______________________________________________________
(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
DE-DOLLARIZATION: 2 COUNTRIES OFFICIALLY ABANDON THE US DOLLAR
While Trump is bolstering efforts to reinstate US dollar dominance, the de-dollarization agenda is still a heavy narrative that is spreading like wildfire on a global domain. The Trump regime is focusing on imposing taxes on countries moving away from the dollar, while on the other side, these two nations have stopped using the dollar for bilateral trade. Is de-dollarization an agenda that can truly end sometime soon?
These 2 Nations Have Moved Away From The Dollar
Iran and Russia, the two leading nations, have decided to move away from the US dollar. Iran’s central bank governor, Mohammad Reza Farzin, officially announced plans on how Iran has lately been conducting trade with Russia without using the US dollar.
Farzin outlined how both nations have established agreements to conduct trade in local currencies, giving the multipolar currency narrative a new boost.
“We have entered into a currency agreement with Russia and fully removed the dollar. Now we only trade in rubles and rials,” Farzin later shared.
The Governor of the Central Bank of Iran later clarified how the financial authorities of both nations have agreed on the exchange rate to be used while conducting active transactions.
The recent data uploaded by the Kremlin also reflected the rising multipolar currency narrative. The fresh Kremlin data emphasize how Iran and Russia have conducted nearly 96% of their trade transactions in local currencies.
“The Kremlin reported on October 21 that the use of national currencies in mutual settlements between Iran and Russia was up 12.4% in 2024, making up 96% of all transactions.” Tass Media reported
The rising de-dollarization wave is hard to maneuver as the majority of the nations, under BRICS and ASEAN, are all proposing local currencies, urging nations to pivot away from the dollar
Trump Tightens His Tax Agenda
Trump, in his recent spree of announcements, has shared how Canada, Mexico, and China will encounter higher tax restrictions. The president-elect has decided to impose a 10% tax on Canada and Mexico to address and restrict i*****l immigration and d**g smuggling.
At the same time, Trump has imposed a 25% tax on China, touting it as a measure to curb excessive f******l imports.
@ Newshounds News™
Source: Watcher Guru
~~~~~~~~~
CRYPTO EXCHANGE OKX ROLLS OUT SERVICES IN BELGIUM TO STRENGTHEN EUROPEAN PRESENCE
OKX expands its European footprint with a launch in Belgium, featuring free Euro deposits through a partnership with local payment provider Bancontact.
Seychelles-headquartered crypto exchange OKX has launched its services in Belgium, offering spot trading, conversion, and a range of crypto services through its exchange and wallet.
Belgian customers now have access to over 200 cryptocurrencies, including more than 60 crypto-euro trading pairs, along with Euro deposits and withdrawals, the company said in a Nov. 28 press release.
The exchange says the expansion in Belgium leverages Bancontact, Belgium’s online payment system, allowing customers to deposit funds instantly and free of charge. SEPA withdrawals and deposits are also available without fees.
OKX Europe general manager Erald Ghoos says the launch in Belgium marks a “key step in our regional expansion, supported by a local team and tailored services that meet the unique needs of Belgian customers.”
The Belgian launch is part of OKX’s broader strategy to increase its presence across Europe.
Earlier in 2024, the exchange debuted in the Netherlands and announced plans to establish OKX expands its European footprint with a launch in Belgium, featuring free Euro deposits through a partnership with local payment provider Bancontact.
Seychelles-headquartered crypto exchange OKX has launched its services in Belgium, offering spot trading, conversion, and a range of crypto services through its exchange and wallet.
