Seeds of Wisdom RV and Economic Updates Thursday Afternoon 1-16-25
Good Afternoon Dinar Recaps,
BRICS: RUSSIA & MYANMAR TO TRADE IN LOCAL CURRENCY, DITCH US DOLLAR
Myanmar’s Foreign Economic Relations Minister, Kan Zaw revealed that they are negotiating a local currency payment system with Russia. “We have been negotiating the kyat-ruble payment system to facilitate the bilateral trade.
However, the central banks of the two countries have been keeping the current series of discussions at a very low profile,” he said. The discussions will only benefit the BRICS bloc and add another feather to its de-dollarization agenda.
“Bilateral trade between the two countries will be increased through constructive dialogues at the national level by exchanging views on the potential of being able to connect with each other based on the needs of the market, resolving the difficulties encountered, and finding collaborative ways,” said Myanmar’s minister. The initiative aligns with the BRICS ideals of reducing the supply of the US dollar for global trade and transactions.
BRICS: Russia & Myanmar Look to End US Dollar Reliance, Promote Local Currency
Myanmar’s Foreign Economic Relations Minister, Kan Zaw revealed that they are negotiating a local currency payment system with Russia. “We have been negotiating the kyat-ruble payment system to facilitate the bilateral trade.
However, the central banks of the two countries have been keeping the current series of discussions at a very low profile,” he said. The discussions will only benefit the BRICS bloc and add another feather to its de-dollarization agenda.
“Bilateral trade between the two countries will be increased through constructive dialogues at the national level by exchanging views on the potential of being able to connect with each other based on the needs of the market, resolving the difficulties encountered, and finding collaborative ways,” said Myanmar’s minister. The initiative aligns with the BRICS ideals of reducing the supply of the US dollar for global trade and transactions.
In addition, BRICS members Russia and Iran will soon sign a defense deal without incorporating the US dollar. Both countries aim to use their local currencies, the rial and ruble, and not the US dollar.
Read here to know more details about the upcoming defense partnership between Russia and Iran. BRICS is advancing the de-dollarization initiative and is threatening the future prospects of the US dollar. Local currencies could take center stage in the next decade and begin to shake the roots of the US dollar.
@ Newshounds News™
Source: Watcher Guru
~~~~~~~~~
RIPPLE CEO CALLS SEC’S APPEAL ‘INSANITY’ AS LEGAL FIGHT INTENSIFIES
Ripple remains resolute as it dismisses SEC's latest appeal as groundless repetition of old arguments.
The United States Securities and Exchange Commission (SEC) has submitted its opening brief to challenge a court decision favoring Ripple.
In its Jan. 15 filing, the SEC claims that Ripple’s XRP sales to retail buyers should be classified as unregistered securities transactions.
According to the SEC:
“The district court erred both factually and legally in concluding that defendants’ offers and sales of XRP to public buyers who purchased on crypto asset trading platforms—including retail investors—and Ripple’s offers and sales of XRP for which Ripple received non-cash consideration were not offers and sales of investment contracts.”
The financial regulator also argued that Ripple’s activities fostered profit expectations among buyers, satisfying the criteria for an investment contract under the Howey Test.
Considering this, the financial regulator requested that the Appeals Court vacate the lower court’s erroneous ruling.
The SEC’s appeal follows its partial defeat in July 2023 when Judge Analisa Torres ruled that only XRP sales to institutional investors qualified as securities. The court concluded that sales to retail investors did not violate US federal securities laws, prompting the SEC to seek a reversal of this outcome.
The case began in December 2020 and ended with Ripple fined $125 million in August 2024. However, the SEC’s appeal has added further complexities to the ongoing legal battle.
Ripple’s response
Ripple’s Chief Legal Officer, Stuart Alderoty, has dismissed the SEC’s appeal as a repetition of arguments that have already failed in court.
Alderoty emphasized that Ripple remains resilient, viewing the SEC’s actions as an obstacle to broader regulatory clarity. He stated that the company would respond formally to the brief while continuing to focus on growth in a changing regulatory environment.
He added:
“The SEC’s lawsuit is just noise. A new era of pro-innovation regulation is coming, and Ripple is thriving.”
Ripple CEO Brad Garlinghouse also echoed this sentiment, saying:
“[The SEC’s brief is] one definition of insanity…. Doing the same thing over and over and expecting different results. Gensler’s SEC really took this to heart.”
@ Newshounds News™
Source: CryptoSlate
~~~~~~~~~
Seeds of Wisdom Team RV Currency Facts Youtube and Rumble
Newshound's Podcast Link
Newshound's News Telegram Room Link
Q & A Classroom Link
Follow the Roadmap
Follow the Timeline
Seeds of Wisdom Team™ Website
Subscribe to Seeds of Wisdom Team™ Newsletter
Thank you Dinar Recaps