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(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
ARGENTINA ALLOWS U.S. CRYPTO ETFS TO ENTER THE LOCAL MARKET
Argentina’s financial regulator allowed foreign crypto-related products from the United States to enter the local market, which will unlock the inflow from overseas.
The board directors of Argentina‘s securities regulator, Comisión Nacional de Valores (CNV), announced that the U.S. exchange-traded fund (ETF), including crypto-related ETFs, are now available in the country.
Under CEDEAR’s program, which is regulated by RG No. 1030, Bitcoin spot ETF and Ethereum spot ETF will be released and ready to trade. This product was prohibited under Law No. 27440 for 6 years.
“it is a pleasure to announce these first approvals, which constitute new investment options provided for in this very innovative law,” CNV’s president Roberto E. Silva, on official statement.
Although details on which Bitcoin ETF issuer would be allowed to enter the country are not provided, the commission is opening the door for digital asset investment through the capital market.
In the same document, CNV also announced that gold ETFs are allowed to enter the capital market with the GLD ticker, as well as the S&P 500 index. Chinese stock market indexes with FXI ticker were also introduced.
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The regulators hope that these innovations of law could boost passive management indices, commodities, and digital assets, which are listed abroad and not publicly offered around the territory.
Argentina’s public Bitcoin mining
Argentina, one of the countries in Latin America that allow Bitcoin for transactions, publicly showcases Bitcoin mining, which is powered by the Central Bank of Argentina (BCRA).
This Bitcoin mining installation symbolises support from the government and embraces the future of digital money through cryptocurrency. This was the first central bank to showcase Bitcoin mining.
An aggressive move is part of Argentina’s President Javier Milei’s vision to fight against hyperinflation, which skyrocketed to almost 300% in April 2024, and to drive the digital economy in the country. Since then, according to Trading Economics, the inflation rate has gradually decreased to under 200% in less than a year.
@ Newshounds News™
Source: Crypto News
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UAE’S CENTRAL BANK APPROVES FIRST AED-BACKED STABLECOIN
The first AED-backed stablecoin has received approval from the UAE’s central bank. This marks a key change in the country’s digital currency system. The UAE central bank’s move strengthens cryptocurrency regulations and sets new rules for digital currency and stablecoin approval.
This step makes crypto transactions safer and more stable. This stablecoin approval shows the UAE’s push toward digital currency growth.
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How UAE’s First AED-Backed Stablecoin Addresses Cryptocurrency Challenges
AE Coin Launch and Implementation
AE Coin got the first license to create a UAE Dirham-linked stablecoin under new payment rules. One AE Coin equals one dirham, making it a stable payment option. Ramez Rafeek, General Manager of AED’s stablecoin, says:
“AE Coin harnesses the speed and efficiency of blockchain technology, offering instant, secure, and cost-effective transactions. It simplifies transfers, making them faster and more seamless. In a rapidly evolving digital world, AE Coin sets a new standard for trust, security, and innovation in digital currency.”
Market Growth and Transaction Patterns
UAE’s stablecoin market grew to US$9.8 billion in early 2024, up 55% from 2023. Stablecoins lead with 51% of crypto activity, more than Bitcoin and Ether combined. This growth shows trust in cryptocurrency regulations and digital money systems.
Retail and Institutional Adoption
Small transfers make up 93% of all transactions, but big institutions move most of the money. Business and institutional trades account for 74% of all value moved. The AED-backed stablecoin will likely boost these numbers by offering a safe, regulated platform.
Future Developments and Market Impact
More stablecoins are coming to UAE. Tether plans to launch its AED-backed coin in early 2025 with Green Arcon Investments Ltd and Phoenix Group PLC. This makes UAE a stronger digital currency center. The UAE central bank’s rules ensure these new tools are safe and stable.
Integration with Financial Services
The new stablecoin will change online shopping, money transfers, and decentralized finance. It gives companies and people modern banking tools while keeping traditional currency stability through cryptocurrency regulations.
@ Newshounds News™
Source: Watcher Guru
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DO YOU NEED A TRUST TO EXCHANGE CURRENCY | YouTube
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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Source: Dinar Recaps
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USDT IS NOW APPROVED AS ACCEPTED VIRTUAL ASSET IN ABU DHABI
Tether has announced that Abu Dhabi’s Financial Services Regulatory Authority has approved the company’s U.S. dollar-pegged stablecoin as an accepted virtual asset.
According to the announcement on Dec. 10, Tether is now available to authorized individuals and entities regulated within the Abu Dhabi Global Market. FSRA is a market regulator in Abu Dhabi under the Abu Dhabi Global Market. The FSRA is a market regulato r under the ADGM, which operates as a financial-free zone in the United Arab Emirates.
