Seeds of Wisdom RV and Economic Updates Thursday Morning 11-7-24

Good Morning Dinar Recaps,

XRP LEDGER ACTIVATES CRUCIAL PRICE ORACLE AMENDMENT: HERE’S WHY IT MATTERS

▪️The activation of the Price Oracle amendment on the XRP Ledger enhances its DeFi capabilities by integrating off-chain data, crucial for executing accurate smart contracts and expanding decentralized applications.

▪️This update may increase demand for XRP, positioning the XRPL competitively against other blockchain platforms, particularly as Ripple prepares to introduce smart contract support.

The XRP Ledger (XRPL) has activated the highly anticipated Price Oracle amendment, enabling the integration of off-chain data through oracles. This update follows Ripple’s recent positioning to become a competitor to Chainlink, as previously highlighted by CNF. With the release of oracles in Q2 2024 on the XRPL, if it could  propel XRP’s price to a new all-time high (ATH).

This key update, announced by XRPL validator Vet, states that the XRP Ledger Price Oracle amendment is now activated. Oracles can bring off-chain data to the XRP Ledger, which is useful for decentralized finance (DeFi) and eventually for smart contract dApps.

The amendment is designed to bolster decentralized finance (DeFi) capabilities on the XRPL by providing external, real-world data for use in smart contracts and financial transactions.

Expanding DeFi Applications with Real-World Data
The Price Oracle amendment allows oracles to connect blockchain-based applications on the XRPL to real-world data, such as cryptocurrency price feeds and live market data. This access is essential for executing accurate smart contracts and broadening DeFi’s scope on the XRPL.

With Ripple’s plan to add smart contract support, the amendment paves the way for more complex financial products and decentralized applications (dApps), significantly advancing XRPL’s DeFi capabilities.

Positive Market Sentiment and Competitive Positioning
Within the XRP community, there is speculation that this update may drive up demand for XRP, as the XRPL’s enhanced functionality could attract more developers and users. 

With reliable data integration, the XRPL is well-positioned to compete in the DeFi space, especially alongside platforms like XLM, which added smart contract support in early 2024.

This development underscores the XRPL’s adaptability and innovation, potentially strengthening its long-term market position. At the time of writing, Ripple (XRP) is trading at $0.5347, having surged by 5.08% in the past day and 2.62% in the past week.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

SENATOR LUMMIS: U.S. IS ‘GOING TO BUILD’ A STRATEGIC BTC RESERVE

Senator Cynthia Lummis reaffirmed plans to create a strategic Bitcoin Reserve in the U.S. just hours after Donald Trump won the presidential election.

Congressional progress on a national strategic Bitcoin reserve could accelerate as The Associated Press, Fox News, and NBC declared Republican candidate Donald Trump the winner of the presidential race. Lummis’ Nov. 6 tweet reminded the public of plans to position America’s $12 billion Bitcoin stockpile as a reserve asset and potential solution to the nation’s rising debt crisis.

The Senator initially revealed her BTC plans at the July Bitcoin 2024 conference in Nashville. Trump announced his intention to shutter state-backed Bitcoin selling at the same event, receiving praise from crypto supporters.

Following the gathering, Lummis unveiled official documents for a Strategic Bitcoin Reserve and submitted the proposal for consideration. Thousands of U.S. citizens signed letters and petitions supporting the idea shortly after.

Republican control of Congress could further push such a bill toward formal legislation. Some 247 pro-crypto candidates won House of Representative seats, according to Stand With Crypto, with several other spots in the Senate up for grabs.

If Trump follows through on his crypto promises and Republicans achieve a legislative trifecta, the U.S. could become the first major world power to recognize Bitcoin as a national reserve asset. As of the time of publication, the U.S. was the largest sovereign owner of Bitcoin, holding 203,239 tokens, according to Arkham.

@ Newshounds News™

Source:  Crypto News

Read more:  Twitter

~~~~~~~~~

TODAY

Jerome Powell will take the podium as Treasury yields surge, with the Federal Reserve expected to cut rates.

This is like watching poetry in motion.

@ Newshounds News™

Source:   Twitter X

 ~~~~~~~~~

🌱 DO I NEED TO LEARN CRYPTO? WHY? HOW?  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Seeds of Wisdom RV and Economic Updates Wednesday Evening 11-6-24

Good Evening Dinar Recaps,

REPUBLICAN SENATE MAJORITY SIGNALS MORE ‘PRO-CRYPTO CONGRESS’

A Republican-led Senate is poised to pass clearer crypto regulations, signaling a shift toward industry-friendly policies in the US.

The Republican Party has secured majority control of the United States Senate, offering a promising outlook for cryptocurrency regulations in the world’s largest economy.

Republicans took control after securing key Senate seats in Ohio and West Virginia, according to the Associated Press.

Over 240 pro-crypto candidates were elected to the House of Representatives and Senate in a “historic achievement” for clear crypto regulations in the US, according to Anastasija Plotnikova, the CEO and co-founder of Fideum, a regulatory and blockchain infrastructure firm focused on institutions.

Plotnikova told Cointelegraph:

“It paves the way for harmonized crypto regulations that will drive innovation, boost competition and incentivize talent to return. The US crypto industry worked for years to make this happen, and I eagerly await seeing the deliverables implemented.”

A Republican-led Senate, paired with a presidential administration that supports crypto, could lead to innovation-friendly regulations. This could help the US regain ground as a global leader, particularly as Europe moves closer to implementing its comprehensive regulatory framework, the Markets in Crypto-Assets Regulation (MiCA) bill, by the end of 2024.

Lighter regulations and more oversight for CFTC
A Republican Senate may finally bring clarity to US crypto regulations, according to Anndy Lian, author and intergovernmental blockchain expert.

He told Cointelegraph:

“The Republican focus on reducing government oversight could lead to a lighter regulatory touch, which would be a win for the industry […] A Republican Senate could mean fewer aggressive anti-crypto moves and more opportunities for open discussions about how to support innovation.”

The new Senate may review delayed business-friendly bills like the Digital Commodities Consumer Protection Act, which would grant the Commodity Futures Trading Commission (CFTC) exclusive jurisdiction over digital asset trading, Lian added.

Digital Commodities Consumer Protection Act of 2022. Source: Congress.gov

The crypto industry is also hoping to see the approval of the Bitcoin Act, championed by Wyoming Republican Senator Cynthia Lummis. The bill proposes the creation of a strategic Bitcoin reserve for the US, making it the first nation to use it as a “savings technology.”

Lummis Bitcoin Act. Source: Lummis.senate.gov

The bill cited the US’ “soaring inflation rates” an

d the national debt reaching “unprecedented heights” as reasons for the adoption of Bitcoin reserves to bolster the country’s balance sheet.

