Thurs. AM-PM Seeds of Wisdom Crypto Update(s) 9-26-24

(Note: If you’re looking for more news regarding cryptocurrency, please visit our website Bitcoin Commando. All crypto news will be posted there. ~ Dinar Chronicles)

Seeds of Wisdom

RIPPLE VS. SEC: HOW THE COURT RULING SETS THE STAGE FOR RLUSD STABLECOIN LAUNCH!

Ripple’s Big Plans in “Uptober”!
Despite the rumors of SEC’s reappeal on XRP status, Ripple is poised for exciting developments next month. Monica Long, Ripple’s president, shared insights into the company’s plans, including:

▪️the upcoming RLUSD stablecoin launch
▪️enhancements to the XRP Ledger (XRPL)
▪️focus on global expansion.

SEC Case Resolved: A New Dawn for Ripple

The court ruling that XRP is not a security has provided Ripple with the clarity it desperately needed. Long noted that this victory benefits Ripple and sets a precedent for the entire crypto industry. Although the SEC might consider an appeal by October 7, however, Ripple remains optimistic about its strong position.

Ripple’s Imminent Launch to Pump the Network

Ripple is set to launch its RLUSD stablecoin by the end of 2024, pending regulatory approval. Backed by U.S. dollars and short-term Treasury bills, RLUSD aims to facilitate transactions for institutional investors without disrupting XRP’s market share. Given its favorable regulatory climate, Garlinghouse views Japan as an ideal market for RLUSD. The stablecoin is beta testing on the XRPL and Ethereum networks.

Beyond the stablecoin, Ripple plans to enhance the XRP Ledger.

Long hinted at introducing “Hooks” to bring smart contract capabilities, complementing existing features like decentralized exchanges (DEX) and automated market makers (AMM). These upgrades aim to make XRPL even more competitive in the enterprise-grade blockchain space.

According to the notable XRPL validator Vet, Ripple’s RLUSD stablecoin launch is nearing. Unusual minting activity, including the recent minting of 5,515 RLUSD tokens on Ethereum, has drawn attention; this raised the total circulating supply to 6,028 tokens and suggests an intensified testing phase. This latest issuance marks the largest since the project began in late August and aims to assess RLUSD’s performance across both the Ethereum and XRPL networks.

Meanwhile, the XRP community is buzzing with speculation about how RLUSD’s debut might affect XRP’s price. Some believe that if RLUSD equals the value of one XRP, it could lead to a significant price increase for XRP, currently valued at $0.5854, well below its previous $1 peak in November 2021.

Global Expansion: Shifting Focus to Asia

While regulatory challenges persist in the U.S., Ripple’s growth is accelerating in Asia, with 40% of its activities now based in the region. Moreover, both Garlinghouse and Long have noted the long-term partnership with Japan’s SBI Group as a crucial driver of XRP adoption, positioning Ripple as a significant player in the future of decentralized finance.

As Ripple embarks on this new chapter, it is set to innovate, expand globally, and redefine the roles of both XRP and the broader blockchain ecosystem.

@ Newshounds News™

Source: Coinpedia

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Visa Introduces Tokenized Asset Platform for Blockchain-Based Financial Services

Visa has launched the Visa Tokenized Asset Platform (VTAP), a new product designed to help banks issue fiat-backed tokens on the Ethereum blockchain.

This platform aims to digitize and automate the trading of real-world assets, such as commodities and bonds, using smart contracts. VTAP provides financial institutions with the tools and infrastructure needed to tokenize fiat currencies, enhancing transaction speed and security. One of the first banks to use this platform will be Spain’s BBVA, which plans to roll out a live pilot in 2025.

@ Newshounds News™

Source: Bitcoin News

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PayPal Expands Crypto Services: US Merchants Can Now Buy, Sell, and Hold Bitcoin

PayPal announced that it is now letting US merchants buy, sell and hold Bitcoin and cryptocurrencies directly from PayPal business accounts.

PayPal announced that it is now letting US merchants buy, sell and hold Bitcoin and cryptocurrencies directly from their PayPal business accounts. The new capabilities, however, will not be available for users in New York, the company said.

As demand for expanded cryptocurrency capabilities is on the rise, PayPal decides to bring up new offerings.

