Seeds of Wisdom RV and Economic Updates Friday Morning 11-29-24
Good Morning Dinar Recaps,
DE-DOLLARIZATION: 2 COUNTRIES OFFICIALLY ABANDON THE US DOLLAR
While Trump is bolstering efforts to reinstate US dollar dominance, the de-dollarization agenda is still a heavy narrative that is spreading like wildfire on a global domain. The Trump regime is focusing on imposing taxes on countries moving away from the dollar, while on the other side, these two nations have stopped using the dollar for bilateral trade. Is de-dollarization an agenda that can truly end sometime soon?
These 2 Nations Have Moved Away From The Dollar
Iran and Russia, the two leading nations, have decided to move away from the US dollar. Iran’s central bank governor, Mohammad Reza Farzin, officially announced plans on how Iran has lately been conducting trade with Russia without using the US dollar.
Farzin outlined how both nations have established agreements to conduct trade in local currencies, giving the multipolar currency narrative a new boost.
“We have entered into a currency agreement with Russia and fully removed the dollar. Now we only trade in rubles and rials,” Farzin later shared.
The Governor of the Central Bank of Iran later clarified how the financial authorities of both nations have agreed on the exchange rate to be used while conducting active transactions.
The recent data uploaded by the Kremlin also reflected the rising multipolar currency narrative. The fresh Kremlin data emphasize how Iran and Russia have conducted nearly 96% of their trade transactions in local currencies.
“The Kremlin reported on October 21 that the use of national currencies in mutual settlements between Iran and Russia was up 12.4% in 2024, making up 96% of all transactions.” Tass Media reported
The rising de-dollarization wave is hard to maneuver as the majority of the nations, under BRICS and ASEAN, are all proposing local currencies, urging nations to pivot away from the dollar
Trump Tightens His Tax Agenda
Trump, in his recent spree of announcements, has shared how Canada, Mexico, and China will encounter higher tax restrictions. The president-elect has decided to impose a 10% tax on Canada and Mexico to address and restrict illegal immigration and drug smuggling.
At the same time, Trump has imposed a 25% tax on China, touting it as a measure to curb excessive fentanyl imports.
@ Newshounds News™
Source: Watcher Guru
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CRYPTO EXCHANGE OKX ROLLS OUT SERVICES IN BELGIUM TO STRENGTHEN EUROPEAN PRESENCE
OKX expands its European footprint with a launch in Belgium, featuring free Euro deposits through a partnership with local payment provider Bancontact.
Seychelles-headquartered crypto exchange OKX has launched its services in Belgium, offering spot trading, conversion, and a range of crypto services through its exchange and wallet.
Belgian customers now have access to over 200 cryptocurrencies, including more than 60 crypto-euro trading pairs, along with Euro deposits and withdrawals, the company said in a Nov. 28 press release.
The exchange says the expansion in Belgium leverages Bancontact, Belgium’s online payment system, allowing customers to deposit funds instantly and free of charge. SEPA withdrawals and deposits are also available without fees.
OKX Europe general manager Erald Ghoos says the launch in Belgium marks a “key step in our regional expansion, supported by a local team and tailored services that meet the unique needs of Belgian customers.”
The Belgian launch is part of OKX’s broader strategy to increase its presence across Europe.
Earlier in 2024, the exchange debuted in the Netherlands and announced plans to establish OKX expands its European footprint with a launch in Belgium, featuring free Euro deposits through a partnership with local payment provider Bancontact.
Seychelles-headquartered crypto exchange OKX has launched its services in Belgium, offering spot trading, conversion, and a range of crypto services through its exchange and wallet.
Belgian customers now have access to over 200 cryptocurrencies, including more than 60 crypto-euro trading pairs, along with Euro deposits and withdrawals, the company said in a Nov. 28 press release.
The exchange says the expansion in Belgium leverages Bancontact, Belgium’s online payment system, allowing customers to deposit funds instantly and free of charge. SEPA withdrawals and deposits are also available without fees.
OKX Europe general manager Erald Ghoos says the launch in Belgium marks a “key step in our regional expansion, supported by a local team and tailored services that meet the unique needs of Belgian customers.”
The Belgian launch is part of OKX’s broader strategy to increase its presence across Europe. Earlier in 2024, the exchange debuted in the Netherlands and announced plans to establish a regulatory hub in Malta, where it secured a Class 4 Virtual Financial Assets license in 2021. The exchange said it plans to list additional tokens for Belgian users as part of its ongoing product expansion, though details on this initiative are yet to be disclosed.
@ Newshounds News™
Source: Crypto News
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COINBASE ENDS USDC REWARDS IN EUROPE AS MICA DEADLINE LOOMS
The crypto exchange will end its USDC yield program for EEA customers on December 1, citing the EU’s upcoming stablecoin regulations.
Crypto exchange Coinbase will discontinue its USDC Rewards program for customers in the European Economic Area (EEA) starting December 1, 2024, as part of its compliance with the European Union’s Markets in Crypto-Assets (MiCA) regulations.
Coinbase users reported receiving an email Thursday in which the exchange announced the termination of its yield program, which allowed users to earn rewards on their holdings of the USDC stablecoin.
The change comes as MiCA, introduced in June 2023, imposes stricter rules on stablecoins, classifying them as electronic money tokens (EMTs).
These rules ban interest-earning features and require issuers to maintain sufficient reserves and obtain e-money authorization in at least one EU member state.
Impacted customers will receive their final payments within the first ten business days of December. Until then, they can continue earning rewards on balances through November 30.
Many customers have expressed dissatisfaction with the changes. Paul Berg, co-founder of Sablier, sarcastically remarked on Twitter that he feels “very grateful to the EU” for shielding him from earning rewards on his USDC.
Ripple’s CTO David Schwartz weighed in, describing the situation as an example of regulations preventing companies from offering “pro-consumer” services.
Coinbase had hinted at the coming change October, announcing plans to delist or adjust non-compliant tokens ahead of MiCA’s full enforcement on December 30.
At the time, the crypto exchange told Decrypt it would provide a detailed transition plan in November to help European customers switch to compliant stablecoins, such as USDC and EURC.
On Wednesday, stablecoin issuer Tether also announced it will stop minting euro-backed tokens, citing regulatory hurdles in Europe.
Tether CEO Paolo Ardoino said the focus will now shift to expanding Hadron, its asset tokenization platform.
Coinbase did not immediately respond to Decrypt’s request for comment.
@ Newshounds News™
Source: Decrypt
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@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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