Republican Senate to change SEC oversight over crypto industry?
Controlling the Senate is at least as important for the future of crypto regulations as the president, according to James Davies, CEO of Crypto Valley Exchange.

This could significantly change the Securities and Exchange Commission’s oversight of the crypto space, Davies told Cointelegraph:

“This shift changes SEC oversight, which has proven to be as impactful as, if not more than, the SEC chair […] Now we await public announcements from Trump on SEC nominations to fulfill his promises to the US crypto community that supported him.”

Davies said he hopes that Chris Giancarlo, former CFTC chair, will be nominated for Gensler’s seat at the SEC.

The crypto industry sees the 2024 presidential elections as a net positive. Coinbase co-founder and CEO Brian Armstrong said it was “America’s most pro-crypto Congress ever,” which will facilitate more explicit crypto regulations.
@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

SEC CHAIRMAN GARY GENSLER LIKELY TO RESIGN AFTER TRUMP WIN: ANALYST

President-elect Donald Trump can't fire crypto critic Gary Gensler without cause, but history suggests that the SEC chairman will bow out.

The United States Securities and Exchange Commission (SEC) could soon see a new chairman following Donald Trump’s projected election win, a noted crypto analyst said Wednesday.

Analyst Markus Thielen, the CEO of crypto research firm 10x Research, wrote in a research note that recent history suggests that Gary Gensler is likely to resign in the near future amid the impending regime change. The SEC’s chairman would just be following in the steps of his predecessors.

The SEC chairman “typically resigns when a new president takes office, aligning with the incoming administration's preferences,” Thielen wrote.

This happened previously with Jay Clayton—who was appointed by Trump—resigning before Joe Biden’s inauguration. Before that, Barack Obama’s pick Mary Jo White resigned the day of President Trump's inauguration.

“This practice allows the new president to appoint a chair who aligns with their policy objectives,” Thielen wrote. “If these historical patterns hold, Gary Gensler may resign in December or January, with a new SEC chair potentially confirmed by April or May.”

Gensler’s impact
Appointed by President Joe Biden in 2021, Gensler has led the SEC in an aggressive crackdown on U.S. crypto exchanges, decentralized finance projects, and software developers, which has been perceived by many as a hostile stance towards the sector. His term is set to last until 2026.

Donald Trump has repeatedly said that he would fire Gensler if elected, and suggested that crypto startups would be "living in hell" if he didn't return to office and help change the course of American regulation.

“I pledge to the Bitcoin community that the day I take the oath of office, Joe Biden and Kamala Harris’ anti-crypto crusade will be over,” Trump said during his Bitcoin 2024 conference keynote in July. “It will end. It will be done.”

According to Decrypt analysis, however, regulatory protocols establish that the president could not remove Gensler from his position without cause. Still, the new president would have the authority to demote him from the role of chairman and appoint another SEC commissioner in his place.

U.S. Republican Representative French Hill recently said that the SEC should have new leadership next year—regardless of which party controls the White House. He said that Gensler's "fear-mongering" at the SEC is unconstitutional and misuses the agency's regulatory authority.

@ Newshounds News™

Source:  Decrypt

~~~~~~~~~

🌱IRAQI DINAR'S BIG MOVE |  Youtube                

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 11-6-24

Good Afternoon Dinar Recaps,

JP MORGAN REBRANDS BLOCKCHAIN UNIT TO KINEXYS

JP Morgan has rebranded its Onyx blockchain unit to Kinexys by JP Morgan. The move was announced today by Umar Farooq, the global co-head of JP Morgan payments during the Singapore Fintech Festival.

As we previously reported, the blockchain platform has executed more than $1.5 trillion in notional value since launch, with current volumes exceeding $2 billion daily. That’s still tiny compared to the $10 trillion in conventional payments that the bank processes daily.

The new name combines the concepts of “kinetic” and “connection”, to reflect the worldwide movement of money, assets and financial information using the efficiencies of DLT.

The highest profile Onyx solution is the blockchain based bank account system, JPM Coin Systems, which enables corporates to move money between JP Morgan accounts in different countries, in real time and 24/7. That is now rebranded to Kinexys Digital Payments. Brevan Howard Digital Assets is a new client of the solution.

Onyx Digital Assets, now Kinexys Digital Assets, is an umbrella for multiple solutions that include intraday repo, tokenized collateral and bond issuance. Singapore’s OCBC is the latest bank to start using the repo solution.

Onyx’s first product was Liink, the blockchain based payments messaging network that enables sharing of data about conventional payments to reduce delays because of compliance of other queries. It is renamed to Kinexys Liink.

One of the most logical moves is the rebranding of the slightly awkward sounding Blockchain Launch to Kinexys Labs.

In other news, the unit is planning to support foreign exchange as part of Kinexys Digital Payments. JP Morgan was previously involved in DeFi-style FX trials using automated market makers as part of one of the first Singapore Project Guardian tests.

Additionally, Kinexys Digital Assets and Kinexys Labs is running a proof of concept for on-chain privacy, identity and composability.

Why rebrand?
The bank is spinning the rebrand as a positive step, as one would expect.   However, the trigger is likely trademark issues. Given Onyx is a generic word, it would encounter potential challenges. 

A company that was already using the name might have objected to trademark applications or even alleged infringement.

Last June the bank applied for trademarks for Onyx Digital Payments and Onyx Digital Assets. 

The records show the U.S. Patent and Trademark Office (USPTO) examiner sent initial refusals for the trademarks on various grounds, including partial overlaps with existing trademarks for similar use cases and other applications that pre-dated these applications. Given JP Morgan’s lawyers didn’t respond, the applications were treated as abandoned.

There’s also an OnyxCoin, as in a cryptocurrency, something the bank would likely not want to be confused with.

@ Newshounds News™

Source:  Ledger Insights

~~~~~~~~~

REPUBLICAN SENATE MAJORITY SIGNALS MORE ‘PRO-CRYPTO CONGRESS’

A Republican-led Senate is poised to pass clearer crypto regulations, signaling a shift toward industry-friendly policies in the US.

The Republican Party has secured majority control of the United States Senate, offering a promising outlook for cryptocurrency regulations in the world’s largest economy.

Republicans took control after securing key Senate seats in Ohio and West Virginia, according to the Associated Press.

Over 240 pro-crypto candidates were elected to the House of Representatives and Senate in a “historic achievement” for clear crypto regulations in the US, according to Anastasija Plotnikova, the CEO and co-founder of Fideum, a regulatory and blockchain infrastructure firm focused on institutions.

