(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
STABLECOINS CAN BENEFIT FINANCIAL SYSTEM, FED GOVERNOR SAYS
The United States national debt has crossed $35 trillion, with $500 billion added to the government debt in the last two weeks alone.
On Oct. 18, Federal Reserve Bank Governor Christopher Waller told an audience at the Institute of Advanced Studies that well-regulated stablecoins could benefit the current financial system.
“Stablecoins can reduce the need for payment intermediaries and thereby reduce costs of payments globally,” Waller stated, but immediately qualified his remarks by saying that stablecoin “safety is not assured.” The Fed official explained:
“If appropriate guardrails can be erected to minimize run risk and mitigate other risks, such as their potential use in illicit finance, then stablecoins may have benefits in payments and by serving as a safe asset on a variety of new trading platforms.”
Waller also argued that decentralized finance can achieve a symbiotic relationship with traditional finance instead of supplanting it altogether. This viewpoint has been previously pitched by some US lawmakers, who argue that decentralized finance and dollar-denominated stablecoins can extend dollar dominance by decades.
Stablecoins as a way to extend US dollar hegemony
On June 14, an article was published in The Wall Street Journal, written by former United States Speaker of the House Paul Ryan, making a case for how stablecoins could mitigate the looming debt crisis.
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Ryan pointed out that stablecoins create demand for US Treasurys and US dollars, which will keep the dollar competitive against the Chinese yuan and preserve its current status as the global reserve currency.
More recently, in October, US Senator Bill Hagerty introduced the Clarity for Payment Stablecoins Act building upon Representative Patrick McHenry’s 2023 stablecoin bill.
The most notable changes to the bill were provisions to regulate stablecoins at the state level and removing a clause in the 2023 version of the bill that identified stablecoins as securities.
Despite these efforts, a recent report from Chainalysis revealed that the US is lagging in stablecoin adoption. According to Chainalysis, the market share of stablecoin transactions on US-regulated exchanges dropped below 40% in 2024. Comparatively, the share of stablecoin transactions via offshore exchanges rose to 60% this year.
@ Newshounds News™
Source: CoinTelegraph
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BRICS SAUDI ARABIA: OFFICIAL ANNOUNCEMENT ON MEMBERSHIP
Despite accepting an invitation to join the alliance in 2023, the BRICS bloc has yet to fully welcome Saudi Arabia into the alliance.
That could be set to change at the BRICS 2024 Summit, according to an official announcement. Specifically, Russian Spokesperson Dmitry Peskov noted Riyadh’s participation within the alliance will be made clear after the upcoming event.
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The ongoing saga has seen different responses from both sides throughout the year. Saudi Arabia has continuously said that it is carefully observing the risks and benefits of joining the bloc. However, the alliance has continued to affirm that the country is the 10th member of the growing collective. That distinction is likely to be verified after the event takes place.
BRICS & Saudi Arabia to Clarify Position After 2024 Summit
Last year, the BRICS bloc announced its first expansion effort since 2001. Indeed, the bloc had announced that five nations had accepted invitations to join the bloc. Specifically, these countries included the United Arab Emirates (UAE), Egypt, Iran, Ethiopia, and Saudi Arabia.
However, one of those nations had not officially accepted the invitation. Saudi Arabia clarified that it had yet to join the bloc and was still considering the strategic benefits of joining the group. A year later, the situation is yet to be resolved. However, it does appear as though an answer is coming.
According to a Russian spokesperson, the BRICS group will clarify Saudi Arabia’s membership within the alliance after the 2024 Summit. The event, taking place next week in Kazan, is the biggest of the calendar year for the alliance. With questions surrounding Saudi Arabia’s attendance, the questions of its membership began to resurface.
“The summit will be held very soon,” Dmitry Peskov told Russian state media. “We will inform you additionally who will represent Saudi Arabia or if it will be represented at the summit at all. Based on this, we will make conclusions.”
In 2023, Saudi Arabia’s position in the bloc was considered a game changer. The oil and gas powerhouse would’ve brought forth unprecedented geopolitical benefits to the group. Yet, it also would have only magnified tensions with the West. These relationships are likely the basis for the country’s reluctance to join the Global South’s opposition. Yet, the answers to its membership question should be obvious after the summit concludes.
