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PUTIN WANTS RUSSIA TO EMBRACE THE DIGITAL RUBLE
“The digital ruble has proven its viability and it is time to move on to a wider use of the currency, Russian President Vladimir Putin said at a meeting about the economy.”
“Digital currency works much the same way as national currencies used by central banks of various countries, making transactions more transparent and easier to track.
Russia is not the first country to think about going digital; the leader in this sphere is China, which was among the first nations to widely introduce digital currency with the digital yuan, Natalya Milchakova, lead analyst at Freedom Finance Global, explained to Izvestia. Only a few countries have fully switched over to using digital currencies, mostly countries in the Caribbean, such as the Bahamas and Jamaica.”
“”Russia wants to be at the cutting edge of modern technologies, including financial services. The DFA (tokens) market is already taking off in the country, including those issued by major industrial enterprises in order to inject money into promising projects,” Milchakova explained.
Putin wants to take this a step further: to move on to a wider large-scale implementation of the digital ruble in the economy, business and finance. This may help the government in terms of controlling the budget, cutting the cost of budget payments and easing trans-border transactions.”
“The digital ruble has a chance to become a full-fledged payment instrument for individuals and companies but to make this a reality, the government has a lot of work to do, and it must learn from past mistakes made by other countries when implementing such currencies.
There, people saw certain risks for financial confidentiality or restrictions of financial freedom,” the legislator noted in a conversation with Izvestia.”
@ Newshounds News™
Read more: TASS
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WHAT IS “JUNK SILVER?”
“United States 90% silver coins were minted to be used as money, were used as money, and could be used as money again. Minted before 1965, they are called junk silver coins because they have no collector or numismatic value. The coins are bought and sold for the value of their silver content.”
“When minted, a bag of 90% junk silver coins contained 723 ounces of silver, but because of wear a smelted bag of dimes or quarters will net about 715 ounces. A bag of half-dollars will net a little more, maybe 718-720 ounces because half-dollars did not circulate as much as dimes and quarters, and, therefore, did not suffer as much wear.”
“Because a “bag” ($1000 face) contains approximately 715 ounces of silver, it tracks the spot price of silver. If silver goes up ten cents, a bag of US silver coins rises $70 or so; however, when junk silver coins are in short supply their premiums can increase.”
“Although many investors buy junk silver coins as bullion investments, other investors buy junk US silver coins for “survival purposes.” These buyers fear the worst for the dollar, that it will be printed until it becomes worthless. If this “worst-case scenario” were to become reality, US silver coins would be used for the purpose they were originally minted: as money.”
@ Newshounds News™
Read more: CMI Gold & Silver
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STABLECOIN ACTIVITY IN ARGENTINA
“A graph of Bitso crypto exchange activity in Argentina demonstrates the high level interest in stablecoins. Stablecoins entirely dominate the daily volumes as opposed to other cryptocurrencies. It would be easy to assume that Argentinians are not interested in Bitcoin, but that’s not quite true.”
“At first we thought there might be a mistake. However, there are several rationales for both these graphs to be accurate.
Take the scenario of someone who lives in Argentina. When they receive their wages they convert them to dollar stablecoins. Then whenever they want to spend money, they draw down dollars. That would create a lot of stablecoin activity. The same person could still have their savings in Bitcoin. Hence. the daily transactions could be evidence of everyday spending.”
@ Newshounds News™
Read more: Ledger Insights
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What’s keeping silver down while gold hold above $2,400?
“(Kitco News) – Gold has been able to maintain a solid uptrend, building a new base with each rally; however, this momentum has not filtered through the entire sector as silver struggles to find its footing.”
“While gold is fighting for support at higher lows around $2,400 an ounce, silver is struggling around $29 an ounce. Silver’s underperformance compared to the yellow metal has pushed the gold/silver ratio to its highest level in two months, back above 82 points.”
“Some analysts have said that gold is benefiting as a safe-haven asset because of rising geopolitical uncertainty, fueled by the U.S. elections in November.”
“Silver usually follows the price movements of gold disproportionately. However, this has recently only applied to the downside. The previous upward movement in gold following the US inflation figures was more or less ignored by silver,” said Carsten Fritsch, Commodity Analyst at Commerzbank.
“The relative weakness in silver is likely due to the weakness in base metals. This is because industrial applications are expected to account for almost 60% of silver demand this year.”
“Although silver continues to struggle, many investors are still not ready to give up on the precious metal. In a recent interview with Kitco News, Robert Minter, Director Of Investment Strategy at abrdn, said that he expects silver to eventually outperform gold as the Federal Reserve starts to cut interest rates.”
