitable due to its widespread use.  In the first half of 2024 alone, Tether reported a profit of $5.2 billion.

When demand for USDT grows, Tether issues additional tokens, matching them with the necessary reserve assets. In contrast, when users exchange USDT for USD, the tokens are destroyed to keep the supply in line with the reserves.

The peg always deviates slightly due to liquidity imbalances or shifts in supply and demand on exchanges.

For instance, during periods of heightened market activity or stress, a sudden surge in demand for USDT could cause the price to rise above $1, as traders may pay a premium for quick access to a stable asset. Conversely, a rapid sell-off of USDT can lead to a brief dip below $1, as the supply temporarily exceeds demand.

Only entities that are verified and have an account with Tether can directly exchange USDT for USD. Typically, these entities are institutional clients, large traders, or exchanges. On the other hand, retail investors or smaller traders cannot redeem USDT directly from Tether. Instead, they usually convert USDT to USD on cryptocurrency exchanges.

However, controversy has surrounded Tether for years, and negative sentiment remains strong. One of the primary concerns revolves around the transparency of Tether’s reserves. Critics have questioned whether Tether has always maintained a full 1:1 backing for USDT tokens.

In 2021, Tether settled with the New York Attorney General’s office after an investigation found that Tether had misrepresented the extent of its reserves in the past.

Another point of criticism is the lack of full audits by top-tier accounting firms. While Tether has started providing transparency reports on a quarterly basis, many are skeptical due to the absence of comprehensive audits by major global accounting firms.

Despite the controversies and skepticism, Tether remains extremely profitable due to its widespread use.  In the first half of 2024 alone, Tether reported a profit of $5.2 billion.

USDC
USDC operates in much the same way as USDT. However, the key difference lies in USDC’s emphasis on regulatory compliance and transparency. USDC Coin conducts monthly audits through top-tier accounting firms to verify its reserves to ensure users that each USDC token is backed 1:1 by real assets.

 The audit process provides a higher level of confidence compared to Tether’s quarterly attestations, as it aligns more closely with regulatory standards in traditional finance.

Despite their differences in transparency and regulatory alignment, both USDT and USDC share one major characteristic: centralization. The issuers can freeze or block tokens in specific accounts in compliance with legal orders.

Both stablecoins have a history of blocking addresses when required by law enforcement or government authorities, which adds a layer of control that conflicts with the decentralized ethos of crypto.

DAI
But unlike USDT and USDC, DAI is a decentralized, overcollateralized stablecoin. DAI is not issued by a centralized entity but is instead generated by users who lock up cryptocurrency (such as Ethereum) as collateral. The system requires that the value of the collateral exceed the value of the DAI generated.

So even if the collateral’s value fluctuates, DAI remains adequately backed. If the value of the collateral drops too much, it is automatically liquidated to maintain the peg. One of the major advantages of DAI is that it cannot freeze, block, or blacklist specific addresses.

The future of stablecoins and government action
At present, stablecoins already represent around 1.5% of the global U.S. dollar trade, but the real tipping point will come when that figure reaches a much higher level — somewhere between 5% and 15%.

Once stablecoins capture that much of the market, governments will likely need to work in tandem with the issuers, creating a regulated environment that merges traditional finance with the growing crypto ecosystem. Governments could either embrace stablecoins as a way to enhance the global dominance of the U.S. dollar or respond with strict regulatory oversight.

While some may suggest that governments might try to make stablecoins illegal, that scenario seems unlikely. Stablecoins, especially those pegged to the U.S. dollar, further cement the global power of the U.S. currency, aligning with national interests rather than working against them.

By maintaining the status of the USD in global transactions through stablecoins, governments are likely to see their value in reinforcing the American dollar’s position worldwide.

But the rise of stablecoins also raises questions about security and reliability. Holding traditional paper money presents its own risks, including inflation and devaluation. Digital money in banks is also vulnerable, as seen with events like bank runs or systemic failures. And stablecoins carry big risks as well.

The collapse of TerraUSD, despite its entirely different structure from assets like USDT, USDC, and DAI; the situation with Silicon Valley Bank and USDC’s brief de-pegging in 2023, along with long-standing controversies surrounding USDT’s transparency, has shown that stablecoins are far from immune to market shocks and liquidity issues. While they offer some advantages, they are not entirely reliable for long-term wealth storage.

So, what should one hold? Following the TerraUSD collapse, it became clear that holding too much in any one stablecoin can be risky. A more balanced approach might involve holding assets that appreciate in value, such as stocks, bonds, BTC, ETH, SOL, or real estate while maintaining a small portion of cash or stablecoins for liquidity purposes.

Ideally, this reserve should be enough to cover between 3 to 24 months of expenses, depending on one’s risk tolerance, and it could be kept in a high-yield savings account or through well-established decentralized finance platforms.

