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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
BRICS NEWS: CALLS TO MOVE AWAY FROM THE US DOLLAR IS GROWING
A handful of developing countries are inspired by the BRICS alliance to ditch the US dollar for cross-border transactions. Emerging economies are taking cues from the bloc to de-dollarize their economies and make local currencies the sole beneficiary for payments. The calls to cut ties with the US dollar are growing and the White House is unable to clamp it down.
BRICS members China, Russia, and Iran are advancing the de-dollarization initiative by pushing local currencies ahead for trade. The move is adding pressure on the greenback’s prospects as it could lose out on the demand and supply dynamics. They are also diversifying their central bank reserves by adding gold and other currencies and commodities.
BRICS Advancing To End US Dollar’s Supremacy
The central banks of BRICS and other developing countries are diversifying their reserves giving the US dollar a run for their money. “By diversifying their holdings reserves into a more multi-currency sort of portfolio. Perhaps they can reduce that pressure on their external sectors,” said Cedric Chehab from Fitch Solutions to CNBC.
As BRICS member China’s influence is growing, it is also setting the stage for the de-dollarization agenda to grow rapidly. “As China’s economic might continues to rise, that means that it’ll exert more influence in global financial institutions and trade,” he said. Another benefit for countries moving away from the US dollar as the middleman in bilateral trade.
BRICS countries could benefit if they trade in local currencies as it’ll help them move up the value chain. Trading in local currencies “allows exporters and importers to balance risks, have more options to invest, to have more certainty about the revenues and sales,” said former Brazilian ambassador to China, Marcos Caramuru.
@ Newshounds News™
Source: Watcher Guru
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JAPAN’S LAWMAKER PROPOSES NATIONAL BITCOIN RESERVE
▪️ Japanese lawmaker proposes a national Bitcoin reserve.
▪️ States can effortlessly create reserves for Bitcoin.
▪️ MicroStrategy holds a significant portion of the BTC supply.
Name similarity becomes intriguing in this development. Recently, a Japanese lawmaker presented a new proposal. As you may recall, several months ago, statements emerged from the Trump camp, led by Lummis, advocating for the U.S. government to establish a Bitcoin reserve. This proposal even evolved into a legislative bill.
Satoshi and the Bitcoin Reserve Idea
Trump appointed someone to organize cryptocurrency efforts at the White House before taking office in January. This individual will also work to realize the Bitcoin reserve concept. Today, Japanese parliament member Satoshi Hamada has taken steps to create a national Bitcoin reserve.
Satoshi Hamada, sharing a name with Satoshi Nakamoto, believes that his country should establish its strategic Bitcoin reserve before the U.S. implements this idea. Recently, Russian President P***n mentioned that Bitcoin would not be obstructed.
National Bitcoin Reserve
States can easily create reserves for Bitcoin and other cryptocurrencies with minimal effort. The fact that even Federal Reserve members, including the President, view Bitcoin as an “asset competing with gold” explains our current situation well. Governments already possess vast gold reserves and can similarly create reserves for Bitcoin, often referred to as “digital gold.”
MicroStrategy, MARA, RIOT, BlackRock, and thousands of companies have begun to hold BTC in their reserves. The world’s largest asset manager, BlackRock, has thousands of ETF customers indirectly holding BTC through its IBIT BTC ETF product.
Every week, we read news about institutions purchasing billions of dollars in BTC. Many companies are adding Bitcoin to their reserves to improve stock performance and increase share prices, with MicroStrategy being the most advanced player in this regard. It has grown significantly, with a strong likelihood of being added to the NASDAQ100 in March.
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MSTR alone holds approximately 2% of the BTC supply. The total BTC held by ETF issuers, governments, private and public companies, BTC miners, and DeFi platforms is valued at $292 billion, representing 13.81% of the BTC supply.
@ Newshounds News™
Source: Coin-Turk
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Source: Dinar Recaps
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US SENATOR: NEW TREASURY SECRETARY WILL CHAMPION DIGITAL ASSETS
A senator hails Scott Bessent as a champion for digital assets, backing his Treasury Secretary nomination to advance a Strategic Bitcoin Reserve and reshape U.S. fiscal policy.