https://googleads.g.doubleclick.net/pagead/ads?gdpr=0&us_privacy=1NYN&gpp_sid=-1&client=ca-pub-5173713190117025&output=html&h=280&adk=1743833703&adf=915337758&pi=t.aa~a.1694266581~i.10~rp.1&w=1100&abgtt=6&fwrn=4&fwrnh=100&lmt=1732938962&num_ads=1&rafmt=1&armr=3&sem=mc&pwprc=8470033676&ad_type=text_image&format=1100×280&url=https%3A%2F%2Fdinarrecaps.com%2Four-blog%2Fseeds-of-wisdom-rv-and-economic-updates-friday-morning-11-29-24&fwr=0&pra=3&rh=200&rw=1100&rpe=1&resp_fmts=3&wgl=1&fa=27&uach=WyJXaW5kb3dzIiwiMTAuMC4wIiwieDg2IiwiIiwiMTMxLjAuMC4wIixudWxsLDAsbnVsbCwiNjQiLFtbIkJyYXZlIiwiMTMxLjAuMC4wIl0sWyJDaHJvbWl1bSIsIjEzMS4wLjAuMCJdLFsiTm90X0EgQnJhbmQiLCIyNC4wLjAuMCJdXSwwXQ..&dt=1732938951891&bpp=1&bdt=3524&idt=1&shv=r20241120&mjsv=m202411140101&ptt=9&saldr=aa&abxe=1&cookie=ID%3Dfe17d403bea4814c%3AT%3D1722737984%3ART%3D1732938929%3AS%3DALNI_MbAPKEpZ1Bs5K8T3gEpMIGnrLcx2Q&gpic=UID%3D00000eb2a2936bd9%3AT%3D1722737984%3ART%3D1732938929%3AS%3DALNI_MYoMbehHuuIQ6uDJ4QuaHrHGeNXwA&eo_id_str=ID%3D52d8c5bfad68757b%3AT%3D1722737984%3ART%3D1732938929%3AS%3DAA-AfjYIHrDJl12Lzg7icfYh8DEe&prev_fmts=0x0&nras=2&correlator=1269992292649&frm=20&pv=1&u_tz=-300&u_his=1&u_h=1319&u_w=2343&u_ah=1319&u_aw=2343&u_cd=24&u_sd=1&dmc=8&adx=612&ady=2394&biw=2324&bih=1318&scr_x=0&scr_y=0&eid=42533202%2C31088669%2C95331833%2C95344789%2C95347444%2C31088457%2C95345966%2C95347432%2C95347756&oid=2&pvsid=4392285774223045&tmod=825054743&uas=0&nvt=1&ref=https%3A%2F%2Fdinarrecaps.com%2Four-blog%2F&fc=1408&brdim=5%2C3%2C5%2C3%2C2343%2C3%2C2343%2C1319%2C2341%2C1318&vis=1&rsz=%7C%7Cs%7C&abl=NS&fu=128&bc=31&bz=1&psd=W251bGwsbnVsbCxudWxsLDNd&ifi=3&uci=a!3&btvi=1&fsb=1&dtd=10818
Advertisement
______________________________________________________
Belgian customers now have access to over 200 cryptocurrencies, including more than 60 crypto-euro trading pairs, along with Euro deposits and withdrawals, the company said in a Nov. 28 press release.
The exchange says the expansion in Belgium leverages Bancontact, Belgium’s online payment system, allowing customers to deposit funds instantly and free of charge. SEPA withdrawals and deposits are also available without fees.
OKX Europe general manager Erald Ghoos saysthe launch in Belgium marks a “key step in our regional expansion, supported by a local team and tailored services that meet the unique needs of Belgian customers.”
The Belgian launch is part of OKX’s broader strategy to increase its presence across Europe. Earlier in 2024, the exchange debuted in the Netherlands and announced plans to establish a regulatory hub in Malta, where it secured a Class 4 Virtual Financial Assets license in 2021. The exchange said it plans to list additional tokens for Belgian users as part of its ongoing product expansion, though details on this initiative are yet to be disclosed.
@ Newshounds News™
Source: Crypto News
~~~~~~~~~
COINBASE ENDS USDC REWARDS IN EUROPE AS MICA DEADLINE LOOMS
The crypto exchange will end its USDC yield program for EEA customers on December 1, citing the EU’s upcoming stablecoin regulations.
Crypto exchange Coinbase will discontinue its USDC Rewards program for customers in the European Economic Area (EEA) starting December 1, 2024, as part of its compliance with the European Union’s Markets in Crypto-Assets (MiCA) regulations.
Coinbase users reported receiving an email Thursday in which the exchange announced the termination of its yield program, which allowed users to earn rewards on their holdings of the USDC stablecoin.
The change comes as MiCA, introduced in June 2023, imposes stricter rules on stablecoins, classifying them as electronic money tokens (EMTs).
