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US SHARE OF WORLD ECONOMY PROJECTED TO REACH HISTORIC LOW
The U.S. share of the global economy has fallen below 15% during President Joe Biden’s term, according to Sputnik’s analysis of World Bank and International Monetary Fund (IMF) data. Once peaking at over 21% in 1999, the U.S. has seen a steady decline, with China now commanding a larger share at 18.76%. This downward trend has persisted through recent administrations, underscoring shifts in global economic power.
US Global Economic Share Drops Below 15% Under Biden
The U.S. share of the global economy has fallen below 15% during Joe Biden’s presidency, according to news outlet Sputnik’s analysis of World Bank and International Monetary Fund (IMF) data. By the end of Biden’s term, projections suggest it could reach a historic low of 14.76%.
Back in 1990, the U.S. held a 20.16% share of the global economy based on purchasing power parity (PPP), which peaked at 21.01% in 1999 when its output was $9.6 trillion out of a global $45.85 trillion. Since then, the U.S. portion has seen a gradual decline, with a notable drop from 2006 to 2008, when the share decreased by 0.6% annually.
Although the U.S. saw a brief recovery during Barack Obama’s second term, with the share reaching 16.26% in 2014 and 2015, the momentum was not maintained. By the end of Obama’s presidency, the share had dipped to 16.04%, and it continued to shrink by another 0.7% during Donald Trump’s administration.
By the end of 2023, the U.S. share dropped to 14.82%, down from 15% during Biden’s second year. IMF estimates project a further decline of 0.06% by the end of 2024, bringing the total decrease under Biden to 0.58%, with the share at 14.76%, the news outlet detailed.
In contrast, China’s share of the global economy has grown to 18.76%, while Japan’s share has decreased by 4.33% since 1990.
@ Newshounds News™
Source: Bitcoin News
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RIPPLE SCORES BEST CROSS-BORDER PAYMENT PLATFORM AWARD AS XRP STRUGGLES
▪️Ripple was awarded the “platinum winner” status for the Best Cross-Border Payments Platform at the Fintech & Payments Awards 2024.
▪️The award could increase the demand for XRP despite the price decline in the recent past.
San Francisco-based blockchain company Ripple has clinched the ‘Best Cross-Border Payments Platform—platinum winner’ in the Fintech & Payments Awards 2024.
This recognition comes from Juniper Research, a reputable industry analysis firm that specializes in fintech and new technologies. Despite the recent volatility in the price of its associated cryptocurrency, XRP, Ripple remains a leader in cross-border payments.
This recent accolade is not the first time that Juniper Research has recognized Ripple. In 2023, the firm was rewarded for its efforts in Central Bank Digital Currency (CBDC).
This recent recognition comes in the wake of other recognitions that have placed Ripple strategically positioned to compete with other companies offering cross-border payment solutions.
Award Potentially Boosts XRP Despite Recent Price Dip
In response to the announcement on X, Ripple said that it was honored to be recognized for its work in the fintech and payment industries. It is important to note that Ripple uses blockchain to solve issues typical for cross-border payments, including time and money.
The award can also positively impact Ripple’s native token XRP as the token is a key part of the company’s payment solution. The general adoption of Ripple technology may create a high demand for XRP, which will, in turn, affect its price.
However, there have been some price fluctuations lately. For instance, XRP went below $0.54 due to legal problems with the SEC, but the company’s technological developments might help the token’s value in the future.
Other winners of the Fintech & Payments Awards include SAP Fioneer for banking as a service and Signicat for digital identity services. These companies, together with Ripple, are part of the new generation of companies that are revolutionizing the way of managing payments, identification, and banking services.
Additionally, in the field of fraud prevention, Visa and Fraud.net were identified as leaders for their work to strengthen security in digital payments.
Ripple Expands its Global Presence
In addition to the Juniper Research award, Ripple has been growing in the Latin American market. Ripple has further cemented its position within the Brazilian market through a new partnership with Mercado Bitcoin, the largest cryptocurrency exchange in Latin America. The partnership seeks to improve cross-border payment services in Brazil with the help of its blockchain technology.
