Seeds of Wisdom RV and Economic Updates Monday Evening 11-25-24
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BRICS: NEWS INDIA EXTENDS CBDC PAYMENTS TO NEW COUNTRIES
BRICS member India is strengthening its CBDC mobile payment ties with many more countries for cross-border transactions. Bloomberg reported that India is partnering with multiple countries in South Asia to process mobile payment systems.
The countries include the Philippines, Sri Lanka, and its BRICS counterpart the United Arab Emirates (UAE). T Rabi Sankar, Deputy Governor of the Reserve Bank of India (RBI) confirmed the development at the conference in Cebu, Philippines.
In addition, BRICS member India has already maintained the CBDC payment agreement with Bhutan and Nepal. The RBI is collaborating with ASEAN countries to integrate the platform for all like-minded nations. For the uninitiated, India is among the first countries in the world to successfully launch the pilot batch of the CBDC testing.
BRICS country India is assessing the possibilities of launching the CBDC digital currency for government, retail, and institutional usage.
It is also studying the impact a CBDC currency could have on the overall economy, banking systems, and monetary policies. When asked about when the CBDC digital currency could be launched, Sankar said that India is not in a hurry. “We are in no hurry to roll it out immediately. Once we have some visibility of what the outcome or impact will be, we’ll roll it out. We don’t keep a specific timeline for that.”
@ Newshounds News™
Source: Watcher Guru
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WHY XLM: IS STELLAR THE MOST UNDERRATED CRYPTO?
▪️Stellar has seen a significant price surge, sparking renewed interest in its potential.
▪️Stellar's co-founder, Jed McCaleb, emphasizes its real-world utility, advanced features, and potential to revolutionize global finance.
▪️Stellar's high transaction volume, native stablecoins, decentralized exchange, and secure smart contracts ensure it as a strong player.
The Stellar market has soared by an astounding 478.057% since November 5, making waves across the crypto community. This unexpected price surge has left many asking: Could Stellar be one of the most underrated projects in crypto?
Co-founder Jeb McCaleb recently shared insights that reveal the true power behind Stellar—insights that most people have overlooked until now. What makes this project so special? Let’s dive deeper and uncover why Stellar might just be more than meets the eye.
Steller’s Growing Popularity
Stellar’s popularity has grown significantly in recent years, with the sharp rise in XLM’s price this month showing the growing interest in the project. While McCaleb acknowledged this increased attention, he pointed out that many people still don’t fully understand the potential of Stellar.
Despite the buzz, he believes the project remains underrated.
Stellar vs. Ethereum
One of McCaleb’s key points was about the scale of Stellar’s daily transactions. He noted that Stellar handles at least ten times more transactions daily than Ethereum, and a large portion of these transactions involve real-world payments.
This impressive transaction volume, combined with its practical use cases, is a major reason for the recent rise in XLM’s price.
Stellar’s Powerful Features
Stellar offers several unique features that have contributed to its popularity and price surge:
▪️Native Stablecoins: Stellar supports its own stablecoins, which makes it perfect for cross-border payments.
▪️Built-in Decentralized Exchange (DEX): Stellar’s integrated DEX allows easy token swaps without the need for third-party exchanges.
▪️On-Chain Governance: The project includes built-in governance features, ensuring more transparency and security.
▪️Safer Smart Contracts: Stellar’s platform allows secure smart contracts, making transactions safer.
▪️Passkey and Multi-Signature Support: The network enhances security with passkey support and native multi-signature features.
McCaleb also emphasized Stellar’s efficiency, noting that the platform supports fast transactions with near-zero fees. This cost-effectiveness and speed make it a top performer in the crypto space, and a big reason why Stellar is gaining more attention.
The Future of Stellar
McCaleb described Stellar as a powerful payment system that fits perfectly with the true purpose of cryptocurrency. He hopes that both businesses and individuals will soon recognize the value of using Stellar for financial transactions. He also predicts that Stellar will play a major role in the global financial system in the near future.
FAQs
What makes Stellar XLM unique?
Stellar’s unique features include native stablecoins, a built-in DEX, on-chain governance, safe smart contracts, and a scalable, secure platform ideal for financial transactions.
Is Stellar XLM underrated?
Despite its strong fundamentals and growing popularity, Stellar is often considered underrated due to a lack of widespread understanding about its real-world impact and capabilities.
What’s clear is that Stellar’s journey has only just begun, and its impact will soon be seen in the crypto industry.