@ Newshounds News™
Source: Watcher Guru
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GOLD DEBT CLOCK WOW WOW WOW SOWT | YouTube
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@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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Source: Dinar Recaps
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INDONESIAN REGULATORS EXTEND LICENSE APPLICATION DEADLINE FOR CRYPTO EXCHANGES
The Indonesian Commodity Futures Trading Regulatory Agency has extended the deadline for crypto exchanges to meet the necessary requirements to get their Physical Crypto Asset Traders license as part of a revised government bill.
In an Oct. 20 press release, the Indonesian Commodity Futures Trading Regulatory Agency — known locally as Bappebti — announced that the deadline for crypto exchanges to meet the requirements needed for a Physical Crypto Asset Traders license.
Crypto exchanges have until the last week of Nov. 2024 to fulfill the registration requirements. The regulatory agency clarified that the extension only applies to crypto exchanges that are already listed under Prospective Crypto Asset Physical Traders.
The extension is part of the newly revised government bill, Bappebti Regulation Number 9 of 2024.
The new bill requires crypto exchanges to sign a partnership deal with a local government body and implement Know Your Transaction standards as well as grants trading opportunities for institutional entities.
Oscar Darmawan, CEO of major Indonesian crypto exchange INDODAX, expressed his gratitude to Bappebti for giving crypto exchanges more time to adjust to the regulations set by the government.
“This will also help strengthen the crypto industry as a whole by ensuring that every crypto exchange complies with the standards that have been set,” Oscar said in his statement to local media outlets on Oct. 20.
He explained that INDODAX is currently going through the validation process and is awaiting approval from Bappebti in order to get the license. Darmawan also assured that the exchange company will comply to the latest regulations.
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Head of the Bureau of Legislation and Enforcement at Bappebti, Aldison stated that Regulation Number 9 2024 will act as a roadmap to regulating the crypto ecosystem in Indonesia. Among the changes made, Aldison highlighted how it accommodates institutions looking to trade in digital assets. Previously, only individual entities were mentioned in the bill.
“Legal entities and business entities can also become digital asset traders,” added Aldison.
He explained that licensed crypto exchanges are still required to sign a partnership agreement with the Indonesian Directorate General of Population and Civil Registration of the Ministry of Home Affairs, as per the new regulations.
In addition, crypto exchanges are obligated to list on the National Crypto Asset Futures Exchange and become a member of the Crypto Asset Clearing House. If not, they risk having their applications for the license revoked.
In an Oct. 18 press release about the new regulations, Bappebti aims to build a modern, adaptable and transparent crypto ecosystem.
“Bappebti will adjust existing regulations in accordance with the Commodity Futures Trading Law. The crypto industry is very fast and dynamic, so it requires an ecosystem that is strong and able to meet market needs,” said Ir. Kasan, Head of Bappebti.
@ Newshounds News™
Source: Crypto News
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GOLD SURGES TO RECORD HIGH AMID SAFE-HAVEN DEMAND
Gold prices surged to a new record high of $2,729.30 per ounce on October 21, bringing their gains for 2024 to over 30%. The commodity’s latest increase is attributed to increased safe-haven demand amid escalating tensions in the Middle East and the closely contested U.S. e------n.
This sentiment also fueled a rise in silver prices, which reached their highest level since 2012.
Rising geopolitical risks and the anticipation of U.S. interest rate cuts have boosted gold prices, making it a sought-after asset for investors. Vivek Dhar, an analyst at the Commonwealth Bank of Australia, predicts gold futures will rise to an average of $3,000 per ounce by the fourth quarter of 2025.
@ Newshounds News™
Source: Bitcoin News
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GOLD PRICE MEANS NOTHING COMPARED TO SILVER PRICE AT SPOT TODAY! – The Economic Ninja | YouTube
@ Newshounds News™
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WHY IS GOLD ON THE RISE? WHAT ABOUT OTHER METALS? | YouTube
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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Source: Dinar Recaps
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