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Seeds of Wisdom
BRICS NEWS
RUSSIA SET TO TRIAL CRYPTO FOR TRADING GOODS WITH MILITARY APPLICATIONS: REPORT
The Russian government has formed a focus group to trial crypto payments for foreign trade, focusing on importers of goods with potential military applications.
Russia has established a focus group under an experimental legal regime to explore the use of crypto for foreign trade payments, Russia’s Vedomosti newspaper reported on Sept. 17. The initiative reportedly aims to address challenges faced by importers dealing with dual-use goods, which have both civilian and military applications, and are subject to strict international payment restrictions.
The move follows China’s announcement in early August that it will ban the export of all unregulated civilian drones, which have become increasingly used in military warfare in recent years, starting Sept. 1.
According to the report, the focus group includes members from the Russian Chamber of Commerce and Industry and the Association of Developers and Producers of Electronics, alongside several banks, though the report did not specify whether the group included Russian banks only or involved foreign financial lenders as well.
The initiative is designed to assist importers struggling with transactions to banks in China and other countries due to the sensitive nature of their goods. This move follows recent reports that Russia’s two largest unsanctioned metal producers have begun using Tether’s stablecoin for cross-border transactions with Chinese clients and suppliers, in response to U.S. Treasury Department warnings about secondary sanctions.
Now, people familiar with the matter reportedly say that participants in the focus group were selected based on their business turnover, with larger companies prioritized. The Russian government plans to expand the initiative in the future, though the timing for a broader rollout remains unclear.
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In early July, Alexei Guznov, deputy governor of Russia’s central bank, indicated in a media interview that the Bank of Russia is exploring the legalization of stablecoins for cross-border transactions.
Guznov noted that the initiative could potentially transition from a temporary experiment to a permanent regulatory framework, although specifics regarding the timeline for approval were not disclosed.
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Source: Crypto News Flash
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BRICS News
BRICS MAKES MAJOR ANNOUNCEMENT ON NEW PAYMENT SYSTEM
BRICS is working towards the creation of a new payment system without the integration of the US dollar in its mechanism, confirmed Russian Foreign Minister Sergey Lavrov. The minister added that the new payment system will not only be used to settle cross-border transactions, it will act as a complete financial set-up.
The development, when launched, could attract emerging economies towards it making a shift away from the US dollar. The new BRICS payment system could lead to a paradigm shift in the global financial sector.
New BRICS Payment System To Include Trading, Investing & Settlements
The Russian minister revealed that the new BRICS payment system will be equipped with trading, investing, and along with trade settlements. He explained that the mechanism will allow countries to partake in financial operations without being dependent on the US dollar. The move will make the alliance’s quest of de-dollarizing their economies much stronger.
Lavrov also hit out at the US and Europe for pressing sanctions on countries they don’t like. He stressed that the sanctions are what led to BRICS decision on launching a new payment system. Even US Treasury Secretary Janet Yellen acknowledged that the White House sanctioning developing nations led to de-dollarization.
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“Many are attracted by the fact that payment systems are being developed within BRICS. Which allows trading, investing, carrying out other economic operations without being dependent on those that decided to weaponize the dollar and the euro,” the foreign minister said.
The minister added that developing nations will flock to the BRICS payment system in fear of US sanctions. “Everyone understands that anyone may face US or other Western sanctions,” he said during a meeting with Egyptian counterpart Badr Abdelatty.
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Source: Watcher Guru
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DE-DOLLARIZATION: HOW THE US IS HELPING CHINESE YUAN TO SUCCEED
De-dollarization is the most buzzing word in the global financial sectors across Asia, Africa, and South America. Emerging economies are focusing on lifting their local currencies on the global stage by ending reliance on the US dollar. The US sanctions are what pushed the de-dollarization agenda ahead and China made use of the opportunity to include the Chinese yuan for trade settlements.
The development puts the USD in the spotlight as developing countries no longer want to give importance to the currency. Amid the US and Western sanctions on emerging economies, the Chinese yuan is becoming the most used currency in their countries. From Russia to Pakistan and the UAE, the Chinese yuan is being widely accepted as the de-dollarization initiatives advance rapidly.
