Seeds of Wisdom RV and Economic Updates Saturday Morning 11-30-24

Good Morning Dinar Recaps,

XRP NEWS: RIPPLE’S RLUSD STABLECOIN SET TO LAUNCH IN 4 DAYS – WHAT YOU SHOULD KNOW

Ripple's stablecoin, RLUSD, is set to launch soon, pending NYDFS approval.

RLUSD aims to stabilize Ripple's offerings and capture a larger share of the cross-border payment market.

Positive regulatory shifts and market optimism are driving XRP's price surge.

Ripple always seems to be in the spotlight, doesn’t it?

The company behind XRP is preparing to launch its highly anticipated stablecoin, RLUSD, with approval from the New York Department of Financial Services (NYDFS) expected on December 4.

Why is RLUSD so important and how will it change the game for Ripple AND crypto payments? Let’s find out.

RLUSD: Ripple’s Answer to Legal Problems?

The launch of RLUSD is more than just a product release—it’s Ripple’s strategy to address the ongoing legal uncertainty around XRP. Unlike XRP, which is known for its price swings, RLUSD will offer the stability that investors and institutions seek.

Ripple’s acquisition of Standard Custody & Trust Company earlier this year was a crucial step. It enabled Ripple to meet NYDFS’s strict regulatory standards, setting the stage for RLUSD’s launch and enhancing its credibility in the stablecoin space.

Can Ripple Compete With the Others?

With RLUSD, Ripple is entering a market dominated by heavyweights like Circle’s USDC and Paxos’ USDP. By partnering with platforms such as MoonPay and Uphold, Ripple aims to make RLUSD available globally.

The stablecoin’s primary use case?

Transforming cross-border payments. RLUSD could make these transactions faster and more cost-effective, further boosting the adoption of Ripple’s RippleNet, which already competes with traditional systems like SWIFT.

XRP Price Analysis

XRP has been trading within a tight range of $0.39 to $0.75 since March 2023. However, recent developments—such as the upcoming U.S. election and Ripple’s push for regulatory clarity—have renewed investor optimism.

The anticipated launch of RLUSD is seen as a catalyst that could push XRP beyond its current limits. Some market analysts predict XRP could climb above $2 by year-end, driven by increased confidence in Ripple’s ecosystem.

What’s Boosting Ripple Today?

Ripple’s position is further strengthened by global regulatory changes. The MiCA framework in Europe and a pro-crypto stance from the Trump administration in the U.S. are creating a more supportive environment for compliant blockchain projects like Ripple.

If the NYDFS grants approval as expected, RLUSD could launch on December 4. This would add stability to Ripple’s offerings, enhancing its appeal in the fast-growing stablecoin market.

The stablecoin race is heating up, and Ripple’s RLUSD could be the wildcard that changes the game. Stay tuned to Coinpedia to know just how far it will go.

FAQs
Why is XRP going up?
Optimism around regulatory clarity and Ripple’s stablecoin news is fueling the price surge.

How high can XRP go?
While predictions vary, some experts believe XRP could cross $2 by year end.

What is stablecoin?
A stablecoin is a cryptocurrency pegged to a stable asset like the U.S. dollar, reducing volatility.

Is XRP a good investment?
XRP has huge potential, but market volatility and regulatory factors should be considered.

@ Newshounds News™

Source: CoinPedia 

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[Image 1: Screenshot of the official Bitcoin reserve bill document presented to Brazil’s Chamber of Deputies, outlining key provisions and objectives]

BRAZIL’S BITCOIN RESERVE BILL: HOW IT COULD CHANGE CRYPTO FOREVER

Brazil Bitcoin takes a bold step forward.

Congressman Eros Biondini has proposed a BTC reserve bill to make Bitcoin part of the national treasury. His plan, called the ‘Bitcoin Sovereign Strategic Reserve (RESBit)’, wants to put 5% of Brazil’s reserves into Bitcoin. This marks a major change in how countries handle cryptocurrency.

Understanding Brazil’s BTC Reserve Bill and Its Impact on Crypto Regulations

Key Components of RESBit

Brazil’s Central Bank will keep the Bitcoin in cold storage. They plan to buy it step by step. The BTC reserve bill aims to spread out financial risks and make Brazil a tech leader. Such Brazil Bitcoin initiatives could show other countries how to use cryptocurrency in their banking systems.

Global Implications and Market Response

More countries want to use cryptocurrency now. Argentina, Morocco, and Romania are interested, too. US President-elect Donald Trump supports creating a Bitcoin reserve, making the BTC reserve bill more important worldwide.

Implementation and Security Measures

RESBit has strong rules for keeping Bitcoin safe. The Central Bank will use new technology to watch over and protect the funds. This helps make sure national digital money stays secure. Brazil’s innovative Bitcoin security measures could set a global standard.

Economic Strategy and Innovation

The plan helps the economy now and builds for the future. Brazil Bitcoin’s move with RESBit creates a blueprint that other countries might follow. This could change how the world handles money.

Future Outlook

Biondini’s plan could make cryptocurrency more common. If it passes, Brazil Bitcoin legislation would make it one of the first big countries to keep Bitcoin as a national reserve. This might encourage other nations to do the same.

@ Newshounds News™

Source:  Watcher Guru   

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Seeds of Wisdom RV and Economic Updates Friday Afternoon 11-29-24

Good Afternoon Dinar Recaps,

BRICS NEWS:  BRICS DETERMINED TO TRADE IN LOCAL CURRENCIES, NOT US DOLLAR

The BRICS alliance is determined to trade in local currencies and not the US dollar for cross-border transactions. The US dollar is seen as an adversary that hinders their growth in the global financial sector. Local currencies are seen as an alternative option that can bring the hegemony of the USD down.

BRICS: Local Currencies First & Not the US Dollar

Similar to the phrase ‘America First‘, the BRICS bloc is now emerging to make ‘local currencies first’. The bloc is pulling every trick up its sleeve to sideline the US dollar for cross-border payments. From oil deals to copper trade and infrastructural loans, the alliance is aiming to push local currencies for settlements.

Many other developing countries are keen on joining the bandwagon and could soon jump on the de-dollarization train. Several nations in Africa are on the sidelines and could seek the help of BRICS to put their local currencies to use.

The move will strengthen their native economies and make businesses thrive. It will also provide a way for their local currencies to make a mark in the currency markets.

@ Newshounds News™

Source:  Watcher Guru

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BRICS NEWS: 2 COUNTRIES OFFICIALLY ABANDON THE US DOLLAR FOR TRADE

BRICS members Russia and Iran announced that they have officially abandoned the US dollar for trade between the two nations. Russia reported that 96% of all cross-border transactions between Iran have been settled in local currencies, the ruble and rial. In 2024, the usage of local currencies between Russia and Iran is up by 12.4%, making 96% of all settlements.

“We (BRICS members Iran and Russia) have entered into a currency agreement with Russia and fully removed the US dollar. Now we only trade in rubles and rials,” said the Governor of the Central Bank of the Islamic Republic, Mohammad Reza Farzin. However, both nations face sanctions as the White House has made it difficult to accept the US dollar.

In July this year, both the BRICS countries agreed to a currency swap policy signed by the Russian and Iranian central banks. They also completed the integration of Russia’s Mir payment as a replacement for the SWIFT messaging system and the US dollar. Russia also allowed Iranian citizens to withdraw the rial in ATMs across the country.

BRICS: Russia & Iran Sidelines the US Dollar, Trades in Local Currencies

While the US pressed sanctions on BRICS member Russia to weaken its economy, the Kremlin is bypassing the sanctions by convincing other countries to ditch the US dollar and begin using local currencies. The de-dollarization initiative is growing and many developing countries are now eager to join the bandwagon.