Plotnikova told Cointelegraph:

“It paves the way for harmonized crypto regulations that will drive innovation, boost competition and incentivize talent to return. The US crypto industry worked for years to make this happen, and I eagerly await seeing the deliverables implemented.”

A Republican-led Senate, paired with a presidential administration that supports crypto, could lead to innovation-friendly regulations. This could help the US regain ground as a global leader, particularly as Europe moves closer to implementing its comprehensive regulatory framework, the Markets in Crypto-Assets Regulation (MiCA) bill, by the end of 2024.

Lighter regulations and more oversight for CFTC
A Republican Senate may finally bring clarity to US crypto regulations, according to Anndy Lian, author and intergovernmental blockchain expert.

He told Cointelegraph:

“The Republican focus on reducing government oversight could lead to a lighter regulatory touch, which would be a win for the industry […] A Republican Senate could mean fewer aggressive anti-crypto moves and more opportunities for open discussions about how to support innovation.”

The new Senate may review delayed business-friendly bills like the Digital Commodities Consumer Protection Act, which would grant the Commodity Futures Trading Commission (CFTC) exclusive jurisdiction over digital asset trading, Lian added.

The crypto industry is also hoping to see the approval of the Bitcoin Act, championed by Wyoming Republican Senator Cynthia Lummis. The bill proposes the creation of a strategic Bitcoin reserve for the US, making it the first nation to use it as a “savings technology.”

The bill cited the US’ “soaring inflation rates” and the national debt reaching “unprecedented heights” as reasons for the adoption of Bitcoin reserves to bolster the country’s balance sheet.

Republican Senate to change SEC oversight over crypto industry?
Controlling the Senate is at least as important for the future of crypto regulations as the president, according to James Davies, CEO of Crypto Valley Exchange.

This could significantly change the Securities and Exchange Commission’s oversight of the crypto space, Davies told Cointelegraph:

“This shift changes SEC oversight, which has proven to be as impactful as, if not more than, the SEC chair […] Now we await public announcements from Trump on SEC nominations to fulfill his promises to the US crypto community that supported him.”

Davies said he hopes that Chris Giancarlo, former CFTC chair, will be nominated for Gensler’s seat at the SEC.
The crypto industry sees the 2024 presidential elections as a net positive. Coinbase co-founder and CEO Brian Armstrong said it was “America’s most pro-crypto Congress ever,” which will facilitate more explicit crypto regulations.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

🌱IRAQI DINAR'S BIG MOVE |  Youtube                                                                                            @ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Seeds of Wisdom RV and Economic Updates Wednesday Morning 11-6-24

Good Morning Dinar Recaps,

RIPPLE AND ARCHAX COLLABORATE TO LAUNCH $100M+ IN TOKENIZED ASSETS ON XRPL

▪️Ripple has renewed a 2022 partnership with Archax as part of the plans to attract millions of dollars to XRPL by next year.

▪️Archax has also announced its acquisition of Spanish broker King & Shaxson Capital Markets (KSCM).

Ripple (XRP) has announced an extension of its earlier partnership with the UK’s regulated custodian Archax to drive hundreds of millions of dollars of tokenized Real World Assets (RWA) to the XRP Ledger (XRPL). According to the report, this would also establish the XRPL as one of the leading blockchains for RWA.

In 2022, Ripple and Archax established their first partnership when Archax joined hands with Metaco to provide digital asset custody services to clients. Meanwhile, both parties admit that their compliance goal aligns with each other since they work hand in hand with policymakers and regulators across the globe to bring crypto and blockchain to the doorsteps of financial institutions.

Commenting on this groundbreaking partnership, CEO of Archax Graham Rodford disclosed that the company is excited to adopt the technology by bringing its assets to the XRPL.

We have hit the tipping point for mainstream adoption of digital assets for real-world use cases.

There is clear real-world utility in use cases like RWA tokenization for the operational efficiency, access to liquid markets, and transparency inherent to crypto, and Archax has already tokenized assets such as equities, debt instruments, and money market funds.

The XRPL, which is reported to have a strong foundation in RWA tokenization and institutional grade DeFi, has recorded more than 1,000 projects in the last decade. On top of that, it has successfully processed more than 2.8 billion transactions without disruption, supporting more than five million wallets within the process with over 120 validators.

Markus of RippleX Comments and Archax Recent Acquisition
According to Markus Infanger, SVP, RippleX, its collaboration with Archax could enhance the realization of its vision and support the UK-regulated firm to drive the adoption of blockchain.

Our industry is at the start of the next major adoption stage in which blockchain technology will deliver real utility in financial markets at scale. 

Ripple is excited to see Archax’s vision of driving the adoption of blockchain and digital assets technology amongst financial institutions come to life, while further underlining the credentials of the XRPL as one of the leading blockchains for RWA tokenization.

Archax recently announced the acquisition of Spanish broker King & Shaxson Capital Markets (KSCM) as part of the effort to expand its operations across Europe.

Archax recently signed with Ripple, “to bring 100m’s of $ of tokenized RWA onto the XRPL over the coming year”. Since then, they have acquired a Spanish broker, KSCM, and partnered with Assetera for fund cross-listings.  WrathofKahneman, November 4, 2024

Initially, Archax was focusing on providing a digital securities marketplace but later expanded into crypto exchanges. Meanwhile, its latest accounting filing shows that it had 58 institutional clients as of the end of 2023. Its Asset Under Custody within the period was $112 million, with almost $100 million in OTC trading volumes.

Its recent expansion was highlighted by Rodford in a statement:

The Archax strategy has always been to expand its regulatory footprint globally, with the EU region being of prime importance for us, post-Brexit. This acquisition expands and enhances our access to permissions within the EU region, building on those we hold with the FCA in the UK.

