(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
CFTC REPORTEDLY MULLING ACCEPTING DIGITAL ASSETS AS TRADING COLLATERAL
The proposal faces multiple steps before approval, but its passage could ultimately be a boon for the digital assets market.
The use of digital assets as trading collateral could be approved by the United States Commodity Futures Trading Commission (CFTC) by the end of the year.
According to a report from Bloomberg, a subcommittee of the Commodity Futures Trading Commission’s Global Markets Advisory Committee recently voted affirmatively to recommend a proposal allowing digital ledger technology-based collateral in commodities and derivatives trading.
In effect, were the proposal to be accepted by the CFTC, traders could settle transactions using digital assets as collateral with the same speed and ease as similar digital ledger and blockchain based transactions.
Brokers would be able to accept blockchain-based tokenized assets, such as BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), via market-embedded systems.
Tokens as collateral
The use of blockchain-based assets as collateral in trading is already fairly common throughout the participating marketplace. However, those participants are limited to large firms such as BlackRock and JP Morgan. The CFTC’s general approval could serve as a catalyst for mainstream adoption.
Advertisement
______________________________________________________
However, it’s unclear at this time what exactly the Global Markets Advisory Committee has recommended or what’s even in the aforementioned proposal. According to Bloomberg, the main committee still has to approve the subcommittee’s recommendation before the proposal can be formally submitted to the CFTC for approval.
There’s no guarantee that the CFTC will approve the proposal or that it will pass without potential restrictions concerning which institutes and blockchains can participate.
As Cointelegraph recently reported, spot Bitcoin exchange-traded funds (ETFs) demonstrated banner performance throughout the month of September.
BlackRock’s Bitcoin ETF in particular outperformed its peers. It saw the highest daily inflow of any fund during the month on Sept. 25, during a five-day inflow streak across all spot Bitcoin ETFs in the United States.
This demonstrates the growing popularity and prospective value of digital assets in the traditional finance markets. It could also serve as a bullish indicator for digital asset adoption overall and play some role in the CFTC’s decision-making process.
@ Newshounds News™
Source: CoinTelegraph
~~~~~~~~~
IMF PRESSURES EL SALVADOR TO OVERHAUL BITCOIN REGULATIONS
According to the International Monetary Fund (IMF), El Salvador has an annual GDP growth rate of 3% and roughly $144 million in outstanding loans.
Advertisement
______________________________________________________
During an Oct. 3 press conference, the International Monetary Fund (IMF) renewed calls pressuring El Salvador to scale back its Bitcoin policies and overhaul its regulatory framework surrounding the digital asset.
Julie Kozack, director of the IMF’s communications department, did not specify the exact details behind the proposed regulatory shift but instead provided this statement:
“What we have recommended is a narrowing of the scope of the Bitcoin Law, strengthening the regulatory framework and oversight of the Bitcoin ecosystem, and limiting public sector exposure to Bitcoin.”
Since El Salvador legalized Bitcoin as a form of legal tender in 2021, the IMF has pressured the Central American country to step away from Bitcoin and embrace traditional financial infrastructure.
In August 2024, the IMF voiced the same demands but admitted that many of the purported risks of Bitcoin adoption “have not yet materialized.”
IMF attitude to Bitcoin and crypto
The IMF has expressed concerns regarding Bitcoin. As some fiat currencies experience devaluation, certain individuals and a few nation-states have begun exploring alternatives, including Bitcoin, which is often viewed as offering a different monetary framework compared to traditional fiat systems.
In 2023, the IMF provided technical consulting to help Andorra record and monitor Bitcoin transactions. Later, in March 2024, it suggested Pakistan institute a capital gains tax on crypto to qualify for a $3 billion loan.
More recently, IMF executives floated the idea of taxing energy used for crypto mining to reduce carbon emissions. This added tax could drive up energy costs for miners by 85%, a potentially devastating blow for an industry already struggling with post-halving economics and increased mining difficulty.
IMF pushes central bank digital currencies
While the IMF continues to oppose Bitcoin and non-state-controlled cryptocurrencies, it is simultaneously pushing for central bank digital currencies (CBDC) globally.
This past September, the IMF released its ”REDI” framework for CBDC development. REDI stands for regulation, education, design, and incentives — geared toward helping central banks make CBDC adoption more palatable to prospective populations.
@ Newshounds News™
Source: CoinTelegraph
Advertisement
______________________________________________________
~~~~~~~~~
The BRICS economic bloc will add around 10 new members during its upcoming summit.