@ Newshounds News™

Source:  Watcher Guru

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TAIWAN ENFORCES AML REGISTRATION MANDATE FOR CRYPTO PROVIDERS

Taiwan accelerates its crypto AML mandate, imposing stricter registration rules and penalties for noncompliance.

Taiwan advanced the introduction of its new Anti-Money Laundering (AML) regulations for cryptocurrency businesses after authorities fined two crypto exchanges for violations.

On Nov. 27, the Financial Supervisory Commission (FSC) announced that the upcoming money laundering prevention registration mandate for crypto exchanges was shifted to Nov. 30 from the previous Jan. 1, 2025 deadline.

Per the previous notice, virtual asset service providers (VASPs) failing to register with the government could be subject to a two-year prison sentence or fines of as much as 5 million New Taiwan dollars ($155,900).

The new mandate includes previously registered crypto businesses

According to Taiwan FSC records, 26 crypto providers are currently approved to continue to offer their services. All crypto entities, whether previously registered or not, must register in accordance with the new AML mandate. The authority said:

“No business operators have completed the Money Laundering Prevention Registration under the VASP Registration Measures.”

The authority provided a checklist of items crypto exchanges can use to track suspicious transactions or activities. When identifying suspicious customers, crypto service providers must look for names and bank account details, location via IP addresses, multiple trading accounts and frequent information changes, among other things.

Crypto exchanges in Taiwan were also asked to track unusual transaction activities, including but not limited to splitting funds, utilizing multiple accounts with the same IP address and switching assets.

Cracking down on crypto exchanges violating AML laws
According to a Regulation Asia report, the FSC fined crypto exchanges MaiCoin and BitoPro on Nov. 28 for AML violations in relation to customer due diligence (CDD), transaction monitoring, record-keeping and suspicious transaction reporting.

To register with Taiwan’s AML regulation, crypto service providers are required to submit a one-page form detailing the nature of their businesses.

The form states that any changes to the business or the information provided should be provided to the Securities Over-the-counter (OTC) Trading Center within five business days.

Crypto businesses will also be required to establish a quality management system for accounting and auditing their finances.

@ Newshounds News™

Source:  CoinTelegraph   

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RETAILERS PUSH FOR A DELAY IN ROLLOUT OF RUSSIA’S CBDC

In October the Bank of Russia revealed a time frame for the roll out of the digital ruble, which forms part of a Bill that has been submitted to the State Duma. The mass rollout date is 1 July 2025. By that time the largest banks and retailers must support the central bank digital currency (CBDC). Now the Ministry of Industry and Trade has asked for a longer timescale of up to two years, similar to that provided to smaller retailers, the Izvestia newspaper reported.

The 1 July deadline applies to retailers with a turnover of more than 30 million rubles ($274,000). Those with incomes between 20 to 30 million rubles have one extra year, and smaller firms have two years.

The Ministry complained that there are still no rules for the operation and functioning of the digital ruble, so it doesn’t allow sufficient time for retailers to prepare and for adapting their point of sale software.

Trade bodies agree. “We believe it is necessary to refrain from legislatively establishing specific deadlines for launching systems at the trade level and to provide for a transition period of at least two years, during which companies will carry out the necessary work,” a letter from the Retail Companies Association (ACORT) states.

Another industry body, the Association of Internet Trade Companies (AITC), has similar views. It said, “The absence of such important provisions does not give businesses the opportunity to assess the costs of implementation time, the necessary human resources, expenses for the company, and also to understand to what extent companies are ready to implement such payments.”

The main benefit of a CBDC for retail outlets is reduced acquiring fees, so retailers will pay less for processing payments.

What’s the rush?
Stepping back, one of the big motivators for a CBDC is for cross border payments in order to circumvent sanctions. If a CBDC isn’t rolled out domestically, then a cross border CBDC would need direct integration with the domestic payment system.

With the cross border payment platform mBridge, the only member that currently has a domestic CBDC is China, and even that is in pilot mode. Hence, it’s not completely clear why there’s such a rush in Russia. Especially given the central bank has a few other issues to deal with given the war with Ukraine.

On the other hand, Russia is known for its software prowess, and is trying to lead the BRICS Bridge cross border payment project. Hence, having an operational domestic CBDC gives it more credibility.

@ Newshounds News™

Source:  Ledger Insights

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Seeds of Wisdom RV and Economic Updates Friday Morning 11-29-24

Good Morning Dinar Recaps,

DE-DOLLARIZATION: 2 COUNTRIES OFFICIALLY ABANDON THE US DOLLAR

While Trump is bolstering efforts to reinstate US dollar dominance, the de-dollarization agenda is still a heavy narrative that is spreading like wildfire on a global domain. The Trump regime is focusing on imposing taxes on countries moving away from the dollar, while on the other side, these two nations have stopped using the dollar for bilateral trade. Is de-dollarization an agenda that can truly end sometime soon?

These 2 Nations Have Moved Away From The Dollar

Iran and Russia, the two leading nations, have decided to move away from the US dollar. Iran’s central bank governor, Mohammad Reza Farzin, officially announced plans on how Iran has lately been conducting trade with Russia without using the US dollar. 

Farzin outlined how both nations have established agreements to conduct trade in local currencies, giving the multipolar currency narrative a new boost.

“We have entered into a currency agreement with Russia and fully removed the dollar. Now we only trade in rubles and rials,” Farzin later shared.

The Governor of the Central Bank of Iran later clarified how the financial authorities of both nations have agreed on the exchange rate to be used while conducting active transactions.

The recent data uploaded by the Kremlin also reflected the rising multipolar currency narrative. The fresh Kremlin data emphasize how Iran and Russia have conducted nearly 96% of their trade transactions in local currencies.

“The Kremlin reported on October 21 that the use of national currencies in mutual settlements between Iran and Russia was up 12.4% in 2024, making up 96% of all transactions.” Tass Media reported

The rising de-dollarization wave is hard to maneuver as the majority of the nations, under BRICS and ASEAN, are all proposing local currencies, urging nations to pivot away from the dollar

Trump Tightens His Tax Agenda

Trump, in his recent spree of announcements, has shared how Canada, Mexico, and China will encounter higher tax restrictions. The president-elect has decided to impose a 10% tax on Canada and Mexico to address and restrict illegal immigration and drug smuggling.

At the same time, Trump has imposed a 25% tax on China, touting it as a measure to curb excessive fentanyl imports.

@ Newshounds News™
Source:  Watcher Guru

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CRYPTO EXCHANGE OKX ROLLS OUT SERVICES IN BELGIUM TO STRENGTHEN EUROPEAN PRESENCE

OKX expands its European footprint with a launch in Belgium, featuring free Euro deposits through a partnership with local payment provider Bancontact.

Seychelles-headquartered crypto exchange OKX has launched its services in Belgium, offering spot trading, conversion, and a range of crypto services through its exchange and wallet.

Belgian customers now have access to over 200 cryptocurrencies, including more than 60 crypto-euro trading pairs, along with Euro deposits and withdrawals, the company said in a Nov. 28 press release.

The exchange says the expansion in Belgium leverages Bancontact, Belgium’s online payment system, allowing customers to deposit funds instantly and free of charge. SEPA withdrawals and deposits are also available without fees.

OKX Europe general manager Erald Ghoos says the launch in Belgium marks a “key step in our regional expansion, supported by a local team and tailored services that meet the unique needs of Belgian customers.”

