Tether Drops Plan To Build an Official Blockchain As of Now: CEO

🔈 Paolo Ardoino, the CEO of stablecoin issuer Tether (USDT), has quashed the rumours about launching an official Tether Chain. In a post on X, he wrote, “Tether is not planning to build an official blockchain at this time.” In another post on November 4, Ardoino said that the main reason behind Tether not launching an official blockchain anytime soon is that “neutrality is very important.” Instead, Tether has backed the integration of its stablecoin on other networks, working to support for gas fees, he added.

📎 Further, Tether is currently only interested to “partner up with other companies and communities.” The CEO wrote that the company’s motto is “Unstoppable TogETHER,” rather than trying to centralize everything. Tether, on November 1, announced the launch of its Dirham-pegged stablecoin on TON Blockchain. The stablecoin will be made by Tether in a joint venture with Phoenix Group and Green Acorn, as announced at the Gateway 2024 event in Dubai.

⚙️ Additionally, he also emphasized that the company is gearing up to release 2 new products this month, calling it “Tethember.” However, he added later that Tether has pushed back the product launch date, amid US November elections. “Any product/announcement done this coming week would end up likely obliterated by the election noise,” Ardoino wrote.

🌍 BRICS: A Rising Global Economic Power

🚀 The BRICS economic bloc is rapidly expanding, with its growing market capacity and influence surpassing traditional global alliances. Russian Deputy Prime Minister Alexander Novak emphasized this at the Valdai Discussion Club, stating that

almost the whole potential of economic growth is concentrated exactly in BRICS countries.

He noted that BRICS nations currently represent 36% of the global economy, compared to 30% for the G7.

🌐 Originally comprising Brazil, Russia, India, China, and South Africa, BRICS has recently welcomed six new members: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. This expansion aims to enhance BRICS' economic and political influence and includes invitations to 13 more countries to join as partners.

💡 To maintain its growth momentum, Novak stressed the need for new investment projects within BRICS. He highlighted Russia's critical role in this context, stating,

It is impossible to close one large country in terms of the global economy. Russia is actually the fourth global economy; it cannot be isolated.

This underscores Russia's commitment to strengthening ties within BRICS as a strategic priority for future global economic expansion.

🚀 Trump's Crypto Promises: A New Era for Bitcoin?

📈 On November 5, 2024, Bitcoin reached an all-time high coinciding with Donald Trump's victory in the U.S. presidential election. This event sparked discussions about Trump's potential impact on the cryptocurrency landscape.

👉 Earlier this year, Trump made headlines by becoming the first sitting U.S. president to address a Bitcoin conference. His positive remarks about Bitcoin and cryptocurrency left a significant impression on the market.

Bitcoin is not just a marvel of technology… it’s a miracle of cooperation and human achievement.

he stated.

🌍 Trump expressed his desire to position the U.S. as a global leader in the crypto space.

This afternoon, I’m laying out my plan to ensure that the United States will be the crypto capital of the planet and the Bitcoin superpower of the world.

⚡️ He also emphasized the importance of affordable energy for crypto mining:

With low energy costs, America will become the world’s undisputed Bitcoin mining powerhouse.

✅ Trump promised significant changes to the regulatory environment for cryptocurrencies. He vowed to replace SEC Chairman Gary Gensler and to dismantle Operation Choke Point 2.0, which he claimed hindered the industry.

🚫 He made it clear that he opposes a government-controlled digital currency:

There will never be a CBDC while I’m president of the United States.

💼 In a bold move, Trump pledged to maintain the U.S. government's Bitcoin holdings:

If I am elected, it will be the policy of my administration… to keep 100% of all the Bitcoin the U.S. government currently holds or acquires into the future.

🗓 He announced plans to establish a Crypto Advisory Council to create transparent regulations for the industry:

I will immediately appoint a Bitcoin and crypto presidential advisory council… Their task will be to design transparent regulatory guidance for the entire industry, and they will get it done in 100 days.

➡️ Trump even offered a pledge of clemency for Ross Ulbricht, the founder of Silk Road:

I repeat my pledge to commute the sentence of Ross Ulbricht to a sentence of time served. It’s enough.

🚀 Is XRP Price Gearing Up For 2017 Like Rally? Here’s The Key Levels To Watch 👀

The market anticipates XRP price to repeat its epic rally like 2017 amid positive market trends, with top analyst highlighting key Ripple price levels to watch.

👉 Read more

🚀 Bitcoin Surpasses $90,000: A Historic Milestone

📈 Bitcoin has reached a historic high by surpassing the $90,000 mark for the first time, driven by increased institutional investments and positive regulatory outlooks. This significant rise occurred after the recent U.S. presidential election, where President Donald Trump's victory sparked a bullish trend that saw BTC jump from $75,000 to over $90,000.