The Chinese Yuan Benefits From De-Dollarization
The US Treasury Secretary Janet Yellen confirmed that the US sanctions opened the floodgates of de-dollarization across the world. The move made China fill in the void and the Xi Jinping administration convinced developing countries to use the Chinese yuan. The de-dollarization initiative is partially a success as the Chinese yuan is the most used currency in Russia.
“Trading in Chinese yuan is convenient for both Russia and China,” said Maia Nikoladze, Associate Director at the Atlantic Council. “Russia does not have too many other currency alternatives.
While China benefits from exerting more economic influence over Moscow, and also makes progress towards internationalizing the yuan,” said the analyst. The move indicates that the US opened the gates of de-dollarization by itself through sanctions.
Even Brazil, Argentina, South Africa, and Saudi Arabia are looking to follow Russia on the de-dollarization path. These countries are accepting the Chinese yuan as payment for cross-border transactions, which was not the case a few years ago. De-dollarization is a serious risk to the US economy while the Chinese yuan is looking to dominate the financial world.
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Source: Watcher Guru
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XRP on Path to Global Reserve Key Insights YouTube
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Source: Dinar Recaps
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RIPPLE NEWS: XRP LEGAL FIGHT CONTINUES AS LAWYER TARGETS SEC FOR $15B LOSSES
▪️Pro-XRP attorney and Senate candidate John Deaton a-----d the SEC of causing over $15 billion in financial losses to small investors.
▪️He has been vocal about the negative impact of the SEC’s regulatory approach on retail investors and plans to challenge its practices while campaigning against D--------c Senator Elizabeth Warren.
John Deaton, a popular attorney known for his pro-XRP stance, has raised serious a---------s against the U.S. Securities and Exchange Commission (SEC). He blamed its crypto regulatory approach and its actions caused substantial financial losses among small investors. Senate candidate Deaton also claims that the SEC’s enforcement actions have caused damages exceeding $15 billion to retail investors.
These a---------s come at a time when the SEC has reportedly given up on the appeal while concluding it with a new crypto classification, reported CNF.
XRP Lawyer John Deaton Criticizes The SEC
In a recent post on X (formerly Twitter), he a-----d the regulatory body of “m--------t.” “The SEC’s m--------t and gross overreach caused small investors over $15 billion,” Deaton stated. He added, “On behalf of those 75,000 small investors I represented, we do not accept the SEC’s apology.”
The pro-XRP lawyer has been vocal about the detrimental effects of the SEC’s regulatory practices, particularly on smaller retail investors.
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He has consistently criticized the commission’s a---e of power against crypto. Hence, the XRP lawyer plans to fight the SEC head-on. Moreover, his campaign for the U.S. Senate seat in Massachusetts highlights his concerns about the agency’s lack of accountability.
Thus, he plans to challenge the anti-crypto D--------c Senator Elizabeth Warren, accusing her of being unwilling to scrutinize the SEC’s actions. Deaton also referenced a Writ of Mandamus he filed in early 2021.
He a-----d the SEC of violating decades of legal precedent by declaring tokens themselves as securities in the 2021 filing. The pro-XRP attorney also maintained that this move went beyond the agency’s authority and created unnecessary confusion.
The lawyer also highlighted his frustration over the SEC’s failure to provide clear regulation. “All I asked was for the SEC to honor the law and make clear that the token itself (XRP) was NOT the security,” Deaton said. In addition, he went on to accuse the agency’s lawyers of targeting him personally during the legal proceedings.
Other Related Developments
In a related development, Paul Grewal, Coinbase’s Chief Legal Officer, shared a court filing suggesting a shift in the SEC’s stance on cryptocurrencies. According to the proposed amendment in the Binance lawsuit, the SEC admitted it no longer considers tokens to be securities, reported CNF.
This marks a major change from its previous position, particularly in relation to XRP, which had been classified as a security in 2020. “The SEC regrets any confusion it may have invited,” the agency stated in the filing.
