roadrunner

The BRICS economic bloc has invited six countries to become new members: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. The BRICS leaders wrapped up their 15th annual summit on Thursday. “We have reached agreement on the guiding principles, standards, criteria, and procedures of the BRICS expansion process,” said South Africa’s president. BRICS to Become 11-Nation Bloc On Thursday, the BRICS nations (Brazil, Russia, India, China, and South Africa) wrapped up their 15th annual summit in Johannesburg and released their “Johannesburg II Declaration.” Russia will assume the 2024 BRICS Chairship and host the XVI BRICS Summit in the city of Kazan. The economic bloc has decided to invite six countries to become new members: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE). South Africa, the chair of the BRICS summit this year, previously stated that 23 countries have formally applied for membership. The BRICS declaration states: We have decided to invite the Argentine Republic, the Arab Republic of Egypt, the Federal Democratic Republic of Ethiopia, the Islamic Republic of Iran, the Kingdom of Saudi Arabia, and the United Arab Emirates to become full members of BRICS from 1 January 2024. “We have also tasked our foreign ministers to further develop the BRICS partner country model and a list of prospective partner countries and report by the next summit,” the declaration further details. South African President Cyril Ramaphosa posted on the X social media platform at the conclusion of the BRICS summit: “BRICS is a diverse group of nations. It is an equal partnership of countries that have differing views but a shared vision for a better world.” He emphasized: As the five BRICS members, we have reached agreement on the guiding principles, standards, criteria and procedures of the BRICS expansion process. We have consensus on the first phase of this expansion process. Earlier, China’s President Xi Jinping stated at the summit: “We will forge stronger BRICS strategic partnership, expand the ‘BRICS Plus’ model, actively advance membership expansion, deepen solidarity and cooperation with other [emerging markets and developing countries], promote global multipolarity and greater democracy in international relations, and help make the international order more just and equitable.” Russian President Vladimir Putin said at the summit that “the irreversible process of de-dollarization is gaining steam.” What do you think about the BRICS economic bloc inviting the six countries to become new members? Let us know in the comments section below. View the full article

The U.S. Securities and Exchange Commission said on Aug. 23 that it had charged a former New Jersey correctional officer “with fraudulently raising funds through the unregistered offering of the blazar token.” The Commission said the correctional officer’s scam was primarily targeted at law enforcement agents and first responders. Replacing the State Pension System With Blazar Token The U.S. Securities and Exchange Commission (SEC) announced on Aug. 23 that it has charged John DeSalvo, a former New Jersey correctional officer, “with fraudulently raising funds through the unregistered offering of the blazar token.” The SEC alleged that by selling the now-defunct token, DeSalvo was able to raise $620,000 from approximately 220 investors. As explained in a statement released by the SEC, the former correctional officer primarily targeted law enforcement agents and first responders. In addition to falsely claiming that the token was registered with the SEC, DeSalvo told investors that the blazar coin “would replace existing state pension systems.” To further entice his victims, DeSalvo is said to have promised guaranteed high returns to investors who agreed to buy the token via an “automatic” deduction from their salary. However, instead of using the capital raised to prop up the project, the former correctional officer allegedly misappropriated the funds. He also transferred some of the funds to crypto wallets that he controlled. Criminals Duping Victims With Scams ‘in Shiny Wrappers’ Commenting on the Commission’s decision to charge the former correctional officer, Gurbir S. Grewal, the director of the SEC’s Division of Enforcement, decried how DeSalvo used his past status as a government employee to dupe investors. “What’s particularly offensive about this case is that DeSalvo used his status as a former corrections officer to gain the trust of fellow law enforcement personnel, a number of whom invested their savings with him. I am proud that the SEC is able to deliver some measure of justice to those brave first responders who DeSalvo victimized by holding him accountable for his appalling conduct,” Grewal said. David Hirsch, another member of the SEC’s Division of Enforcement, said the former correctional officer’s fraudulent activities showed that investors are still vulnerable to scams especially when they appear “in shiny new wrappers.” Meanwhile, in addition to fleecing investors with the blazar token, DeSalvo is also accused of misappropriating $78,000 out of the $95,000 that he raised from participants of another investment venture. The remaining $17,000 was lost in speculative investments, the SEC said. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

The founders of the cryptocurrency mixing service Tornado Cash were charged Thursday with allegedly helping to launder more than $1 billion in digital currency, including funds taken by North Korean hackers. Department of Justice: ‘You Can’t Hide From Us Behind a Keyboard — Whether You’re a Hacker or Facilitator’ Roman Storm and Roman Semenov were indicted federally on charges of conspiracy to launder money, conspiracy to violate sanctions laws, and operation of an unlicensed money-transmitting business. Storm was arrested in Washington, and Semenov remains at large. Prosecutors allege that Storm and Semenov intentionally designed Tornado Cash to let cyber criminals anonymize transfers of funds on the blockchain. The system was used to launder more than $1 billion in digital currency, violating U.S. sanctions, the indictment says. Earlier this spring, Tornado Cash is believed to have aided in laundering part of the $600 million stolen by hackers sponsored by North Korea in a March attack on the Ronin Network, an Ethereum sidechain. Although the company had already put sanctions screening in place, Storm and Semenov reportedly used deceptive compliance practices to keep processing illicit transactions, prosecutors said. “As alleged, Tornado Cash was an infamous cryptocurrency mixer that laundered more than $1 billion in criminal proceeds and violated U.S. sanctions,” Damian Williams, the U.S. attorney for the Southern District of New York said in a statement. “Roman Storm and Roman Semenov allegedly operated Tornado Cash and knowingly facilitated this money laundering.” These charges come amid a national cryptocurrency crackdown by the Department of Justice aimed at those facilitating cybercrime and evading sanctions. This action follows last year’s imprisonment of Tornado Cash developer Alexey Pertsev by Dutch officials. What do you think about the charges against the Tornado Cash founders? Share your thoughts and opinions about this subject in the comments section below. View the full article

FTX Trading Ltd., accompanied by its linked debtors, has approached the U.S. Bankruptcy Court in Delaware with a proposal to collaborate with Michael Novogratz’s Galaxy Digital Capital Management LP, also known as Galaxy Asset Management. FTX Trading Proposes Alliance With Novogratz’s Galaxy Digital FTX aims to onboard Galaxy Asset Management to oversee a portion of its crypto holdings. Debtors insist with Galaxy’s deep-rooted expertise in the digital asset realm, the bankrupt entity and its debtors deem the firm perfectly suited for the role. Under this potential partnership, Galaxy’s responsibilities would encompass managing FTX’s digital assets, furnishing strategic counsel, executing trades, and adeptly maneuvering to prevent adverse price fluctuations from bulk asset sales. Additionally, the firm intends to optimize the value derived from sales by hedging these crypto assets. For their services, Galaxy would earn a remuneration structured as management fees, derived from the assets’ value and revenue from asset sales. The proposal also stipulates provisions for expense coverage and mutual safeguard clauses. FTX asserts that the anticipated compensation aligns seamlessly with the projected service deliverables. Interestingly, Galaxy isn’t just an external party; they’re also a creditor to FTX with a staggering $76 million tied up with the now-obsolete exchange. As a result, FTX, along with its debtors, seeks the court’s green light to formalize the investment service accord under sections 105(a) and 363(b) of the Bankruptcy Code. FTX is confident that this partnership with Galaxy exemplifies its sound business acumen. It is perceived as a pivotal move to both safeguard and amplify the worth of its digital assets amidst the ongoing bankruptcy ordeal. “Galaxy Asset Management has extensive experience in areas relevant to digital asset management and trading, including with respect to the types of transactions and investment objectives contemplated,” the court documentation underscores. What do you think about FTX attempting to partner with Galaxy for funds management? Share your thoughts and opinions about this subject in the comments section below. View the full article

