Good Afternoon ,
DOLLAR SLIPS AGAINST DONG
“The U.S. dollar weakened against Vietnamese dong both at banks and unofficial exchange points Friday morning.
Vietcombank sold the greenback at VND25,280, down 0.16% from Thursday.”
“The dollar has increased against the dong by 3.52% since the beginning of the year. Globally, the dollar hovered close to a one-week high against major rivals on Friday,after the biggest drop in U.S. jobless claims in close to a year allayed fears of a looming economic downturn, Reuters reported.”
“The U.S. currency extended gains against the Japanese yen to a fourth day, buoyed by a spike in Treasury yieldsfollowing Thursday’s firmer-than-expected employment data, which spurred a paring back in bets for Federal Reserve interest rate cuts this year.”
@ Newshounds News™
Source:VN Express
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JP Morgan has even said that stablecoin issuers who adhere to regulations will benefit from the upcoming regulatory crackdown AND GAIN MARKETSHARE💯 Looks like JP Morgan knows what’s coming.
@ Newshounds News™ Source:
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August 2024 Harvard Business Review: The Race to Dominate Stablecoins.
Yes, it is a race. Companies are fighting to capture the market share that this new form of money is creating in the crypto universe. “Stablecoins have the potential to REWIRE the global financial system and DISPLACE legacy payment systems like SWIFT.
@ Newshounds News™
Source:Twitter
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“Bringing a trusted stablecoin onto XRPL will drive more adoption and development, contributing to a vibrant ecosystem.” QUOTE from Brad Garlinghouse
“The stablecoin market is about $150B today, and is forecasted to exceed $2.8 trillion by 2028. There’s clear demand for stablecoins that deliver trust, stability, and utility.
To meet this growing demand, Ripple will issue a stablecoin, leveraging its decade-plus of experience building real-world financial solutions for institutions around the world.”
“This move is also monumental for the XRP Ledger community, driving more use cases, liquidity and opportunities for developers and users.
At launch, the stablecoin will be available on the XRP Ledger (XRPL) and Ethereum (ETH) blockchains, with plans to expand to additional blockchains and decentralized finance (DeFi) protocols and apps over time.”
“Issuing our stablecoin on the XRP Ledger and Ethereum will serve as a pivotal entry point to unlock new opportunities for institutional and DeFi use cases across multiple ecosystems,”added Monica Long, Ripple President.
“The XRP Ledger’s native capabilities, including a decentralized exchange and automated market maker,were built to utilize XRP as THE BRIDGE ASSET.”
LET’S CONSIDER THE QUOTES FOUND IN THIS ARTICLE AS WE CONTEMPLATE THE ROLE RLUSD WILL PLAY ALONG WITH XRP.
IT’S OBVIOUS THAT RIPPLE HAS POSITIONED ITSELF AS A PIONEER IN THE DEFI ARENA
RLUSD POSSIBLY BECOMING THE STABLECOIN OF CHOICE AFTER LAUNCH AND THE UTLITIY FACTOR THAT XRP PLAYS IN THE DIGITAL ECOSYSTEM, THERE CAN BE LITTLE DOUBT THAT RLUSD WILL ENHANCE THE MARKETABILITY OF XRP, EVEN THOUGH THEY PROVIDE ARE TWO COMPLETELY DIFFERENT PRODUCTS. XRP WILL LIKELY RISE IN VALUE BASED ON ITS OWN USE AND UTILITY, BUT MAY SEE A BUMP IN VALUE WHEN RLUSD IS LAUNCHED.
@ Newshounds News™ Source:
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All About ZiG, Zimbabwe’s Latest Shot at a Stable Currency
“IN the latest effort to devise a credible national currency, Zimbabwe in April replaced its dollar with the ZiG, short for Zimbabwe Gold.
The new unit is backed by bullion and foreign currency reserves held at the central bank. It’s the country’s sixth attempt at establishing its own currency since 2008, when inflation crossed 500 billion percent, according to International Monetary Fund estimates.”
“Not only did that render it worthless, it turned the unit into a global punchline:US Treasury secretaries would carry the notes as a reminder of the evils of hyperinflation.