The world continues to change in big ways.
I will be covering this event live in real-time.
@ Newshounds News™
Source: Gold Telegraph X
~~~~~~~~~
️BREAKING NEWS: El Salvador doubles down on Bitcoin, defies IMF concerns
Crypto community members have advised the Central American country’s to reject the IMF recommendations.
El Salvador has doubled down on its Bitcoin moves despite ongoing pressure from the International Monetary Fund (IMF) regarding the country’s use of the digital asset.
On Oct. 4, Juan Carlos Reyes, President of the National Commission on Digital Assets (CNAD), announced that the Central American country’s lawmakers had passed “important amendments to the CNAD law.”
Bitcoin moves
According to him, these changes grant the CNAD authority to regulate Bitcoin companies in the country.
Further, the CNAD will now be the primary regulatory body overseeing the nation’s Bitcoin industry. It will also implement a risk-based regulatory framework to position El Salvador as a global digital asset adoption and regulation leader.
Reyes added:
Advertisement
______________________________________________________
“Our team [will] combine regulatory knowledge with practical Bitcoin experience, ensuring a balanced and effective approach.”
Reyes also mentioned that more information on the proposed regulatory framework will be shared in the coming weeks.
In a parallel development, the National Bitcoin Office (ONBTC) of the Office of the President of El Salvador stated that the country was building new capital markets on the bellwether digital asset.
According to ONBTC:
“Only on bitcoin can an individual ever self-custody their wealth and property. Capital will never form upon chains designed for velocity rather than sovereignty.”
These moves came after the IMF once again expressed concerns about El Salvador’s Bitcoin initiatives.
Julie Kozack, Director of the IMF Communications Department, stated that the country’s stance on Bitcoin remains an ongoing topic of discussion. She said:
“What [IMF] has recommended is a narrowing of the scope of the bitcoin law, strengthening the regulatory framework and oversight of the bitcoin ecosystem, and limiting the public sector exposure to bitcoin.”
Interestingly, this recommendation follows the IMF’s earlier acknowledgment that some risks associated with El Salvador’s Bitcoin involvement have not yet materialized.
Despite the IMF’s caution, many in the crypto community have advised the country to ignore this advice. Mathew Sigel, head of digital assets at VanEck, a-----d the IMF of holding El Salvador “hostage” over its pro-Bitcoin stance despite the nation’s economic and societal progress.
Instead, Sigel encouraged President Nayib Bukele to “stand firm” as his “vision is driving a remarkable transformation.”
@ Newshounds News™
Source: CryptoSlate
Advertisement
______________________________________________________
~~~~~~~~~
Source: Dinar Recaps
=======================================
XRP ADOPTION BY BRICS AND JAPAN CONTINUES, SEC APPEAL FAILS TO DETER
▪️PDespite the SEC lawsuit, the BRICS nations and Japan have continued to show interest in XRP.
▪️PThe coin has recovered from the losses triggered by the Appeal filed earlier this week.
Despite the uncertainty in the Ripple ecosystem, the XRP coin is gaining traction from prominent stakeholders and organizations. Earlier this week, the US Securities and Exchange Commission (SEC) filed an appeal in its Ripple lawsuit, potentially extending the legal battle it initiated in 2020.
As CNF mentioned earlier, the regulator’s move quickly reverberated across the community, resulting in price drops for XRP. Despite this shift, XRP is still attractive to users.
BRICS and Japan Pushes for XRP Adoption
Amid these challenges, the BRICS Alliance, an intergovernmental organization, and Japan continue to push for XRP adoption. In an X post, renowned analyst Crypto Tank said the SEC’s appeal filing had not deterred the BRICS and Japan from embracing XRP.
“SEC appeal won’t matter. BRICS and Japan are still adopting XRP, and they don’t care about the lawsuit one bit,” says Crypto Tank. The analyst’s comments reinforced opinions that XRP is crucial to the emerging financial system.
SEC appeal won’t matter. BRICS and Japan are still adopting XRP and they don’t care about the lawsuit one bit. Brad has even stated this before. XRP is the Heart of the New Financial System no matter what. Don’t get FUDded out…
— CryptoTank (@Tank2033js) October 2, 2024
He further highlighted a previous statement from Ripple’s CEO Brad Garlinghouse, describing XRP as the heart of the new financial system. Indeed, XRP’s characteristics as a bridge asset make it a popular choice amongst businesses and financial institutions.
