Crypto-Currency Act of 2020

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News Date: May 9, 2020

US Lawmaker Introduces Crypto-Currency Act of 2020 While Under Coronavirus Quarantine.
The bill clarifies which federal agencies regulate which type of crypto assets. It's crucial that America remains the global leader in cryptocurrency, the lawmaker said.
Source:congress.gov

Russia China will lead the world to gold standard

The process of fiat money collapse is currently underway and that gold, property and productive assets like manufacturing factories can be used to rebuild the economic system.
A combination of China and Russia would be the two countries that will lead us back to having a currency backed by precious metals.
China has multiples of what they report in gold reserves, that they probably got 20,000+ tons of gold reserves.
Russia is actually in a very-very good position: they have very low debt, they don't run large deficits, etc. They got a very large natural resource economy as well.
As a result, when the things come crashing down that the first two currencies that go to a gold backing are China and Russia.
Source:www.rt.com

Ripple's Xumm Banking App Will Soon Be Ready for Mass Adoption

On behalf of Ripple, XRPL Labs has developed the banking app Xumm, which is based on the bridge currency XRP and should offer the same extensive functions as a bank account. The app works completely without third parties such as banks or other financial institutions and offers cross-border transactions in real-time.
Source:coinspeaker.com

Federal Reserve Endorses Ethereum-Backed Alternative To Libor

Jerome Powell, the current Chair of the US Federal Reserve, recently stated that an Ethereum-backed blockchain project operating as a reference rate called AMERIBOR could serve as a potential replacement to LIBOR.
Goldman Sachs-backed crypto finance startup Circle has published the latest third-party audit of its USD-pegged stablecoin, USD Coin (USDC). USD Coin is on the Ethereum blockchain. The execution of issuing and redeeming USDC tokens is ensured with ERC-20 smart contract.
Source: forbes.com
A district court in China has reportedly ruled that Ethereum's cryptocurrency is legal property with economic value.
While cryptocurrency is not legal tender in China, people can hold and transfer them like property.
Source: bitcoin.com

VISA & Currencycloud with Ripple on cross-border payments

Currencycloud to focus on new territories currently under-represented for SMEs, to make global movement of money more efficient.
Currencycloud, the global leader in providing embedded B2B cross-border payments for platforms of the future, announced a partnership with Ripple, the enterprise blockchain solution for global payments. RippleNet, Ripple's global financial payments network, makes it easy for its diverse network of financial institutions worldwide to enable faster, lower-cost payments around the world.
Visa partner Currencycloud is now working with Ripple to expand their business-to-business cross-border payments platform.
Sources:dailyhodl.com, www.currencycloud.com

Treating gold and silver as money

To date, 42 states have removed some or all taxes from the purchase of gold and silver.
And there are new bills pending now in five of the eight remaining states, i.e. Tennessee, Mississippi, Kentucky, Hawaii, and New Jersey.
In 2019, the Sound Money Defense League teamed up with sound money advocates in West Virginia to eliminate sales taxes on precious metals.
A similar effort will be considered in Olympia, Washington.
Passage into law would relieve some of the tax burdens on investors, and would also take a step toward treating gold and silver as money instead of as commodities.
Repealing these taxes knocks down one barrier that might keep some investors from considering physical metal for their portfolios.
Source: fee.org