Bitcoin rebounded from recent lows on Thursday, as bulls moved to buy the dip, following a drop below the $26,000 level. The rally comes as traders rejected a full breakout below a key support point of $25,600. Ethereum was also back in the green during today’s session. Bitcoin Bitcoin climbed higher on Thursday, as bulls moved to buy the recent dip in price, following a drop below the $26,000 level. After trading at a low of $25,805.00 on Wednesday, BTC/USD rose to an intraday peak of $26,786.90 earlier in today’s session. This is the strongest point that bitcoin has hit since last Thursday, when the cryptocurrency was trading above the $28,000 mark. Looking at the chart, the surge sent the 14-day relative strength index (RSI) to a ceiling of 28.00, which is also a one-week high. As of writing, price strength has moved below this point, however should a breakout occur, there is a good chance that BTC will head above $27,000. Ethereum Ethereum (ETH) was also back in the green, and neared a breakout above the $1,700 zone late on Wednesday. ETH/USD rallied to a high of $1,696.59 during yesterday’s session, less than 24 hours after the price was at a bottom $1,634.87. Like with BTC above, today saw ethereum trade at its highest point in a week, with price peaking above $1,800 last Thursday. The 14-day RSI has also collided with a key resistance level, in this occasion at the 34.00 zone. Sentiment has marginally shifted, with the index now at 32.04, resulting in the easing of earlier gains. Register your email here to get weekly price analysis updates sent to your inbox: Can ethereum hit $1,800 this week? Leave your thoughts in the comments below. View the full article

Using blockchain can potentially minimize intermediary expenses incurred by players in the hospitality industry because the technology makes it possible to facilitate direct connections between users and hotels, Bernard Lau, CEO of Staynex and LABS Group, has said. Lau, whose company focuses on onboarding resorts & hotels to Web3, argued that non-fungible tokens (NFTs) can be used to enhance hotels’ product offerings “particularly in the realm of loyalty membership rewards.” Using Blockchain to Eliminate Intermediaries With respect to timeshares, also known as vacation ownerships, Bernard Lau told Bitcoin.com News that the blockchain’s key attributes can effectively help lower the costs of such ventures. In addition, when their ownership is more transparent, timeshares can still turn out to be an “interesting concept” just as they were in the past, the CEO added. Lau also spoke of how artificial intelligence (AI) can be used to curate optimal selections, itineraries, and prices which are inside customers’ budget limits. And since AI is able to efficiently present the top choices, it means prospective customers will not waste time searching for the best possible deal, Lau suggested. In written answers sent to Bitcoin.com News via Telegram, Lau also explained how even less tech-savvy customers can use or pay using NFTs and crypto. He also touched on how Web3 travel solutions can be used to ease inconveniences for digital nomads. Below are the Staynex and LABS Group CEO’s answers to questions from Bitcoin.com News. Bitcoin.com News (BCN): What are some of the unique Web3 use cases for the hospitality industry and how can hotels and resorts implement blockchain technology into their existing businesses without hurting the guest experience? Bernard Lau (BL): The market is currently dominated by a few online travel agents (OTA), creating an oligopoly. By imposing charges of 15-35% on hotels, this structure could eventually harm the industry. Such charges compel hotels to slash their margins, consequently hindering their ability to deliver premier services and diminishing their branding influence. Blockchain technology, however, offers a solution by facilitating direct connections between users and hotels, thereby minimizing intermediary expenses. Furthermore, NFTs present an opportunity to enhance product offerings, particularly in the realm of loyalty membership rewards. This innovation not only benefits the hotel industry but also enables integration with other sectors. Travel and tourism are intrinsically linked with the entertainment and corporate sectors, and all should collaborate for optimal synergy. BCN: In the hospitality industry, timeshare is an interesting concept which is plagued by several issues like hidden costs, pushy sales, difficulty in booking, etc. Can blockchain-based solutions address these challenges and make timeshares a better concept? BL: Certainly, by ensuring transparency and establishing clear ownership, blockchain can significantly reduce costs. This technology enables hotels to enhance their product offerings and benefits hotels of all scales, not just the global giants. Furthermore, integrating timeshares with loyalty/membership programs can be advantageous, emphasizing the importance of fostering long-term relationships with customers rather than focusing solely on one-time transactions. BCN: Your company allows hotels and resorts to create NFTs. Can you tell us what benefits these NFTs could unlock for users and how is this different from booking a stay or an experience via an OTA? BL: The experience is akin to what OTAs offer, but instead of merely booking a night, you’re purchasing a curated experience, package, or vacation directly crafted by the hotels. Benefits encompass guaranteed stays subject to availability and exclusive access to partnered experiences, like those with Arsenal. For instance, when you buy a package from a hotel that incorporates the Arsenal features, attendees also get the chance to watch a match. It’s important to note that our collaborations aren’t exclusive to Arsenal. We’re forging global partnerships with concerts, events, gyms, and co-working spaces. This empowers hotels on our platform to craft unique offerings and foster synergies with these ecosystem collaborators. BCN: At the moment it is difficult for non-crypto savvy tourists or business travelers to get into crypto and start using the NFTs. How have you made this easier for such users? BL: Your interaction will feel seamless, and you might not even realize you’re using blockchain. Staynex offers the familiarity of a Web 2.0 interface paired with the robustness of a Web 3.0 infrastructure. You can sign up using your social media accounts and pay with either fiat or crypto, even if you’ve never used a digital wallet before. BCN: Staynex recently partnered with the Chinese telecom giant Huawei to improve the travel experience for users with the help of artificial intelligence (AI) and Web3 technologies. Can you tell our readers more about the role of AI in the hospitality industry? BL: AI leads the charge in numerous industry innovations. One approach we’re exploring allows users to specify their desired trip destination and the number of participants, be it individuals, families, or groups. The AI then curates optimal selections, itineraries, and prices tailored to your budget and party size. This eliminates the need to scour for the best deals, as the AI efficiently presents the top choices directly to you. Additionally, employing AI in dynamic pricing ensures we remain competitive on all levels, assisting hotels in maximizing the value they derive from bookings. BCN: Digital nomadism has skyrocketed in popularity following the Covid pandemic. To keep costs down, nomads are often looking for good deals on stays without committing to longer stays. They want the freedom and the ability to keep traveling every few weeks. Do you think Web3 travel solutions can address such inconveniences for nomads? BL: Absolutely. Currently, users predominantly face two choices: pay steep prices on OTAs or opt for rentals with fixed durations. We’re exploring the tokenization of individual nights, granting users the flexibility to stay and redeem at their convenience, all while maintaining competitive prices. What are your thoughts about this interview? Let us know what you think in the comments section below. View the full article

