(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
US SHARE OF WORLD ECONOMY PROJECTED TO REACH HISTORIC LOW
The U.S. share of the global economy has fallen below 15% during President J-------n’s term, according to Sputnik’s analysis of World Bank and International Monetary Fund (IMF) data. Once peaking at over 21% in 1999, the U.S. has seen a steady decline, with China now commanding a larger share at 18.76%. This downward trend has persisted through recent administrations, underscoring shifts in global economic power.
US Global Economic Share Drops Below 15% Under Biden
The U.S. share of the global economy has fallen below 15% during J-------n’s presidency, according to news outlet Sputnik’s analysis of World Bank and International Monetary Fund (IMF) data. By the end of Biden’s term, projections suggest it could reach a historic low of 14.76%.
Back in 1990, the U.S. held a 20.16% share of the global economy based on purchasing power parity (PPP), which peaked at 21.01% in 1999 when its output was $9.6 trillion out of a global $45.85 trillion. Since then, the U.S. portion has seen a gradual decline, with a notable drop from 2006 to 2008, when the share decreased by 0.6% annually.
Although the U.S. saw a brief recovery during B----k O---a’s second term, with the share reaching 16.26% in 2014 and 2015, the momentum was not maintained. By the end of O---a’s presidency, the share had dipped to 16.04%, and it continued to shrink by another 0.7% during Donald Trump’s administration.
By the end of 2023, the U.S. share dropped to 14.82%, down from 15% during Biden’s second year. IMF estimates project a further decline of 0.06% by the end of 2024, bringing the total decrease under Biden to 0.58%, with the share at 14.76%, the news outlet detailed.
In contrast, China’s share of the global economy has grown to 18.76%, while Japan’s share has decreased by 4.33% since 1990.
@ Newshounds News™
Source: Bitcoin News
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RIPPLE SCORES BEST CROSS-BORDER PAYMENT PLATFORM AWARD AS XRP STRUGGLES
▪️Ripple was awarded the “platinum winner” status for the Best Cross-Border Payments Platform at the Fintech & Payments Awards 2024.
▪️The award could increase the demand for XRP despite the price decline in the recent past.
San Francisco-based blockchain company Ripple has clinched the ‘Best Cross-Border Payments Platform—platinum winner’ in the Fintech & Payments Awards 2024.
This recognition comes from Juniper Research, a reputable industry analysis firm that specializes in fintech and new technologies. Despite the recent volatility in the price of its associated cryptocurrency, XRP, Ripple remains a leader in cross-border payments.
This recent accolade is not the first time that Juniper Research has recognized Ripple. In 2023, the firm was rewarded for its efforts in Central Bank Digital Currency (CBDC).
This recent recognition comes in the wake of other recognitions that have placed Ripple strategically positioned to compete with other companies offering cross-border payment solutions.
Award Potentially Boosts XRP Despite Recent Price Dip
In response to the announcement on X, Ripple said that it was honored to be recognized for its work in the fintech and payment industries. It is important to note that Ripple uses blockchain to solve issues typical for cross-border payments, including time and money.
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The award can also positively impact Ripple’s native token XRP as the token is a key part of the company’s payment solution. The general adoption of Ripple technology may create a high demand for XRP, which will, in turn, affect its price.
However, there have been some price fluctuations lately. For instance, XRP went below $0.54 due to legal problems with the SEC, but the company’s technological developments might help the token’s value in the future.
Other winners of the Fintech & Payments Awards include SAP Fioneer for banking as a service and Signicat for digital identity services. These companies, together with Ripple, are part of the new generation of companies that are revolutionizing the way of managing payments, identification, and banking services.
Additionally, in the field of fraud prevention, Visa and Fraud.net were identified as leaders for their work to strengthen security in digital payments.
Ripple Expands its Global Presence
In addition to the Juniper Research award, Ripple has been growing in the Latin American market. Ripple has further cemented its position within the Brazilian market through a new partnership with Mercado Bitcoin, the largest cryptocurrency exchange in Latin America. The partnership seeks to improve cross-border payment services in Brazil with the help of its blockchain technology.
It also enhances the speed and reduction of costs in international transactions for companies that use Brazilian Reais. Mercado Bitcoin is the first Brazilian company to join Ripple Payments.