📊 On November 12, Bitcoin surged past $90,000, hitting $90,243 per coin just before 4 p.m. Eastern Time. However, this price was short-lived as it dropped back down shortly after. Market analysts attribute this price movement to increased institutional interest, particularly following the U.S. Securities and Exchange Commission's approval of several spot bitcoin exchange-traded funds (ETFs) earlier this year.

⚠️ Despite the optimism surrounding this rally, caution is advised as daily chart indicators show mixed signals. The relative strength index (RSI) is approaching overbought levels at 84, suggesting a potential pullback, while the commodity channel index (CCI) indicates a bearish signal at 220. On the other hand, the moving average convergence divergence (MACD) and momentum indicators are showing strong buying signals, indicating the possibility of further gains towards the six-digit range.

💼 This recent surge underscores the growing recognition of Bitcoin as a key asset in modern investment portfolios. Retail investors are also beginning to enter the market. However, the potential for volatility and the need for a healthy correction remain. Investors must stay informed and adaptable as they navigate this dynamic landscape. Despite the likelihood of a pullback, reaching $90,000 in 2024 is a significant achievement for Bitcoin.

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➡️ Hive Mining Expands in Paraguay with $20 Million ASIC Investment

🟥 Hive Mining, a data center and cryptocurrency mining company, has announced significant developments regarding its Paraguayan bitcoin mega mining site, which will accommodate 100MW of mining hardware. The company has also disclosed a substantial investment of nearly $20 million in mining ASICs to upgrade its existing equipment.

💰 The investment includes the purchase of 6,500 Canaan Avalon A1566 units, with 500 units arriving this week and the rest scheduled for delivery in four monthly installments from December 2024 to March 2025. Hive’s President and CEO Aydin Kilic emphasized the importance of this acquisition, stating it represents

a significant advancement in our optimized-ROI investment strategy.

The new Canaan miners will replace older, less efficient models, enabling Hive to enhance its mining capabilities. The Avalon A1566 was chosen

based on its superior ROI under both bear and bull market conditions

according to Hive’s statements.

👉 Construction of the Paraguayan mining site has already commenced, with all electrical hardware ordered. Kilic noted,

We anticipate 30 MW of mining capacity, equivalent to roughly 2 EH/s, to come online by early calendar Q2 2025, raising HIVE’s total hashrate to 8 EH/s by the end of calendar Q2 2025.

This announcement alleviates previous uncertainties regarding the project, which had been contingent on final approvals.

⚡️ Despite protests from other mining companies in Paraguay over recent power hikes, which they claimed threatened their economic viability, the government has dismissed these concerns. Many organizations are considering relocating to more crypto-friendly countries like Brazil or El Salvador.

🚀 Brian Armstrong Supports D.O.G.E. Proposal for Government Efficiency

➡️ Brian Armstrong, CEO of Coinbase, has expressed his support for the Department of Government Efficiency (D.O.G.E.), a proposal aimed at reducing U.S. bureaucratic spending by at least $2 trillion. Co-led by Elon Musk and Vivek Ramaswamy, D.O.G.E. seeks to enhance economic freedom and streamline government operations.

💬 Armstrong described D.O.G.E. as a

once in a lifetime opportunity to increase economic freedom in the U.S. and cut the size of government back to health.

He emphasized the need for measures such as a constitutional amendment to cap government expenditure and the establishment of a sovereign fund for citizens to have a stake in government spending.

🔍 However, the future of D.O.G.E. as an official government entity remains uncertain. Ramaswamy has suggested that complete government agencies could be eliminated, drawing parallels to President Milei's approach in Argentina, where he dismantled several ministries.

⚡️ Russia's Retaliatory Strategy Against Western Actions

➡️ Russia has announced its intention to respond to Western governments' plans to use frozen Russian assets for a $50 billion loan to Ukraine. Russian Minister Anton Siluanov stated that Russia would act 'in kind' to the actions of the European Union (EU) and the Group of Seven (G7).

We also have frozen resources of Western investors and Western participants in the financial market, companies,

Siluanov said. He emphasized that the income from these assets would be used similarly to how those countries are using the income from their frozen reserves.

🔄 This statement suggests that Russia may utilize already frozen Western assets under the principle of reciprocity. Russian media reported that nearly $288 billion in Western assets on Russian soil were subject to confiscation, making this a comparable retaliatory action to the estimated $300 billion seized from Russia.

🗣 Russian Foreign Ministry spokesperson Maria Zakharova had previously indicated that Russia would resort to tit-for-tat measures if any actions against Russian assets were taken. She described such actions as an “escalation of economic aggression and an element of a hybrid war against our country.”

⚖️ The legality of using these assets as collateral for the loan has been questioned. Analysts warn that this could create difficulties for the U.S. and push international investors to seek alternatives to avoid confiscation risks. President Putin has condemned these retaliatory actions as

trickery and theft

that will not “go unpunished.”