@ Newshounds News™
Source: CoinPedia
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AUSTRALIA BEGINS CONSULTATION ON OECD CRYPTO REPORTING FRAMEWORK
Australia’s Treasury seeks input on implementing the crypto-asset reporting framework within its domestic tax laws.
Australia’s Treasury Department released a consultation paper seeking feedback on applying an international reporting standard for cryptocurrency transactions. The initiative is part of a broader effort to enhance tax transparency and combat global tax evasion.
The consultation, launched on Nov. 21, focuses on implementing the Organisation for Economic Co-operation and Development’s (OECD) Crypto-Asset Reporting Framework (CARF).
The OECD framework sets standardized rules for collecting tax data on crypto-asset transactions and sharing that information among tax authorities.
The paper presents two options for implementing CARF: adopting the framework into Australian tax law or taking a more tailored approach that would target the needs of the Australian Taxation Office.
Adopting an international standard on crypto reporting
In 2022, the OECD — an intergovernmental organization creating international standards — developed and released CARF to combat global tax evasion using crypto assets.
The OECD developed CARF in 2022 to combat global tax evasion through crypto assets. In 2023, 47 countries, including Australia, committed to adopting the framework. The initiative is expected to enhance visibility into crypto transactions and bolster international information exchange.
Australia is now moving toward integrating CARF into its tax law by consulting with stakeholders.
OECD’s CARF will mandate crypto exchanges and wallet providers to report specific crypto transactions to the relevant tax authorities. The information collected would include digital asset purchases.
According to the consultation paper, CARF reporting requirements may start in 2026. The Treasury stated:
“Subject to a final decision of Government, it is envisaged that CARF reporting requirements would commence from 2026, to ensure the first exchanges between the ATO and other tax authorities could take place by 2027. This timeframe would also be subject to future legislative priorities.”
The Treasury also said this timeframe will provide enough lead time for reporting crypto providers to update their systems.
Other countries implementing CARF into tax laws
Other jurisdictions have also started integrating CARF into their domestic laws. On April 18, Canada announced it would apply the framework by 2026.
On May 18, Switzerland issued a public consultation for applying the standards to its local tax laws. The country also intends to implement the framework to enhance tax transparency for crypto assets.
Meanwhile, New Zealand introduced the framework in a new tax bill. On Aug. 27, the New Zealand Minister of Revenue submitted a proposal to implement the framework into its laws. Crypto providers are expected to collect information starting on April 1, 2026, and submit them by June 30, 2027.
@ Newshounds News™
Source: CoinTelegraph
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WISDOMTREE FILES FOR XRP ETF VIA DELAWARE TRUST, JOINS BITWISE, CANARY CAPITAL IN THE RACE
Moving beyond Bitcoin, asset managers are now eyeing towards XRP as the next big player in the ETF space. In a latest develoment, the Global ETF provider WisdomTree has filed to launch an XRP ETF in the U.S. notably, this is the third filing to establish a spot XRP ETF in the country. Moreover, the XRP price soared over 10% after the announcement.
Eleanor Terrett Confirms The Legitimacy
The trust filing represents a preliminary step in the ETF launch process, preceding a formal application to the SEC.
The update was shared by Fox journalist Eleanor Terrett. Terrett also confirmed the legitimacy of the filing with WisdomTree, which manages over $100 billion in assets.
Also, just recently, the organization introduced its physical Ripple ETP in Europe. The latest Delaware filing shows the firm’s growing interest in Ripple’s native token.
Additionally, two other firms have filed for an XRP ETF. In October, Bitwise and Canary Capital filed for spot XRP ETFs with the U.S. SEC.
XRP Surges 10%
The news has driven a notable price surge for XRP, with its value rising over 10% in intraday trading. Many market experts anticipate that if XRP breaks out above $1.50, its price could rally to over $2 in the short term.
Renowned analyst Armando Pantoja in a bullish outlook has suggested that XRP could surge to $8-$30. This optimism stems from expectations that Ripple’s long-standing legal battle with the U.S. SEC may resolve favorably in early 2025 in line with Trump’s return and Gensler’s exit.
With SEC Chair Gary Gensler set to resign, speculation is mounting around the future of XRP ETFs, particularly due to the Ripple SEC case. Experts believe that Gensler’s departure could lead to a relaxation in regulations potentially easing the path for XRP ETFs under new leadership.
@ Newshounds News™
Source: CoinPedia
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