@ Newshounds News™

Source:  Crypto News Flash

Read more:  XRPLCommunity 

~~~~~~~~~

JP MORGAN REBRANDS BLOCKCHAIN UNIT TO KINEXYS

JP Morgan has rebranded its Onyx blockchain unit to Kinexys by JP Morgan. The move was announced today by Umar Farooq, the global co-head of JP Morgan payments during the Singapore Fintech Festival.

As we previously reported, the blockchain platform has executed more than $1.5 trillion in notional value since launch, with current volumes exceeding $2 billion daily. That’s still tiny compared to the $10 trillion in conventional payments that the bank processes daily.

The new name combines the concepts of “kinetic” and “connection”, to reflect the worldwide movement of money, assets and financial information using the efficiencies of DLT.

The highest profile Onyx solution is the blockchain based bank account system, JPM Coin Systems, which enables corporates to move money between JP Morgan accounts in different countries, in real time and 24/7. That is now rebranded to Kinexys Digital Payments. Brevan Howard Digital Assets is a new client of the solution.

Onyx Digital Assets, now Kinexys Digital Assets, is an umbrella for multiple solutions that include intraday repo, tokenized collateral and bond issuance. Singapore’s OCBC is the latest bank to start using the repo solution.

Onyx’s first product was Liink, the blockchain based payments messaging network that enables sharing of data about conventional payments to reduce delays because of compliance of other queries. It is renamed to Kinexys Liink.

One of the most logical moves is the rebranding of the slightly awkward sounding Blockchain Launch to Kinexys Labs.

In other news, the unit is planning to support foreign exchange as part of Kinexys Digital Payments. JP Morgan was previously involved in DeFi-style FX trials using automated market makers as part of one of the first Singapore Project Guardian tests.

Additionally, Kinexys Digital Assets and Kinexys Labs is running a proof of concept for on-chain privacy, identity and composability.

Why rebrand?
The bank is spinning the rebrand as a positive step, as one would expect. However, the trigger is likely trademark issues. Given Onyx is a generic word, it would encounter potential challenges. A company that was already using the name might have objected to trademark applications or even alleged infringement.

Last June the bank applied for trademarks for Onyx Digital Payments and Onyx Digital Assets. 

The records show the U.S. Patent and Trademark Office (USPTO) examiner sent initial refusals for the trademarks on various grounds, including partial overlaps with existing trademarks for similar use cases and other applications that pre-dated these applications. 

Given JP Morgan’s lawyers didn’t respond, the applications were treated as abandoned.

There’s also an OnyxCoin, as in a cryptocurrency, something the bank would likely not want to be confused with.

@ Newshounds News™

Source:  Ledger Insights

~~~~~~~~~

🌱 SILVER UPDATE  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Seeds of Wisdom RV and Economic Updates Tuesday Evening 11-5-24

Good Evening Dinar Recaps,

COINBASE DERIVATIVES TO LAUNCH SILVER AND STELLAR FUTURES

Coinbase Derivatives is expanding its portfolio of CFTC-regulated products with the introduction of futures contracts for silver (SLR) and stellar (XLM) in retail sizes on November 11.

More Options for Retail Traders With Silver (SLR) and Stellar (XLM) Futures

The latest addition to Coinbase Derivatives which already includes bitcoin (BTC), ethereum (ETH), bitcoin cash (BCH), litecoin (LTC), DOGE, SHIB, AVAX, DOT, LINK, Gold, and Oil will expand the company’s offering for retail traders.

Coinbase’s primary goal in launching new futures contracts is to create diversified markets that support risk management and price discovery. 

This informed the offering of the contracts in retail sizes, 50 troy ounces of silver and 5,000 stellar, removing obstacles for traders of all skill levels and enabling more participation in the futures markets.

In the blog post, Coinbase shared that adding traditional commodities such as silver along with a top cryptocurrency in stellar will create a more holistic trading environment.

Along with gold, silver has long been seen as a strategic asset that can provide some protection from market volatility and inflation. Stellar is well-known for providing quick and affordable cross-border payment solutions, adding a unique element to Coinbase’s offerings in digital asset derivatives.

CFTC-regulated derivatives are financial contracts whose value is derived from an underlying asset. These contracts are overseen by the Commodity Futures Trading Commission (CFTC) to ensure market integrity, investor protection, and systemic risk mitigation.

@ Newshounds News™

Source:  Bitcoin News

~~~~~~~~~

EUROCLEAR, HSBC JOIN SINGAPORE’S GL1 PUBLIC PERMISSIONED BLOCKCHAIN INITIATIVE

Five banks have been working with the Monetary Authority of Singapore (MAS) to flesh out its vision of the Global Layer One (GL1) blockchain, a public permissioned blockchain network that could form the foundation of numerous applications. 

The five institutions are BNY, Citi, J.P. Morgan, MUFG and Societe Generale-FORGE. They will now be joined by HSBC and Euroclear. Some of the project’s scope has also been expanded.

There’s some crossover between the GL1 concept and the BIS’s unified ledger. Both aim to create a single infrastructure that will support multiple applications and asset classes. GL1 aims to enable trading, settlement, payments, collateral, corporate actions and more on a shared network.

When the group published the report on the first phase of work in June, we noted a willingness to embrace disruption by eliminating the need for key roles performed by central securities depositories (CSD). However, now a CSD (Euroclear) is one of the architects.

A major contribution that Euroclear brings is the digital asset securities control framework it developed with the DTCC and Clearstream.

That framework outlines six high level principles below and them maps each to risks and the specific controls to address those risks.

The six principles are:

▪️Legal certainty
▪️Regulatory compliance
▪️Resilience and security
▪️Safeguarding customer assets
▪️Connectivity and interoperability
▪️Operational scalability

Hence, MAS has created a new financial market infrastructure (FMI) working group to focus on these control principles, which will involve other FMIs.

Expanded GL1 scope
These principles will be applied to settlement arrangements for cross border transactions on FMIs and collateral management, amongst other applications.

Perhaps the most challenging new task is to develop a business model that doesn’t just work for banks but other ecosystem players as well.

The group will also develop specifications for tokenized asset lifecycles and programmable compliance.

We’d observe that as the group gets larger, it might require compromises as different participants may have worked on separate standards, which may not always be compatible. Developing common ground is a key path to interoperability.

Meanwhile, yesterday MAS outlined its vision for transitioning tokenization from experimentation to commercialization. GL1 is one of four pillars in that process.

@ Newshounds News™

Source: Ledger Insights

~~~~~~~~~

🌱GAME CHANGER - LITHIUM  |  Youtube

Gipper's News Reader

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Silver Exchanges Would CLOSE If This Happened | Bill Holter

Silver Exchanges Would CLOSE If This Happened | Bill Holter

Liberty and Finance:  11-5-2024

Former Wall Street branch manager and precious metals expert Bill Holter discusses the unsustainable trajectory of U.S. debt and its potential consequences for the economy.

He emphasizes the importance of securing wealth in physical gold and silver, highlighting the risks of holding assets in the traditional financial system.

Holter also touches on the real estate market, warning of a potential collapse in property values as credit tightens. Reflecting on past economic crises and current geopolitical trends, he suggests that countries like Russia and China are positioning themselves for a future where metals like silver and gold become central to global finance.

Holter predicts that as the demand for precious metals rises, particularly from sovereign nations, the price of gold and silver will surge, driven by both supply constraints and the impending financial instability.