Member states of the BRICS bloc can follow the example of other nations and start using India’s Unified Payments Interface (UPI) system, according to Prime Minister Narendra Modi. The country is a leader in digital transactions, the head of the Indian government said in South Africa where the organization is holding its annual summit. India to Become Developed Nation by 2047, Modi Says at BRICS Business Forum India is the world’s fastest growing major economy, despite the current turmoil, and will soon become a 5 trillion-dollar economy, the Prime Minister of the most populous democracy, Narendra Modi, told participants in the BRICS Business Forum. The event is part of the sessions of the group’s summit held in Johannesburg on Aug. 22-24. “There is absolutely no doubt that in the coming years, India will be the growth engine of the world and the reason for this is that India has converted crisis and difficulties into opportunities for economic improvements,” Modi also stated, quoted by NDTV. He added that “the people of India have resolve to become a developed nation by 2047.” The Indian leader highlighted some of his country’s achievements in the past few years, including reforms that have improved the business climate such as reducing the compliance burden and removing red tape as well as large-scale investments in infrastructure. For example, 10,000 km of new highways are being constructed in India annually and the number of airports has doubled in less than a decade. One of India’s success stories is the locally developed Unified Payments Interface, which has become one of the most successful payment systems in the world since its launch in 2016. Created by the National Payments Corporation of India, UPI facilitates instant transfers between bank accounts through mobile apps. In May of this year, it processed a record 9 billion transactions worth $180 billion and in the 2023 fiscal year, the value of annual transactions reached $1.7 trillion. “Today in India UPI is used at all levels from street vendors to large shopping malls. Today among all countries in the world, India is the country with the highest digital transaction,” Narendra Modi pointed out. “Countries like UAE, Singapore, and France are joining this platform. There are many possibilities of working on this with BRICS countries as well,” he emphasized. India has shared its UPI technology with a number of other nations, including Australia, Saudi Arabia, and Pakistan. At the summit, the leaders of the BRICS member states and other officials have been discussing a range of topics relevant to the development of their nations – Brazil, Russia, India, China, and South Africa – as well as the future role of the organization on the global stage. These include promoting the use of local currencies in cross-border trade, the introduction of unified settlement systems, the potential launch of a common currency, and the bloc’s expansion. Do you think the other BRICS members will show interest in adopting India’s UPI Instant Payment System? Tell us in the comments section below. View the full article

The BRICS members are mulling over the possible launch of a common unit of account, Russia’s Minister of Finance Anton Siluanov unveiled. This would be an alternative to the U.S. dollar that can be used to denote the cost of some commodities, for example, but not a single currency like the euro, the Russian official explained. BRICS States Focused on Trade in National Currencies, See Potential in Unified Settlement Systems The BRICS countries (Brazil, Russia, India, China, and South Africa) are discussing the possibility of creating a common unit of account that would serve as an alternative to the U.S. dollar, Minister Siluanov told the Chinese state-run CGTN TV channel during the BRICS summit. Leaders of the BRICS member states are meeting in Johannesburg on Aug. 22-24, with Russian President Vladimir Putin joining via video link, to discuss the future moves of the group. The prospect of issuing a single currency for the bloc, which unites leading emerging economies, is one of the topics of the talks. Anton Siluanov pointed out, however, that the main emphasis, when it comes to the development of trade relations, is now placed on settlements in national currencies. “We see the potential to discuss the creation of unified settlement systems,” he said, also quoted by the Tass news agency, and elaborated: This can be a unit of account for the BRICS member countries. Not a single currency like in the EU but an alternative to the dollar, in which the cost of commodity deliveries can be denoted as well as benchmarks for some goods so as not to depend on the single currency or an issuing center that issues banknotes in a no-one-knows-how manner. Intensive consultations have been carried out in recent months within BRICS on launching a single currency, according to an earlier report by Tass quoting a representative of the South African Ministry of International Relations. However, there has been no decision to this effect yet, the official said, adding that a BRICS currency was being discussed as a concept. During a meeting of the foreign ministers of the BRICS states in Cape Town in early June, the group’s top diplomats announced a plan to encourage the use of local currencies in international trade. At the end of April, South Africa’s ambassador to the group, Anil Sooklal, highlighted efforts to create a common currency but also noted that the bloc was focused on expanding the use of national currencies. Do you think that BRICS will eventually issue a single currency? Share your expectations in the comments section below. View the full article

Lawyers for Sam Bankman-Fried claim the FTX founder, who has fallen from grace, based his business decisions on legal advice from company attorneys before the cryptocurrency exchange’s downfall. FTX Founder Bankman-Fried Claims Actions Were Based on Legal Advice, Denies Fraudulent Intent In a court document filed Wednesday, attorneys for Bankman-Fried from Cohen & Gresser LLP maintain he received assurance from both in-house and external lawyers that his actions complied with the law. They contend this indicates Bankman-Fried operated in good faith, without intentions of misleading FTX clients and investors. Bankman-Fried’s lawyers state: The defense intends to elicit evidence that Mr. Bankman-Fried was aware that Fenwick lawyers as well as in-house counsel for FTX, including Dan Friedberg, Can Sun, Ryne Miller, and others, were involved in reviewing and approving decisions related to these matters and others, which gave him assurance that he was acting in good faith. The document notes that the 31-year-old cryptocurrency magnate understood lawyers had examined and endorsed FTX’s policies on data storage, loans to company founders, and contracts between FTX and its associated hedge fund, Alameda Research. The filing also asserts that attorneys guided the creation of shell corporations purportedly used to improperly transfer client funds. “Mr. Bankman-Fried’s awareness that counsel was involved in the matters listed above and others is relevant to rebut the government’s claim that Mr. Bankman-Fried acted with criminal intent to defraud,” the filing reads. “These additional disclosures are more than sufficient.” Mark Cohen, an attorney, emphasized that evidence indicates Bankman-Fried didn’t operate “with criminal intent.” Cohen previously represented Ghislaine Maxwell during her trial for sexual offenses. Cohen’s defense for Maxwell was ultimately unsuccessful, as the jury convicted her on five out of the six charges she faced. Bankman-Fried has been indicted on charges of wire fraud and conspiracy over alleged misappropriation of billions in FTX client funds prior to the firm’s insolvency last year. He denies the allegations. Earlier this week in court, his defense team highlighted that he has been surviving solely on bread and water while held at the Metropolitan Detention Center in Brooklyn, New York. Using an advice-of-counsel defense presents both challenges and potential advantages for those accused of white-collar offenses. On one hand, it concedes potentially incriminating information – the defendant sought legal counsel, perhaps hinting at doubts about the legality of their actions. The defense might also surrender attorney-client confidentiality on relevant topics. Yet, if executed effectively, this strategy can absolve the defendant by illustrating efforts to adhere to legal standards by seeking a lawyer’s counsel, and subsequently acting based on the advice received. This can refute accusations that the defendant deliberately broke the law. In sum, while the defense is dicey, it can highlight a lack of fraudulent intent if reliance on legal advice seems justified. What do you think about Bankman-Fried’s latest legal strategy? Share your thoughts and opinions about this subject in the comments section below. View the full article

