Seeds of Wisdom RV and Economic Updates Monday Afternoon 8-12-24 (2024)

ISO 20022 Crypto: List of Compliant Coins & Tokens in 2024

Cryptocurrency projects that are ISO 20022 compliantcan seamlessly integrate into traditional financial systems and introduce blockchain immutability and data decentralization to the financial sector.

It is worth noting that not all institutions have adopted the requirements to be ISO 20022 ready yet – according to a Forbes report from earlier this year, about 72% of banks are ISO 20022 compliant. The institutions that haven’t yet taken the necessary steps to become ISO 20022 compliant will have until 2025 to do so.

It is also worth mentioning that “ISO 20022 compliant coin” could be considered a misnomer, as the coin or token itself is not compliant. Instead, what we mean when referring to a project as ISO 20022 compliant is that it leverages some of the messaging language defined by the standard to more easily communicate and exchange data between the project’s own solutions (for example, Ripple’s payment network) and external financial systems (for example, SWIFT).

XRP KEY FEATURES
1. Fast and cheap cross-border payments
2. The XRP ledger can handle up to 1,500 transactions per second
3. Uses the cost and energy-efficient XRP Ledger Consensus Protocol
4. Ripple has established partnerships with numerous traditional financial institutions, including Bank of America, Santander Bank, and Intesa Sanpaolo

CARDANO ADA
1. Smart contract support
2. Rappidly expanding DeFi ecosystem
3. Specially designed proof-of-stake (PoS) consensus algorithm called Ouroboros

QUANT QNT
1. A blockchain interoperability protocol, allowing different blockchains to communicate with each other
2. It can handle a large number of transactions without sacrificing performance
3. Governed by a decentralized body of stakeholders

ALGORAND ALGO
1. Algorand can be used to send and receive payments quickly and easily
2. Can be used to create and deploy smart contracts
3. Supports decentralized applications (dApps)
4. Uses a proof-of-stake consensus mechanism, which is very energy-efficient

STELLAR XLM
1. Fast and cheap transactions
2. Uses a unique consensus mechanism called the Stellar Consensus Protocol (SCP)
3. Stellar transactions are cheaper than traditional remittance methods, such as wire transfers
4. Stellar can be used to build decentralized applications

HEDARA HBAR
1. Heder HashGraph supports smart contracts and dApps
2. Very energy efficient and suitable for high-volume applications

IOTA (MIOTA)
1. IOTA transactions do not require any fees
2. Designed to be data-oriented, meaning that it can be used to transfer data as well as value
3. IOTA is designed to be quantum-resistant, meaning that it is secure against attacks from quantum computers
4. Uses a unique consensus mechanism called the Tangle

XDC NETWORK XINFIN (XDC)
1. The XDC Network is a hybrid blockchain, meaning that it combines the benefits of both public and private blockchains
2. Can handle up to 2,000 transactions per second
3. Designed to be compliant with regulatory requirements
4. Can be used to track the movement of goods and materials through a supply chain

“ISO 20022’s primary aim is to modernize the traditional financial sector, making it easier for institutions to handle data. The standard could help cryptocurrencies integrate with the traditional sector in ways that were previously impossible.”

@ Newshounds News™

TEN SECOND MONEY TRANSFERS

European Council adopts regulation on instant payments:
“The instant payments regulation will allow people to transfer money within ten seconds at any time of the day, including outside business hours, not only within the same country but also to another EU member state. The regulation takes into consideration particularities of non-euro area entities.”

“Payment service providers such as banks, which provide standard credit transfers in euro,will be required to offer the service of sending and receiving instant payments in euro.”

“The new rules will come into force after a transition period that will be faster in the euro area and longer in the non-euro area, that needs more time to adjust.”

@ Newshounds News™

Read more:

Bitcoin price 12 Months after each halving event :

2012 HALVING – $182
12 Months later- $510

2026 HALVING- $661
12 Months later- $2,600

2020 HALVING- $8,600
12 Months later- $58,000

2024 HALVING-$63,870
12 months later- _?

Where you think Bitcoin price will be 12 months after this halving?