The Belgian launch is part of OKX’s broader strategy to increase its presence across Europe. 

Earlier in 2024, the exchange debuted in the Netherlands and announced plans to establish OKX expands its European footprint with a launch in Belgium, featuring free Euro deposits through a partnership with local payment provider Bancontact.

Seychelles-headquartered crypto exchange OKX has launched its services in Belgium, offering spot trading, conversion, and a range of crypto services through its exchange and wallet.

Belgian customers now have access to over 200 cryptocurrencies, including more than 60 crypto-euro trading pairs, along with Euro deposits and withdrawals, the company said in a Nov. 28 press release.

The exchange says the expansion in Belgium leverages Bancontact, Belgium’s online payment system, allowing customers to deposit funds instantly and free of charge. SEPA withdrawals and deposits are also available without fees.

OKX Europe general manager Erald Ghoos says the launch in Belgium marks a “key step in our regional expansion, supported by a local team and tailored services that meet the unique needs of Belgian customers.”

The Belgian launch is part of OKX’s broader strategy to increase its presence across Europe. Earlier in 2024, the exchange debuted in the Netherlands and announced plans to establish a regulatory hub in Malta, where it secured a Class 4 Virtual Financial Assets license in 2021. The exchange said it plans to list additional tokens for Belgian users as part of its ongoing product expansion, though details on this initiative are yet to be disclosed.

@ Newshounds News™
Source:  Crypto News

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COINBASE ENDS USDC REWARDS IN EUROPE AS MICA DEADLINE LOOMS

The crypto exchange will end its USDC yield program for EEA customers on December 1, citing the EU’s upcoming stablecoin regulations.

Crypto exchange Coinbase will discontinue its USDC Rewards program for customers in the European Economic Area (EEA) starting December 1, 2024, as part of its compliance with the European Union’s Markets in Crypto-Assets (MiCA) regulations.

Coinbase users reported receiving an email Thursday in which the exchange announced the termination of its yield program, which allowed users to earn rewards on their holdings of the USDC stablecoin.

The change comes as MiCA, introduced in June 2023, imposes stricter rules on stablecoins, classifying them as electronic money tokens (EMTs).

These rules ban interest-earning features and require issuers to maintain sufficient reserves and obtain e-money authorization in at least one EU member state.

Impacted customers will receive their final payments within the first ten business days of December. Until then, they can continue earning rewards on balances through November 30.

Many customers have expressed dissatisfaction with the changes. Paul Berg, co-founder of Sablier, sarcastically remarked on Twitter that he feels “very grateful to the EU” for shielding him from earning rewards on his USDC.

Ripple’s CTO David Schwartz weighed in, describing the situation as an example of regulations preventing companies from offering “pro-consumer” services.

Coinbase had hinted at the coming change October, announcing plans to delist or adjust non-compliant tokens ahead of MiCA’s full enforcement on December 30.

At the time, the crypto exchange told Decrypt it would provide a detailed transition plan in November to help European customers switch to compliant stablecoins, such as USDC and EURC.

On Wednesday, stablecoin issuer Tether also announced it will stop minting euro-backed tokens, citing regulatory hurdles in Europe.

Tether CEO Paolo Ardoino said the focus will now shift to expanding Hadron, its asset tokenization platform.

Coinbase did not immediately respond to Decrypt’s request for comment.

@ Newshounds News™

Source:  Decrypt

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World's Largest Gold Deposit Found, Worth Over Us$80 Billion

World's Largest Gold Deposit Found, Worth Over Us$80 Billion

Mike McRae  Thu, November 28, 2024

A deposit of high-quality gold ore containing around 1,000 metric tons (1,100 US tons) of the precious metal has been discovered in central China, according to Chinese state media.

Valued at approximately 600 billion yuan or US$83 billion, the discovery could be considered the largest and most lucrative reservoir of gold ever uncovered, surpassing the 900 metric tons estimated to lie within the mother of all gold reserves, South Deep mine in South Africa.

This photo taken on 20 November 2024 shows drilled rock samples from the Wangu gold field in Pingjiang County, central China's Hunan Province. (Xinhua/Dai Bin)

The Geological Bureau of Hunan Province announced the detection of 40 gold veins within a depth of 2 kilometers (1.2 miles) in the northeast Hunan county of Pingjiang.

These alone were thought to contain 300 metric tons of gold, with 3D modeling suggesting additional reserves may be found to a depth of 3 kilometers.

"Many drilled rock cores showed visible gold," says bureau prospector Chen Rulin.

Core samples suggest every metric ton of ore could contain as much as 138 grams (nearly 5 ounces) of gold – an extraordinary level of quality considering ore excavated from underground mines is considered high grade if it contains more than 8 grams.

China already dominates the world's gold market with reserves considered to be in excess of 2,000 tons earlier in 2024, its mining industry contributing around 10 percent of the global output.

TO READ MORE:  https://www.yahoo.com/news/worlds-largest-gold-deposit-found-012530485.html

Seeds of Wisdom RV and Economic Updates Thursday Morning 11-28-24

Good Morning Dinar Recaps,

ROBINHOOD CRYPTO EU EXPANDS OFFERINGS WITH CIRCLE USDC STABLECOIN

Robinhood Crypto EU adds USDC stablecoin, providing users access to regulated dollar-backed digital assets and expanding crypto offerings.

▪️Robinhood Crypto EU added Circle's USDC stablecoin, giving 24M registered accounts access to the dollar-backed asset

▪️Circle's CEO confirmed USDC’s inclusion on Robinhood EU, alongside EURC, benefiting from Europe’s clear crypto regulations.

▪️Robinhood EU supports 30+ digital assets.

Robinhood Crypto EU has expanded the options available on its platform, now including Circle’s USDC stablecoin to its European customers. The integration allows users to access a regulated digital asset that is dollar-based, expanding Robinhood’s product portfolio in the crypto space.

Robinhood Introduces USDC Stablecoin To European Users
According to a recent post on X, Robinhood Crypto EU has incorporated Circle’s USDC into its platform, enabling 24 million registered accounts to access the dollar-backed digital asset. This addition aligns with the trading platform’s strategy of offering users compliant options in the cryptocurrency space.

Circle’s CEO, Jeremy Allaire, acknowledged USDC coming on Robinhood stating that the platform could further boost the use of stablecoins in Europe. Beside USDC, Allaire emphasized on EURC, the euro stablecoin of Circle, as both assets operate within the framework of European regulations.

Circle’s CEO added,

“EURC is the largest Euro Stable, has grown fast this year, is taking advantage of clear and fair regulations in Europe (alongside USDC!) and is growing TX volume, onchain FX use, and more and more exchanges and wallets launching support.”

Crypto Services Across European Markets
Robinhood continues to broaden its cryptocurrency portfolio, offering support for over 30 digital assets. The platform provides the lowest-cost trading across European markets, further cementing its position as a leading crypto platform. The inclusion of USDC in its offerings demonstrates dedication to providing investors with a diverse range of options.

Recently, the trading platform added Dogwifhat (WIF), a Solana-based meme coin, to its list of supported cryptocurrencies. The listing triggered a surge in WIF price and trading volume, highlighting its influence on market trends within the crypto sector.

In parallel developments, Circle launched USDC stablecoin and Cross-Chain Transfer Protocol (CCTP) on the Aptos blockchain. This integration enables the native issuance of USDC on Aptos, improving its functionality within the network. It also enhances cross-chain interoperability and reduces dependence on bridged versions of the stablecoin.