@ Newshounds News™

Source:  Crypto News

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The Fed Meeting Isn’t the Only Rate Decision to Watch. Why Japan Could Matter More.

The unwinding of the yen carry trade that was blamed for August’s short-lived market turbulence might not be finished yet. That makes the Bank of Japan, not the Federal Reserve, the most important central bank meeting this week.

@ Newshounds News™

Read Here: Telegraph

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Switzerland’s SIX Reveales Plans to Launch Cryptocurrency Trading Platform in Europe

Read Here:  CoinSpeaker  

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Seeds of Wisdom RV and Economic Updates Wednesday Morning 9-18-24

Good Morning Dinar Recaps,

RIPPLE CLO NAMES KEY CONDITION FOR RIPPLE ACQUIRING HIGH POSITION IN US CRYPTO MARKET

Ripple’s chief legal officer Stuart Alderoty has taken part in Financial Markets Quality Conference 2024, where he spoke along with high-ranking representatives of such crypto giants as Robinhood, Grayscale and others. 

Once again Alderoty weighed in on the current lack of clear cryptocurrency regulations in the U.S., referring to this long-lasting situation as a “regulatory cloud.” He made a statement that once this “regulatory cloud” is removed and the U.S. gets “come policy clarity,” Ripple will become “the most trusted source for enterprise support for crypto solutions in the US!”

Ripple beats SEC by scoring two legal wins Over the last year, Ripple has scored important victories in court against the Securities and Exchange Commission spearheaded by Gary Gensler. 

Last year, in the summer, Federal Judge Analisa Torres ruled that XRP sales on secondary markets did not qualify as security sales. This largely gave the XRP the official status of nonsecurity, and in its later lawsuits against crypto exchanges, the SEC avoided calling XRP that.

This year, the SEC requested that the court make Ripple pay $2 billion in fines and also compensate the regulatory agency for the expenses and efforts invested in the suit.

However, the judge stated that Ripple must only pay $125 million to the SEC, while the blockchain company initially said that $10 million would be a fair amount in this case.

Ripple endorses RLUSD stablecoin in recent post In a recently published X post, the official Ripple account shared its article on stablecoins, underscoring its revolutionary role in the sphere of transnational payments. 

The major convenience of these assets is their peg to fiat currencies, like the U.S. dollar or euro, for those users who are troubled with the high volatility level of cryptocurrencies, like Bitcoin.

In 2022, the article says, there was an almost $7 trillion worth of international transfers made with the help of fiat-backed stablecoins, in collaboration with Mastercard and PayPal.

As for Ripple’s stablecoin, RLUSD, launched in early August, it was designed to keep a constant U.S. dollar peg. It is fully backed by a mixture of cash and its equivalents on a 1:1 basis. It is totally compliant with the regulators, according to Ripple.

@ Newshounds News™

Source:  U Today

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CIRCLE EXPANDS ACCESS TO USDC IN BRAZIL AND MEXICO

In what should be an important development for the stablecoin, Circle has expanded access to its USDC offering in both Brazil and Mexico. Indeed, the token is using local payment systems to grow the potential user base for the cryptocurrency. This should push increased adoption for the second-largest stablecoin by market cap.

The company announced the availability of USDC through local currency in both countries. Additionally, they have stated the move is a key part of its “mission to harness the power of blockchain networks to eliminate deeply embedded friction from value-exchange.”

Circle USDC Now Available in Both Brazil and Mexico Through Local Currency
The importance of stablecoins cannot be understated. Although different from the overarching crypto sector, these assets are backed by traditional currencies like the US dollar. They provide a host of benefits to different regions as a safer way to gain exposure to both national currencies and crypto.

@ Newshounds News™

Read more:  Guru Watcher

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Centre for the Fourth Industrial Revolution to Launch in Medellín, Colombia

▪️The World Economic Forum, in collaboration with the City of Medellín, will re-establish a Centre for the Fourth Industrial Revolution (C4IR) in Colombia in October 2024.

▪️The new centre will accelerate the responsible adoption of AI and technology-based solutions for urban transformation in Medellín, with the potential for broader impact in Colombia and Latin America.

▪️C4IR Colombia will rejoin a global network of 21 centres, spanning five continents, that seeks to maximize the benefits of technology.

▪️Read more about the global Centre for the Fourth Industrial Revolution network and its impact in 2022-2023.

Geneva, Switzerland, 13 September 2024 – The World Economic Forum and the City of Medellín will establish a Centre for the Fourth Industrial Revolution in Colombia in October 2024. 

The new centre will serve as a leading AI innovation hub, bringing together stakeholders from business, government and civil society to develop AI strategies and solutions for more inclusive, sustainable and prosperous cities. The announcement was made by Sebastian Buckup, Member of the Executive Committee of the World Economic Forum, and Federico Gutiérrez, Mayor of Medellín.

