Good morning Dinar Recaps,
Goldilocks posted comments and news links on the global financial system
Bitcoin has no real backing, gold is the future of digital currency – World Gold Council Chair
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India’s Prime Minister Narendra Modi called for a global framework on cryptocurrency, artificial intelligence, and other emerging technologies.
Days ahead of the G20 summit scheduled to begin September 8 in New Delhi, Modi was asked in a recent interview with Business Today about a potential worldwide framework for regulating cryptocurrencies.
https://decrypt.co/154043/global-crypto-regulation-ai-emerging-technology-economies-india
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The major stablecoin company CIRCLE said it will launch its USDC stablecoin natively on two blockchains in the first week of September. The company said on AUG30 that it will launch USDC on Optimism’s OP Mainnet. It said that this new, native version of USDC will gradually replace OP Mainnet’s current version of the stablecoin, which is bridged from the Etherium blockchain. The symbol for Optimism’s bridged version of USDC will be changed to USDC.e, while the new native version will be labeled USDC. Previously, Circle announced a native version of USDC on Coinbase’s Layer 2 Base network on AUG29 Just like in the other launch, the new version of USDC on Base will gradually replace an existing version bridged from Ethereum. The bridged version will be renamed USDbC, while the new native version will be labeled USDC. Circle said that these native versions of USDC will allow for institutional on- and off-ramps and will help ensure that USDC is always fully backed and redeemable.
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“Paxos Acquisition Marks a New Era for Stablecoin Landscape. Binance’s strategic decision to phase out its stablecoin, BUSD, by the end of 2024 marks a significant turning point within the cryptocurrency space.”
This announcement is a sign of things to come. The acquisition of BUSD by Paxos allows us to know what is on the horizon.
Paxos is a stablecoin backed by gold. It is a new regulation requirement expectation of stablecoins going forward. Stablecoins represent a country’s currency in digital form.
The standardization of the new digital economy is dependent on protocols that allow stable exchanges from one country to the next. In this case, it will be done with stablecoins backed by gold.
© Goldilocks
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“The more crypto regulations evolve, the higher the chances are for them to reshape investor sentiment.”
Crypto regulations are beginning to shape the way we live, invest, and even think. Just two years ago, you hardly heard anyone talk about a new digital economy. And now, it is commonplace.
The use of AI and other digital mechanisms to ensure a secure and certain movement forward on the growth of money is capturing the sentiments of people young and old.
Many governing regulations have surfaced to give guidance for the movement of this new decentralized banking system. It serves as a reminder of the ever-evolving nature of money itself.
An economy has a life of its own, and what we spend our money on says a lot about those who invest in it.
This is why the movement of money is an ever-changing creative act that expresses who we are as a Global Nation.
These new digital regulatory developments are shaping the Crypto Market in ways none of us could have imagined. It is giving us direction for a future expressed by those who participate in it.
When people decide to buy certain cryptocurrencies, it becomes a sentiment or bias towards the network’s philosophy and ideas that come with it.
New laws and regulations support each Network that is interfaced onto the new Quantum Financial System. It has the ability to influence the world in a way it never has before. We are currently in an ever-evolving evolutionary event that will change the way we live forever.
© Goldilocks
https://www.techopedia.com/how-crypto-regulations-shape-market-sentiment-and-drive-prices
https://www.techopedia.com/crypto-regulation-challenges
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Banking Announcement:
The State Bank of Vietnam has joined an alliance of Asian central banks that has been working together to link up their domestic payment systems.
The State Bank of Vietnam signed a memorandum of understanding to become a member of the Regional Payment Connectivity (RPC) initiative on August 25, according to a joint statement issued by six central banks. The event was held on the sidelines of a high-level meeting organized by the Association of Southeast Asian Nations (ASEAN).
The central
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Blockchain Adoption: Stellar Development Foundation Comments on Decision to Join Bytecode Alliance
August 29, 2023
One of the first decisions made when building Soroban, the Stellar network‘s smart contract platform, was “choosing a platform for it to run on.”
The developers say they decided “to build on WebAssembly (Wasm) in April of 2022.” As noted in a blog post, Wasm offers a robust execution environment “for smart contracts and a thriving ecosystem.”
It also contributes “to building a safe, scalable system that promotes equitable access.” Choosing Wasm, or any platform really, is “a foundational decision because it informs just about every decision that comes next.” Which is why it was “a no-brainer for the Stellar Development Foundation (SDF) to join the Bytecode Alliance.”
As only the second blockchain in the Alliance, SDF can now help “shape the future and development of WebAssembly to include blockchain’s point of view.”
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