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Seeds of Wisdom
11 COUNTRIES MIGHT JOIN BRICS IN 2024 AS ‘ASSOCIATED PARTNERS’
BRICS turned from the de-facto five-member alliance to a nine-member bloc after the expansion in 2023. It could have been an 11-member grouping if Saudi Arabia and Argentina had accepted the invitation last year. The 16th summit is being held in the Kazan region of Russia and all the nine countries will decide the future of the grouping.
Topics about de-dollarization, new trade deals, usage of local currencies for cross-border transactions, and BRICS expansion will be decided at the 2024 summit.
Expansion will be the most talked about topic at the summit as nearly 47 countries have applied to join BRICS. While 25 countries have formally submitted their applications, 22 other nations have informally expressed to join the bloc.
BRICS Expansion: 11 Countries To Be Inducted in 2024 Summit?
A recent report indicates that BRICS could turn from a nine-country alliance to a 20-member bloc after the 2024 summit. The expansion could add 11 countries to the grouping but they will have fewer rights than the existing nine members.
A senior official said on the condition of anonymity that the 11 countries will have enough opportunities to contribute but will not have decision-making powers.
They will be a part of BRICS but will not have a consensus approach to write trade policies and de-dollarization efforts. They will most likely remain ‘associate partners’ which is a first-of-its-kind in the alliance’s history.
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The 2024 BRICS expansion remains a mystery as 47 countries are ready to join the group. Selecting 11 out of the 47 applications will be a herculean task as what they bring to the table matters. Therefore, the 16th summit’s expansion will be important and it will decide the future of the BRICS alliance.
@ Newshounds News™
Source: Watcher Guru
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RIPPLE VS. SEC UPDATE: KEY INSIGHTS FROM LEGAL EXPERTS ON APPEAL COURT NOTICE
▪️Ripple’s executive has 14 days to file the required acknowledgment and Notice of Appearance in the case against the US Securities and Exchange Commission.
▪️According to former securities lawyer Marc Fagel, there is no evidence to prove that the SEC did not file its Form C earlier than the deadline.
Crypto News Flash (CNF) recently reported that the US Securities and Exchange Commission (SEC) has submitted its Civil Appeal Pre-Argument Statement (Form C) to the Second Circuit Court of Appeals.
Fascinatingly, the counsel for the defending party (Ripple Labs), technically referred to as the appellee’s counsel, has failed to submit the required acknowledgment and Notice of Appearance by the due date (October 18, 2024).
BREAKING: NEW RIPPLE VS. SEC FILING FROM TODAY: The court has not received the acknowledgment and notice of appearance on the due date October 18, 2024!
Remember: If they do not comply with these requirements within 14 days their appeal will be dismissed!“ #XRP pic.twitter.com— 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) October 22, 2024
Details Shared by Insiders
According to a document shared by crypto influencer Amelie, the defendant has been given 14 days from the notice date to comply with this requirement. Failure to do so would subject the hearing of its o--l argument to the court’s discretion.
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Explaining the contents of this document, retired securities lawyer Marc Fagel clarified that this letter was addressed to Ripple executive Chris Larsen who has not yet filed his appearance in the case. Before his explanation, a section of the XRP enthusiasts alleged that the document was directed to the SEC for its supposed late filing.
To dispel this, Fagel clarified that the US regulator prepared its Form C on the morning of October 16 (the due date) but docketed it the following day.
According to him, there is no available evidence that suggests that the Form C was not filed earlier. Confirming our October 17 publication, no evidence of filing was found on October 16. According to a CCN report, an ex-SEC official even admitted that the Commission missed out on the deadline.
The official NOA date is Oct. 2. So the deadline was Oct. 16. The only hope the SEC has is for the court to consider Columbus Day a national public holiday. I don’t think that’s the case.
Contesting the argument of Fagel, an X user identified as Vincent Wong pointed out that preparing the Form C document on the morning of the deadline day does not mean it was filed.
It is like saying I prepared for the test. That doesn’t mean I took the test. Lack of evidence also doesn’t mean that it was filed earlier.
Legal Expert Calls Ripple Out
Commenting on the latest court document, legal expert Fred Rispoli pointed out that Ripple appears to be at fault for failing to file a form on time. According to him, this is not a big deal. However, it is quite worrying since it pays a collective amount of $8000 per hour to the legal team.
Amid this development, XRP has lost 1.49% of its value in the last 24 hours to trade at $0.52. On top of that, its 24-hour trading volume has recorded a decline of 16%, with $1 billion changing hands at press time.
Meanwhile, Bitget chief analyst Ryan Lee believes that the asset would hover within the range of $0.50 and $0.80 by the end of the year.
XRP’s price is likely to fluctuate between $0.50 and $0.80 by the end of the year, though this projection is highly contingent on regulatory developments and shifts in sentiment, particularly within the U.S. market…This hesitation could translate into short-term price volatility for XRP, as the market waits for more concrete results.