Besides the shift to Brazil, the company was recently approved by the Dubai Financial Services Authority (DFSA) to operate within the Dubai International Financial Centre (DIFC).
This is a boost for Ripple as it seeks to expand its business within the UAE. The introduction of Ripple Payments Direct (RPD) is designed to offer faster, safer, and legally compliant cross-border transactions to companies in the UAE.
@ Newshounds News™
Source: Crypto News Flash
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ARKHAM INTELLIGENCE PLANS TO LAUNCH A DERIVATIVES EXCHANGE NEXT MONTH: REPORT
Arkham’s new derivatives exchange will attempt to compete with giants such as Binance for retail investors.
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However, it will not be available for customers in the United States.
Arkham Intelligence, the firm behind the blockchain data tracking platform Arkham Intel, intends to launch a crypto derivatives exchange in November, Bloomberg reports citing a person familiar with the matter.
The new derivatives exchange will attempt to compete with giants such as Binance for retail investors, but it will not be available for customers in the United States, Bloomberg adds.
Arkham will also relocate its business and new derivatives exchange to the Dominican Republic from London and New York, and the company is in the process of obtaining the necessary free-trade zone license.
In July, Arkham CEO Miguel Morel said the firm would explore ways to monetize the platform sometime in 2024 but would keep core functions free.
Arkham remains one of the most popular crypto data and research platforms, having amassed nearly 84,000 new X followers between Sept. 30 and Oct. 7, according to The Block’s Data Dashboard.
@ Newshounds News™
Source: The Block
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SOUTH AFRICA’S TAX AGENCY ADDS CRYPTO TO COMPLIANCE PROGRAMS
The South African Revenue Service (S--S) has announced plans to include crypto assets in its tax compliance programs. S--S is seeking information on crypto users and is increasing its efforts to identify and audit non-compliant taxpayers.
The revenue collector urged taxpayers concerned about compliance to participate in the Voluntary Disclosure Program, but those already under audit will be ineligible. S--S has emphasized the consequences of willful tax evasion and stated its commitment to pursuing all non-compliant taxpayers.
S--S Aims to Streamline Crypto Tax Compliance
The South African Revenue Service (S--S) announced plans to include crypto assets in its compliance programs. The revenue collector is seeking information on crypto users from the Financial Sector Conduct Authority (FSCA) and crypto asset service providers.
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S--S stated on October 9 that it felt compelled to take this step after noticing that taxpayers were not declaring crypto assets and trades in tax returns. According to the statement, South African law requires S--S to account for all income and assets, including cryptocurrency.
This understanding is thought to have prompted the revenue collector to initially request voluntary declarations from entities dealing with crypto.
However, in its latest remarks on the issue, S--S stated it is working to simplify compliance for taxpayers and traders. At the same time, the revenue collector emphasized the consequences of willful tax evasion. To achieve this, S--S said it has bolstered its audit teams and resorted to using the latest technologies.
“S--S has resorted to greater use of artificial intelligence, machine learning and algorithms to process our work. In implementing our mandate, S--S has recently issued query letters to taxpayers with crypto assets.
These letters aim to gain insight into taxpayers’ investment in crypto assets and the trades undertaken to enable S--S to assess taxpayers’ compliance in this regard,” said South African revenue collector said.
South Africa Issues Warning to Non-Compliant Crypto Traders
Meanwhile, the revenue collector has encouraged South African taxpayers concerned about compliance to participate in the Voluntary Disclosure Program (VDP). However, S--S warned that taxpayers identified for audit will be ineligible for the VDP.
S--S Commissioner Edward Kieswetter stated that technology has significantly improved the revenue collector’s ability to identify non-compliant taxpayers. He added, “S--S will pursue all without fear, favor, or prejudice.”
@ Newshounds News™
Source: Bitcoin News
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Source: Dinar Recaps
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RIPPLE NEWS: CAN THE SEC STOP XRP ETFS?
Ripple’s Chief Legal Officer, Stuart Alderoty, announced on X that the company has filed a cross-appeal in its legal case against the U.S. Securities and Exchange Commission (SEC).
This action follows the SEC’s appeal last week to the U.S. Court of Appeals, which seeks to overturn parts of District Judge Analisa Torres’ ruling related to XRP.
Legal expert James Murphy aka MetaLawMan recently opened up about the status of the XRP Trust and its implications for the broader cryptocurrency market, especially concerning regulatory challenges posed by the SEC.