Advertisement
______________________________________________________
Unlike other traditional payment networks, XRP is easily accessible, cheap, and has low to zero friction. These characteristics make the coin a more viable option for the BRICS alliance, which was created by countries seeking freedom from the US Dollar.
The BRICS nations initially comprise Brazil, Russia, India, China, and South Africa. In 2024, five new nations, including Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates, joined the alliance. The alliance has promoted the use of local currency, thus reducing reliance on the US dollar.
Developing countries view this initiative as beneficial to their financial systems. Recently, the BRICS announced the development of its blockchain-based payment system. In a previous CNF article, Russian President V------------n says the system will enable BRICS nations to conduct international trade without interference from the Western financial systems.
Intriguingly, XRP adoption is also spreading across Japan. As revealed in a previous report by CNF, 80% of Japanese banks use Ripple for blockchain payments. This highlights the growing prominence of Ripple and XRP in the traditional financial sector.
Legal Battle Surrounding XRP
The SEC recently filed a notice of appeal against Judge Analisa Torres’s July 2023 ruling in the Ripple lawsuit. The ruling stated at the time that XRP sales to retail investors do not constitute securities transactions, giving Ripple a partial victory.
However, the court ruled recently that Ripple should pay a $125 million fine for violating securities laws through institutional sales. This amount is far less than the $2 billion the SEC had initially requested from Ripple.
With the appeal, most experts and community members expect the SEC to challenge XRP’s security classification when traded on exchanges. Notably, the regulator once filed an interlocutory appeal, which the court denied. Many community members hope the regulator will encounter a similar outcome this time.
@ Newshounds News™
Source: Crypto News Flash
~~~~~~~~~
WILL SWIFT NETWORK’S UPCOMING TRIALS BOOST CRYPTO ADOPTION?
Here’s a look at banking network SWIFT’s upcoming trials for digital asset and currency transactions.
▪️SWIFT will conduct live trials for digital asset transactions in 2025, enhancing global finance.
The initiative aims to integrate various currency platforms for seamless cross-border transactions.
▪️The year 2024 has witnessed a surge in cryptocurrency adoption, largely driven by the launch and expansion of the ETF market.
In light of this trend, SWIFT, the global bank messaging network based in Belgium, is set to launch live trials of digital asset and currency transactions.
Advertisement
______________________________________________________
What benefits will SWIFT’s live trails offer?
This initiative will involve banks in North America, Europe, and Asia, connecting over 11,500 financial institutions worldwide.
Although SWIFT itself does not manage funds, its network facilitates secure communications and transactions among banks. This allows for the exchange of various financial messages.
Scheduled for 2025, these trials will mark a significant step in demonstrating how SWIFT can support the transfer of both digital and traditional assets across over four billion accounts globally.
This would showcase an advanced version of its infrastructure designed for real-world applications.
Remarking on the same, Swift Chief Innovation Officer Tom Zschach said,
“As new forms of value emerge, our intention is to continue offering our community the ability to seamlessly make and track transactions of all kinds of assets — using the same secure and resilient infrastructure that is integral to their operations today.”
For those unaware, the upcoming live trials will utilize SWIFT’s extensive global network to integrate various digital and traditional currency platforms seamlessly.
What’s more to it?
The trials will showcase how financial institutions can interchangeably transact across existing and emerging asset types.
This demonstration highlights the potential for banks to leverage their current SWIFT connections, thereby enhancing efficiency and accessibility in global finance.
Providing further insights on the matter, the firm added,
Advertisement
______________________________________________________
“Global financial institutions will have the ability to use Swift’s global platform to conduct pilot transactions for the settlement of digital assets and currencies.”
Additionally, SWIFT will transition from experimental trials to real-world applications of digital asset and currency transactions, beginning in 2025.
This initiative allows global financial institutions to utilize SWIFT’s infrastructure for seamless transactions across traditional and digital assets.
By enabling interoperability among currencies and networks, SWIFT seeks to simplify and secure cross-border financial exchanges.
This advancement reinforces SWIFT’s commitment to evolving in digital finance and positions it as a key facilitator of modern transactions.
Will CBDCs play a role?
That being said, SWIFT, which plays a crucial role in global banking, has been engaged in trials of both CBDCs and tokenized assets.
In March, the firm said that it would launch a new platform to connect CBDCs currently in development to the existing financial system.
As of the latest update, the SWIFT initiative involves different types of digital assets in combination across different platforms.