The Pro-Crypto Leader Poised to Shape US Fiscal Policy
U.S. Senator Cynthia Lummis (R-WY) has voiced firm backing for President-elect Donald Trump’s selection of hedge fund manager Scott Bessent as the next Treasury Secretary. Last month, Trump nominated Bessent to succeed Janet Yellen as the 79th U.S. Treasury Secretary.
Lummis emphasized that his appointment could bolster her recently proposed legislation advocating for a Strategic Bitcoin Reserve. This initiative, formally known as the BITCOIN Act, was unveiled in July and aims to establish a federal bitcoin reserve to fortify the U.S. dollar and tackle the growing national debt. The senator expressed her enthusiasm on the social media platform X on Friday, stating:
Scott Bessent will be a champion for digital assets and a crucial ally in passing my Strategic Bitcoin Reserve.
“I look forward to working closely with the future Treasury Secretary to restore fiscal responsibility!” she added.
The concept of a U.S. strategic bitcoin reserve has gained traction recently, with several states initiating legislative efforts to establish such reserves. Notably, Texas introduced House Bill 1598, aiming to create a strategic bitcoin reserve funded through donations and gifts, allowing residents to pay taxes in bitcoin.
Similarly, Pennsylvania proposed legislation permitting its treasury to allocate up to 10% of state funds into bitcoin. At the federal level, Trump has advocated for a national bitcoin reserve, a proposal that has sparked debate among experts regarding its feasibility and potential economic impact.
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These developments reflect a growing interest in integrating bitcoin into governmental financial strategies across the U.S.
Supporters of the decision have praised Bessent’s openness to cryptocurrency innovation. Ripple CEO Brad Garlinghouse, for instance, commented on X: “I don’t want to get too far ahead of myself but… Scott Bessent is the perfect pick by Donald Trump. He will be the most pro-innovation, pro-crypto Treasury Sec we’ve ever seen.”
Bessent, who founded Key Square Capital Management and previously served as chief investment officer for George Soros, has gained recognition for his macroeconomic acumen. Known for advocating deficit reduction and regulatory reform, his nomination has been met with optimism by financial markets and business leaders. Many anticipate his leadership could foster policies favorable to cryptocurrency, potentially advancing proposals such as Lummis’s bitcoin reserve plan.
@ Newshounds News™
Source: Bitcoin News
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BANK OF ENGLAND GIVES CRYPTO FIRMS TILL MARCH 2025 TO DISCLOSE DIGITAL ASSET EXPOSURE
England’s central bank is giving companies until March 2025 to disclose their exposure to digital assets.
In a new announcement, The Bank of England says that the Prudential Regulation Authority (PRA) – the UK’s financial regulator – is looking to gather data on firms’ current and future exposure to crypto assets.
“This [data] will inform work across the PRA and the Bank of England on crypto assets by helping us calibrate our prudential treatment of crypto asset exposures, analyze the relative costs and benefits of different policy options and providing an updated view of firms’ current and intended crypto asset-related business activities as a base from which to monitor the financial stability implications of these assets.”
Some of the disclosure requirements include any business related to digital assets and how the bank profits from it, risk management policies of the bank toward crypto, a rundown of how the bank reports its crypto assets, and the most significant crypto-related risks the firms are exposed to and how they plan to manage them, according to the PRA’s questionnaire.
“The decision to hold crypto assets (either under trading or banking book) and provide services to crypto asset operators must be fully consistent with the bank’s risk appetite and strategic objectives as set down and approved by the board, as well as with senior management’s assessment of the bank’s risk management capabilities.”
According to the PRA’s second framework for crypto assets, which was released in 2022, firms still cannot completely mitigate the risks of using permissionless blockchains.
@ Newshounds News™
Source: DailyHodl
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DISCOVER THE BRICS AI ALLIANCE REVOLUTIONIZING GLOBAL TECH IN 2024 | YouTube
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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Source: Dinar Recaps
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