INTERVIEW TIMELINE:

0:00 Intro

1:55 Debt bubble

4:35 Real estate

8:53 Civil unrest

14:19 Silver: 2011 vs now

23:30 Gold & silver storage

25:10 Privacy in gold & silver

28:20 Junk silver

https://www.youtube.com/watch?v=wjT3M_h5zBY

Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 11-5-24

Good Afternoon Dinar Recaps,

BLOCKCHAIN AFRICA CONFERENCE 2024: SET TO SHOWCASE LATEST DEVELOPMENTS IN AFRICAN BLOCKCHAIN AND CRYPTO INNOVATION

South Africa – Blockchain Africa Conference 2024 is set to unite blockchain developers, influencers, investors, entrepreneurs, and business leaders worldwide at the CSIR International Convention Centre in Pretoria (Tshwane) on 20 November 2024.

This premier event, marking the 10th edition and organized by Bitcoin Events, will foster collaboration and provide participants with insights into Africa’s dynamic and rapidly evolving blockchain and cryptocurrency ecosystem.

The conference offers a platform for networking, knowledge sharing, and collaboration, bringing together local and international experts to discuss the most significant trends in cryptocurrencies and blockchain technology.

Key Highlights of Blockchain Africa Conference 2024:

Engaging Keynote Speakers:

Charles Hoskinson (Virtual Keynote Speaker) – Founder of Cardano and IOHK. In his session titled “Empowering Africa’s Digital Future,” Hoskinson will share Cardano’s initiatives in Africa, focusing on their traction over the last six years in South Africa, Ethiopia, Kenya and Tanzania, amongst others.

Cardano has been instrumental in driving blockchain adoption in these regions through partnerships and projects aimed at improving digital identity, financial inclusion, and education systems.

Notably, in Ethiopia, Cardano collaborated with the Ministry of Education to implement a blockchain-based system to track the educational progress of 5 million students.

In South Africa, Cardano continues to engage with local developers and stakeholders to support blockchain education and develop sustainable solutions for economic growth. Hoskinson will outline these efforts and discuss future plans for expanding blockchain’s positive impact across the continent.

Ernest Mbenkum – Founder and CEO of Interstellar Inc. His keynote, “Pan-African Payment and Settlement System (PAPSS) and the Africa Currency Marketplace,” will delve into how PAPSS is transforming cross-border trade in Africa.

By facilitating transactions across 42 African currencies without relying on intermediary currencies like the U.S. dollar, PAPSS significantly reduces transaction costs, potentially saving up to $5 billion annually.

Developed in partnership with the African Union, the system already includes 115 commercial banks and 15 central banks, enhancing economic integration and streamlining payments across the continent.

Stafford Masie, Ex-CEO of Google Africa and current board member at Discovery Bank, will present on “The Power of Bitcoin: Exploring the Ingenious Mechanism of Proof of Work”. His keynote will highlight how Bitcoin mining in Africa offers unique opportunities for both individuals and organizations.

Panel Sessions Featuring Industry Giants:

The Role of Crypto Exchanges in Africa and Beyond: Featuring Chris Maurice (CEO and Co-Founder of Yellow Card), Badi Sudhakaran (Co-Founder and Chief Product Officer of VALR), and Marius Reitz (General Manager for Africa at Luno).

This session will delve into the role of crypto exchanges, the adoption of stablecoins, and how they are transforming cross-border payments and remittances in Africa.

Digital Assets: Navigating the Regulatory Landscape in South Africa: This panel will include a representative from one of South Africa’s regulatory bodies, Anne Njoroge (Chief Legal Officer at BankservAfrica) and Michail Le Roux (Senior Legal Counsel at Hanekom Attorneys Inc.) who will discuss recent developments like the issuance of CASP licenses and regulatory clarity for stablecoins in South Africa.

Fireside Chat: “OGs Unplugged – Insights from Crypto and Blockchain Trailblazers, 10 Years Later”: In celebration of the 10th edition of the Blockchain Africa Conference, this special fireside chat, will feature early pioneers like Elizabeth Rossiello, CEO of AZA Finance, and Ernest Mbenkum, Founder of Interstellar Inc. and the Bantu Blockchain Foundation.

 Both Elizabeth and Ernest have been instrumental in the development of Africa’s blockchain landscape, with Elizabeth having spoken at the inaugural conference back in 2015.

This session will not only reflect on their decade-long journeys but also explore how the industry has transformed over the years. Attendees can expect an engaging discussion on the evolution of blockchain technology in Africa, the impact of regulatory changes, and insights into future opportunities as we commemorate a decade of innovation and growth in the African crypto and blockchain space.

Stablecoins in Africa: Understanding Their Adoption and Impact: Panelists will explore the adoption and use of stablecoins across Africa, emphasizing their role in mitigating currency volatility and offering solutions for cross-border trade.

With nearly 70% of African countries facing foreign exchange shortages, stablecoins have emerged as a powerful tool for businesses and institutions to manage liquidity and stabilize their operations.

Connecting Cape Town’s Vibrant Web3 Community
Following the main event in Pretoria, the conference will move to Cape Town for a dedicated networking event with the local Web3 community.

 This exclusive gathering will allow international delegates to connect with Cape Town’s dynamic blockchain innovators, further expanding their networks and deepening their understanding of Africa’s thriving blockchain ecosystem.