On Monday, S&P Global Ratings slashed ratings for five U.S. regional banks, pointing to the strenuous operating atmosphere plaguing the sector since the year’s outset. The impacted banks include Associated Banc Corp., Comerica Inc., KeyCorp, UMB Financial Corp., and Valley National Bancorp. Simultaneously, the outlook for two others has been dimmed to negative. Turbulent Waters: Regional Banks Face Downgrades, Challenges Mount in 2023 The five downgrades underscore the hurdles regional banks navigated in 2023, especially after Silicon Valley Bank’s (SVB) dramatic collapse in March. This significant failure hastened deposit withdrawals, with patrons migrating to bigger institutions, inducing notable funding strains for many regional entities. S&P’s statement elaborated, “Interest rates have surged, and since March 2022, quantitative tightening measures aimed at curbing intense inflation are burdening numerous U.S. banks in terms of funding, liquidity, and spread income. Such dynamics have precipitated a dip in banks’ asset value, elevating the risk of asset quality degradation.” Amidst aggressive competition from national giants, regional banks grapple to safeguard deposits, denting their profitability. For instance, S&P spotlighted Comerica’s stark $14 billion annual plunge in average deposits. Moreover, the evolving remote work landscape, which casts doubt on office space necessity, amplifies the ratings agency’s apprehensions about banks’ commercial real estate exposure. Echoing this sentiment, Moody’s had similarly downgraded 10 regional banks earlier in the month. Such consecutive downgrades accentuate the growing disparity between mammoth national banks and their petite regional peers. Post the Silicon Valley debacle, while the top-tier banks have impressively bounced back, their regional contemporaries continue to wrestle with adversity. Although a bulk of the banks S&P assesses sustain stable outlooks, those shadowed by negative forecasts have surged to 10%. The probability of asset quality erosion is on the rise, as highlighted by the credit agency. In the backdrop of witnessing three of history’s largest U.S. bank failures this year, S&P recommends regional banks amplify their liquidity and capital reserves to stay afloat amidst these “tough operating conditions.” Aligning with this downgrade is a recent briefing by the U.S. Federal Deposit Insurance Corporation (FDIC) spotlighting 2023’s banking perils. Capping off July, the FDIC also shuttered Tri-State Bank, marking yet another U.S. bank’s downfall. What do you think about the S&P downgrades? Share your thoughts and opinions about this subject in the comments section below. View the full article

Brazil’s President Luiz Inacio Lula da Silva has stated that the BRICS economic bloc does not want to be “a counterpoint to the G7, G20, or the United States,” emphasizing that the BRICS nations “just want to organize ourselves.” The Brazilian leader also pushed for “the creation of a currency for trade and investment transactions between BRICS members.” Lula: BRICS Not Seeking to Challenge US, G7, G20 Brazil’s President Luiz Inacio Lula da Silva shared his perspectives on various matters concerning the BRICS economic bloc on Tuesday in Johannesburg. The Brazilian leader arrived in South Africa on Monday to attend the annual BRICS summit that is taking place on Aug. 22-24. All leaders from the BRICS countries (Brazil, Russia, India, China, and South Africa) are attending the summit, but Russian President Vladimir Putin is not attending in person. Commenting on the BRICS economic bloc rivaling the Group of Seven (G7), G20, and the U.S., as some have suggested, Lula stressed: We do not want to be a counterpoint to the G7, G20 or the United States … We just want to organize ourselves. Lula also expressed his endorsement of the expansion of the BRICS bloc — one of the key topics discussed at the BRICS summit. “We want BRICS to be a multilateral institution, not an exclusive club,” he emphasized, particularly highlighting his support for Argentina joining the group. South Africa, the host of the BRICS summit this year, claimed that 23 countries have formally applied to join the group: Algeria, Argentina, Bangladesh, Bahrain, Belarus, Bolivia, Venezuela, Vietnam, Cuba, Honduras, Egypt, Indonesia, Iran, Kazakhstan, Kuwait, Morocco, Nigeria, State of Palestine, Saudi Arabia, Senegal, Thailand, United Arab Emirates, and Ethiopia. However, at least one country on the list has denied applying for membership. South African officials also previously stated that more than 40 heads of state are participating in the summit. The Brazilian president has long been a vocal critic of the U.S. dollar’s dominance in international trade and has called on nations to abandon the dollar in favor of national currencies. He maintains that countries should opt for their respective currencies rather than relying on the USD. Lula also supports the idea of establishing a unified BRICS currency that many expect to undermine the dominance of the U.S. dollar. He said at the opening plenary of the BRICS summit: The creation of a currency for trade and investment transactions between BRICS members increases our payment options and reduces our vulnerabilities. What do you think about the statements by Brazilian President Luiz Inacio Lula da Silva regarding the BRICS economic bloc and its common currency? Let us know in the comments section below. View the full article

Chinese President Xi Jinping stated at the BRICS summit that “What people in various countries long for is definitely not a new Cold War or a small exclusive bloc.” He stressed that the BRICS group will expand and promote global multipolarity. “Hegemonism is not in China’s DNA; nor does China have any motivation to engage in major-power competition,” Xi claimed. Xi Jinping’s BRICS Summit Speech Chinese President Xi Jinping arrived in South Africa on Monday to attend the 15th BRICS Summit in Johannesburg. All leaders of the BRICS nations (Brazil, Russia, India, China, and South Africa) are attending, with Russian President Vladimir Putin participating via videoconference. In addition, more than 40 other heads of state are also attending, according to South Africa, the host of the BRICS summit this year. On Tuesday, the Chinese leader was scheduled to deliver a speech at the BRICS Business Forum, a key event at the summit, alongside other BRICS leaders. However, Xi unexpectedly skipped the event. Instead, Chinese Commerce Minister Wang Wentao delivered Xi’s prepared statement at the forum. According to Xi’s statement, “Right now, changes in the world, in our times and in history are unfolding in ways like never before, bringing human society to a critical juncture.” Noting that “Our world today has become a community with a shared future in which we all share a huge stake of survival,” the Chinese president stressed: What people in various countries long for is definitely not a new Cold War or a small exclusive bloc; what they want is an open, inclusive, clean and beautiful world that enjoys enduring peace, universal security and common prosperity. Such is the logic of historical advance and the trend of our times. Xi explained that the rise of emerging markets and developing countries (EMDCs) represented by the BRICS economic bloc is ”fundamentally changing the global landscape.” He stressed, “Whatever resistance there may be, BRICS, a positive and stable force for good, will continue to grow,” emphasizing: We will forge stronger BRICS strategic partnership, expand the ‘BRICS Plus’ model, actively advance membership expansion, deepen solidarity and cooperation with other EMDCs, promote global multipolarity and greater democracy in international relations, and help make the international order more just and equitable. “The gathering between BRICS countries and more than 50 other countries in South Africa today is not an exercise of asking countries to take sides, nor an exercise of creating bloc confrontation. Rather, it is an endeavor to expand the architecture of peace and development. I am glad to note that over 20 countries are knocking on the door of BRICS. China hopes to see more joining the BRICS cooperation mechanism,” Xi’s statement details. According to South Africa, 23 countries have formally applied for BRICS membership. The Chinese leader further stated: Hegemonism is not in China’s DNA; nor does China have any motivation to engage in major-power competition. China stands firmly on the right side of history, and believes that a just cause should be pursued for the common good. What do you think about the statements by Chinese President Xi Jinping? Let us know in the comments section below. View the full article