The CCTP rollout facilitates seamless transfers between Aptos and other blockchains, such as Ethereum, Solana, and Base. The move complements Circle’s USDC strategy, further expanding its usability in decentralized finance.

@ Newshounds News™
Source:  CoinGape

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METAMASK INTEGRATES VENMO TO ENHANCE FIAT-TO-CRYPTO ONRAMP OPTIONS

MetaMask added a fiat on-ramp feature through Venmo, allowing US users to buy crypto using the payment app, according to a Nov. 27 announcement.

Crypto-focused fintech Moonpay enabled the new payment method.

Venmo, a PayPal subsidiary, introduced crypto transfers for its customers in April 2023. The company has supported buying, holding, and selling crypto since 2021.

Although the MetaMask fiat-to-crypto option is available in roughly 200 countries, the Venmo partnership is only available for US users.

Efforts on payments
MetaMask first launched a fiat-to-crypto feature in April 2023 and has since added support for payment options via Apple Pay, debit and credit cards, PayPal, wire transfer, and ACH bank transactions.

Other MetaMask partners include Transak, Stripe, Sardine, and Banxa, among others.

The company recently launched the MetaMask Card in August in partnership with Mastercard and crypto service provider Crypto Life. The card is still in its pilot phase and is only available in Europe and the UK.

The debit card allows users to spend balances in USD Coin (USDC), Tether USD (USDT), and Wrapped Ethereum (WETH) at any vendor that accepts Mastercard. Additionally, the card is supported by Apple Pay and Google Pay.

@ Newshounds News™

Source:  CryptoSlate

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Seeds of Wisdom RV and Economic Updates Wednesday Evening 11-27-24

Good Evening Dinar Recaps,

TRUMP’S TEAM PICKS PAUL ATKINS FOR SEC CHAIR: REPORT

In the ongoing developments surrounding the rapidly evolving cryptocurrency landscape, Donald Trump’s team has reportedly consider a new Securities and Exchange Commission (SEC) chair to replace the current chair, Gary Gensler. According to the latest report, the Trump’s team has consider pro-crypto former commissioner Paul Atkins for the SEC chair position.

Trump’s Team Consider Paul Atkins to Replace Gary Gensler
Atkins is known for his crypto expertise and innovative stance in supporting this rapidly evolving landscape. Following his election as SEC chair, there is a strong possibility that he could actively back and promote U.S. crypto regulation while encouraging rapid growth in the sector.

Recently, Eleanor Terrett, a journalist at Fox Bussiness, noted on X (formerly Twitter),

“Atkins is someone who is not only crypto-savvy but possesses a deep understanding of the inner workings of the agency as both a former commissioner and staffer under two prior SEC Chairs — Richard C.”

Terrett further added that Atkins is seen as being capable of establishing a pro-innovation agenda while returning the agency to the so-called “gold standard” many in the Republican Party feel was lost under outgoing chair Gary Gensler.

Current Market Outlook
Following this much-awaited update, the overall cryptocurrency market began turning green.

As of press time, top assets including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) have registered gains of over 2.75%, 7.5%, and 6%, respectively, in the past 24 hours. Meanwhile, other major cryptocurrencies are experiencing similar upside momentum.

@ Newshounds News™

Source:  CoinPedia

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TETHER DOESN’T LIKE MICAR SO DITCHES EURO STABLECOIN

Tether, the issuer of the world’s largest stablecoin, doesn’t like Europe’s MiCA regulations. Other stablecoin issuers are also not keen on the requirement to put a substantial proportion of reserves into bank accounts, as required by MiCAR. But they nonetheless comply. Tether isn’t willing to do so, and today it confirmed it is shutting down EURT, its Euro stablecoin. Users have a year to redeem the coin.

EURT has a market capitalization of €26 million compared to Tether’s USD stablecoin at $132 billion. To date Tether has operated offshore so it’s likely just not worth the work involved to become MiCAR compliant.

MiCAR requires 30% of reserves to be held in bank accounts, with 60% for larger stablecoins. Tether views this as risky compared to investing in Treasuries. Bank deposits also pay less than government bonds.

“Until a more risk-averse framework is in place — one that fosters innovation and offers the stability and protection our users deserve — we have chosen to prioritize other initiatives,” Tether said in a statement.

Tether is known for keeping most of its stablecoin reserves in high risk assets in the past. The company is also accident prone. Over time the quality has improved significantly, but over 15% of its reserves would be considered moderate to high risk.

Instead of becoming MiCAR compliant itself, Tether’s investment arm (with assets separate from the stablecoin) has invested in Quantoz, a company that plans to issue MiCAR compliant US dollar and euro stablecoins. Quantoz will also use Tether’s Hadron tokenization infrastructure.

What about USDT in Europe?
MiCAR came into force for stablecoins at the end of June, but much of the regulations only apply from year end, at which time enforcement actions become a possibility.

The regulations don’t just apply to Euro stablecoins, but other currencies as well. There are caps of €200 million in daily transactions for non euro coins. Given Tether’s USDT sometimes transacts around $100 billion in a day, one might think it would breach these limits.

However, the limits relate to everyday retail transactions. It excludes crypto transactions and all investment transactions and only applies where both the payer and the recipient are within the EU. We previously published a deeper dive into the limits.

Meanwhile, Paxos, the regulated stablecoin issuer has acquired a MiCAR compliant firm, Membrane Finance.

 Newshounds News™

Source:  Ledger Insights

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Source:  Seeds of Wisdom Team RV Currency Facts

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Good Evening Dinar Recaps,

TRUMP’S TEAM PICKS PAUL ATKINS FOR SEC CHAIR: REPORT

In the ongoing developments surrounding the rapidly evolving cryptocurrency landscape, Donald Trump’s team has reportedly consider a new Securities and Exchange Commission (SEC) chair to replace the current chair, Gary Gensler. According to the latest report, the Trump’s team has consider pro-crypto former commissioner Paul Atkins for the SEC chair position.

Trump’s Team Consider Paul Atkins to Replace Gary Gensler
Atkins is known for his crypto expertise and innovative stance in supporting this rapidly evolving landscape. Following his election as SEC chair, there is a strong possibility that he could actively back and promote U.S. crypto regulation while encouraging rapid growth in the sector.

Recently, Eleanor Terrett, a journalist at Fox Bussiness, noted on X (formerly Twitter),

“Atkins is someone who is not only crypto-savvy but possesses a deep understanding of the inner workings of the agency as both a former commissioner and staffer under two prior SEC Chairs — Richard C.”

Terrett further added that Atkins is seen as being capable of establishing a pro-innovation agenda while returning the agency to the so-called “gold standard” many in the Republican Party feel was lost under outgoing chair Gary Gensler.

Current Market Outlook
Following this much-awaited update, the overall cryptocurrency market began turning green.

As of press time, top assets including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) have registered gains of over 2.75%, 7.5%, and 6%, respectively, in the past 24 hours. Meanwhile, other major cryptocurrencies are experiencing similar upside momentum.

@ Newshounds News™

Source:  CoinPedia

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TETHER DOESN’T LIKE MICAR SO DITCHES EURO STABLECOIN

Tether, the issuer of the world’s largest stablecoin, doesn’t like Europe’s MiCA regulations. Other stablecoin issuers are also not keen on the requirement to put a substantial proportion of reserves into bank accounts, as required by MiCAR. But they nonetheless comply. Tether isn’t willing to do so, and today it confirmed it is shutting down EURT, its Euro stablecoin. Users have a year to redeem the coin.

EURT has a market capitalization of €26 million compared to Tether’s USD stablecoin at $132 billion. To date Tether has operated offshore so it’s likely just not worth the work involved to become MiCAR compliant.

