Economics Updates Saturday 7-6-24

WHAT CAN RLUSD STABLECOIN DO THAT XRP CANT DO?

“Ripple President Monica Long explains the dual role the forthcoming RLUSD stablecoin could play alongside XRP for developers and payment utilities.”

1. Some customers will prefer to transact in USD, so the stablecoin is the better method.
2. Sometimes a bridge asset is unnecessary.
3. XRP is a neutral crypto FOR USE as a BRIDGE ASSET.
4. XRP can move more than just currency, RLUSD only moves US dollars.

“Ripple sees XRP as essential for efficient cross-currency or cross-token settlements, particularly for long-tail assets and currencies. Long cited instances with the sub-Saharan African region, Europe, and the Middle East where costs can be very high amid insufficient liquidity. In these scenarios, fees can exceed 10% of the payment, making XRP crucial for the transactions.”

Read more The Crypto Basis

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DONALD TRUMP STATES HE WILL BECOME THE FIRST CRYPTO PRESIDENT

“At a campaign fundraising event in June, former president Donald Trump styled himself as something that would have seemed unlikely not long ago. He said he would be the crypto president,” tech executive Trevor Traina, who attended the fundraiser, told Reuters that month.”

“By May, he declared that the US should be the industry’s global leader in the space.”

“The numbers back the point. According to a May report from Public Citizen, the cryptocurrency sector is becoming a titan of political funding that’s hard to ignore.”

“About half of young voters surveyed by Grayscale said they will consider a candidate’s crypto position before voting.”

DONALD TRUMP’S STANCE ON CRYPTO SHOULD GET THE ATTENTION OF THE US SENATE WHO HAS YET TO PASS A CRYPTO BILL

Read more: Business Insider

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“Which Banks Are Using Ripple?
Ripple’s network of banking partners has continued to grow as the blockchain expands its global reach and influence. Moreover, the number of potential partners is expected to increase as Ripple Labs tries to move forward from its lengthy legal battle with the U.S. Securities and Exchange Commission (SEC).”

“The following banks are confirmed to have been working with Ripple:

*Santander (USA)
*Canadian Imperial Bank of Commerce (Canada)
*Kotak Mahindra Bank (India)
*Itaú Unibanco (Brazil)
*IndusInd (India)
*InstaReM (Singapore)
*BeeTech (Brazil)
*Zip Remit (Canada)
*LianLian (China)
*RAKBANK (U.A.E.)
*IFX (U.K.)
*TransferGo (U.K.)
*Currencies Direct (U.K.)
*Airwallex (Australia)
*SEB (Sweden)
*SBI Remit (Japan)
*Siam Commercial Bank (Thailand)
*Krungsri (Thailand)

On the flipside Ripple may be a faster and more affordable blockchain network than Bitcoin and Ethereum, but it is outclassed by modern networks like Solana (SOL) regarding speed and efficiency.”

Read more: Daily Coin

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VIETNAM INTRODUCES MANDATORY FACIAL RECOGNITION FOR DIGITAL PAYMENTS THAT EXCEED APPROXIMATELY $390

This will be an issue for many US citizens going into the digital age as privacy concerns accompany KYC/AML (know your customer/ anti-money laundering) laws.

“Authorities in Vietnam have introduced a facial recognition requirement for all digital payments of 10 million dong (about $390) or more made in the country. The measure, which has already raised questions about privacy and security, requires all money transfers made through banks or e-wallets to involve face scanning on smartphones via banking applications. According to the State Bank of Vietnam, the obligation aims to “ensure the security of online and bank card payments.”

Newshounds News will be keeping an eye on these new laws and will report on their advancement.

Read more: Agenzia Nova

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BASEL COMMITTEE UPDATE REGARDING CRYPTO RULES FOR BANKS

“The committee is unveiling the standards later in July, culminating a years-long process.”

“The Basel Committee met on July 2-3 and made policy decisions on issues that included disclosure of banks’ crypto exposure. A disclosure framework for banks’ crypto assets was proposed in December 2022 and opened for comments in May 2023.

“Updated standards will be published later in July, according to a Bank for International Settlements (BIS) statement.”

This article is dated July 3, 2024, up-to-date news regarding BIS and BASEL 3 @ Newshounds News™

Read more: Coin Telegraph

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Venezuela’s Digital Asset Remittances Hit Yearly $460 Million

“Venezuelans have recorded an increased amount of remittances with crypto numbers surging in the last one year.”

HIGHLIGHTS

*”Venezuela recorded $5.4 billion in remittances last year.”
*”Out of this number, over $460 million were crypto transactions.”
*”Global adoption of crypto assets continues to soar with more use cases.”

“Venezuelan citizens have recorded a surging number of cryptocurrency remittances with figures above $460 million in the last 12 months. Generally, remittances in the country have grown due to harsh economic conditions that led to huge numbers of migrants. The figure shows a growth in crypto adoption in the last year in Latin America and other jurisdictions.”

“Venezuelans Embrace Crypto Remittances”

“Venezuelans have increased their crypto usage for transactions as general figures have spiked in the last year. According to data from the Inter-American Dialogue, Venezuelans remitted about $5.4 billion contributing 6% to the gross domestic product. To put growth in perspective, the figure is almost a 75% surge from 2021. “

“Crypto remittances were up to $461 million, totaling 9% of numbers per Chainalysis data. Manuel Orozco, director of Migration, Remittances, and Development at the Inter-American Dialogue noted that while the figures are high, a large number of migrants cannot afford to send remittances. “The number of Venezuelan migrants that are sending remittances has jumped 50-60%. It’s not a higher percentage because the rest of the migrants cannot yet afford to send money.””

“Venezuelan remittances spiked after the country faced an economic crisis leading to migration with about 30% of households receiving money from foreign countries. In the last 10 years, over 7 million Venezuelans have left the country sending money back home through digital methods. While traditional remittance methods appear slower and more expensive, crypto assets provide an easier route. However, crypto users back home face certain regulations on some digital asset exchanges with many calling on pro-industry laws.”

Globally, Crypto usage has soared. Traditional means of remittances have huge rates attached, while crypto is a much faster and cheaper way to send remittances.

@ Newshound News™

Read more: CoinGape