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BRICS NEWS:  4 NEW COUNTRIES SHOW INTEREST TO JOIN BRICS ALLIANCE

A total of four new countries have expressed their interest in joining the BRICS alliance this month. The number of countries that are ready to be a part of the bloc is only growing lately. The de-dollarization agenda, clubbed with a renewed consideration of local currencies is what’s attracting emerging economies into the bloc.

Four new nations have come forward officially expressing their intent to be a part of the BRICS alliance. The four countries that want to join the bloc are:  Bolivia  Columbia  Libya  Namibia

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CHAINLINK COLLABORATES WITH MICROSOFT ON CBDC COMMISSIONED BY BRAZIL’S CENTRAL BANK

Blockchain oracle service provider Chainlink (LINK) is working on a pilot project for Brazil’s proposed central bank digital currency (CBDC) called DREX with Microsoft and other firms in the country.

In a press release, Chainlink says it is collaborating with Microsoft Brazil, digital bank Banco Inter and blockchain finance firm 7COMm to build a trade finance solution as part of the second phase of the DREX pilot.

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STABLECOIN ISSUER PAXOS TO ACQUIRE FINLAND’S MEMBRANE FINANCE FOR EU ACCESS

Today stablecoin issuer Paxos said it acquired Finnish e-money institution Membrane Finance, the issuer of EURe. The deal gives Paxos a licensed e-money institution (EMI) enabling access to all EU states, subject to regulatory approval.

Paxos and its affiliates are already regulated in New York, Abu Dhabi and Singapore. Under Europe’s MiCA regulations crypto legislation, registration in one state is passported to all other member states.

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PHILIPPINES TO DISTRIBUTE TOKENIZED GOVERNMENT BONDS VIA GCASH WALLET, PDAX CRYPTO EXCHANGE

The Philippines government is about to embark on the next phase of its government bond tokenization path. Last year it tokenized bonds targeting institutional investors. That was followed by releasing 90 day Treasury Bills available to retail investors.

Now the Bureau of the Treasury is planning to distribute longer term tokenized Treasury Bonds, or GBonds, in December targeting consumers.

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GAMETA AND ROBIN ECOSYSTEM PARTNER TO ADVANCE WEB3 PAYMENT SOLUTIONS

Gameta, a top player in the GameFi market, has commenced an exclusive strategic collaboration with Robin Ecosystem. As per Gameta, the partnership intends to increase Web3 adoption with the merger of advanced payment technologies and gaming innovation. The platform disclosed this endeavor on its official X account.

Gameta’s Collaboration with Robin Ecosystem Marks a Revolution in Web3 Payments
In a recent post, Gameta mentioned that its collaboration with Robin Ecosystems focuses on revolutionizing Web3-based payment solutions.

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RLUSD IS HERE: RIPPLE’S OPERATIONALLY READY STABLECOIN UNVEILED

Ripple has just reached an important milestone, with its President Monica Long confirming that the company’s new stablecoin, RLUSD, is ready for use. This stablecoin is designed to complement Ripple’s main token, XRP, by offering a steadier and more reliable option for people in the crypto world.

Long shared this news during her appearance on The Scoop, where she explained how RLUSD could improve Ripple’s payment solutions. The idea behind RLUSD is simple: it gives users a way to trade tokenized U.S. dollars on the blockchain, helping them avoid the unpredictable volatility that is common in the crypto market.

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BRICS COUNTRIES ARE REJECTING DE-DOLLARIZATION

The BRICS alliance was hellbent on kick-starting the de-dollarization agenda until the 16th summit in Russia’s Kazan region. Things have now taken a U-turn as the bloc members are slowly backtracking on the initiative.

The US dollar was seen as the main villain of the global economy where local currencies were kept at its mercy.

The agenda to break free from the clutches of the US dollar ignited the de-dollarization process started by the BRICS bloc.

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RIPPLE IPO ON THE HORIZON? SBI CEO URGES ACTION AS XRP LAWSUIT HEATS UP

XRP surged above $1.20 over the weekend, marking an 87% weekly gain and hitting a three-year high. The rally gained momentum after 18 U.S. states sued the SEC and its chairman, Gary Gensler, accusing the agency of overreaching in its regulation of the crypto industry. This significant development reignited discussions around Ripple’s potential Initial Public Offering (IPO).

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FINTECH STARTUP RAISES $1.5M TO DEMOCRATIZE MARITIME FINANCE

Maritime fintech startup Shipfinex secured $1.5 million in seed funding to democratize maritime finance through blockchain-enabled fractional ownership of maritime assets.

Democratizing Maritime Finance
Shipfinex, a maritime fintech startup, recently announced it has secured $1.5 million in seed funding. Gaurav Mehta, chairman of shipping asset trader Best Oasis Limited and Dubai-based company SPM Shipping DMCC, led the funding round. Vivek Seth, senior vice president at ADNOC Logistics & Services, and Yasovardhan Chinni, founder of Nanlian Ship Management LLC, also participated.

Good Evening Dinar Recaps,

FINANCIAL INSTITUTIONS WILL DRIVE RWA TOKENIZATION’S TRILLION-DOLLAR GROWTH

The real-world asset tokenization industry is projected by some to exceed $30 trillion by 2030, driven by nimble and mainstream financial institutions.

Financial institutions will be the main drivers of the growing tokenization industry leading up to 2030, which could potentially see more than 50-fold growth.

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BRICS MEETING WITH SAUDI ARABIA: MAJOR DISCUSSION POINTS UNVEILED

Despite the ongoing confusion regarding the country’s position within the economic alliance, the BRICS bloc and Saudi Arabia have met, with major points of discussion being unveiled. The nation had previously accepted an invitation to be among its first expanded members. However, that proved not to be the case, with major leadership not even attending the alliance’s 2024 Summit.

However, the two sides are still reportedly engaged in positive talks. Specifically, they have met to confront the potential for growing cooperation on a global scale.