Russian President Vladimir Putin said at the BRICS summit that “A balanced, irreversible process of de-dollarization of our economic ties is gaining steam.” The Russian leader stressed: “We oppose hegemonies of any kind and the exceptional status that some countries aspire to, as well as the new policy it entails, a policy of continued neo-colonialism.” Putin Participating at BRICS Summit The leaders of over 40 countries are currently attending the 15th BRICS Summit in Johannesburg. All leaders of the BRICS nations (Brazil, Russia, India, China, and South Africa) are attending in person, except Russian President Vladimir Putin who took part via videoconference. South Africa is the host of the BRICS summit this year. Addressing other BRICS leaders, the Russian president said in his remarks at the summit on Tuesday: “From year to year, the BRICS countries are increasing their potential … the five partner states, with a total population exceeding 3 billion, account for a greater share in global GDP than the so-called Group of Seven [G7] in terms of purchasing power parity. Over the past decade, BRICS countries have doubled their investment in the global economy, and their total exports have reached 20 percent of the global total.” Noting that “The partner countries are successfully implementing their Strategy for BRICS Economic Partnership 2025 [BRICS Strategy],” Putin stressed: In particular, they are strengthening five-sided cooperation in such areas as diversification of supply chains, de-dollarization and the transition to national currencies in mutual transactions, digital economy, support for small and medium-sized businesses, and fair technology transfer. The BRICS Strategy “defines a development path of BRICS and sets the framework for cooperation of its members in accordance with current economic trends and conditions,” the economic bloc previously explained. Putin also emphasized the importance of shaping a multipolar world order. “Importantly, we are all united in our commitment to shaping a multipolar world order with genuine justice, based on the international law and in keeping with the key principles set forth in the UN Charter, including sovereignty and respecting the right of every nation to follow its own development model,” he said, adding: We oppose hegemonies of any kind and the exceptional status that some countries aspire to, as well as the new policy it entails, a policy of continued neo-colonialism. On Tuesday, Putin also told the BRICS Business Forum, one of the key events at the BRICS summit: A balanced, irreversible process of de-dollarization of our economic ties is gaining steam, with efforts undertaken to develop efficient mechanisms of mutual settlements, as well as monetary and financing control. “As a result, the share of the dollar in export and import transactions within BRICS is declining as it only equaled 28.7% last year,” the Russian president noted. What do you think about the statements by Russian President Vladimir Putin at the BRICS summit? Let us know in the comments section below. View the full article

On August 22, 2023, the FBI issued an alert, cautioning about North Korean hackers possibly trying to cash out bitcoin valued at over $40 million. U.S. Intelligence Flags Potential $40M Bitcoin Liquidation by North Korean Hackers The FBI is urging both public and private sectors to be vigilant regarding 1,580 bitcoins (BTC) acquired by North Korean hacking groups, namely Lazarus Group and APT38. As of August 23, 2023, this cache’s value sits slightly above $41 million, based on current BTC exchange rates. To aid in this surveillance, the FBI disclosed six specific bitcoin (BTC) addresses linked to these funds: 3LU8wRu4ZnXP4UM8Yo6kkTiGHM9BubgyiG 39idqitN9tYNmq3wYanwg3MitFB5TZCjWu 3AAUBbKJorvNhEUFhKnep9YTwmZECxE4Nk 3PjNaSeP8GzLjGeu51JR19Q2Lu8W2Te9oc 3NbdrezMzAVVfXv5MTQJn4hWqKhYCTCJoB 34VXKa5upLWVYMXmgid6bFM4BaQXHxSUoL Detailing their concerns, the FBI pointed out that the hacking factions from the Democratic People’s Republic of Korea (DPRK) were behind multiple crypto security breaches this year. The agency specifically noted, “The DPRK Trader-Traitor-affiliated actors were responsible for several high-profile international cryptocurrency heists to include the $60 million theft of virtual currency from Alphapo on June 22, 2023; the $37 million theft of virtual currency from Coinspaid on June 22, 2023; and the $100 million theft of virtual currency from Atomic Wallet on June 2, 2023.” Additionally, the FBI mentioned: The FBI previously provided information on their attacks against Harmony’s Horizon bridge and Sky Mavis’ Ronin Bridge, and provided a Cybersecurity Advisory on Trader-Traitor. This recent FBI advisory echoes the United Nations’ (UN) findings, which revealed an uptick in crypto-targeted activities by North Korean hackers in 2023. The cyber onslaught isn’t U.S.-centric either. Reports indicate that between 2017 and 2022, DPRK hackers pilfered $721 million in cryptocurrency from Japanese entities. Concerning the latest DPRK bitcoin intel, the FBI emphasizes that private sector organizations should meticulously scrutinize the blockchain data connected to these addresses, fortifying their defenses against transactions that either directly involve or originate from these addresses. What do you think about the FBI’s recent warning? Share your thoughts and opinions about this subject in the comments section below. View the full article

Mastercard, the credit behemoth, announced the launch of a new program to widen its understanding of central bank digital currency (CBDC) and its possible applications. The CBDC Partner Program will be integrated by Ripple, Consensys, Fluency, Idemia, Consult Hyperion, Giesecke+Devrient, and Fireblocks, to collaborate on the possible integration of these tools with existing structures. Mastercard Announces CBDC Partner Program Mastercard announced the launch of a central bank digital currency (CBDC) driven program due to the interest that these tools have seen from central banks. The CBDC Partner Program is Mastercard’s initiative to learn more about how CBDCs are being developed and how can these government-issued currencies interact with private credit companies. Several companies with expertise in the CBDC field, like Ripple, which is involved in Palau’s stablecoin pilot, and Fluency, which builds CBDC interconnection solutions, will be part of the group. Other inaugural partners of the group are Web3 and Ethereum software boutique Consensys, digital identity technology provider Idemia, digital identity consultant Consult Hyperion, security technology group Giesecke+Devrient, and digital asset operations platform Fireblocks. These partners will allow Mastercard to work alongside the companies’ pioneering work in several CBDC programs internationally. For example, Giesecke+Devrient is developing a CBDC pilot in partnership with the Bank of Ghana, providing technology solutions adapted to the country’s requirements. Involvement in CBDC Programs Mastercard is already present in several of these projects around the world. In Brazil, it is exploring the privacy and programmability of the Drex platform, also known as the digital real. In the U.S., Mastercard was part of the pilot of a wholesale digital dollar, that examined the feasibility of using such a currency for domestic and cross-border settlements. Achieving interoperability between these new forms of money and already existing platforms seems to be the drive behind Mastercard’s initiative. On this and the reasons behind this newly launched CBDC Partner Program initiative, Raj Dhamodharan, head of digital assets and blockchain at Mastercard, stated: We believe in payment choice and that interoperability across the different ways of making payments is an essential component of a flourishing economy. As we look ahead toward a digitally driven future, it will be essential that the value held as a CBDC is as easy to use as other forms of money. What do you think about Mastercard’s newly launched CBDC Partner Program and its members? Tell us in the comments section below. View the full article