Jose Fernandez da Ponte, Senior Vice President of Blockchain at PayPal, said that since the company rolled out features allowing users to buy and sell cryptocurrencies within their existing PayPal and Venmo accounts, it has the opportunity to observe and analyze user behavior.

PayPal Opens The Door For Crypto Business

The new feature was a result of the insights PayPal has got. It aims to address the growing demand among business owners for cryptocurrency functionalities, according to da Ponte. PayPal expects the feature to help businesses interact with cryptocurrencies with ease.

“Business owners have increasingly expressed a desire for the same cryptocurrency capabilities available to consumers. We’re excited to meet that demand by delivering this new offering, empowering them to engage with digital currencies effortlessly,” da Ponte stated.

Alongside the offering, PayPal also enables businesses to transfer their cryptocurrencies to “third-party eligible wallets.” This allows them to send and get tokens to and from external blockchain addresses like cold storage wallets, which could help enhance security.

@ Newshounds News™

Read more: Blockonomi

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Source: Dinar Recaps

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MOROCCO TURNS TO AI, BLOCKCHAIN TO ACHIEVE ‘DIGITAL HUB’ GOAL BY 2030

The Digital Morocco 2030 was announced on Sept. 25 and launched with a $1.1 billion budget.

Morocco is betting on artificial intelligence (AI) and blockchain technologies to transform the country into a global digital hub as part of its ambitious Digital Morocco 2030 strategy.

The initiative was announced on Sept. 25 and launched with a $1.1 billion budget. It aims to integrate advanced technologies to boost public services, drive economic growth, and create 240,000 new jobs in the digital sector by 2030.

In addition to reforming government services, the strategy aims to support the development of new AI-driven startups and blockchain-based platforms, which will play a key role in Morocco’s goal of becoming a major player in the global digital economy.

AI and Blockchain

The strategy places AI and distributed ledger technology (DLT) at the core of public service digitization, streamlining government operations and improving transparency.

A key component, the Unified Administrative Services Portal, will utilize the blockchain to securely manage services such as healthcare, education, and social protection, while AI systems will enhance service delivery by analyzing and processing data in real-time.

Minister of Digital Transition Ghita Mezzour emphasized that the strategy seeks to boost the digital economy while fully embracing digital technologies, including AI and DLT.

The Moroccan government aims to improve its ranking in the United Nations Online Services Index, moving from 100th to 50th place globally.

The Digital Morocco 2030 strategy also targets an increase in digital export revenues to 40 billion dirhams ($4.15 billion) and an overall contribution of 100 billion dirhams ($10.36 billion) to the country’s gross domestic product.

Additionally, the government plans to enhance 5G coverage to 70% of the country’s territory and create 3,000 startups.

Attracting global tech

Morocco seeks to attract global tech companies specializing in AI and blockchain, inviting them to establish operations and contribute to the country’s growing tech ecosystem.

The Moroccan Agency for Digital Development (ADD) will support the digitalization of public administrations and standardize administrative procedures through a unified digital portal.

The Digital Morocco 2030 plan also focuses on fostering innovation within the country by supporting startups that are developing AI and blockchain-based platforms.

The government is creating a supportive legal framework to accelerate the growth of these startups and enable them to expand globally.

By nurturing a dynamic tech ecosystem, Morocco hopes to generate hundreds of thousands of jobs while positioning itself as a competitive force in the AI and blockchain sectors on the international stage.

@ Newshounds News™

Source: Crypto Slate

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NYDFS SUPPORTS FEDERAL CRYPTO REGULATIONS AND MAINTAINS STATE ROLE 

• NYDFS expresses support for federal crypto regulations while ensuring states retain their roles.
• Adrienne Harris emphasizes the importance of both federal and state involvement in regulation.
• Many companies relocate due to regulatory uncertainty, while some choose to remain in the U.S. 

The New York Department of Financial Services (NYDFS) has expressed no concerns regarding federal cryptocurrency regulations. However, the office also believes that each state will retain its current role in overseeing digital assets.

Balancing Federal and State Authorities

Adrienne Harris, the New York State Financial Services Superintendent, spoke at the Digital Asset Compliance and Market Integrity Summit held in Manhattan on Wednesday. During the event, she defended federal cryptocurrency legislation while addressing the role of the states.

In her address, Harris stated that her office is ready to work with federal authorities, but insisted that states must also play a role to be more effective. She noted that states can move faster in regulating digital assets, which counters the perception that state oversight undermines regulatory standards. Harris remarked:

“Passing bills and drafting regulations is indeed important, but it is still essential for states to have a role.”