Confident that they’ve finally got it right, Zimbabwe has announced plans to go all-in on the ZiG and make it the southern African nation’s sole legal tender. That’s an audacious goal, given that the dollar still accounts for the bulk of transactions in the country.”
What went wrong with the Zimbabwean dollar?
“Brought back to life in 2019 after a decade-long furlough when the country ran solely on foreign currency,the Zimbabwean dollar lost ground against the US dollar every trading day this year.
This had wiped around 80% off its valueby the time newly appointed central bank Governor John Mushayavanhu put it out of its misery on April 5.”
“The collapse had already forced more than four-fifths of the southern African nation’s economy to transact in US dollars for everything from food to medicine, with some businesses only accepting payment in greenbacks.
Few people have forgotten the experience of 2008 when their savings were wiped out by inflation, so public trust in the local unit had always been low.”
“The ZiG started trading on April 8 at an exchange rate of 13.56 to the dollar.
Banks, mobile-money platforms, retailers and other intermediaries reconfigured their systems to take account of the new currency, though the process has been a bumpy one.”
Where does the currency’s value come from?
“The central bank said the new currency would be fully backed by $100 million in cash and 2,522 kilograms of gold worth $185 million.New banknotes were released on April 30, and the central bank went on a publicity drive to raise awareness of the new currency. “
“They have also fined traders for refusing to accept payment in ZiG.The authorities say that dollar-denominated transactions have declined to around 70% from 85% when it was introduced.”
“In early August, the cabinet said it had adopted a “de-dollarization roadmap” without providing details of when it would take effect,though President Emmerson Mnangagwa has hinted it could happen as early as 2026. Official statistics suggest that the ZiG has helped to rein in surging price pressures since its April launch, though there are only a few months’ worth of data to go on.”
@ Newshounds News™ Source:
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WHERE IS THE LEGAL CLARITY UNDER THE BIDEN ADMINISTRATION TO THE CRYPTO INDUSTRY TO OPERATE LEGALLY IN THE US?
Crypto Industry execs met with White House officials to discuss crypto policy on August 8.Representatives from Coinbase, Kraken, Ripple and Circle reportedly attended a video call with US policymakers to discuss their approach to crypto regulation.
IMO, THE FOLOWING IS THE MOST IMPORTANT THING DISCUSSED DURING THAT MEETING:
“The crypto executives reportedly pushed the Biden administration forregulatory clarity in the digital asset space, hinting at the removal of Securities and Exchange Commission (SEC) Chair Gary Gensler.
Many in the industry have criticized the SEC under Gensler for bringing enforcement actions against crypto firms that seeminglydo not have a clear path to operate legally in the US.”
Lawfirm Holland & Knightmade the following statement in a report titled,“Blockchain & Cryptocurrency Laws and Regulations 2024”:
“In the United States, cryptocurrencies have been the focus of much attention by both federal and state governments.
At the federal level, most of the focus has been at the administrative and agency level, including the Securities and Exchange Commission(the “SEC”),the Commodity Futures Trading Commission (the “CFTC”), the Federal Trade Commission(the “FTC”)and the Department of the Treasury(the “Treasury”),through the Internal Revenue Service(the “IRS”), the Office of the Comptroller of the Currency(the “OCC”)and the Financial Crimes Enforcement Network(“FinCEN”).
While there has been significant engagement by these agencies, little formal rulemaking has occurred.Many federal agencies and policymakers have praised the technology as being an important part of the U.S.’s future infrastructure and have acknowledged the need for the U.S. to maintain a leading role in the development of the technology.”
The Seeds of Wisdom Team “Roadmap“, has documented many laws that have been introduced in both the House and the Senate.Some have passed the House or the Senate, but only one was passed by both the House and the Senate. However, that bill was Vetoed by Biden.
The industry executives were correct in saying that they are operating without a clear legal path to do so in the US. The BRICs nations have Russia in the lead providing a framework for cross border payments and stablecoins.
The EU Parliament has passed and implemented the Markets in Crypto-Assets (MiCA) to provide regulatory clarity to crypto businesses in the European Union.
The US is way behind and needs to pass laws to provide not only legal clarity to the crypto Industry in the US, but also security and protection regulations to it’s citizens.
@ Newshounds News™
Read more: CoinTelegraph,Roadmap,Global Legal Insights
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