PRESS RELEASE. Road Town, BVI, August 22, 2023 – LBank Exchange, a global digital asset trading platform, will list DongCoin (DONG) on August 25, 2023. For all users of LBank Exchange, the DONG/USDT trading pair will be officially available for trading at 8:00 UTC on August 25, 2023. DongCoin (DONG) is Korea’s first shitcoin (excluding Luna). Introducing DongCoin LBank Exchange is thrilled to announce the upcoming listing of DongCoin (DONG), Korea’s first shitcoin (excluding Luna). The global digital currency sphere is no stranger to meme coins. Yet, the waves created by these fun, internet-inspired tokens have not fully hit the shores of South Korea until now. Enter 똥코인 (DongCoin), Korea’s premier meme coin. Though Luna may claim some notoriety, DongCoin is setting out to prove its mettle in the meme coin arena. While meme coins have been majorly a Western phenomenon, with tokens inspired by internet humor, DongCoin serves as Korea’s answer to this trend. The name itself – “똥” which translates to “s**t” in English – carries a cheeky nod to the term “s**tcoin”. This is not just a coin; it’s a statement, embracing the humor and playfulness that internet culture is known for. The fact that Americans aren’t the only ones enjoying meme coins is now evident. Koreans have a rich internet culture, appreciating memes and emoticons, notably the poop emoji. Now, they have a coin tailored for their humor. About DONG Token A whopping 420,000,000,006,969 tokens are up for grabs. Such an elaborate figure, filled with meme-worthy numbers like 420 and 69, further reinforces the playful nature of this cryptocurrency. Based on ERC20, DONG has a total supply of 420 trillion (i.e. 420,000,000,006,969). It will be listed on LBank Exchange at 8:00 UTC on August 25, 2023, investors who are interested in DONG can easily buy and sell it on LBank Exchange by then. Learn More about DONG Token: Official Website: http://dongcoin.io Contract: https://etherscan.io/token/0x4208aa4d7a9a10f4f8bb7f6400c1b2161d946969 Twitter: https://twitter.com/poocoineth Telegram: https://t.me/poocoineth About LBank LBank is one of the top crypto exchanges, established in 2015. It offers specialized financial derivatives, expert asset management services, and safe crypto trading to its users. The platform holds over 9 million users from more than 210 regions across the world. LBank is a cutting-edge growing platform that ensures the integrity of users’ funds and aims to contribute to the global adoption of cryptocurrencies. Start Trading Now: lbank.com Community & Social Media: l Telegram l Twitter l Facebook l LinkedIn l Instagram l YouTube Press contact: press@lbank.info Business Contact: LBK Blockchain Co. Limited LBank Exchange marketing@lbank.info business@lbank.info This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

Ethereum founder Vitalik Buterin has received a permit that will allow him to legally reside and work in Taiwan. Speaking at a meeting with the country’s minister of digital affairs, Buterin said that the card will make it easier for him to visit the island nation and its Ethereum community. Taiwan’s Digital Minister Presents Buterin With Kuai Kuai Snacks and Work Permit Authorities in Taipei have granted Vitalik Buterin, a leading figure in the crypto space, a Taiwan Employment Gold Card, local media revealed, quoting the country’s ministry responsible for digital development. The Russian-Canadian programmer, best known for co-founding ethereum (ETH), the cryptocurrency with the second-largest market capitalization after bitcoin (BTC), was received this week by Taiwan’s Minister of Digital Affairs, Audrey Tang. During the meeting, the crypto entrepreneur remarked that Taiwan is home to a robust Ethereum community. He also noted that the card will allow him to visit the island more easily in the future, the Taiwanese FTV channel reported. The government official spoke with Buterin in Chinese, taught him an old Taiwanese song and presented him with Kuai Kuai snacks. People in Taiwan often put snacks of this brand next to machines and devices due to a popular belief that this will ensure their error-free operation. The Taiwanese government launched the Gold Card program in 2018, hoping to attract highly qualified specialists from various priority sectors of the economy. The card gives holders the right to live and work in the country for up to three years. Buterin was born in 1994 in the small Russian city of Kolomna, Moscow Oblast, but when he was six his family moved to Canada where he grew up. In 2013, at just 19 years of age, he developed the concept for the Ethereum cryptocurrency which was launched in 2015. In 2021, when the price of ETH exceeded $3,000 per coin during the latest crypto boom, Vitalik Buterin was named the world’s youngest cryptocurrency billionaire by Forbes magazine. He was only 27 years old at the time. In April 2022, Buterin became a citizen of crypto-friendly Montenegro. He was granted the citizenship as part of efforts by the government in Podgorica to attract investments and develop the blockchain sector of the small Southeast European nation. Do you think Vitalik Buterin will visit Taiwan more frequently with the Gold Card and get involved deeper with the development of the country’s crypto sector? Tell us in the comments section below. View the full article

In a joint statement, Jeremy Allaire, CEO of Circle, and Brian Armstrong, CEO of Coinbase, announced the dissolution of the Centre Consortium. Consequently, Circle will take exclusive charge of the issuance and governance of USDC. Additionally, Coinbase has acquired an equity stake in Circle while signaling a stronger commitment to stablecoins. Circle, Coinbase Dissolve USDC’s Centre Consortium On Monday, Coinbase and Circle unveiled significant news in a blog post penned by both CEOs. The duo shared that USDC will soon integrate with six additional blockchain networks, expanding its connectivity to a total of 15 chains. Circle contends that a multi-chain future for USDC will more effectively serve individuals and businesses that utilize the stablecoin. Allaire elaborated on the announcement on the social media platform X. He explained that before the onset of global regulatory clarity, the Centre Consortium’s governance system was essential. “Now, with regulatory clarity coming for stablecoins all around the world, including in the US, there’s no longer the need for such a structure,” Allaire commented. Circle will now have complete authority over the USDC initiative. The blog post emphasized that all direct accountability will now rest with Circle. The company will hold the smart contract keys, ensure regulatory compliance, and manage the reserves across multiple blockchain networks. Both Allaire and the blog post highlighted that Coinbase has secured an equity stake in Circle, though the specific financial terms remain undisclosed. The companies also noted they’ve “reached an agreement” to further promote “stablecoins to the broader crypto economy.” Coinbase recently revealed that customers can now earn 4% rewards on USDC. Currently, Circle’s USDC ranks as the second-largest stablecoin by market capitalization. While its market cap is considerably smaller than the leading stablecoin, USDT, it surpasses the third-largest, DAI, by a significant margin. Conversely, USDC’s circulation has seen a sharp decrease over the last year. As of June 2022, the circulating supply stood at 55.87 billion USDC. Even so, by August 21, 2023, this figure has declined to approximately 25.98 billion, indicating that USDC’s supply has been reduced by a significant margin of over 53%. What do you think about the announcement from Coinbase and Circle? Share your thoughts and opinions about this subject in the comments section below. View the full article