These rules ban interest-earning features and require issuers to maintain sufficient reserves and obtain e-money authorization in at least one EU member state.
Impacted customers will receive their final payments within the first ten business days of December. Until then, they can continue earning rewards on balances through November 30.
Many customers have expressed dissatisfaction with the changes. Paul Berg, co-founder of Sablier, sarcastically remarked on Twitter that he feels “very grateful to the EU” for shielding him from earning rewards on his USDC.
Ripple’s CTO David Schwartz weighed in, describing the situation as an example of regulations preventing companies from offering “pro-consumer” services.
Coinbase had hinted at the coming change October, announcing plans to delist or adjust non-compliant tokens ahead of MiCA’s full enforcement on December 30.
At the time, the crypto exchange told Decrypt it would provide a detailed transition plan in November to help European customers switch to compliant stablecoins, such as USDC and EURC.
On Wednesday, stablecoin issuer Tether also announced it will stop minting euro-backed tokens, citing regulatory hurdles in Europe.
Tether CEO Paolo Ardoino said the focus will now shift to expanding Hadron, its asset tokenization platform.
Coinbase did not immediately respond to Decrypt’s request for comment.
@ Newshounds News™
Advertisement
______________________________________________________
Source: Decrypt
~~~~~~~~~
Source: Dinar Recaps
=======================================
BRICS NEWS: BRICS DETERMINED TO TRADE IN LOCAL CURRENCIES, NOT US DOLLAR
The BRICS alliance is determined to trade in local currencies and not the US dollar for cross-border transactions. The US dollar is seen as an adversary that hinders their growth in the global financial sector. Local currencies are seen as an alternative option that can bring the hegemony of the USD down.
BRICS: Local Currencies First & Not the US Dollar
Similar to the phrase ‘America First‘, the BRICS bloc is now emerging to make ‘local currencies first’. The bloc is pulling every trick up its sleeve to sideline the US dollar for cross-border payments. From oil deals to copper trade and infrastructural loans, the alliance is aiming to push local currencies for settlements.
Many other developing countries are keen on joining the bandwagon and could soon jump on the de-dollarization train. Several nations in Africa are on the sidelines and could seek the help of BRICS to put their local currencies to use.
The move will strengthen their native economies and make businesses thrive. It will also provide a way for their local currencies to make a mark in the currency markets.
@ Newshounds News™
Source: Watcher Guru
~~~~~~~~~
BRICS NEWS: 2 COUNTRIES OFFICIALLY ABANDON THE US DOLLAR FOR TRADE
BRICS members Russia and Iran announced that they have officially abandoned the US dollar for trade between the two nations. Russia reported that 96% of all cross-border transactions between Iran have been settled in local currencies, the ruble and rial. In 2024, the usage of local currencies between Russia and Iran is up by 12.4%, making 96% of all settlements.
“We (BRICS members Iran and Russia) have entered into a currency agreement with Russia and fully removed the US dollar. Now we only trade in rubles and rials,” said the Governor of the Central Bank of the Islamic Republic, Mohammad Reza Farzin. However, both nations face sanctions as the White House has made it difficult to accept the US dollar.
In July this year, both the BRICS countries agreed to a currency swap policy signed by the Russian and Iranian central banks. They also completed the integration of Russia’s Mir payment as a replacement for the SWIFT messaging system and the US dollar. Russia also allowed Iranian citizens to withdraw the rial in ATMs across the country.
Advertisement
______________________________________________________
BRICS: Russia & Iran Sidelines the US Dollar, Trades in Local Currencies
While the US pressed sanctions on BRICS member Russia to weaken its economy, the Kremlin is bypassing the sanctions by convincing other countries to ditch the US dollar and begin using local currencies. The de-dollarization initiative is growing and many developing countries are now eager to join the bandwagon.
@ Newshounds News™
Source: Watcher Guru
~~~~~~~~~
TAIWAN ENFORCES AML REGISTRATION MANDATE FOR CRYPTO PROVIDERS
Taiwan accelerates its crypto AML mandate, imposing stricter registration rules and penalties for noncompliance.
Taiwan advanced the introduction of its new Anti-Money Laundering (AML) regulations for cryptocurrency businesses after authorities fined two crypto exchanges for violations.