However, the SEC’s regulatory actions continue with a recent settlement with the trading platform eToro, per the CNF report. The platform agreed to cease trading most cryptocurrencies in the U.S. and pay a $1.5 million fine. However, this move attracted significant backlash as the agency apologized for considering tokens as securities within 24 hours of the amended Binance lawsuit complaint.
Meanwhile, data from Social Capital Markets indicates the total monetary penalties imposed on cryptocurrency firms this year have reached $4.7 billion. It marks a humungous 3,000% rise from the previous year. This included one of its largest enforcement actions wherein the SEC settled a case with Terraform Labs for $4.47 billion.
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Source: Crypto News Flash
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Global News:
DBS bank to launch crypto options, structured products
In Q4 of this year DBS bank (Singapore) plans to offer over the counter (OTC) cryptocurrency option trading and structured notes. This will only be available to certain institutions and high net worth clients.
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Based on the descriptions, it will support options settled in cash and others through delivery of the underlying cryptocurrency, with only Bitcoin and Ethereum supported.
Currently clients can already trade spot crypto using the DBS Digital Exchange (DDEx). The bank was one of the first in the world to offer spot cryptocurrency trading services when it launched DDEx in 2020. Now clients where DBS provides crypto custody will be able to hedge their exposures using options.
“Professional investors are increasingly allocating to digital assets in their portfolios,” said Jacky Tai, Group Head of Trading and Structuring, Global Financial Markets, DBS.
“Now, our clients have an alternative channel to build exposure to the asset class and incorporate advanced investment strategies to better manage their digital asset portfolios.”
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GOLD News:
Zimbabwe aims to maximize gold revenue amid global demand surge
MINES ministry has launched the 2024 Second Gold Mobilisation exercise, aimed at ensuring compliance and maximizing revenue from the gold mining sector.
Reports indicate that gold output is projected at 39 tons in 2024 up from around 33 tons in 2023, largely on the back of ongoing expansion projects and favorable prices.
Gold revenues are expected to surpass US$3 billion in 2024.
Average capacity utilization for the gold sector is expected to reach 95% in 2024 up from 84% in 2023.
The second gold exercise will be conducted in all eight provinces, targeting both large-scale and small-scale miners in order to maximize gold revenue amid global demand surge.
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Speaking at the send-off workshop in Harare, Mines minister Winston Chitando said, “It is imperative to note that gold has long been a source of wealth and prosperity for Zimbabwe, and it holds immense potential to fuel our economic growth, create jobs, and improve the lives Zimbabweans.
“The global demand for gold is on the increase as the world is turning to gold as a safe haven.”
He highlighted the global demand for gold, which has driven prices up from $1,900 in September 2023 to $2,500 currently.
“The key to realizing our 2024 gold deliverance target of 35 tonnes is plugging leakages to side markets,” he told the media.
The minister noted that i-----l gold extraction and trade undermine Zimbabwe’s efforts to reap benefits from its gold resources.
To address this, he expressed the importance of ensuring that all mined gold is traded through legitimate channels.
He reiterated that Zimbabwe’s currency is anchored on gold, making it crucial that all gold trades occur through Fidelity Gold, the country’s sole authorized exporter.
“The gold neutralization exercise has yielded positive results, demonstrating its effectiveness. Given its significant contribution, the gold sector remains vital to Zimbabwe’s national economic development.
“Gold deliverance through Fidelity Gold Refinery stood at 30.1 tonnes in 2023, with 20.7 tonnes delivered from January to August 2024.
“To the teams, colleagues who are being deployed today, this intervention is of paramount importance, and I wish you all the success,” he said.
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The gold mobilization exercise aims to increase revenue, create jobs, and combat i-----l gold trading.
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Source: New Zimbabwe
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THIS IS BIG:
XRP AND INTERLEDGER PROTOCOL KEY TO SOLVING CURRENT ISSUE OF DISCONNECTED FINANCIAL NETWORKS. | YouTube
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Source: Seeds of Wisdom Team Currency Facts
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Source: Dinar Recaps
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