@ Newshounds News™

Source:  CoinPedia

~~~~~~~~~

CHAINLINK POWERS PILOT WITH SBI AND UBS FOR TOKENIZED FUND OPERATIONS ACROSS CHAINS

▪️An SBI and UBS pilot program that uses Chainlink’s Cross-Chain Interoperability Protocol (CCIP) has been completed.

▪️Chainlink recently announced its CCIP Private Transactions to promote the privacy of data among financial institutions.

Chainlink (LINK) has announced that SBI Digital Markets & UBS Asset Management have successfully completed a pilot program using Chainlink’s industry-standard Cross-Chain Interoperability Protocol (CCIP). According to an attached release, the CCIP was used to create a digital transfer agent smart contract to facilitate cross-chain communication with the tokenized fund contract.

Using the Chainlink platform and the feasibility of smart contracts, the pilot demonstrated the feasibility of streamlining fund operations across different blockchains and financial systems to force a shift in operational efficiency and transparency for the mutual fund industry worth around $63 trillion.

We’re excited to announce that SBI Digital Markets & UBS Asset Management successfully completed a pilot using Chainlink CCIP to streamline tokenized fund operations across different chains & financial systems.

More About the Pilot Program
According to our research, the Project Guardian pilots led by the Monetary Authority of Singapore and participated by the SBI Digital Markets (SBIDM) are focused on driving commercial adoption.

Meanwhile, SBIDM is also creating an end-to-end primary and secondary market distribution of tokenized securities. This is done through the connection of regulated digital asset exchanges across different regions in addition to collaboration with leaders in blockchain technology.

According to the Chief Executive Officer of SBI Digital Markets, Winston Quek, the team has adopted an “open and interoperable architecture in both operational structuring and tech engineering” to enable institutional investors to join the quest to unlock efficiencies via blockchain technology.

This year, SBI Digital Markets has focused its efforts on building regulated frameworks to facilitate the end-to-end flow of tokenized securities. From origination, tokenization, distribution, digital custody, listing on digital asset exchanges and building secondary trading – we have put in place workflows for efficient cross-border distribution networks whilst allowing for dual issuances in traditional and tokenized formats.

Delving deeper into the report, we uncovered that SBIDM has built on the success of its 2023 Project Guardian technical pilot with UBS Asset Management to achieve further operational efficiencies with smart contracts which are based on “automation of fund subscription and redemption workflows.”

Chainlink’s CCIP Private Transaction
Chainlink recently announced the launch of its CCIP Private Transactions to enable financial institutions to maintain data confidentiality. According to our report, Australia and New Zealand Banking Group (ANZ) was among the first to pilot its capabilities under the “Monetary Authority of Singapore (MAS) Project Guardian initiative.”

These new privacy capabilities allow institutional users to define privacy conditions in a manner that would privatize on-chain data from third parties.

Commenting on this, Chainlink co-founder Sergey Nazarov explained that the blockchain industry has not provided sufficient privacy for financial institutions to integrate them successfully as far as institutional transactions are concerned.

Now that private transactions across chains are possible, we expect an even greater influx of institutional adoption of blockchains, CCIP, and the Chainlink standard in general.

We are excited to continue our collaboration with ANZ and explore how to make large transactions across multiple chains in a way that helps meet their compliance and legal requirements, enabling their entry into the market and the growth of the entire blockchain industry through their exciting participation.

@ Newshounds News™

Source:   Crypto News Flash 

Read more:  MAS Project Guardian

~~~~~~~~~

🌱 TREASURY - CBDCS OVER STABLECOINS | Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Seeds of Wisdom RV and Economic Updates Tuesday Morning 11-5-24

Good Morning Dinar Recaps,

COINBASE’S L2 BASE WELCOMES FRANKLIN TEMPLETON’S TOKENIZED FUND

Coinbase’s Ethereum scaling solution has onboarded its first large wealth manager, Franklin Templeton, the $1.5 trillion Wall Street firm.

Franklin Templeton announced that users can trade shares of its OnChain U.S. Government Money Market Fund, FOBXX, on the layer-2 network Base.

FOBXX, with $410 million in assets, has already launched on five other blockchains, including Arbitrum, Polygon, Avalanche, Aptos, and Stellar, making Base the sixth blockchain to support Franklin Templeton’s tokenized Treasury fund.

The announcement represents another crossover between traditional and decentralized finance markets. Fellow asset manager BlackRock recently launched its USD Institutional Digital Liquidity Fund, also known as BUIDL, on Ethereum’s mainnet partnered with ETH-native protocols like Ethena Labs.

While BlackRock launched on a layer-1 network and maintains the largest on-chain money market, Franklin Templeton has focused on layer-2 networks for its FOBXX fund.

L2’s run off layer-1 blockchains but provide cheaper and quicker transactions. As such, they offer optimized environments for on-chain money markets and tokenized treasuries.

Franklin Templeton’s FOBXX was the first money market fund to employ decentralized technology for trading, and the firm picked L2 Arbitrum as its first home.

Launching on Coinbase’s layer-2 may further boost Base’s growth. Since going live in 2022, the network has attracted over $2.6 billion in user deposits and was the fifth-largest decentralized finance blockchain at the time of writing, according to DeFiLlama.

Base, launched by the largest U.S.-based crypto exchange, also ranks as Ethereum’s top scaling solution based on active addresses, total value locked, and 24-hour volume.

@ Newshounds News™

Source:  Crypto News

~~~~~~~~~

HKEX TO USE SMART CONTRACTS, DLT TO AUTOMATE ETP ISSUANCE, REDEMPTION

Today the Hong Kong Exchanges and Clearing (HKEX) announced plans to automate the creation and redemption of some exchange traded products (ETPs) in 2025. The new web based platform will use distributed ledger technology and smart contracts and is subject to regulatory approval.

The aim is to boost efficiency and encourage more secondary market activity.

“Speed and efficiency are critical in an increasingly dynamic market environment,” said Jean-Francois Mesnard-Sense. “HKEX is pleased to introduce this new digital enhancement.

It will not only streamline operations for our market participants, but also drive more liquidity in the product ecosystem, supporting the vibrancy of our ETP marketplace and strengthening Hong Kong’s role as an international financial centre.”

While HKEX did not use the term real time, in theory an automated platform could support this. Given stock exchanges are not retail facing, it’s usually market makers that would trigger the creation and redemption process.

HKEX didn’t disclose the technology used, and hasn’t responded to our query by publication time. However, HKEX’s previous DLT activity for its HKEX Synapse settlement platform launched in 2023 uses Digital Asset’s DAML and Canton.

ETPs in Hong Kong are growing at a rate of 29 percent a year since 2020. Average daily turnover this year has been HK$17.9 billion (US$2.3 billion).

In Europe Deutsche Börse, which also uses DAML technology, developed its D7 issuance platform. It also automates workflow and has proven popular for structured products with tens of thousands of issuances per month.

@ Newshounds News™

Source:  Ledger Insights

~~~~~~~~~

THE DAO DILEMMA: STRIVING FOR DECENTRALIZATION  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Seeds of Wisdom RV and Economic Updates Monday Evening 11-4-24

Good Evening Dinar Recaps,

SINGAPORE ADVANCES ASSET TOKENIZATION WITH NEW MAS FRAMEWORKS

The Monetary Authority of Singapore is pulling together the projects and participants needed for the next step in its asset tokenization trials.

The Monetary Authority of Singapore (MAS) has announced a multipronged effort to advance the commercialization of asset tokenization. To achieve its goals, the MAS has drawn from various projects and produced new frameworks to provide guidance.

Scaling up successful tokenization tests
Speaking at the first MAS Layer One Summit, deputy managing director Leong Sing Chiong reviewed the successes of the large financial institutions participating in Project Guardian in demonstrating the potential for tokenization in foreign exchange and funds. More than 40 institutions have carried out more than 15 trials across seven jurisdictions using six currencies.