USDT’s approval is part of FSRA’s mandate to regulate virtual asset service providers in the country. VASPs are required to comply with anti-money laundering and combating the financing of t*******m regulations.
In its announcement, Tether stated that the approval enables FSRA-licensed individuals and entities to offer USDT-powered services in the region. The agency pre-approves such services. With this acceptance, users within the ADGM can use USDT on Ethereum, Solana, and Avalanche.
Paolo Ardoino, chief executive officer of Tether, commented:
“This milestone underscores Tether’s commitment to fostering global financial inclusion and innovation. By bringing USD₮ to the forefront of ADGM’s regulated virtual asset framework, we are not only validating the importance of stablecoins as critical tools for modern finance but also opening new doors for collaboration and growth across the Middle East.”
USDT is the world’s largest U.S. dollar-pegged stablecoin, with a market cap of over $138 billion. Its adoption across the payments market and crypto space has allowed it to dominate other stablecoins, contributing to Tether’s record-breaking revenue figures.
Tether also revealed in a report on Dec. 9 that on-chain wallets with USDT exceeded 109 million at the start of the fourth quarter of 2024. Meanwhile, total wallets that have ever received USDT has surpassed 400 million.
Elsewhere, the Middle East and North Africa region has increasingly become a key market.
In May this year, Tether announced its expansion in the UAE via a partnership with web3-focused platform RAK Digital Assets Oasis. The collaboration aimed at promoting adoption of Bitcoin and stablecoins in technology in UAE’s sixth-largest city Ras Al Khaimah.
In August, Tether revealed plans for a dirham-pegged stablecoin.
@ Newshounds News™
Source: Crypto News
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MICROSOFT SHAREHOLDERS REJECT PROPOSAL TO ADD BITCOIN TO RESERVES
Shareholders opposed the motion, pointing to bitcoin’s volatility as a key concern. Microsoft’s history with the world’s largest cryptocurrency has been cautious.
Microsoft shareholders voted to reject a resolution to add Bitcoin to the company’s balance sheet during its annual meeting on Tuesday.
The resolution was proposed by the National Center for Public Policy Research (NCPPR), a pro-free-market think tank based in Washington, D.C. The NCPPR framed the initiative as a corporate responsibility to diversify profits and enhance shareholder value.
As part of the proposal, a pre-recorded video was presented during the meeting. The video opened with the statement, “Microsoft can’t afford to miss the next technology wave, and bitcoin is that wave.” The decision to reject the proposal aligns with the board’s recommendation, which emphasized Microsoft’s existing strategy of evaluating a wide range of investable assets, including bitcoin, within it broader investment framework.
The recent arrival of new derivatives trading solutions, including options on the black rock ETF are only likely to strengthen that narrative as is the burgeoning liquidity on those and other venues around the world alongside the relatively newer role of bitcoin as a capital markets activity catalyst as evinced in recent convertible bond issuance by a number of the digital asset industries larger players.
Microsoft’s history with bitcoin has been cautious. The company briefly accepted the cryptocurrency as a payment method in 2014 but suspended the option in 2016, citing low usage and regulatory uncertainties. Today’s result aligns with the views of Microsoft co-founder Bill Gates, who has been a vocal critic of cryptocurrencies.
Bitcoin experienced a 3% pullback over the past 24 hours, adding to broader uncertainty in the cryptocurrency market. The global cryptocurrency market cap declined by almost 5% in the same period, now standing at $3.73 trillion, according to CoinGecko data.
Despite Microsoft’s stance, discussions around bitcoin adoption at the corporate level are becoming increasingly common. Cryptocurrency derivatives trader Gordon Grant noted the significance of these debates.
“The fact that we are having conversations about whether one of the world’s largest entities could or should maintain a position in bitcoin on its balance sheets as a financial principal says far more about the arrival of bitcoin as a tier one asset, than the actual outcome of the decision,” Grant told The Block.
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Grant also highlighted the growing interest in bitcoin as a capital markets catalyst, pointing to recent convertible bond issuances by MicroStrategy as evidence of bitcoin’s evolving role in financial markets.
“Utilization of bitcoin as a financial diversifier, as a conveyance for the transfer of monetary value, and as a vector for what MicroStrategy’s Michael Saylor has called global digital capital, continues to gain currency,” Grant said.
@ Newshounds News™
Source: The Block
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PRESIDENT JEST A NEW STATE? | YouTube
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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Source: Dinar Recaps
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