MiCAR requires 30% of reserves to be held in bank accounts, with 60% for larger stablecoins. Tether views this as risky compared to investing in Treasuries. Bank deposits also pay less than government bonds.

“Until a more risk-averse framework is in place — one that fosters innovation and offers the stability and protection our users deserve — we have chosen to prioritize other initiatives,” Tether said in a statement.

Tether is known for keeping most of its stablecoin reserves in high risk assets in the past. The company is also accident prone. Over time the quality has improved significantly, but over 15% of its reserves would be considered moderate to high risk.

Instead of becoming MiCAR compliant itself, Tether’s investment arm (with assets separate from the stablecoin) has invested in Quantoz, a company that plans to issue MiCAR compliant US dollar and euro stablecoins. Quantoz will also use Tether’s Hadron tokenization infrastructure.

What about USDT in Europe?
MiCAR came into force for stablecoins at the end of June, but much of the regulations only apply from year end, at which time enforcement actions become a possibility.

The regulations don’t just apply to Euro stablecoins, but other currencies as well. There are caps of €200 million in daily transactions for non euro coins. Given Tether’s USDT sometimes transacts around $100 billion in a day, one might think it would breach these limits.

However, the limits relate to everyday retail transactions. It excludes crypto transactions and all investment transactions and only applies where both the payer and the recipient are within the EU. We previously published a deeper dive into the limits.

Meanwhile, Paxos, the regulated stablecoin issuer has acquired a MiCAR compliant firm, Membrane Finance.

 Newshounds News™

Source:  Ledger Insights

~~~~~~~~~

WHY ISO 20022 IS ABOUT TO REVOLUTIONIZE FEDWIRE PAYMENTS FOREVER  |  Youtube

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Seeds of Wisdom RV and Economic Updates Wednesday Morning 11-27-24

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TRUMP EYES HANDING CFTC OVERSIGHT OF CRYPTO: REPORT

Donald Trump's team is considering handing the regulation of crypto exchanges and spot markets for cryptocurrencies deemed commodities to the CFTC.

Donald Trump’s incoming administration reportedly wants the US Commodity Futures Trading Commission to oversee the crypto industry — a move that could drastically roll back some of the regulatory power from the Securities and Exchange Commission.

The role could see the CFTC take on the regulation of spot markets for digital assets deemed commodities and crypto exchanges, Fox Business reported on Nov. 26, citing sources familiar with the matter.

United States President-elect Trump’s team says the SEC’s enforcement actions against industry players have slowed crypto innovation in the US and that a less stringent approach is needed to facilitate growth, Fox reported.

If the CFTC is handed regulatory control of crypto, it would be a big win for the industry, which has long signaled the agency would be its preferred regulator as it’s perceived to be fairer and has a lighter touch.

“With adequate funding and under the right leadership, I think the CFTC could hit the ground running to begin regulating digital commodities on day one of Donald Trump’s presidency,” former CFTC chair Chris Giancarlo told Fox.

Giancarlo tried to convince the Senate Agriculture Committee — which oversees the CFTC — to support the CFTC’s oversight of the spot crypto market by noting that the regulator had called Bitcoin a commodity in 2015.

The CFTC approved Bitcoin options under Giancarlo’s leadership in December 2017.

Current CFTC Chair Rostin Behnam, who shares mostly moderate views on crypto, asked the Senate Agriculture Committee for extra funding to regulate crypto markets more effectively.

The CFTC’s $706 million operating budget to police fraud and market manipulation is more than four times smaller than the SEC’s $3 billion for the 2024 financial year.

The commodities regulator employs only about 700 staff compared to the SEC’s 5,300.

Around 50% of the CFTC’s enforcement actions have been brought against crypto businesses in 2024 — which Behnam has called a “staggering statistic” for an agency that isn’t mandated to regulate the industry.

Some of this enforcement action has come against crypto companies that are not even US-based.

Meanwhile, the SEC’s leadership is set to change, with Chair Gary Gensler confirming last week that he will resign on Jan. 20, 2025, when Trump is inaugurated.

SEC Commissioner Jaime Lizárraga will also step down from his position on Jan. 17, motivated by a desire to spend more time with his wife, who is reportedly battling cancer.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

🇲🇦 MOROCCO’S CENTRAL BANK DRAFTS CRYPTO LAW

The Bank Al Maghrib has drafted a law to regulate crypto assets, currently under review for adoption. Governor Jouahri also revealed that the bank is studying the potential of a central bank digital currency (CBDC) to meet financial policy goals.

@ Newshounds News™

Source:  Crypto Insider

~~~~~~~~~

BRAZIL CONGRESSMAN PROPOSES CREATING A NATIONAL BITCOIN RESERVE

A congressman from Brazil has officially proposed a bill to establish a strategic Bitcoin reserve in the country: the Bitcoin Sovereign Strategic Reserve. The Reserva Estratégica Soberana de Bitcoins (RESBit) aims to diversify the country’s Treasury. According to Portal do Bitcoin, a Brazilian media platform, Congressman Eros Biondini filed the proposal on Monday.

“The creation of RESBit is a strategic measure that positions Brazil as a leader in the new digital economy, reducing economic risks and expanding opportunities for technological and financial development,” wrote Biondini in the justification for the bill. “The approval of this project is essential to guarantee the country’s economic sovereignty and align Brazil with global innovation trends.”

As presented, the bill stipulates planned and gradual acquisitions of Bitcoin, up to 5% of Brazil’s national reserves. Biondini’s proposal would also make the Central Bank of Brazil responsible for the acquisition and management of the RESBit.

Brazil’s cryptocurrency market now stands as the 10th largest in the world, according to Chainanalysis data. Brazil has seen a rise in crypto exports over the last two months, likely contributing to the pitch of a new Bitcoin reserve.

The king cryptocurrency by market cap has surged to new all-time highs over the last month following the US election. Additionally, the country has seen an influx of stablecoin usage within the country. The US dollar-pegged digital asset accounted for almost 70% of all crypto-related transactions.

Multiple countries and governments around the world have turned the tide on crypto regulation. Nations are opting to involve the growing industry in everyday finance. Brazil as a BRICS member has been forward in involving crypto within the bloc, especially Bitcoin and Ripple (XRP).

Central banks and corporate interest in Bitcoin and blockchain technology continue to rise worldwide. While there is some opposition, as seen in Europe as an example, it is clear that most are in favor of establishing crypto reserves. The US is even seeking a similar program under incoming president Donald Trump.

@ Newshounds News™

Source:  Watcher Guru 

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INSIDE THE HIDDEN POWERS OF US SHERIFFS  |  Youtube

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Seeds of Wisdom RV and Economic Updates Tuesday Evening 11-26-24

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IS RIPPLE CEO BRAD GARLINGHOUSE PICK FOR DONALD TRUMP’S CRYPTO CZAR?

Ripple CEO Brad Garlinghouse is rumored to be Donald Trump's pick for Crypto Czar as Ripple eyes IPO and expands post-SEC victory.

▪️Ripple CEO Brad Garlinghouse may become Trump's Crypto Czar, says ex-executive Sean McBride.

▪️50M XRP tokens, worth over $70M, recently moved between unidentified wallets.

▪️Ripple preps for IPO and leadership change as SEC legal battle ends.

Ripple CEO Brad Garlinghouse has become a key figure in discussions around the rumored “Crypto Czar” position in Donald Trump’s White House. Speculation about Garlinghouse’s potential role in shaping U.S. crypto policy gained momentum following comments from former Ripple executive Sean McBride.

This comes amid notable developments in the crypto industry, including the movement of 50 million XRP tokens valued at over $70 million between unidentified wallets.

Ripple CEO Brad Garlinghouse Pick for Donald Trump’s Crypto Czar?
The concept of a “Crypto Czar” role emerged as Donald Trump’s incoming administration considers creating a dedicated position to oversee crypto policy. Former Ripple executive Sean McBride hinted at the possibility of Ripple CEO Brad Garlinghouse stepping into this role. McBride shared his thoughts on X (formerly Twitter), saying,

“There is a real and growing possibility Brad Garlinghouse will be chosen as Trump’s new Crypto Czar.”

According to McBride, Garlinghouse may step down from his position as Ripple CEO if appointed. He also suggested that Ripple already has plans for leadership succession. This potential move aligns with Ripple’s recent resolution of its legal battle with the SEC, a development that may allow Garlinghouse to take on broader responsibilities.

Ripple, under Brad Garlinghouse’s leadership, has become a leading player in the blockchain and digital asset space, with its native token XRP seeing renewed attention from investors. The company has been preparing for an IPO and expanding its offerings, positioning itself for future growth.

Crypto Community Divided on Candidates for Crypto Czar
While Ripple CEO Brad Garlinghouse’s name is in the spotlight, other candidates are also being considered for the role. 

Chris Giancarlo, the former chairman of the Commodity Futures Trading Commission (CFTC), is viewed as a strong contender. Known as “Crypto Dad,” Giancarlo has consistently supported regulatory clarity for blockchain and digital assets. Reports suggest Giancarlo removed himself from consideration for SEC Chair, leaving him available for the crypto-specific role.

Another candidate is Brian Armstrong, CEO of Coinbase. Armstrong has received public support from Charles Hoskinson, founder of Cardano. Hoskinson emphasized Armstrong’s ability to navigate regulatory challenges and unite the crypto industry. Armstrong has reportedly met with Trump’s team to discuss crypto policy, fueling speculation about his potential appointment.

Former Comptroller of the Currency Brian Brooks and Ripple’s Brad Garlinghouse are also viewed as viable choices. Each candidate brings unique experience to the role, with Trump’s team said to be carefully vetting options before making a decision.

Ripple Timing Could Influence Garlinghouse’s Move
Garlinghouse’s potential transition to a government role comes at a pivotal time for Ripple. With its lengthy SEC legal battle largely resolved and plans for an IPO rumored, the company is in a strong position. Former Ripple executive McBride commented,

“I think the timing works for Brad and Ripple given some of the other things happening publicly and behind the scenes.”

Ripple has also been focused on product launches and potential mergers, signaling a period of growth and transformation. If Garlinghouse steps down, Ripple is expected to have a smooth leadership transition, ensuring continued progress in the rapidly evolving blockchain space.

@ Newshounds News™

Source:  CoinGape

~~~~~~~~~

BRICS MOVING AWAY FROM THE DE-DOLLARIZATION AGENDA

Russia’s President Vladimir Putin proudly displayed a mock-up currency bill at the 16th summit in Kazan this year. The BRICS alliance clarified that the banknote is unofficial and was only a display presented by Putin. The theatrics of a BRICS currency followed Russia’s de-dollarization agenda to evade sanctions.

However, the de-dollarization agenda has no takers even among the existing BRICS members. Countries like India, South Africa, and Brazil are slowly taking a step back as the dust settles after the summit. Only desperate countries like Russia, China, and Iran are advancing de-dollarization using BRICS as a stepping stone.

BRICS: Russia & China’s De-Dollarization Plans Find No Takers

No serious development about launching a new BRICS currency is taking shape within the bloc. The formation of a BRICS currency is consensus-based and needs the approval of all members before taking shape. India has distanced itself from the de-dollarization agenda despite being a member of the BRICS alliance.

India needs the US dollar to survive, as without it, its goal of becoming the third-largest economy will stall. The Indian economy is closely tied to businesses in the US for the IT sector, not other BRICS countries. The de-dollarization initiative pushed by BRICS members Russia and China will only hamper India’s economy and businesses.

China and Russia are only using the BRICS bloc to further their agenda of global financial domination. Even Iran has joined the bandwagon as its economy is battered by US sanctions. While BRICS de-dollarization is growing slowly, it has now become a ‘one step forward and two steps back’ type of approach.

The steps to de-dollarization are long and hard and without unity from the members, it will remain a distant dream. The US dollar has more benefits than other currencies as it can sustain the harsh yet competitive currency markets.

@ Newshounds News™

Source:  Watcher Guru

~~~~~~~~~

MIND-BLOWING MONEY LAUNDERING SECRETS HSBC DOESN'T WANT YOU TO KNOW  |  Youtube

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Seeds of Wisdom RV and Economic Updates Tuesday Morning 11-26-24

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 CRYPTO REGULATIONS : UK’S FCA UNVEILS PLAN TO FULLY REGULATE CRYPTO ASSETS BY 2026

Right now, with a Bitcoin holding of 61,000 BTC, the United Kingdom is the third largest Bitcoin holder, after the United States (207,189 BTC) and China (194,000). Devere Group CEO Nigel Green recently advised the UK government to follow Donald Trump’s strategy to create a Bitcoin national reserve. Could the BTC reserve strategy transform the UK? Let’s listen to what Green has to say!

Nigel Green’s Vision for a UK Bitcoin Reserve
Recently, US President-elect Donald Trump proposed his plan to create a Bitcoin reserve in the United States. The plan has been received well by most. Many experts think that Trump’s move would help the US economy overcome significant challenges, including inflation and public debt.

Financial expert Nigel Green also praised the United States’s new Bitcoin reserve strategy. Highlighting the prime benefits of the move, he advised the United Kingdom to adopt a similar strategy to boost the economy.

Strategic Benefits of a Bitcoin Reserve
The global market is notoriously volatile. Key issues faced by many western countries, including the UK, are inflation and rising public debt.

 The national debt of the United Kingdom now stands at 2.8 trillion Euro – roughly equivalent to the value of all the goods and services produced in the UK in a year.

In the last financial year alone, the UK government borrowed at least 125.1B Euro. Last month, the government borrowed nearly 17.4B Euro – the second highest borrowing in October since 1993. The annual inflation rate in the United Kingdom sharply grew from 1.7% to 2.3% in October.  

Green highlighted the unique advantages of a Bitcoin reserve strategy to address critical economic issues like inflation, currency devaluation and market volatility. He also pointed out its potential to attract crypto entrepreneurs and blockchain innovators, thereby stimulating economic growth.

Global Competition and the Risk of Falling Behind
Emphasising the risk of falling behind in the race for global technology and financial leadership, Green noted that many nations have already crafted their own crypto strategies.

Recently, marking an end to the long-standing rule of the Conservative Party, Keir Starmer, a Labour Party leader, was elected as Prime Minister.

Financial experts like Green seem confident that the new Labour party leadership would be open to revolutionary policies, like creating a UK Bitcoin reserve, to swiftly improve the country’s economic health.

@ Newshounds News™

Source: CoinPedia  

  ~~~~~~~~~

NY FED EXPLORES FINANCIAL STABILITY RISKS OF DIGITAL ASSETS AMPLIFIED BY LACK OF COHERENT REGULATION

The New York Federal Reserve (NY Fed) published a report on the financial stability implications of digital assets. It concludes that the risks have been small so far because of the size of the sector. But if it becomes larger, it could pose risks to the broader financial system.

It identifies many of the risks outlined in previous reports but with some nuances.

Digital assets have big booms and busts, with the Bitcoin price falling more than 70% from its 2021 peak. Other factors exacerbate these large price swings. They include what the Fed refers to as funding risk or run risks. 

 A range of digital asset players have suffered runs, including centralized exchanges (CEXs), crypto lenders, stablecoins, and even DeFi protocols. The example of the latter was the Anchor Protocol relating to the collapsed Terra platform.

On top of the booms and busts, and the run risk, the sector uses a high degree of leverage which exaggerates the other risks. Plus, the crypto ecosystem is highly interconnected.

The NY Fed wrote about a lack of a strong and cohesive regulatory environment that amplifies the vulnerabilities. This is more about many crypto entities being offshore, or entities such as decentralized autonomous organizations (DAOs) lacking a clear legal status.

Stablecoins under the spotlight
Given the assessment focuses on financial stability, the NY Fed didn’t dwell on the threat of stablecoins to the singleness of money.

Instead, it is particularly concerned by stablecoins because of their interconnectedness – both within the crypto ecosystem and with the mainstream economy. They “appear to contribute not only to the instability of the digital ecosystem but also to systemic risk,” wrote the NY Fed authors.

While there’s a perception that stablecoins are redeemable, in a crunch only option for many people is to trade them in the secondary market.

Maturity transformation is a known issue in banking – where banks lend on mortgages against demand deposits. The NY Fed argues that maturity transformation can also happen with stablecoins if their assets are illiquid or have longer maturities. It acknowledges that the asset quality of the larger stablecoins has improved over time. 

 However, a good 15% of Tether’s assets are still relatively risky, “making Tether riskier than most prime MMFs, a sector that experienced destabilizing runs in 2008 and 2020.”

The ease of switching between stablecoins can amplify the stablecoin run risk. Decentralized stablecoins such as the DAI (now USDS) are considered riskier because it takes longer for DAOs to react.

Regarding interconnectedness, stablecoins are used by lending protocols, so a run on a stablecoin results in users withdrawing lending and borrowing rates rising significantly.

What the NY Fed is really concerned about is if a large stablecoin had to suddenly liquidate a lot of Treasuries, then that could impact mainstream financial markets.

The paper also explores the growing interconnectedness between digital assets and mainstream finance in other ways.

This interconnectedness, combined with the volatility and fragility of crypto, and high leverage is why it considers digital assets a potential financial stability risk.

@ Newshounds News™

Source: Ledger Insights 

 ~~~~~~~~~

IS CRYPTO THE ANSWER TO YOUR FINANCIAL PRAYERS? | Youtube

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Seeds of Wisdom RV and Economic Updates Monday Evening 11-25-24

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BRICS: NEWS INDIA EXTENDS CBDC PAYMENTS TO NEW COUNTRIES

BRICS member India is strengthening its CBDC mobile payment ties with many more countries for cross-border transactions. Bloomberg reported that India is partnering with multiple countries in South Asia to process mobile payment systems. 

The countries include the Philippines, Sri Lanka, and its BRICS counterpart the United Arab Emirates (UAE). T Rabi Sankar, Deputy Governor of the Reserve Bank of India (RBI) confirmed the development at the conference in Cebu, Philippines.

In addition, BRICS member India has already maintained the CBDC payment agreement with Bhutan and Nepal. The RBI is collaborating with ASEAN countries to integrate the platform for all like-minded nations. For the uninitiated, India is among the first countries in the world to successfully launch the pilot batch of the CBDC testing.

BRICS country India is assessing the possibilities of launching the CBDC digital currency for government, retail, and institutional usage.

It is also studying the impact a CBDC currency could have on the overall economy, banking systems, and monetary policies. When asked about when the CBDC digital currency could be launched, Sankar said that India is not in a hurry. “We are in no hurry to roll it out immediately. Once we have some visibility of what the outcome or impact will be, we’ll roll it out. We don’t keep a specific timeline for that.”

@ Newshounds News™

Source: Watcher Guru

~~~~~~~~~

WHY XLM: IS STELLAR THE MOST UNDERRATED CRYPTO?

▪️Stellar has seen a significant price surge, sparking renewed interest in its potential.

▪️Stellar's co-founder, Jed McCaleb, emphasizes its real-world utility, advanced features, and potential to revolutionize global finance.

▪️Stellar's high transaction volume, native stablecoins, decentralized exchange, and secure smart contracts ensure it as a strong player.

The Stellar market has soared by an astounding 478.057% since November 5, making waves across the crypto community. This unexpected price surge has left many asking: Could Stellar be one of the most underrated projects in crypto?

Co-founder Jeb McCaleb recently shared insights that reveal the true power behind Stellar—insights that most people have overlooked until now. What makes this project so special? Let’s dive deeper and uncover why Stellar might just be more than meets the eye.

Steller’s Growing Popularity
Stellar’s popularity has grown significantly in recent years, with the sharp rise in XLM’s price this month showing the growing interest in the project. While McCaleb acknowledged this increased attention, he pointed out that many people still don’t fully understand the potential of Stellar.

Despite the buzz, he believes the project remains underrated.

Stellar vs. Ethereum
One of McCaleb’s key points was about the scale of Stellar’s daily transactions. He noted that Stellar handles at least ten times more transactions daily than Ethereum, and a large portion of these transactions involve real-world payments.

This impressive transaction volume, combined with its practical use cases, is a major reason for the recent rise in XLM’s price.

Stellar’s Powerful Features
Stellar offers several unique features that have contributed to its popularity and price surge:

▪️Native Stablecoins: Stellar supports its own stablecoins, which makes it perfect for cross-border payments.
▪️Built-in Decentralized Exchange (DEX): Stellar’s integrated DEX allows easy token swaps without the need for third-party exchanges.
▪️On-Chain Governance: The project includes built-in governance features, ensuring more transparency and security.
▪️Safer Smart Contracts: Stellar’s platform allows secure smart contracts, making transactions safer.
▪️Passkey and Multi-Signature Support: The network enhances security with passkey support and native multi-signature features.

McCaleb also emphasized Stellar’s efficiency, noting that the platform supports fast transactions with near-zero fees. This cost-effectiveness and speed make it a top performer in the crypto space, and a big reason why Stellar is gaining more attention.

The Future of Stellar
McCaleb described Stellar as a powerful payment system that fits perfectly with the true purpose of cryptocurrency. He hopes that both businesses and individuals will soon recognize the value of using Stellar for financial transactions. He also predicts that Stellar will play a major role in the global financial system in the near future.

FAQs
What makes Stellar XLM unique?
Stellar’s unique features include native stablecoins, a built-in DEX, on-chain governance, safe smart contracts, and a scalable, secure platform ideal for financial transactions.

Is Stellar XLM underrated?
Despite its strong fundamentals and growing popularity, Stellar is often considered underrated due to a lack of widespread understanding about its real-world impact and capabilities.

What’s clear is that Stellar’s journey has only just begun, and its impact will soon be seen in the crypto industry.

@ Newshounds News™

Source:  CoinPedia

~~~~~~~~~

AUSTRALIA BEGINS CONSULTATION ON OECD CRYPTO REPORTING FRAMEWORK

Australia’s Treasury seeks input on implementing the crypto-asset reporting framework within its domestic tax laws.

Australia’s Treasury Department released a consultation paper seeking feedback on applying an international reporting standard for cryptocurrency transactions. The initiative is part of a broader effort to enhance tax transparency and combat global tax evasion.

The consultation, launched on Nov. 21, focuses on implementing the Organisation for Economic Co-operation and Development’s (OECD) Crypto-Asset Reporting Framework (CARF).

The OECD framework sets standardized rules for collecting tax data on crypto-asset transactions and sharing that information among tax authorities.

The paper presents two options for implementing CARF: adopting the framework into Australian tax law or taking a more tailored approach that would target the needs of the Australian Taxation Office.

Adopting an international standard on crypto reporting
In 2022, the OECD — an intergovernmental organization creating international standards — developed and released CARF to combat global tax evasion using crypto assets.

The OECD developed CARF in 2022 to combat global tax evasion through crypto assets. In 2023, 47 countries, including Australia, committed to adopting the framework. The initiative is expected to enhance visibility into crypto transactions and bolster international information exchange.

Australia is now moving toward integrating CARF into its tax law by consulting with stakeholders.

OECD’s CARF will mandate crypto exchanges and wallet providers to report specific crypto transactions to the relevant tax authorities. The information collected would include digital asset purchases.

According to the consultation paper, CARF reporting requirements may start in 2026. The Treasury stated:

“Subject to a final decision of Government, it is envisaged that CARF reporting requirements would commence from 2026, to ensure the first exchanges between the ATO and other tax authorities could take place by 2027. This timeframe would also be subject to future legislative priorities.”

The Treasury also said this timeframe will provide enough lead time for reporting crypto providers to update their systems.

Other countries implementing CARF into tax laws
Other jurisdictions have also started integrating CARF into their domestic laws. On April 18, Canada announced it would apply the framework by 2026.

 On May 18, Switzerland issued a public consultation for applying the standards to its local tax laws. The country also intends to implement the framework to enhance tax transparency for crypto assets.

Meanwhile, New Zealand introduced the framework in a new tax bill. On Aug. 27, the New Zealand Minister of Revenue submitted a proposal to implement the framework into its laws. Crypto providers are expected to collect information starting on April 1, 2026, and submit them by June 30, 2027.

@ Newshounds News™

Source:  CoinTelegraph   

~~~~~~~~~

WISDOMTREE FILES FOR XRP ETF VIA DELAWARE TRUST, JOINS BITWISE, CANARY CAPITAL IN THE RACE

Moving beyond Bitcoin, asset managers are now eyeing towards XRP as the next big player in the ETF space. In a latest develoment, the Global ETF provider WisdomTree has filed to launch an XRP ETF in the U.S. notably, this is the third filing to establish a spot XRP ETF in the country. Moreover, the XRP price soared over 10% after the announcement.

Eleanor Terrett Confirms The Legitimacy
The trust filing represents a preliminary step in the ETF launch process, preceding a formal application to the SEC.

The update was shared by Fox journalist Eleanor Terrett. Terrett also confirmed the legitimacy of the filing with WisdomTree, which manages over $100 billion in assets.

 Also, just recently, the organization introduced its physical Ripple ETP in Europe. The latest Delaware filing shows the firm’s growing interest in Ripple’s native token.

Additionally, two other firms have filed for an XRP ETF. In October, Bitwise and Canary Capital filed for spot XRP ETFs with the U.S. SEC.

XRP Surges 10%
The news has driven a notable price surge for XRP, with its value rising over 10% in intraday trading. Many market experts anticipate that if XRP breaks out above $1.50, its price could rally to over $2 in the short term.

Renowned analyst Armando Pantoja in a bullish outlook has suggested that XRP could surge to $8-$30. This optimism stems from expectations that Ripple’s long-standing legal battle with the U.S. SEC may resolve favorably in early 2025 in line with Trump’s return and Gensler’s exit.

With SEC Chair Gary Gensler set to resign, speculation is mounting around the future of XRP ETFs, particularly due to the Ripple SEC case. Experts believe that Gensler’s departure could lead to a relaxation in regulations potentially easing the path for XRP ETFs under new leadership.

@ Newshounds News™

Source: CoinPedia 

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Monday Afternoon 11-25-24

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NEW OIL-RICH MIDDLE EASTERN COUNTRY EXTENDS SUPPORT TO BRICS

The BRICS alliance is gaining the support of oil-rich Middle Eastern countries in its aggressive global push towards de-dollarization. The bloc inducted oil exporting nations like the UAE, Egypt, and Ethiopia during the 15th summit in South Africa. It also invited Saudi Arabia to join the group but the Kingdom is yet to officially decline the offer.

As of 2024, the BRICS alliance controls nearly 30% of all the global oil supply. BRICS received a boost in the arms after it inducted oil-exporting countries into the alliance. It is now looking to take control of the oil and gas sector and push local currencies for cross-border transactions.

BRICS: Oil-Rich Bahrain Extends Support to the Alliance
Oil-rich Middle Eastern country Bahrain has extended full support for the BRICS alliance. 

Despite not receiving an invitation to be a part of the bloc, Bahrain has always attended the summits and programs held by the group. Bahrain did not receive an invitation to be a part of the ‘Partner Countries’ either which was sent during the 16th summit.

“We (Bahrain) take part in the BRICS Plus group’s activities. We always participate in all BRICS Plus meetings,” said the Middle Eastern nation’s Ambassador to Russia Ahmed Al Saati. 

The oil-rich nation is keen on supporting BRICS without being a part of the alliance. “This is an international association. An invitation should come from the organization itself. However, we have always been participating; we attended the Nizhny Novgorod event,” the Ambassador explained to Russian news outlet Tass.

The development indicates that emerging economies, including oil-rich nations, are keen on supporting BRICS. They find it to be an alternative to the Western-dominated global financial sector. This puts the Western hegemony at risk as developing countries are seeking alternative options to the US dollar.

@ Newshounds News™

Source:  Watcher Guru

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RIPPLE NEWS: $3.8B TOKENIZED FUND LAUNCHES ON XRPL

Ripple and Archax just made a big move that could change how institutional finance works. Together, they’ve launched the first ever tokenized money market fund on the XRP Ledger (XRPL). It’s based on abrdn’s $3.8 billion US Dollar Liquidity Fund, and it’s a huge deal for anyone watching the rise of tokenized assets.

A Major Step by Ripple
This isn’t your everyday blockchain project. Ripple has invested $5 million into abrdn’s Lux fund tokens, signaling its serious commitment to real-world asset (RWA) tokenization. ]

Archax, being a UK-regulated exchange, adds the compliance and trust needed for institutional adoption. Ripple’s XRPL technology brings in efficiency, aiming to make financial transactions smoother and cheaper.

The best part? This is the first tokenized fund on XRPL. That means the fund gets all the benefits of blockchain, like fast settlements and less reliance on middlemen. It’s not just innovation—it’s problem-solving.

Why Tokenized Assets Are a Big Deal
Tokenized funds are growing fast. They already manage over $1 billion in assets, and experts believe this could skyrocket to $16 trillion by 2030. Ripple, abrdn, and Archax are getting ahead of the curve, setting the stage for how tokenized assets could work in the future.

And there’s more. Duncan Moir from abrdn says this isn’t just about technology—it’s about saving time and money. Moving funds on-chain means faster processes and fewer delays. Ripple’s Markus Infanger agrees, calling XRPL a leader in helping institutions scale their operations.

What to Expect Next
This partnership is just the start. As tokenized assets grow, more institutions will likely jump on board. Ripple and Archax are leading the way, showing how blockchain can reshape finance.

For Ripple, this isn’t just a win. It’s a statement. They’re proving blockchain isn’t just about crypto—it’s about transforming the way money moves globally.

@ Newshounds News™

Source:   CoinPedia  

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WHY IRAQ’S FINANCIAL REVOLUTION IS A BIG DEAL  |  Youtube

 @ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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