@ Newshounds News™
Read more: Kitco
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SENATOR CYNTHIA LUMMIS RELEASES REPORT ATTACKING BIDEN’S MINING TAX
The pro-crypto senator claimed that Bitcoin mining consumes as much energy as household appliances such as tumble dryers.
On July 23, Senator Cynthia Lummis released a report arguing against the Biden administration’s proposed 30% excise tax on the energy consumed by Bitcoin miners.
The report, titled “Powering Down Progress: Why A Bitcoin Mining Tax Hurts America”, put the Bitcoin
BTC mining industry into sharper focus, highlighting the benefits of the critical mining infrastructure to the United States’ energy grid.
Lummis cited the Bitcoin Energy and Emissions Sustainability Tracker as evidence that Bitcoin mining is cleaner than is commonly imagined, noting that up to 52.6% of BTC mining might be emissions-free.
A breakdown of sustainable Bitcoin mining. Source: Batcoinz
The pro-crypto senator then turned her attention to the increasing role of Bitcoin mining facilities in securing the energy grid. Mining facilities represent large, dynamic electrical loads that can be used to balance and redistribute energy to electrical grids during times of need.
Perhaps no other example illustrates this more than the ongoing efforts between the Electrical Reliability Council of Texas (ERCOT) and Bitcoin miners to stabilize electrical grids. The GOP lawmaker explained that in 2022, Bitcoin miners were able to sell 1500 megawatts of energy back to the grid during peak demand. A similar pattern played out in 2024, with Bitcoin mining infrastructure acting as a Controllable Load Resource for Texas’ grid during winter storm Heather.
A 30% tax would hurt the environment that regulators claim to protect
The Wyoming senator explained that levying a 30% excise tax on Bitcoin miners would disincentivize them from seeking sustainable forms of energy and novel energy recycling techniques. Although Lummis gave the example of sequestering methane from trash dumps to mine Bitcoin, similar examples can be seen in El Salvador, where the government mined 474 Bitcoin using volcanic energy.
Another example of the energy efficiencies introduced by Bitcoin mining can be found in the Satakunta region of Finland, where an entire community of 11,000 individuals is warmed by excess heat produced by a Marathon Digital mining facility.
The mining giant also signed an agreement with Kenya’s government earlier this year to further develop the country’s renewable energy sector, a thriving industry already delivering up to 80% of the country’s energy needs.
The Laffer Curve will get the final laugh
Lummis concluded her report by arguing that increasing taxes on Bitcoin miners will lead to the industry leaving the United States, reducing the sought-after tax revenues. This inverse relationship between tax rates and tax revenue is known as the Laffer Curve.
A chart highlighting Bitcoin hashrate dominance between global powers from 2019-2022. Source: Powering Down Progress by Senator Cynthia Lummis
The senator pointed out that this has already happened in China, where the 2021 mining ban drove out the once-thriving mining industry.
Before the ban, Chinese miners controlled a majority of the Bitcoin network’s hashrate.
@ Newshounds News™
Read more: Coin Telegraph
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What are the strongest currencies in the world? (2024)
Ever wondered which is the strongest currency in the world? There are lots of factors which can push a currency up the global rankings, from low inflation to a strong economy, to interest rates or oil and gas exports.
What is currency strength?
According to Nasdaq a strong currency is:
“A currency whose value compared to other currencies is improving, as indicated by a decrease in the direct >exchange rates for the currency”.
Put simply, the definition of a ‘strong currency’ is when a currency is worth more than another country’s currency. ‘Currency strength’ refers to how strong or weak a currency is at any given time.
What are the top 10 strongest currencies?
1. Kuwaiti dinar
The Kuwaiti dinar (KWD) is the world’s strongest currency, and this is for a number of reasons. For starters, Kuwait has one of the largest oil reserves in the world.
It’s also a wealthy country, whose government has prioritised the growth of the country’s private sector, the diversification of the economy and responsible budgetary policies. All of these factors have contributed to the stability and resilience of the Kuwaiti dinar.
Today 1 USD = 0.305640 KWD
2. Bahraini dinar
The second most valuable global currency is the Bahraini dinar (BHD). Oil and gas again play a part in the Bahraini dinar’s strength, as a major part of the country’s income derives from exports of gas and oil.
Bahrain has also become a regional financial hub, which has attracted international capital and helped to expand the country’s economy.
Today 1 USD = 0.377000 BHD
3. Omani rial
The Omani rial (OMR) is another of the world’s strongest currencies, again thanks to exports of oil and gas. However, the government in Oman is working on lessening the country’s dependence on oil markets. It has taken steps to support other industries in order to diversify the economy, which should help to sustain the resilience of the rial.