It also enhances the speed and reduction of costs in international transactions for companies that use Brazilian Reais. Mercado Bitcoin is the first Brazilian company to join Ripple Payments.
Besides the shift to Brazil, the company was recently approved by the Dubai Financial Services Authority (DFSA) to operate within the Dubai International Financial Centre (DIFC).
This is a boost for Ripple as it seeks to expand its business within the UAE. The introduction of Ripple Payments Direct (RPD) is designed to offer faster, safer, and legally compliant cross-border transactions to companies in the UAE.
@ Newshounds News™
Source: Crypto News Flash
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ARKHAM INTELLIGENCE PLANS TO LAUNCH A DERIVATIVES EXCHANGE NEXT MONTH: REPORT
Arkham’s new derivatives exchange will attempt to compete with giants such as Binance for retail investors.
However, it will not be available for customers in the United States.
Arkham Intelligence, the firm behind the blockchain data tracking platform Arkham Intel, intends to launch a crypto derivatives exchange in November, Bloomberg reports citing a person familiar with the matter.
The new derivatives exchange will attempt to compete with giants such as Binance for retail investors, but it will not be available for customers in the United States, Bloomberg adds.
Arkham will also relocate its business and new derivatives exchange to the Dominican Republic from London and New York, and the company is in the process of obtaining the necessary free-trade zone license.
In July, Arkham CEO Miguel Morel said the firm would explore ways to monetize the platform sometime in 2024 but would keep core functions free.
Arkham remains one of the most popular crypto data and research platforms, having amassed nearly 84,000 new X followers between Sept. 30 and Oct. 7, according to The Block’s Data Dashboard.
@ Newshounds News™
Source: The Block
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SOUTH AFRICA’S TAX AGENCY ADDS CRYPTO TO COMPLIANCE PROGRAMS
The South African Revenue Service (SARS) has announced plans to include crypto assets in its tax compliance programs. SARS is seeking information on crypto users and is increasing its efforts to identify and audit non-compliant taxpayers.
The revenue collector urged taxpayers concerned about compliance to participate in the Voluntary Disclosure Program, but those already under audit will be ineligible. SARS has emphasized the consequences of willful tax evasion and stated its commitment to pursuing all non-compliant taxpayers.
SARS Aims to Streamline Crypto Tax Compliance
The South African Revenue Service (SARS) announced plans to include crypto assets in its compliance programs. The revenue collector is seeking information on crypto users from the Financial Sector Conduct Authority (FSCA) and crypto asset service providers.
SARS stated on October 9 that it felt compelled to take this step after noticing that taxpayers were not declaring crypto assets and trades in tax returns. According to the statement, South African law requires SARS to account for all income and assets, including cryptocurrency.
This understanding is thought to have prompted the revenue collector to initially request voluntary declarations from entities dealing with crypto.
However, in its latest remarks on the issue, SARS stated it is working to simplify compliance for taxpayers and traders. At the same time, the revenue collector emphasized the consequences of willful tax evasion. To achieve this, SARS said it has bolstered its audit teams and resorted to using the latest technologies.
“SARS has resorted to greater use of artificial intelligence, machine learning and algorithms to process our work. In implementing our mandate, SARS has recently issued query letters to taxpayers with crypto assets.
These letters aim to gain insight into taxpayers’ investment in crypto assets and the trades undertaken to enable SARS to assess taxpayers’ compliance in this regard,” said South African revenue collector said.
South Africa Issues Warning to Non-Compliant Crypto Traders
Meanwhile, the revenue collector has encouraged South African taxpayers concerned about compliance to participate in the Voluntary Disclosure Program (VDP). However, SARS warned that taxpayers identified for audit will be ineligible for the VDP.
SARS Commissioner Edward Kieswetter stated that technology has significantly improved the revenue collector’s ability to identify non-compliant taxpayers. He added, “SARS will pursue all without fear, favor, or prejudice.”
@ Newshounds News™
Source: Bitcoin News
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