Continuing to discuss the role of states in crypto regulation, the Superintendent highlighted that NYDFS possesses one of the strongest digital asset regulatory frameworks globally. Harris expressed optimism that federal cryptocurrency legislation will soon be made public and confirmed that NYDFS has been in discussions with the U.S. House of Representatives and Senate.

With a team of 60 full-time staff, NYDFS’s crypto division has become one of the largest regulatory bodies for cryptocurrency in the world.

Cryptocurrency Regulations

Congress, the SEC, NYDFS, the Treasury, and the Fed all advocate for a regulated presence of cryptocurrencies in the U.S. 

However, we have seen that tangible steps have not been taken to the desired level for years. 

Cryptocurrency companies in the U.S. are being directed down a straight line with their eyes blindfolded, yet they can neither see nor find a straight line.

Due to the lack of necessary regulatory guidance, many companies have relocated their headquarters to countries like the UAE, Qatar, and Singapore. 

However, giants like Coinbase and Ripple announced their intention to stay and continue fighting in America. If Trump is elected, it could be a significant win for cryptocurrencies, likely leading to tangible crypto laws. However, Harris also promised to focus on regulations in a scenario where she wins the e-------s.

@ Newshounds News™

Source: CoinTurk

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XRPL’S XAMAN WALLET 3.0 LAUNCHES: REVENUE SHARING AND DEVELOPER PERKS UNVEILED 

• Xaman Wallet’s version 3.0 introduces a revenue-sharing program to support developers and enhance the XRPL ecosystem.
• The new update offers a threshold-based model, universal transaction signing, and enhanced accessibility for developers and users.

The XRPL-based wallet, Xaman Wallet, has released version 3.0, which marks a huge step forward by introducing a monetization model that splits money with dApp developers.

This version includes various enhancements to improve the user experience, including a new xApp page, NFT offer previews, more detailed transaction insights, and more smooth interactions with AMM pools.

Xaman Upgrade: User-Centric Design and Developer Revenue Sharing 

The new design not only provides a cleaner, more user-friendly interface, but it also makes browsing the wallet’s functionalities much simpler.

The most notable feature of this upgrade is the threshold-based paradigm, which allows low-transaction accounts to continue using the wallet for free while high-transaction accounts may need to subscribe to additional features.

This update demonstrates Xaman’s dedication to giving value to its consumers while also guaranteeing that frequent users have access to even more advanced features.

Looking ahead, Xaman has announced intentions to launch a revenue-sharing program for developers of popular tools and xApps within its ecosystem in early 2025.

Although the finer details are still being worked out, Xaman hopes to create an atmosphere in which user contributions not only fuel the platform’s growth but also benefit the community.

This program aims to build a more integrated and thriving community by allowing creators of popular xApps to earn monthly payouts.

For example, a developer who produces a highly engaging xApp will be compensated on a regular basis, encouraging innovation and the creation of useful tools inside the Xaman ecosystem.

By sharing money with developers, Xaman is actively aiming to create a collaborative atmosphere in which all participants profit from each other’s success.

Xaman version 3.0 also includes the Universal Transaction Signing tool. This tool allows developers to connect to any network while enabling a variety of amendments, making it easier to sign transactions and experiment with new transaction kinds.

This innovation is especially useful for developers wishing to experiment with new transaction models because it eliminates the difficulties associated with signing transactions across several networks.

Previously, CNF reported that Xaman Wallet had connected with C14, allowing for smooth fiat-to-crypto transfers and giving users access to the Xahau and XRPL tokens. C14’s integration greatly improves global accessibility by allowing crypto purchases in more than 50 countries. 

@ Newshounds News™

Source: Crypto News Flash  

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PROOF RIPPLE WORKS WITH THE FED What It Means For XRP HOLDERS | YouTube

@ Newshounds News™

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ERIC ADAMS DID SOMETHING BAD… | YouTube

NYC Mayor Eric Adams is facing charges and his aides are resigning. by The Economic Ninja

@ Newshounds News™

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BREAKING NEWS: IRAQ’S ECONOMY LATEST UPDATE – MUST WATCH! | YouTube

@ Newshounds News™

Source: Seeds of Wisdom Team Currency Facts  

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Source: Dinar Recaps

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