The Colombia Centre for the Fourth Industrial Revolution (C4IR Colombia) will be hosted by Ruta-N Corporation and will serve as a hub for public-private collaboration, enhancing local and regional capacity to harness the benefits of the Fourth Industrial Revolution.

Through this collaboration, the centre will implement and amplify best practices and strategic frameworks for leveraging AI in the responsible digital transformation of cities.

“We are delighted to welcome back the Centre for the Fourth Industrial Revolution Colombia in the World Economic Forum’s global C4IR network. The centre will build on previous achievements and play a crucial role in fostering technology-based solutions for Medellín, in line with its vision as a Special District for Science, Technology and Innovation, and it will also have the potential to contribute to technological progress in Colombia and the broader region,” said Sebastian Buckup. 

“The centre will harness Medellín’s capacities and reputation as a regional innovation and technology powerhouse and Ruta-N’s prominent position as one of the country's leading innovation agencies.”

“With the opening of this centre, Medellín consolidates its mission as a Science, Technology and Innovation District, with a focus on emerging technologies, such as AI, betting on the training of young people in digital skills, and the development of technology, entrepreneurship and technology-based companies,” said Federico Gutiérrez.

“In Medellín we will have the first special treatment zone, a sector in the North of the city that will attract investment, promote the testing of technology and innovation to improve the competitiveness of Medellín, and foster collaboration between the actors of the ecosystem: companies, universities, governments, citizens and international allies.”

About the Centre for the Fourth Industrial Revolution

The Centre for the Fourth Industrial Revolution is a platform for multistakeholder collaboration, bringing together public and private sectors to maximize technological benefits to society while minimizing the risks. It explores exponential technologies and drives their responsible adoption and application, leveraging a global network of independent national and thematic centres.

The World Economic Forum launched the first Centre for the Fourth Industrial Revolution in San Francisco in 2017, shortly followed by centres in Japan and India. 

The network now includes centres in Austin (Centre for Trustworthy Technology), Azerbaijan, Colombia, Detroit (US Centre for Advanced Manufacturing), Germany (Global Government Technology Centre), Gyeonggi (Republic of Korea), Israel, Kazakhstan, Malaysia, Qatar, Rwanda, Saudi Arabia, Saudi Arabia Centre for Space Futures, Serbia, Telangana (India), United Arab Emirates, Ukraine (Global Government Technology Centre) and Viet Nam.

@ Newshounds News™

Source:   World Economic Forum

  ~~~~~~~~~

BRICS SURPASSES G7 IN KEY ECONOMIC AREAS: IMF REPORT

Amid the continued growth of the BRICS alliance, the International Monetary Fund (IMF) has recently highlighted that the bloc is leading the G7 group in four distinct and crucial areas. Indeed, they note that the gap between the Western bloc and the Global South collective is lessening.

The BRICS group took a massive step toward growth in 2023. Specifically, the bloc welcomed four additional members in its first expansion effort since 2001. 

The alliance saw the United Arab Emirates (UAE), Egypt, Ethiopia, and Iran join its ranks. That number could get even larger as the 2024 annual summit approaches.

IMF Says BRICS Leads G7 in Four Critical Areas: But What Are They?
The last several years have been vital for the BRICS bloc. It has firmly embraced de-dollarization on a global scale. Moreover, they have pushed those efforts to new heights. Creating a geopolitical reality in which nations seek global reserves outside the US dollar.

Moreover, its GDP growth has been a massive development. Since 2010, the bloc has seen its GPD (PPP) increase, whereas the G7 has seen the figure falter. Data shows that last year the BRICS bloc officially surpassed the collective in 2023, when its GDP (PPP) reached 32%, as opposed to the G7’s 29%.

That isn’t the only area where the two sides have seen increased challenges. According to IM data, BRICS is leading the G7 in four critical areas. That includes the 1.  share of GDP in PPP terms, the share of the 2. world population, 3. global oil production, and their respective 4. contributions to global economic growth.

The BRICS group has seen its share of the world’s population reach 45% following its most recent expansion. Alternatively, the G7 only boasts 30% of that population. This clearly identifies the collective of people for which the Western economic systems do not benefit.

Moreover, oil production is dominated by BRICS. The group has 41% of all production, whereas the G7 only boasts 29%. This is affected by the inclusion of the UAE and the cooperation of Saudi Arabia. Although Riyhad has yet to join the bloc, it recently invested $5 billion to increase its partnership with the collective.

Finally, the BRICS group leads in the contribution to global economic growth. The BRICS contribute 44% to the G7’s 20% another indication of the changing guard. With continued expansion, and growth forecasts for participating countries, this gap should only continue to widen.

@ Newshounds News™

Source:  Watcher Guru

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