Therefore, Nick Kerigan, SWIFT’s head of innovation, put it best when he said,
“To successfully trade and settle a tokenised bond transaction, you need the cash and that’s where a tokenised deposit or wholesale CBDC comes in. It’s not good enough if you just have delivery or just payment, you need both.”
@ Newshounds News™
Source: AMB Crypto
~~~~~~~~~
US CONGRESS WILL BE KEY IN DEFINING CRYPTO REGULATIONS POST-2024 E------N, EXPERT SAYS
With the 2024 presidential e------n just around the corner, crypto has gained significant momentum as a key issue in the race to the White House, especially with candidates Vice President Kamala Harris and former President Donald Trump expressing support for the digital asset industry.
However, law experts assert that it is not the US President who will ultimately determine the future of digital assets in the United States, but Congress.
Focus On Congressional Action As The Key
A recent report by Dr Tonya Evans, a professor at Penn State Dickinson Law, highlights that Vice President Harris has moved away from President Biden’s previously antagonistic approach to cryptocurrencies, largely driven by the Securities and Exchange Commission (SEC) and other regulators.
As reported by Bitcoinist, Harris now emphasizes a pro-innovation narrative, suggesting that blockchain and digital assets are crucial components of her vision for an “Opportunity Economy” to empower middle-class families and small businesses.
On the other hand, Trump has made headlines by promising to transform the US into the “crypto capital of the planet” and pledging to remove SEC Chair Gary Gensler from his position on his first day in office.
Despite these eye-catching promises, Evans believes that the President’s ability to enact meaningful change in the crypto landscape is limited.
Evans notes that the Congress, as the legislative branch of government, wields the real power to shape the regulatory framework governing digital assets. Under Article II of the Constitution, the President cannot unilaterally create laws or alter regulations.
Instead, the President’s role is primarily to enforce the laws that Congress passes and oversee regulatory agencies like the SEC and the Commodity Futures Trading Commission (CFTC).
Evans further explains that Congress must take decisive legislative action for sustainable progress in the digital asset industry. Yet, she has noted that many observers and advocates for cryptocurrency often focus their attention on presidential races, neglecting Congress’s vital role in regulation.
Bipartisan Support For Crypto Grows In Congress
Despite what has been seen as a lack of congressional action in recent years, Evans is championing a notable advancement in the legislative landscape with the passage of the Financial Innovation and Technology for the 21st Century Act (FIT21), which incorporates Rep. Tom Emmer’s Securities Clarity Act.
This law aims to provide much-needed clarity in the digital asset space by distinguishing between an asset and the securities contract to which it may be linked, which would be key in potential future cases such as one of the most notorious between blockchain payments company Ripple and the SEC.
In addition, support for crypto innovation is gaining traction in Congress. Figures like Rep. Maxine Waters (D-CA), once a critic of cryptocurrencies, now recognize the importance of engaging with emerging technologies.
At a recent town hall event, pro-crypto lawmakers urged Harris to adopt a more favorable stance toward digital assets. At the same time, Senate Majority Leader Chuck Schumer (D-NY) expressed optimism about passing bipartisan legislation.
Moreover, the StandWithCrypto.com database indicates that over 50 D--------c lawmakers, including prominent figures like Rep. Ro Khanna (D-CA), is now supportive of pro-crypto legislation.
Unlike the executive branch, the law professor said, Congress has the power to create tailored laws to meet the needs of the crypto industry. Evans concluded, “Now is the time to focus where the real power lies – on Congress.
@ Newshounds News™
Source: Bitcoinist
~~~~~~~~~
El Salvador doubles down on Bitcoin, defies IMF concerns | YouTube
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
~~~~~~~~~
Source: Dinar Recaps
______________________________________________________
If you wish to contact the author of a post, you can send us an email at voyagesoflight@gmail.com and we’ll forward your request to the author (if available). If you have any questions about a post or the website, you may also forward your questions and concerns to the same email address.
______________________________________________________
All articles, videos, and images posted on Dinar Chronicles were submitted by readers and/or handpicked by the site itself for informational and/or entertainment purposes.
Dinar Chronicles is not a registered investment adviser, broker dealer, banker or currency dealer and as such, no information on the website should be construed as investment advice. We do not support, represent or guarantee the completeness, truthfulness, accuracy, or reliability of any content or communications posted on this site. Information posted on this site may or may not be fictitious. We do not intend to and are not providing financial, legal, tax, political or any other advice to readers of this website.
Copyright © Dinar Chronicles