🌍 El Salvador: A Potential Bitcoin Pioneer in Nation-State Debt Issuance

💡 In the latest edition of Latam Insights Encore, we delve into a bold proposal by Max Keiser, President Nayib Bukele’s cryptocurrency advisor. He suggests that El Salvador could become a trailblazer in nation-state debt issuance by using the funds to purchase bitcoin. This move could position the small Latin American nation as a leader in the evolving bitcoin market.

✅ The recent U.S. presidential election results, particularly Trump's victory, have sparked increased interest in bitcoin and its potential as a strategic reserve asset. Many corporations, led by Microstrategy, have begun acquiring bitcoin for their reserves. Following this trend, Semler Scientific and Metaplanet have also joined the movement.

📈 Keiser's proposal suggests that El Salvador could emulate Microstrategy's approach by issuing debt to expand its bitcoin holdings. This would build on the "1 BTC a day" purchase program initiated by Bukele in March. A recent social media poll indicated that a majority of respondents support this idea.

Should El Salvador issue debt to grow its bitcoin holdings?

🔍 While this proposal is still in the realm of public opinion testing, it could pave the way for other developing nations to follow suit. El Salvador already possesses the necessary regulatory framework and determination to implement such a strategy. The key question remains: will there be demand for a bitcoin-collateralized debt instrument issued by a country?

💪 If Microstrategy's success can be extrapolated to a larger international scale, the answer seems clear: there is a strong potential for yes. El Salvador stands at a crossroads, with the opportunity to lead the way in bitcoin innovation for nation-states.

⚖️ Russia's New Crypto Tax Law: A Significant Regulatory Shift

👉 The Federation Council of Russia has recently approved a new bill that establishes a taxation framework for digital currencies. This legislation, which follows prior approval from the State Duma, marks a significant shift in how cryptocurrencies are regulated in the country.

💰 Under the new law, digital currencies are classified as property according to the Russian Internal Revenue Code. This classification exempts mining activities and sales transactions from value-added tax (VAT), thereby reducing the financial burden on those involved in the crypto sector. Furthermore, services provided by authorized organizations that facilitate transactions within experimental legal regimes will also be tax-exempt.

📝 However, the law also introduces a crucial reporting requirement: operators of mining infrastructure must report data on individuals using their systems to the tax authorities. Revenue generated from digital currency mining will be considered taxable income, subject to personal income tax. Businesses engaged in mining will be required to pay the standard corporate income tax rate.

📌 The legislative process for this bill involved multiple readings in the State Duma, approval from the Federation Council, and will soon require the president's signature to become law. With President Vladimir Putin's anticipated endorsement, this legislation will officially create a comprehensive taxation framework for digital currencies in Russia.

🌍 This new law is part of Russia's broader effort to regulate the cryptocurrency market amid increasing global scrutiny. Mining revenue will be taxed based on asset values on international exchanges, and personal income tax rates for digital currencies will remain at 13% for most earners, rising to 15% for annual incomes over 2.4 million rubles starting in 2025. These measures aim to promote transparency, legal clarity, and alignment with national economic objectives while supporting controlled growth in the sector and contributing to public revenue.

🌍 BRICS Expansion: No Rejections Reported

🔍 Russia has announced that all countries invited to join BRICS have accepted the offers, with a complete list expected to be released by the end of the year. Deputy Foreign Minister Sergey Ryabkov confirmed this during an interview, stating,

No invitations have been rejected and the [Russian] chairmanship expects to make the list public before the end of the year.

🗣 During a recent meeting in Yekaterinburg, Ryabkov emphasized the importance of patience in the process. He noted that

not all the potential partners have completed their internal procedures

and releasing an incomplete list could put some countries in a difficult position.

🟥 He assured that the complete list of new BRICS partners will be published before Russia's chairmanship ends this year. However, he refrained from naming the countries to avoid conflicting with the agreed-upon course of action with other BRICS members.

👉 Russian President Vladimir Putin had previously mentioned at the BRICS summit in Kazan that while the list of partner states was finalized, the names would be withheld to give countries time to respond. He explained,

First, invitations would be sent to those countries and once they gave a positive response, the countries’ names would be announced.

🌐 The recent expansion of BRICS saw Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE join as full members on January 1. This significant growth adds to the existing members Brazil, Russia, India, China, and South Africa. Looking ahead, Brazil will take over the BRICS chairmanship next year, continuing the bloc's strategic development.

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🪙 Bitcoin Cash Launches MUSD: A New Era of Decentralized Finance

🚀 The Moria Protocol has introduced MUSD, the first stablecoin built on Bitcoin Cash (BCH) Cashtokens. This launch represents a significant step in the BCH ecosystem, providing users with a stable, asset-backed digital token that facilitates access to decentralized borrowing services.