The central banker also identified the limitations of those trials:

“No one has really succeeded in achieving scale.  Many promising use cases have not yet gained industry wide traction.  Further, there is a need for supporting infrastructure to enable good use cases to scale beyond individual networks.”

To deploy tokenized assets at scale, liquidity, infrastructure, standardized frameworks and common settlement assets are needed, he said. The MAS is addressing each of those issues.

A masterplan for commercialization
Launched in 2022, Project Guardian already facilitates deepening liquidity through capital raising, secondary trading and asset servicing and settlement, the MAS said in a statement.

To address infrastructure needs, the MAS’s Global Layer One, launched in 2023 and developed by BNY, Citi, JPMorgan, MUFG and Societe Generale-FORGE, will expand its scope in the coming year. Euroclear and HSBC will join the initiative as it develops principles for use and its ecosystem.

The Project Guardian industry group created two frameworks for the implementation of tokenization that were also published on Nov. 4. 

The Guardian Fixed Income Framework integrates international organizations’ standards and principles into a guide to implementing tokenization in debt capital markets.

The Guardian Funds Framework recommends best practices for fund tokenization. This includes the Guardian Composable Token Taxonomy.

Finally, the SGD Testnet will be made available to facilitate access to mutually agreeable tokenized money for payments and securities settlements. Participants in Project Guardian and Project Orchid will participate using Singapore dollar wholesale central bank digital currency (CBDC).

Project Orchid developed use cases for retail CBDC and introduced the concept of purpose-bound money — a form of programmability — which will be implemented on the testnet.

Commercialization is the logical next step when a project achieves its goals. mBridge announced its launch as a minimum viable product in October 2023.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

THE DAO DILEMMA: STRIVING FOR DECENTRALIZATION

The idea of a decentralized autonomous organization (DAO) is kind of incredible, when you really think about it.

What is a DAO?

A DAO is like a private company that is perfectly okay with hundreds of token (equity) holders debating publicly on an open forum about product and organizational strategy.

A private company where the core security underlying the company’s product (smart contracts) are fully viewable, where all the data you need to write a scathing data analysis on a company you don’t like is readily available.

In the non-Web3 world, markets would kill to have any clue as to what their competitors are thinking of launching, let alone detailed forum discussions of how that conversation is taking shape.

Having all that information out in the open would invite endless media and regulatory scrutiny, taking precious time away from actually building to fend off annoying lines of inquiry.

These are handicaps that no startup wants. And yet in Web3, $21.4 billion of value rests on these norms. In Web3, it’s par for the course.

Of course, most DAOs are actually only partially decentralized.

When Uniswap announced its plans around Unichain last month, Stanford Blockchain Club’s head of governance Billy Gao said the announcement left most DAO delegates “in the dark,” and excluded them via their lack of “a voice at any stage of the process — whether through forums, private discussions or any other means.”

It’s not just Uniswap either. Optimism DAO’s governance contracts are not controlled by its tokenholders, so voting with OP largely serves as an informal signal to the Optimism Foundation (for now).

And it’s widely known that most DAO treasuries or smart contracts are still controlled by a few trusted stakeholders via a multisig wallet.

So when we tout DAOs as decentralized autonomous organizations, in truth, there are many shades of gray within that spectrum of decentralization. The devil’s in the details.

When I asked Tally founder and CEO Dennison Bertram about it, he begrudgingly agreed that DAOs have a ways to go regarding decentralization, but also that partial transparency is still better than complete opaqueness, which would be “much more dangerous.”

Bertram pointed to how Twitter/X under Elon Musk could unilaterally turn off its API, or how Facebook choked off the wildly popular FarmVille game by Zynga from its platform.

Yet, despite the many shortcomings around DAOs, the real silver lining — I think — is the industry’s overarching commitment to the values of decentralization, which to me seems wildly underrated.

DAOs can hand-wave and virtue signal about decentralizing all they like, but the fact that they operate in an industry where “decentralization” is still held up as a beloved virtue is what allows the crypto industry to call out and question the centralization vectors that DAOs are still riddled with.

That informal institution has slowly been eroded and will only continue to do so as crypto continues to go “mainstream.” Cherish it while it still lasts.

@ Newshounds News™

Source: Blockworks 

~~~~~~~~~

🌱 KEY CHANGES FOR TAXPAYERS IN 2025  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Seeds of Wisdom RV and Economic Updates Monday Afternoon 11-4-24

Good Afternoon Dinar Recaps,

THE DAO DILEMMA: STRIVING FOR DECENTRALIZATION
The idea of a decentralized autonomous organization (DAO) is kind of incredible, when you really think about it.
What is a DAO?
A DAO is like a private company that is perfectly okay with hundreds of token (equity) holders debating publicly on an open forum about product and organizational strategy.

A private company where the core security underlying the company’s product (smart contracts) are fully viewable, where all the data you need to write a scathing data analysis on a company you don’t like is readily available.

In the non-Web3 world, markets would kill to have any clue as to what their competitors are thinking of launching, let alone detailed forum discussions of how that conversation is taking shape.

Having all that information out in the open would invite endless media and regulatory scrutiny, taking precious time away from actually building to fend off annoying lines of inquiry.

These are handicaps that no startup wants. And yet in Web3, $21.4 billion of value rests on these norms. In Web3, it’s par for the course.

Of course, most DAOs are actually only partially decentralized.

When Uniswap announced its plans around Unichain last month, Stanford Blockchain Club’s head of governance Billy Gao said the announcement left most DAO delegates “in the dark,” and excluded them via their lack of “a voice at any stage of the process — whether through forums, private discussions or any other means.”

It’s not just Uniswap either. Optimism DAO’s governance contracts are not controlled by its tokenholders, so voting with OP largely serves as an informal signal to the Optimism Foundation (for now).

And it’s widely known that most DAO treasuries or smart contracts are still controlled by a few trusted stakeholders via a multisig wallet.

So when we tout DAOs as decentralized autonomous organizations, in truth, there are many shades of gray within that spectrum of decentralization. The devil’s in the details.

When I asked Tally founder and CEO Dennison Bertram about it, he begrudgingly agreed that DAOs have a ways to go regarding decentralization, but also that partial transparency is still better than complete opaqueness, which would be “much more dangerous.”

Bertram pointed to how Twitter/X under Elon Musk could unilaterally turn off its API, or how Facebook choked off the wildly popular FarmVille game by Zynga from its platform.

Yet, despite the many shortcomings around DAOs, the real silver lining — I think — is the industry’s overarching commitment to the values of decentralization, which to me seems wildly underrated.

DAOs can hand-wave and virtue signal about decentralizing all they like, but the fact that they operate in an industry where “decentralization” is still held up as a beloved virtue is what allows the crypto industry to call out and question the centralization vectors that DAOs are still riddled with.

That informal institution has slowly been eroded and will only continue to do so as crypto continues to go “mainstream.” Cherish it while it still lasts.

@ Newshounds News™

Source:  Blockworks

~~~~~~~~~

SINGAPORE ADVANCES ASSET TOKENIZATION WITH NEW MAS FRAMEWORKS

The Monetary Authority of Singapore is pulling together the projects and participants needed for the next step in its asset tokenization trials.