On Nov. 27, the Financial Supervisory Commission (FSC) announced that the upcoming money laundering prevention registration mandate for crypto exchanges was shifted to Nov. 30 from the previous Jan. 1, 2025 deadline.
Per the previous notice, virtual asset service providers (VASPs) failing to register with the government could be subject to a two-year prison sentence or fines of as much as 5 million New Taiwan dollars ($155,900).
The new mandate includes previously registered crypto businesses
According to Taiwan FSC records, 26 crypto providers are currently approved to continue to offer their services. All crypto entities, whether previously registered or not, must register in accordance with the new AML mandate. The authority said:
“No business operators have completed the Money Laundering Prevention Registration under the VASP Registration Measures.”
The authority provided a checklist of items crypto exchanges can use to track suspicious transactions or activities. When identifying suspicious customers, crypto service providers must look for names and bank account details, location via IP addresses, multiple trading accounts and frequent information changes, among other things.
Crypto exchanges in Taiwan were also asked to track unusual transaction activities, including but not limited to splitting funds, utilizing multiple accounts with the same IP address and switching assets.
Cracking down on crypto exchanges violating AML laws
According to a Regulation Asia report, the FSC fined crypto exchanges MaiCoin and BitoPro on Nov. 28 for AML violations in relation to customer due diligence (CDD), transaction monitoring, record-keeping and suspicious transaction reporting.
To register with Taiwan’s AML regulation, crypto service providers are required to submit a one-page form detailing the nature of their businesses.
The form states that any changes to the business or the information provided should be provided to the Securities Over-the-counter (OTC) Trading Center within five business days.
Crypto businesses will also be required to establish a quality management system for accounting and auditing their finances.
@ Newshounds News™
Source: CoinTelegraph
~~~~~~~~~
RETAILERS PUSH FOR A DELAY IN ROLLOUT OF RUSSIA’S CBDC
In October the Bank of Russia revealed a time frame for the roll out of the digital ruble, which forms part of a Bill that has been submitted to the State Duma. The mass rollout date is 1 July 2025. By that time the largest banks and retailers must support the central bank digital currency (CBDC). Now the Ministry of Industry and Trade has asked for a longer timescale of up to two years, similar to that provided to smaller retailers, the Izvestia newspaper reported.
The 1 July deadline applies to retailers with a turnover of more than 30 million rubles ($274,000). Those with incomes between 20 to 30 million rubles have one extra year, and smaller firms have two years.
The Ministry complained that there are still no rules for the operation and functioning of the digital ruble, so it doesn’t allow sufficient time for retailers to prepare and for adapting their point of sale software.
Trade bodies agree. “We believe it is necessary to refrain from legislatively establishing specific deadlines for launching systems at the trade level and to provide for a transition period of at least two years, during which companies will carry out the necessary work,” a letter from the Retail Companies Association (ACORT) states.
Another industry body, the Association of Internet Trade Companies (AITC), has similar views. It said, “The absence of such important provisions does not give businesses the opportunity to assess the costs of implementation time, the necessary human resources, expenses for the company, and also to understand to what extent companies are ready to implement such payments.”
Advertisement
______________________________________________________
The main benefit of a CBDC for retail outlets is reduced acquiring fees, so retailers will pay less for processing payments.
What’s the rush?
Stepping back, one of the big motivators for a CBDC is for cross border payments in order to circumvent sanctions. If a CBDC isn’t rolled out domestically, then a cross border CBDC would need direct integration with the domestic payment system.
With the cross border payment platform mBridge, the only member that currently has a domestic CBDC is China, and even that is in pilot mode. Hence, it’s not completely clear why there’s such a rush in Russia. Especially given the central bank has a few other issues to deal with given the war with U*****e.
On the other hand, Russia is known for its software prowess, and is trying to lead the BRICS Bridge cross border payment project. Hence, having an operational domestic CBDC gives it more credibility.
@ Newshounds News™
Source: Ledger Insights
~~~~~~~~~
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 an informational news aggregator. All content, including third-party reports and community commentary, is provided for educational purposes only. We do not provide financial, legal, or tax advice. We do not recommend the purchase or sale of any currency or investment. Please consult with a licensed professional before making any financial decisions.
Copyright © Dinar Chronicles
______________________________________________________