@ Newshounds News™

BRICS countries no longer attaching much importance to DOLLAR — Indian expert

“Sameep Shastri also underscored thathe completely disagrees with the assertions that Western countries are the strongest economies in the world

NEW DELHI, August 12. /TASS/.The BRICS member states are no longer attaching much importance to the dollar and successfully using national currencies,Vice Chairman of BRICS Chamber of Commerce and Industry, Sameep Shastri, told TASS.”

“”I think we are going to see de-dollarization soon. We have already started our trade using rubles and rupee and yuan and rupee, our own currencies, and we do not attach much value to dollar anymore. And I think that is important for each and every country that we should not be dependent on one single currency. We should be dependent on our own currency, and we should make it strong and make our economy strong,” he said.”

Thailand launches crypto regulatory sandbox to kick-off adoption

The initiative is designed to support the testing and development of services related to digital assets,

The Securities and Exchange Commission of Thailand (SEC Thailand) has launched a Digital Asset Regulatory Sandbox.

The initiative is designed to support the testing and development of services related to digital assets, providing a structured environment where businesses can explore innovative solutions within a regulated framework.

The sandbox aims to facilitate the integration of new financial technologies while maintaining a flexible regulatory approach that addresses the specific risks associated with digital asset transactions.

The term “digital asset” is often usually broadly,but has a specific meaning in Thailand. It includes both cryptocurrencies and digital tokens. Cryptocurrencies are classified as being used as a medium of exchange.In contrast,the feature of a digital token is it grants rights.

It might be an investment token that provides rights in a project or business or a utility token used to receive goods, services or other rights. Thailand has specific rules for real estate tokens.

The sandbox covers both types of tokens and six roles:

Digital Asset Exchange
Digital Asset Broker
Digital Asset Dealer
Digital Asset Fund Manager
Digital Asset Advisor
Digital Asset Custodial Wallet Provider

In order to take part in the sandbox, applicants have to have sufficient capital and adequate management and systems in place.

Japan: SBI-backed ODX to list digital bonds following release of START

Osaka Digital Exchange is set to begin listing digital bonds that meet its strict requirements of complying with Know Your Customer and anti-money laundering rules.

Barely one year after Osaka Digital Exchange (ODX) rolled out a digital securities platform for trading security tokens, several reports have emerged that the exchange is set to begin listing digital bonds.

The SBI-backed digital exchange confirmed thatODX’s START platform will host digital bonds that meet the listing criteria.Since START’s launch in late 2023, real estate security tokens have been the most common issuances on the platform, given their innate popularity in Japan.

ODX will open its doors to three digital bonds in the coming months but specifics were not disclosed to the public.The successes of digital bonds in Europe may have played a role in ODX’s decision to expand the scope of its offering, with its backers reportedly giving the nod to the move.

SBI, the largest shareholder in the exchange, has approved the decision to list digital bonds while Nomura (NASDAQ: NRSCF), SMBC, and Daiwa Securities (NASDAQ: DSECF) have also given the green light to the move.

Armed with the raft of approvals, ODX appears set to begin listing digital bonds that meet its stringent requirements. The exchange will look for bonds that are regulatory compliant and meet relevant Know Your Customer (KYC) and anti-money laundering (AML) rules.

The incoming digital bonds will be approved for secondary trading if they possess smart contract functionality to automate redemption processes and highly secure systems.Other perks to speed up the listing process include interoperability, high liquidity levels, and proper risk management.

It appears that the exchange will stick to itspolicy of discounting seller fees to improve adoption, but it remains unclear whether the firm will bring back zero fees for users.

“We will dedicate our best efforts to collaborate with our participants and supporters so that the secondary market “START” can contribute to the further development of the security tokens market,” ODX said in December.

JP Morgan Documentation on Banks’ Involvement in Blockchain acknowledges Ripple’s potential to disrupt cross border payments GLOBALLY.Major nod to Ripple from the worlds largest bank.

But more importantly, note the text at the bottom of the document.

“This document is being provided for the EXCLUSIVE USE of Mihail Turlakovat Sberbank of Russia”

Exclusive use.🧩

This document was crafted specifically to present relevant initiatives in blockchain to the largest Commercial bank in Russia while citing Ripple as a prominent example.

Russia + JP Morgan + Ripple
Plans on Plans

@ Newshounds News™
Source:Twitter