Analysts of ING bank believe the de-dollarization trend that has been growing in the world might pick up momentum due to the possible expansion of the BRICS bloc. While the issuance of a BRICS common currency remains uncertain, according to some developing narratives, the Chinese yuan could become the de facto substitute for the U.S. dollar. ING Bank Analysis: De-Dollarization to Gain Traction A recent note issued by ING Bank revealed that the de-dollarization movement that BRICS countries have started is likely to continue to pick up steam. The catalyst for this probable growth will supposedly be the BRICS summit that will be held in Johannesburg this week, where the bloc integrated by Brazil, Russia, India, China, and South Africa will be considering adding more countries. ING Bank analysts Chris Turner, Dmitry Dolgin, and James Wilson discussed this in a note last week, stating: We suspect the subject of ‘de-dollarization’ might gain some traction this summer when senior leaders of the BRICS nations meet. Several countries are seeking to be part of the BRICS group, from powerhouses like Saudi Arabia to countries facing economic hardships like Argentina and Venezuela. However, there is still no framework for adding new members, even though Brazilian President Luiz Inacio Lula da Silva has vowed that these topics will be discussed during the summit. Chinese Yuan Set to Antagonize the U.S. Dollar While there have been talks on issuing a BRICS bloc common currency, officials have offered contradictory statements. Nonetheless, the China-led bloc could rely on the Chinese yuan as part of its current de-dollarization strategy, as it has gained momentum in bilateral trade agreements between countries of the bloc, according to ING analysts. For example, Brazil and Russia are already using the Chinese yuan to complete settlements to pay for various imports from China, and also Indian refiners have paid for Russian oil imports in Chinese yuan. On this, ING analysts stated: De-dollarization is seen mainly in the central banks’ international reserves, as the dollar is being pushed out by a variety of currencies, including the yuan. Looking at the long-term developments, the USD seems to be replaced mostly by Asian currencies, namely the CNY and Japanese yen. However, the note explains that the Chinese yuan lacks attractiveness for bond investors due to “a relative lack of liquidity and lingering investor concerns over potential capital controls.” What do you think about the expansion of the BRICS bloc and its effect on the de-dollarization processes developing? Tell us in the comments section below. View the full article

According to Bitmain, the well known crypto ASIC mining rig manufacturer, the company has shipped its first batch of KS3 Antminer machines. Despite each rig costing $49,800, Bitmain sold out of the first batch and announced another batch of KS3 Antminers would be available soon. As Kaspa’s Hashrate Climbs, Bitmain Ships KS3 Antminer Series Bitmain disclosed on Monday that it had shipped its initial batch of KS3 Antminer machines. These rigs mine the crypto asset kaspa (KAS), a digital currency that ranks 45th in market capitalization. Current data suggest the KS3 miner is the most profitable mining ASIC available. The website asicminervalue.com reports that the machine can earn an estimated $440 daily by mining KAS. However, Bitmain’s machine quickly sold out, making it the company’s priciest unit ever sold. Priced at $49,800, each rig boasts a processing speed of 8.3 terahash per second (TH/s). However, Bitmain’s post on Monday suggests the miner can clock 9 TH/s. While this rig stands as Bitmain’s most expensive Antminer, the company recently introduced a filecoin (FIL) miner priced at $38,888, making it their second priciest ASIC. Currently, the crypto asset KAS boasts a market capitalization of about $852 million, and its value has surged 13.9% against the U.S. dollar over the past month.As of Monday, around 35 mining pools are dedicating hashrate to the Kaspa chain. Data reveal a total of about 12.36 petahash per second (PH/s) of Kheavyhash hashrate. The Kheavyhash algorithm, tailor-made for kaspa (KAS) mining, powers swift block generation times on the Kaspa network, producing a new block every second. At its heart, this consensus algorithm is a refined take on the Heavyhash algorithm. Though the algorithm leans towards being core-dominant, allowing graphics processing units (GPUs) to mine KAS, employing an application-specific integrated circuit (ASIC) can yield considerably higher profits. F2pool leads in mining KAS, capturing 2.57 PH/s of the network’s total hashrate, trailed by Kaspa Pool with 2 PH/s and Hum Pool with 1.85 PH/s. The network’s cumulative hashrate has witnessed a significant increase from 777 TH/s on April 4, 2023, to its current 12,360 TH/s (12.36 PH/s). This translates to a roughly 1,490% uptick in the Kaspa hashrate over the previous four months. What do you think about Bitmain shipping out its first batch of KS3 Antminers? Share your thoughts and opinions about this subject in the comments section below. View the full article

A top Indian official has downplayed the creation of a shared BRICS currency. Emphasizing that “common currency discussions have several prerequisites before you can even talk about a common currency framework,” the official stressed that the BRICS nations have focused on boosting settlements in national currencies. Indian Foreign Secretary on BRICS Currency India’s Foreign Secretary Vinay Mohan Kwatra explained in a media briefing on Monday that the BRICS economic bloc is not focusing on the proposed common currency for member states, Indian news outlet Mint reported. The BRICS nations are Brazil, Russia, India, China, and South Africa. “The substantive part of trade and economic exchanges and discussions that have been a part of BRICS discussions have so far, in a major way, focused on how to increase trade in respective national currencies which … is considerably different from a common currency concept,” the official detailed, elaborating: You would know that common currency discussions have several prerequisites before you can even talk about a common currency framework. The discussion framework in BRICS and the substance of that discussion framework in BRICS have focused principally on trade within national currencies. Recently, India’s Minister of External Affairs S. Jaishankar similarly stated that there is no discussion of a common currency for the BRICS nations. The economic bloc’s summit is scheduled to take place on Aug. 22-24 in Johannesburg. South Africa is the host of this year’s BRICS summit. While many people expect the BRICS leaders to discuss the creation of a shared currency, the top South African diplomat in charge of BRICS relations has affirmed that the topic of a common currency is not on the agenda to be discussed at the summit. Some people firmly believe that the proposed common BRICS currency will dethrone the U.S. dollar and become the world’s dominant currency, including Rich Dad Poor Dad author Robert Kiyosaki. However, some are cautious, including British economist Lord Jim O’Neill, who was credited with coining the acronym BRIC. He called the proposed common currency idea “ridiculous” and “embarrassing.” What do you think about the statements by Indian Foreign Secretary Vinay Mohan Kwatra regarding the proposed common currency for the BRICS nations? Let us know in the comments section below. View the full article

South Africa, the host of the BRICS summit this year, has confirmed that more than 40 heads of state will participate in the summit that will take place on Aug. 22-24. South Africa has also claimed that 23 countries have formally applied for BRICS membership. 40+ Heads of State to Participate in BRICS Summit Nelson Kgwete, the South African foreign ministry’s media liaison officer, told Russian news outlet Tass that more than 40 heads of state have confirmed that they will participate in the BRICS summit that will take place on Aug. 22-24 in Johannesburg. South Africa is the host of the BRICS summit this year. He was quoted as saying: Yes, confirmed, the summit will be attended by over 40 heads of state. All leaders of the BRICS nations (Brazil, Russia, India, China, and South Africa) are expected to attend the summit. However, Russian President Vladimir Putin will not attend in person. South Africa’s Minister of International Relations and Cooperation Naledi Pandor recently stated that 23 countries have formally applied to join the BRICS economic bloc. They are Algeria, Argentina, Bangladesh, Bahrain, Belarus, Bolivia, Venezuela, Vietnam, Cuba, Honduras, Egypt, Indonesia, Iran, Kazakhstan, Kuwait, Morocco, Nigeria, State of Palestine, Saudi Arabia, Senegal, Thailand, United Arab Emirates, and Ethiopia. However, at least one of the 23 countries, Morocco, has denied applying for BRICS membership. Pandor further revealed that South Africa’s President Cyril Ramaphosa has invited 67 leaders of countries in Africa, Latin America, Asia, and the Caribbean to the summit. Moreover, 20 representatives of major international organizations have been invited, including the secretary-general of the United Nations, the chairperson of the African Union Commission, and the president of the New Development Bank, also known as the BRICS Bank. Two key topics are expected to be discussed at the BRICS summit: the expansion of the economic bloc and the push to increase settlements using national currencies. In addition, some expect the topic of a common BRICS currency to be addressed at the summit. However, the top South African diplomat in charge of BRICS relations has said that the topic of a shared currency for the BRICS nations is not on the agenda to be discussed at the summit. What do you think about 40+ heads of state participating in the BRICS summit? Let us know in the comments section below. View the full article