The Monetary Authority of Singapore (MAS) has announced a multipronged effort to advance the commercialization of asset tokenization. To achieve its goals, the MAS has drawn from various projects and produced new frameworks to provide guidance.

Scaling up successful tokenization tests
Speaking at the first MAS Layer One Summit, deputy managing director Leong Sing Chiong reviewed the successes of the large financial institutions participating in Project Guardian in demonstrating the potential for tokenization in foreign exchange and funds. More than 40 institutions have carried out more than 15 trials across seven jurisdictions using six currencies.

The central banker also identified the limitations of those trials:

“No one has really succeeded in achieving scale.  Many promising use cases have not yet gained industry wide traction.  Further, there is a need for supporting infrastructure to enable good use cases to scale beyond individual networks.”

To deploy tokenized assets at scale, liquidity, infrastructure, standardized frameworks and common settlement assets are needed, he said. The MAS is addressing each of those issues.

A masterplan for commercialization
Launched in 2022, Project Guardian already facilitates deepening liquidity through capital raising, secondary trading and asset servicing and settlement, the MAS said in a statement.

To address infrastructure needs, the MAS’s Global Layer One, launched in 2023 and developed by BNY, Citi, JPMorgan, MUFG and Societe Generale-FORGE, will expand its scope in the coming year. Euroclear and HSBC will join the initiative as it develops principles for use and its ecosystem.

The Project Guardian industry group created two frameworks for the implementation of tokenization that were also published on Nov. 4. The Guardian Fixed Income Framework integrates international organizations’ standards and principles into a guide to implementing tokenization in debt capital markets.

The Guardian Funds Framework recommends best practices for fund tokenization. This includes the Guardian Composable Token Taxonomy.

Finally, the SGD Testnet will be made available to facilitate access to mutually agreeable tokenized money for payments and securities settlements. Participants in Project Guardian and Project Orchid will participate using Singapore dollar wholesale central bank digital currency (CBDC).

Project Orchid developed use cases for retail CBDC and introduced the concept of purpose-bound money — a form of programmability — which will be implemented on the testnet.

Commercialization is the logical next step when a project achieves its goals. mBridge announced its launch as a minimum viable product in October 2023.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

🌱 10 CRUCIAL QUESTIONS TO ASK WHEN VETTING A BANK FOR WEALTH MANAGEMENT  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Seeds of Wisdom RV and Economic Updates Monday Morning 11-4-24

Good  Morning  Dinar Recaps,

PAKISTAN MOVES TO LEGALIZE CRYPTO AS GOVERNMENT SIGNALS SHIFT IN FINANCIAL POLICY

Pakistan moves to legalize crypto as the government proposes amendments to the SBP Act, signaling a shift in its financial policy.

According to a report by The Express Tribune, the amendments would allow the SBP to issue digital currency and manage the country’s money in both physical and digital forms.

The amendments also include the proposal to grant the SBP power to conduct “central bank digital currency” business, adding that CBDCs could operate as a legal tender. Moreover, the SBP plans to establish a subsidiary to develop and operate digital payment systems, the report reads.

Historically, Pakistan’s central bank has categorized cryptocurrencies like Bitcoin (BTC) as illegal tender, issuing warnings about the associated risks. The central bank specifically highlighted the lack of legal protections for financial losses resulting from the high volatility of cryptocurrencies.

The proposed amendments introduce penalties for the unauthorized issuance of digital currencies, imposing fines equal to twice the value of any illegal currency created, per the report.

While no specific timeline has been announced for federal cabinet approval of the amendments, these changes could shift the narrative toward regulatory oversight and the integration of digital currencies into Pakistan’s financial framework. The amendments would also expand the SBP board’s authority, enabling it to approve a wider range of financial reports and enhance governance processes.

@ Newshounds News™

Source:  Crypto News

~~~~~~~~~

KRAKEN LAUNCHES LICENSED CRYPTO DERIVATIVES IN AUSTRALIA

Kraken expands into Australia’s crypto derivatives market with a regulated broker service for wholesale investors.

Kraken, a centralized cryptocurrency exchange, introduced a licensed brokerage service in Australia targeting wholesale clients and designed to meet the needs of institutional and large-scale investors.

The new service offers Australian clients crypto-based derivatives trading, a financial product tied to cryptocurrency prices without requiring direct ownership of digital assets.

Eligible clients have been able to trade crypto-based derivatives via Kraken’s platform since Nov. 3. Interested clients can apply or check their eligibility for the service through the Kraken Pro app.

The launch of Kraken’s new Australian-targeted broker service demonstrates the exchange’s move toward regulatory compliance, preparing it to handle potential institutional liquidity inflows.

New service offering details
Kraken’s new product, available through its Australian financial services-licensed broker, allows clients to access multiple crypto options with multi-collateral support.

The suite of derivatives includes features like collateral flexibility, supporting fiat, stablecoins and other cryptocurrencies, while offering risk management tools and trading strategies designed to enhance asset security.

Despite the new service’s potential advantages, Kraken warned investors of the high risks associated with some crypto derivatives in which losses can “substantially” exceed initial investments.

Kraken commitment to compliance
The exchange’s expansion into the Australian wholesale derivatives market is the latest step in aligning with local regulatory requirements.

In the launch announcement, Jonathan Miller, Kraken’s general manager for Australia, said that Australian wholesale clients are seeking an option “to execute advanced trading strategies using a licensed broker.”

Miller added that the country has been a “cornerstone” of the exchange’s global operation and expressed Kraken’s commitment to regulatory compliance while unlocking “institutional demand for crypto assets.”

Kraken to launch Ink blockchain in 2025
Kraken’s plans to launch its own blockchain in early 2025, dubbed “Ink,” were revealed in a Bloomberg report in Oct 24..
The report said that the new blockchain aims to allow users to trade, borrow and lend tokens without intermediaries while simplifying the decentralized finance (DeFi) process.

Ink signals Kraken’s step away from its current position in crypto and toward Web3 and decentralization principles as it bids to make DeFi more accessible and cost-effective for users.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

🌱 WARREN BUFFETT PREFERS CASH AND WHY  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps