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NOT BRICS, THIS COUNTRY POSES BIGGEST THREAT TO THE US DOLLAR

The BRICS alliance aims to pull the US dollar down from the global reserve currency and trample its dominance. Despite multiple efforts to uproot the USD, the bloc remains unsuccessful in attempts to de-dollarize.

The greenback remains the dominant currency and a force to reckon with in the forex markets. Around 58% of the world’s reserves are in the USD, and cutting ties with the currency will prove fatal to the prospects of emerging economies.

Good Morning Dinar Recaps,

SEC APPROVES FIRST-EVER BITCOIN & ETHEREUM COMBO ETFS

▪️These new ETFs are unique because they combine Bitcoin and Ethereum, offering investors diversified exposure to the two largest cryptos.

▪️By simplifying the investment process and reducing the perceived risks, these ETFs aim to make crypto investing more accessible.

▪️The SEC's approval of these ETFs signifies a significant step forward for the crypto industry.

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US COURT SCHEDULES KEY DATES FOR RIPPLE CASE

▪️The US Court of Appeals sets critical dates for the Ripple lawsuit.

▪️Bradley Sostack must submit key documents by specified deadlines.

▪️Ripple remains hopeful amidst ongoing legal challenges with the SEC.

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MOROCCO TO ADOPT A LEGAL FRAMEWORK FOR CRYPTO ASSETS

Morocco aims to regulate the use of crypto assets without hindering innovation in the crypto ecosystem.

Legal Framework for Crypto Nears Adoption in Morocco

A legislative framework governing crypto assets in Morocco is almost ready for adoption, according to Abdellatif Jouahri, the governor of Morocco’s central bank, Bank Al-Maghrib (BAM). This framework seeks to promote financial innovation while regulating the usage of crypto assets.

Good Evening Dinar Recaps,

BIS CONSULTATIVE GROUP PROPOSES RETAIL CBDC ARCHITECTURE

According to a BIS report, Jamaica, Nigeria, China, Sweden, the Bahamas and Peru have CBDC programs in various stages of development.

The Bank for International Settlements (BIS) Consultative Group on Innovation and the Digital Economy has proposed a retail central bank digital currency (CBDC) architecture based on a hybrid approach where issuance and governance of the CBDC are handled by a country’s central bank while commercial banks provide consumer-facing services.

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BRICS CREATOR SAYS INDIA WILL BE 3RD LARGEST GLOBAL ECONOMY & KEY MEMBER

Things have changed dramatically for the BRICS bloc since the acronym was first coined in 2001. Over the last two years, it has become a key voice in the geopolitical and global economic sectors. Now, BRICS Creator Jim O’Neill has recently expressed his view on its trajectory, while noting that India is poised to soon be the third-largest global economy and a key alliance member.

In a recent interview with The Economic Times, the economist discussed the growth rate of the country. Specifically, he noted that India is “doing almost exactly what we thought over 20 years ago, and that is in the process of becoming bigger than Japan and Germany” and becoming a global force.

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GERMANY’S DEKABANK LANDS CRYPTO CUSTODY LICENSE

Germany’s DekaBank has received a bank crypto custody license from German regulator BaFin and the European Central Bank (ECB). We believe Commerzbank was the first German bank licensed last year. However, other major banks have not received licenses, including DZ Bank.

BaFin has issued another 11 crypto custody licenses, mainly for crypto firms. One of them is the digital asset custody subsidiary of Hauck Aufhäuser Lampe Privatbank.

Good evening Dinar Recaps,

EL SALVADOR SECURES IMF DEAL AS BITCOIN ACCEPTANCE TURNS VOLUNTARY

The $1.4 billion IMF agreement establishes voluntary Bitcoin acceptance in the private sector while limiting public sector involvement.

▪️El Salvador reached a $1.4 billion agreement with IMF making Bitcoin acceptance voluntary.

▪️The deal includes fiscal measures and expects $3.5 billion additional financing from World Bank and regional banks.

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BREAKING: FED SLASHES INTEREST RATES BY 25 BPS

The US Federal Reserve has finally announced its eighth and last policy decision for 2024 after a two-day Federal Open Market Committee (FOMC) meeting. It has cut interest rates by 25 bps. Notably, this is the third rate cut in 2024 from the Fed.

Notably, Wall Street had expected the central bank to slash the benchmark interest rate by 25 basis points (bps) for the second straight meeting after lowering it to 4.50 – 4.75 per cent in November. Markets were confident in a rate reduction, with CME Group’s FedWatch tool indicating a 99% probability.

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GENSLER GONE, CRENSHAW OUT, RLUSD LIVE: RIPPLE VS SEC FINAL SHOWDOWN ON JAN 15?

Ripple sees a boost as SEC Chair Gary Gensler resigns, and RLUSD launch signals global growth for XRP ahead of key January 15 deadline.

January 15 could be pivotal for XRP as SEC files briefs in Ripple lawsuit; new leadership brings hope for relaxed crypto regulations.

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CRYPTO-SKEPTIC AND SEC BOSS CRENSHAW AXED FROM SENATE RENOMINATION

Outgoing Securities and Exchange Commissioner Caroline Crenshaw will not be renominated to her position following a decision by the Senate Banking Committee. The hearing to nominate Crenshaw and Gordon Ito to the Financial Stability Oversight Council, previously scheduled for Wednesday, December 17, was canceled, according to multiple reports.

The FSOC is a financial system monitoring agency established in 2010 under the Dodd-Frank Wall Street Reform and Consumer Protection Act.