Bloomberg Intelligence’s senior commodity strategist, Mike McGlone, has explained that bitcoin appears similar to the stock market in 1930. At that time, elevated equity prices led to the stock market losing almost 90%. The crash of 1929, also called the Great Crash, contributed to the Great Depression which lasted approximately 10 years. Bitcoin v Stock Market in 1930s Mike McGlone, a senior commodity strategist for Bloomberg Intelligence (BI), the research arm of Bloomberg, has pointed out the similarity between bitcoin and the stock market in 1930. He tweeted on Monday: One of the best-performing assets in history and a leading indicator — bitcoin — appears similar to the stock market in 1930. “Statistician and entrepreneur Roger Babson began warning about elevated equity prices well before economist Irving Fisher proclaimed a ‘permanently high plateau’ in 1929,” the commodity strategist added, emphasizing: “The Fed tilts our bias toward a stance similar to Babson’s.” Babson told a National Business Conference in Massachusetts in September 1929 that “sooner or later a crash is coming which will take in the leading stocks and cause a decline from 60 to 80 points in the Dow-Jones barometer.” The Dow Jones Industrial Average increased nearly six-fold from sixty-three in August 1921 to 381 in September 1929. The epic boom culminated in a catastrophic crash. From April 1930 to July 1932, the Dow suffered a loss of 89.2%. The stock market crash of 1929, also called the Great Crash, contributed to the Great Depression of the 1930s which lasted approximately 10 years. The Federal Reserve has increased interest rates to the highest level in 22 years, as it continues to fight persistent inflation in the U.S. economy. In July, the Fed raised its key interest rate by 25 basis points to a range of 5.25%-5.5%. Fed officials have said that more rate hikes may be needed to bring inflation down toward the central bank’s 2% target. Do you agree with Bloomberg Intelligence strategist Mike McGlone about bitcoin and the crypto’s similarity to the stock market in 1930? Let us know in the comments section below. View the full article

The America First Policy Institute (AFPI) recently sounded the alarm on the potential dangers of transitioning to a central bank digital currency (CBDC). This revelation, in a report penned by Michael Faulkender and David Vasquez, highlights the probable perils associated with the Federal Reserve’s direct issuance of a digital dollar. AFPI: A CBDC ‘Would Represent the Greatest Threat to What Little Financial Privacy and Data Security Americans Enjoy’ According to the AFPI’s report, introducing a CBDC could grant the government unparalleled access to all financial transactions, eroding citizens’ privacy. They reference the IRS’s recent data exposures as an indication that federal agencies might not be equipped to handle Americans’ transaction data safely. Moreover, the report cautions that a CBDC might allow authorities to selectively ostracize certain groups from the financial landscape. A case in point: the covert Obama-era Operation Choke Point, which saw officials nudging banks to sever ties with entities like payday lenders and gun dealers. “The operation was hidden from the American people for four years until it ended in 2017, with several high-level officials even lying about the existence of the program,” the AFPI report notes. “The actions of the federal government during Operation Choke Point underscore the heart of the issue with giving the federal government full authority to bypass the law in accessing and censoring Americans’ financial privacy and assets.” Faulkender and Vasquez further emphasize the dangers of equipping the federal government with unchecked power, as seen in their ability to circumvent legal processes, accessing and potentially censoring Americans’ fiscal data and assets. The report also casts doubt on the Federal Reserve’s capacity to launch a CBDC, given recent missteps — namely unprecedented inflation and major bank crashes. Notably, in H1 of 2023, the U.S. witnessed three of its largest bank failures. The AFPI authors firmly believe that it’s Congress, not the Fed, that should decide on the creation of a digital dollar. The AFPI report urges clarity, stating: The fact is: The Federal Reserve cannot issue a CBDC without Congressional authority. Congress must make this clear by enacting legislation that restricts the creation and use of a CBDC. In summation, the report suggests that while emerging payment innovations might be advantageous, these gains needn’t be at the expense of consolidating fiscal control under the Federal Reserve’s authority. Both authors implore Congress to delineate boundaries on the Federal Reserve’s scope to initiate a digital currency, alluding to severe invasions of privacy and autonomy. Echoing this sentiment, U.S. congressman Warren Davidson advocated for a CBDC ban this past week, while 2024 presidential hopeful Vivek Ramaswamy recently labeled CBDCs as formidable threats to individual freedoms. Presidential candidates Robert F. Kennedy Jr. and Ron DeSantis have also emerged as vocal detractors, firmly opposing CBDCs. What do you think about the America First Policy Institute report about a Federal Reserve-issued CBDC? Share your thoughts and opinions about this subject in the comments section below. View the full article

Dogecoin dropped to a one-month low on Wednesday, as a red wave swept through cryptocurrency markets. Bearish sentiment remained high as the session progressed, with the global market cap falling by nearly 2% today. XRP also plunged in today’s session. Dogecoin (DOGE) Dogecoin (DOGE) fell for a fourth straight session, as bears continue to regain momentum, following last week’s gains. After peaking at $0.07407 on Tuesday, DOGE/USD dropped to an intraday low of $0.06893 earlier in the day. As a result of this fall in price, dogecoin slipped to its lowest level since July 19, when price was at a bottom of $0.0682. The decline comes following a downward crossover of the moving averages, which is also known as a death cross. This week’s bearish momentum intensified after DOGE moved below a support point at $0.0730. Additionally, the relative strength index (RSI) also edged lower, dropping to a reading of 39.10, its lowest in four weeks. XRP XRP, formerly ripple, also remained in the red on Wednesday, dropping to a multi-week low in the process. XRP/USD bottomed out at $0.5918 earlier in today’s session, which comes following Tuesday’s high at $0.6275. Similar to dogecoin above, today’s drop in price saw XRP move to its lowest point since mid-July. One of the catalysts for the sell-off was a breakout of a support point at the 40.00 mark on the RSI indicator. The index is now tracking at 36.76, which is its weakest point since May, a point when the price was hovering around $0.4600. Bulls will hope to reject further drops in price, however will first need to drop below an upcoming floor at the 32.00 zone. Register your email here to get weekly price analysis updates sent to your inbox: What is behind today’s decline in price? Let us know your thoughts in the comments. View the full article