Today 1 USD = 0.385015 OMR
4. Jordanian dinar
The Jordanian dinar (JOD) is high up the list of the world’s strongest currencies for a combination of reasons. It is an oil and gas exporting nation, but is less dependent on this than some of its neighbours.
Other factors contributing to the dinar’s success include the actions of Jordan’s central bank, which has taken a cautious approach to monetary and fiscal policy. It is dedicated to price stability and exchange rate flexibility, as well as keeping ample foreign exchange reserves to protect against external shocks.
Today 1 USD = 0.708500 JOD
5. British pound
Now we come to a familiar currency – the British pound sterling or GBP. The pound is the fifth-strongest world currency in 2024, despite the turbulence of Brexit and uncertainty surrounding ties between the UK and the EU. The UK has also experienced political upheaval, such as the ‘mini budget’ by then-PM Liz Truss which triggered a major drop in the value of the pound.
While the pound may have experienced volatility over the last few years, it remains one of the most popularly traded currencies. Its strength and resilience is partly down to the UK’s reputation as one of the world’s biggest countries by Gross Domestic Product (GDP).
Today 1 USD = 0.773784 GBP
*️⃣NOTE: Since this article was published the British pound has moved to 6th place and the Gibraltar pound has move up to the 5th position.
6. Gibraltar pound
In the sixth spot on our list is the Gibraltar pound (GIP). The driving force behind its stability and strength is its relationship to the British pound (GBP). The GIP is pegged to the GBP, and the two countries maintain a close relationship.
Today 1 USD = 0.773754 GIP
7. Cayman Islands dollar
The Cayman Islands dollar (KYD) derives its strength and stability due to the territory’s status as a leading global financial hub. The islands are home to a wide range of financial institutions, enterprises and investment funds, all attracted by a robust regulatory system, advanced banking infrastructure and advantageous tax policies.
Today 1 USD = 0.820000 KYD
8. Swiss franc
The 8th strongest global currency is the Swiss franc (CHF). The Swiss National Bank (SNB) ensures the stability of the currency with a range of crucial measures. This includes implementing monetary policy, maintaining price stability and supervising banks and the financial sector in Switzerland. All of this bolsters investor confidence in the Swiss franc.
Today 1 USD = 0.884350 CHF
9. Euro
The euro (EUR) is one of the world’s major reserve currencies, whose value is influenced by a large number of variable factors. This is because it is the currency of 20 EU member countries, all with their own economic policies.
However, monetary policy and price stability within the region is overseen by the European Central Bank (ECB). The bank has taken steps to maintain the stability and reliability of the euro, primarily by careful management of inflation.
Today 1 USD = 0.921700 EUR
10. US dollar
Last, we have the US dollar (USD) – the world’s 10th strongest currency. You might be surprised not to see the dollar higher up the list, as it is by far the most traded currency on the planet. Plus, the US economy is the biggest in the world in terms of GDP. The dollar is used to price commodities, and it’s also one of the world’s largest reserve currencies. Major US banks are also global leaders.
However, the strength of a currency is determined by complex factors, including supply and demand in the foreign exchange market.
What is the weakest currency in the world?
The Iranian rial (IRR) is the weakest currency in the world.5
What is the most traded currency in the world?
The US dollar is the world’s most traded currency.²
How is foreign currency priced?
There are two main ways that foreign currency is priced. The first uses a floating rate, which is determined by the open market through global supply and demand. If the currency is in demand, its value usually increases.
The second pricing method is a fixed rate, also known as a pegged rate. This is determined by the government through its central bank, and is set against another major global currency (such as USD or EUR, for example).
What is the most stable global currency?
The Swiss franc (CHF) is generally considered to be the most stable currency in the world in 2024.6
What is the strongest currency pair?
The strongest currency pair is the euro (EUR) and US dollar (USD),7 as it is one of the most commonly traded and both locations have large and strong economies.
How do I know which currency is stronger?
One of the easiest ways to work out which currency is stronger is to compare one currency to another, using exchange rates. A higher exchange rate suggests that a currency is stronger compared to the other.
In what country is GBP worth the most?
To determine where GBP is worth the most, you would typically look at exchange rates against other currencies. But remember that exchange rates fluctuate constantly based on factors such as economic conditions, interest rates and geopolitical events.
This means you’ll need to look at exchange rate data to see which country’s currency offers the most favourable exchange rate against the British pound at any given time. When researching, watch out for hidden fees to make sure you’re getting the fairest price. At Wise, we’re transparent and upfront about the cost, we use the mid-market rate, and never hide fees*.
@ Newshounds News™
Read more: Wise
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