🔑 The Moria Protocol operates as a decentralized borrowing system on the Bitcoin Cash blockchain. It allows users to lock their BCH holdings as collateral to borrow various asset-backed tokens, including stablecoins like MUSD and tokens linked to commodities and stocks. Key features include:

- Decentralized borrowing: Users can borrow real-world asset tokens by collateralizing their BCH.
- Transparent collateral management: Borrowers must maintain collateral thresholds to secure loans, with automatic repayment triggers to prevent liquidation.
- Oracle-based price feeds: The D3lphi oracle ensures accurate valuations for BCH collateral and borrowed assets.
- Incentivized token stability: Market mechanisms are employed to maintain token stability.
- Open repayment system: Any user can repay a loan on behalf of another to prevent collateral liquidation.
- Proof-of-Reserves: A fully auditable system assures users of collateral security.

💡 The introduction of MUSD highlights the flexibility of BCH as collateral. It allows users to access liquidity without selling their BCH, enabling portfolio diversification while retaining holdings. This approach enhances decentralization and accessibility by bypassing traditional financial institutions.

🔗 Cashtokens, enabled by a recent Bitcoin Cash protocol upgrade, provide the foundation for creating digital assets on the BCH network. Their low fees and efficient design support a new wave of decentralized applications and financial tools, including the Moria Protocol.

🌟 The launch of MUSD signifies a promising future for decentralized finance on Bitcoin Cash, one of the most established blockchains in the crypto space.

➡️ Ripple CEO Praises David Sacks as New Crypto Czar

🎉 Ripple CEO Brad Garlinghouse has extended his congratulations to David Sacks, a venture capitalist recently appointed as the White House AI and crypto czar. This announcement was made earlier this week.

📌 In a post on X dated December 6, Garlinghouse referred to Sacks and President-elect Donald Trump as a "dream team." He expressed his enthusiasm for Sacks' appointment, stating,

Huge congrats to DavidSacks on this appointment – he understands tech inside and out, and importantly, will push forward President Trump’s crypto and AI pro-innovation plan.

➡️ Trump's announcement about Sacks' new role came late Thursday. He emphasized that Sacks would be responsible for shaping AI and cryptocurrency policy during his second term. Trump noted,

He will work on a legal framework so the crypto industry has the clarity it has been asking for and can thrive in the U.S.

⚖️ Garlinghouse's Ripple Labs has been embroiled in a legal battle with the U.S. Securities and Exchange Commission (SEC) over allegations of violating federal securities laws. Many in the crypto community view the SEC's actions against Ripple as excessive. The commission has also pursued litigation against other major players in the industry, including Kraken and Coinbase.

🟥 SEC chair Gary Gensler has faced criticism for his regulation-by-enforcement approach to the blockchain sector. However, he has announced his departure from the regulator before Trump's inauguration on January 20. In his farewell statement, Gensler acknowledged the SEC as a remarkable agency and expressed his honor in serving on behalf of everyday Americans.

🔄 Trump, who had previously pledged to replace the agency's head, has appointed Paul Atkins, a former SEC Commissioner known for his pro-crypto stance, as Gensler's successor. Atkins is expected to adopt a more balanced approach to digital assets.

✅ Sacks, a veteran of Silicon Valley, is anticipated to implement a regulatory framework that is friendly to blockchain technology. The appointment of several pro-crypto advocates suggests that Trump is committed to introducing policies that support the cryptocurrency sector.

🔍 However, the specifics of these upcoming guidelines remain to be seen.

🚀 Stacks Set to Launch SBTC: Bridging Bitcoin with DeFi

🌐 Stacks, a layer two (L2) platform for Bitcoin, is preparing to launch SBTC, a synthetic asset backed 1:1 by Bitcoin. This initiative aims to connect Bitcoin with decentralized finance (DeFi) and Web3. The announcement highlighted the growing Bitcoin DeFi ecosystem on Stacks.

📈 The Stacks community has seen increased activity due to Hermetica’s USDH offering a 35% APR, Velar Dex’s new permissionless pool feature, Bitflow’s upcoming L2 Runes AMM interface, and the ongoing ALEX Surge event.

💧 SBTC will allow users to access Bitcoin liquidity within the DeFi and Web3 ecosystems on the Stacks network. This move aims to tap into Bitcoin’s nearly $2 trillion market opportunity. By introducing a programmable layer for Bitcoin, SBTC will enable users to integrate BTC into various applications for trading on decentralized exchanges, yield generation, and on-chain lending.

🟥 An earlier announcement outlined a roadmap for SBTC, with the launch scheduled for December 16. The project has received backing from Immunefi, Coinflip, Bitcoin Frontier Fund, and Portal Ventures.

🔑 With the launch of SBTC, Stacks aims to unlock Bitcoin’s full potential as the largest, most valuable, and decentralized asset.