@ Newshounds News™
Source: Crypto News Flash, Twitter
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WHAT YOU NEED TO KNOW ABOUT THE NEW FINANCIAL SYSTEM | YOUTUBE
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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Source: Dinar Recaps
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BRICS NEWS: IRANIAN AMBASSADOR URGES BRICS TO DEVELOP A BANKING SYSTEM FREE FROM WESTERN STANDARDS
▪️At BRICS, the Iranian Ambassador to Russia, Kazem Jalali, criticized existing Western financial standards for disproportionately benefiting Western nations while harming developing countries.
▪️As the BRICS nations convene in Kazan from October 22 to 24, discussions will focus on enhancing cooperation and financial independence.
Ahead of the 16th BRICS Summit, Iranian Ambassador to Russia, Kazem Jalali, has called on BRICS member nations to build a financial and banking system free from Western influence.
Speaking on October 22 in Dubai, Jalali highlighted the need for the BRICS bloc to create its own systems and regulations. He believes this will offer fairer opportunities for countries in the Global South.
Iranian Ambassador On BRICS Payment
Jalali emphasized that the existing Western financial standards disproportionately benefit Western nations while causing harm to developing countries. According to the ambassador, these standards are tailored to Western needs and have historically imposed unfair rules on other regions.
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“We should not align ourselves with Western financial systems, as they cause significant damage to Global South nations,” Jalali stated, as reported by the Irna news agency.
The ambassador urged BRICS countries to explore alternative financial mechanisms. He specifically mentioned focusing on banking cooperation and a new financial messaging system that could operate independently of Western models.
Moreover, the Iranian ambassador criticized current Western frameworks. He spotlighted areas of criticism such as financial regulations and counterterrorism measures, which he described as being built on biased standards. “The West has established rules in these areas based on its own interests, rather than considering the needs of other nations,” Jalali remarked.
The call for reform comes at a crucial time, as BRICS nations gather in Kazan, Russia, from October 22 to 24 for their annual summit, reported CNF. With Russia holding the BRICS chairmanship for 2024, the summit will feature discussions to boost cooperation among member countries. Jalali’s remarks appear to be in line with underlined goals for the summit where financial independence and collaboration are key themes.
Will They Be Successful In Implementing Fair Standards?
Jalali also pointed out that BRICS has the potential to redefine global financial practices. He stressed that the group could implement fair standards that reflect the needs of both BRICS nations and other developing countries. “BRICS member states may create fair standards in this area for themselves and other countries interested in cooperation,” he noted.
BRICS, originally formed in 2006 by Brazil, Russia, India, and China, welcomed South Africa in 2011. The bloc has continued to grow, with Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE officially joining as full members on January 1, 2024.
With growing calls for financial independence, the 16th BRICS Summit serves as a key platform for discussions on breaking away from Western-dominated systems.
Moreover, the BRICS Pay system is reportedly mimicking Europe’s SWIFT, which makes it very efficient. Also, the bloc is using blockchain technology in its de-dollarization efforts, per the CNF report.
@ Newshounds News™
Source: Crypto News Flash
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VIETNAM ANNOUNCES BLOCKCHAIN STRATEGY, AIMS TO LEAD ASIA BY 2030
Vietnam’s government launched its National Blockchain Strategy, targeting legal frameworks, infrastructure, and innovation to boost its blockchain ecosystem by 2030.
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Vietnam officially launched its National Blockchain Strategy on October 22, aiming to become a leader in blockchain technology across Asia by 2030. The strategy outlines key steps for Vietnam to develop blockchain platforms, products, and services within the country and targets the creation of 20 reputable blockchain brands by 2025.
“Vietnam will become a leading country in the region and have an international position in researching, deploying, applying and exploiting Blockchain technology,”
Vietnam’s National Blockchain Strategy
Indonesia recently replaced Vietnam and entered Chainalysis’ global crypto adoption index for the first time, ranking third behind India and Nigeria.
A central goal of the strategy is to establish at least three blockchain testing centers in major cities to support blockchain development and application. These centers will ensure security, promote innovation, and form a national blockchain network.
Vietnam’s five blockchain goals
The Vietnamese government has laid out five key actions to support its blockchain goals:
▪️Improving the legal environment
▪️Building blockchain infrastructure
▪️Developing human resources
▪️Promoting research and international cooperation
▪️Encouraging the growth of blockchain applications.
Various ministries, including the Ministry of Information and Communications, will oversee these initiatives.
To achieve these objectives, Vietnam plans to encourage collaboration among digital technology companies to build blockchain platforms and enhance the competitiveness of local firms in the global market.
The Vietnam Blockchain Association will play a key role in leading initiatives to promote blockchain development under the strategy.
@ Newshounds News™
Source: Crypto News
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WHEN WILL THE RV HAPPEN? WHAT IS NEEDED? | 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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