In an interview with Thinking Crypto, when asked if the SEC’s appeal might hinder these approvals, James expressed concern that the SEC could use the existing uncertainty as a reason to deny the XRP ETP (Exchange-Traded Product). He said that for an ETF to be approved, the asset must qualify as a commodity, which complicates the situation for XRP.
Uncertainty Surrounding Approvals
James believes that the SEC might feel pressured to deny these products, citing that there is still uncertainty in the market. He suggested that the SEC could drag out the process, possibly prompting further legal challenges similar to past scenarios with Bitcoin.
James pointed out that a change in SEC leadership could lead to a more favorable environment for crypto-related products. He referenced a recent hearing where the commissioners appeared open to Congress updating legislation, contrasting this with SEC Chair Gary Gensler’s evasive responses.
Public Sentiment Towards Gensler
James criticized Gensler’s performance during the hearing, expressing eagerness for a change in leadership. He said that candidates from the Trump camp could potentially replace Gensler, opening the door for more innovation in the crypto space.
Fair Notice and Regulatory Clarity
During the hearing, the concept of “fair notice” was stressed, explaining the need for clear rules in regulatory practices. James stressed that a transparent legal framework is essential for compliance, asserting that the current ambiguity undermines the rule of law.
@ Newshounds News™
Source: CoinPedia
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US GOVERNMENT PAYS $950,000,000,000 IN INTEREST ON NATIONAL DEBT IN JUST ONE YEAR, SAYS CONGRESSIONAL BUDGET OFFICE
The US government just spent nearly $1 trillion to service the interest on its rapidly growing national debt.
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Data from the Congressional Budget Office (CBO) says the government ran an approximately $1.8 trillion budget deficit for the 2024 fiscal year, which ended on September 30th.
The government collected $4.918 trillion in revenue last fiscal year but spent a total of $6.752 trillion.
All in all, outlays for interest on public debt were the second-largest US government expense last fiscal year, just behind the estimated $1.448 trillion allocated to Social Security benefits.
News of the US government’s large budget deficit for the last fiscal year comes as the country’s national debt balloons to $35.693 trillion.
Adam Kobeissi, founder and editor-in-chief of The Kobeissi Letter says the nation’s public debt is significantly outpacing economic growth.
“US public debt has jumped $345 billion over [a three-day period], hitting another record of $35.7 trillion.
Since June 2023, federal debt has surged by a MASSIVE $4 trillion, or 14%. Over the same time period, US GDP is up just $1.5 trillion, or ~6%.
In other words, the national debt has outpaced the economic growth by 2.7 TIMES over the last 16 months. Outside of the pandemic crisis, US federal debt has never grown so rapidly.”
@ Newshounds News™
Source: DailyHodl
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NATIONAL BANK OF BAHRAIN LAUNCHES BITCOIN-LINKED STRUCTURED PRODUCT
The National Bank of Bahrain (NBB) unveiled the Gulf’s first Bitcoin-linked structured product developed in partnership with crypto firm ARP Digital. The investment is only available to accredited investors. Structured products invariably include derivatives and are often customized for investors.
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The Bitcoin-linked structured product will allow some returns from a crypto price rise, but the amount its capped. However, the product claims to offer 100% downside protection.
“We are proud to introduce this bespoke structured investment, which blends the appeal of digital asset exposure with the security of capital protection,” said Hisham AlKurdi, Group Chief Executive – Markets & Client Solutions at NBB. “This product underscores our focus on offering our wealth management clients innovative and secure avenues to diversify their portfolios.”
100% Bitcoin downside protection?
If the 100% downside protection sounds too good to be true, it’s probably not. A collar is a classic options strategy.That would involve holding the underlying Bitcoin, and buying a put option at the current price (quite expensive), which lets you sell if Bitcoin’s price falls.
Additionally, it involves selling a call option at the capped return price. The money earned from selling the call option can be used to offset part or all of the cost of the put option. However, we don’t know the precise structure of this particular product.
While NBB is listed on the local stock exchange, two government linked organizations own 55% – the sovereign wealth fund Bahrain Mumtalakat Holding and the Social Insurance Organization that manages Bahrain government pension funds. ARP Digital was founded by a Goldman Sachs veteran.
@ Newshounds News™
Source: Ledger Insights
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Source: Dinar Recaps
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