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IMF executives call for a globally coordinated cryptocurrency regulation framework

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IMF executives call for a globally coordinated cryptocurrency regulation framework

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(Kitco Information) – The Worldwide Financial Fund’s (IMF) curiosity within the realm of cryptocurrencies is on the rise as evidenced by a report from two senior executives with the United Nations company that’s calling for a worldwide cryptocurrency regulatory framework. 


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Within the report entitled Regulating Crypto, IMF Financial and Capital Markets Division’s deputy director, Aditya Narain, and assistant director, Marina Moretti, recommended {that a} world regulatory framework for crypto belongings is required as a way to shield customers, engender order within the markets and encourage innovation. 


“A world regulatory framework will deliver order to the markets, assist instill shopper confidence, lay out the boundaries of what’s permissible, and supply a protected area for helpful innovation to proceed,” the authors stated. 


One of many predominant causes a globally coordinated response is required, based on Narin and Moretti, is as a result of nationwide authorities have to this point adopted very totally different approaches of their regulatory insurance policies for crypto belongings, which has led to a disconnected system of regulation. 

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“The ensuing fragmented world response neither assures a stage taking part in area nor guards towards a race to the underside as crypto actors migrate to the friendliest jurisdictions with the least regulatory rigor – whereas remaining accessible to anybody with web entry,” the authors famous. 


Some international locations have utterly prohibited the issuance, holding, or use of crypto belongings by residents whereas others have welcomed cryptos with open arms and crafted laws designed to “woo corporations to develop markets in these belongings.” 


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The ensuing disarray has led to varied jurisdictions working in opposition to one another in terms of regulatory issues, creating confusion for each customers and regulators alike. The longer issues proceed to develop on this method, “the extra nationwide authorities will get locked into differing regulatory frameworks,” the authors warned. 


“For this reason the IMF is asking for a worldwide response that’s (1) coordinated, so it may fill the regulatory gaps that come up from inherently cross-sector and cross-border issuance and guarantee a stage taking part in area; (2) constant, so it aligns with mainstream regulatory approaches throughout the exercise and threat spectrum; and (3) complete, so it covers all actors and all facets of the crypto ecosystem,” the report concluded. 

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This name for a united regulatory framework for cryptocurrencies follows current feedback from a number of members of the IMF calling for the creation of a Central Financial institution Digital Forex (CBDC) settlement platform to assist incorporate the newest developments in blockchain know-how and fee companies into the banking market and world funds infrastructure.


Disclaimer: The views expressed on this article are these of the creator and will not mirror these of Kitco Metals Inc. The creator has made each effort to make sure accuracy of data offered; nonetheless, neither Kitco Metals Inc. nor the creator can assure such accuracy. This text is strictly for informational functions solely. It isn’t a solicitation to make any alternate in commodities, securities or different monetary devices. Kitco Metals Inc. and the creator of this text don’t settle for culpability for losses and/ or damages arising from the usage of this publication.

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[Analysis] “Cryptocurrency Holders Surge Over the Past Two Years”

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[Analysis] “Cryptocurrency Holders Surge Over the Past Two Years”

Image=Santiment

It has been observed that the number of cryptocurrency holders has surged over the past two years.

On the 23rd (local time), the on-chain analysis platform Santiment reported on X (formerly Twitter) that “the number of cryptocurrency holders has significantly increased over the past two years. The number of non-empty wallets for the top 4 cryptocurrencies by market capitalization has generally increased.”

Specifically, Bitcoin (BTC) has 54.7 million wallets (a 27% increase), Ethereum (ETH) 134.9 million wallets (a 47% increase), Tether (USDT) 657 million wallets (a 66% increase), and Ripple 575 million wallets (a 28% increase).

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Blockchain Revolution: How Cryptocurrency is Transforming Global Logistics – theafricalogistics.com

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Blockchain Revolution: How Cryptocurrency is Transforming Global Logistics – theafricalogistics.com

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The global logistics industry is undergoing a seismic shift, driven by the integration of blockchain technology and cryptocurrency.

These innovations promise to enhance transparency, efficiency, and security across the supply chain. From tracking shipments to streamlining cross-border payments, the synergy between blockchain and cryptocurrency is setting new benchmarks for the logistics sector.

1. Blockchain’s Role in Logistics

Blockchain technology, essentially a decentralized ledger system, enables secure and transparent recording of transactions. For logistics, this translates into the ability to track goods in real-time, authenticate the origin of products, and mitigate fraud. Key benefits include:

  • Enhanced Traceability: Every transaction, from the manufacturing stage to delivery, is recorded on an immutable ledger. This ensures that stakeholders have a comprehensive view of the supply chain.
  • Reduced Paperwork: By digitizing documents such as bills of lading and certificates of origin, blockchain eliminates the inefficiencies of manual processes.
  • Improved Trust: Smart contracts, self-executing agreements coded on the blockchain, reduce disputes and enhance trust between parties.

2. Cryptocurrency in Cross-Border Transactions

Traditional cross-border payments in logistics are often marred by high fees, long processing times, and currency exchange risks. Cryptocurrencies, like Bitcoin and stablecoins, are addressing these challenges by:

  • Lowering Transaction Costs: Cryptocurrency transactions bypass intermediaries, significantly reducing fees.
  • Speeding Up Payments: Transactions settle in minutes, eliminating delays common with traditional banking systems.
  • Enhancing Financial Inclusion: For businesses in emerging markets, cryptocurrencies provide access to global trade without reliance on conventional banking infrastructure.

3. Use Cases Transforming the Sector

Several real-world applications highlight the impact of blockchain and cryptocurrency in logistics:

  • Walmart’s Blockchain Initiative: Walmart leverages blockchain to track the origin of produce, ensuring food safety and traceability within its supply chain.
  • Maersk’s TradeLens Platform: Developed in collaboration with IBM, TradeLens uses blockchain to digitize and streamline global shipping documentation, reducing inefficiencies.
  • Cryptocurrency-Powered Freight Payments: Startups like Slync.io enable shippers to pay carriers using digital currencies, enhancing payment speed and reliability.

4. Challenges to Adoption

Despite its potential, the adoption of blockchain and cryptocurrency in logistics is not without hurdles:

  • Regulatory Ambiguities: The legal status of cryptocurrencies varies across countries, complicating implementation.
  • Scalability Concerns: Processing thousands of transactions per second remains a challenge for blockchain networks.
  • Skill Gaps: The logistics workforce often lacks the technical expertise to deploy and manage blockchain systems.

5. The Road Ahead

The integration of blockchain and cryptocurrency in logistics is still in its nascent stages but holds immense promise.

Industry players are investing in pilot projects to explore scalability and operational viability. The convergence of these technologies with artificial intelligence and IoT will further revolutionize the sector, enabling predictive analytics, autonomous supply chains, and more.

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Conclusion

Blockchain and cryptocurrency are not just buzzwords but transformative tools reshaping the logistics landscape.

By fostering transparency, reducing costs, and expediting processes, these technologies are addressing long-standing inefficiencies in the supply chain.

As adoption accelerates, businesses that embrace this revolution stand to gain a significant competitive edge in an increasingly digital and globalized economy.

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My Top Cryptocurrency to Buy Right Now (Hint: It's Not Bitcoin) | The Motley Fool

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My Top Cryptocurrency to Buy Right Now (Hint: It's Not Bitcoin) | The Motley Fool

The performance of Bitcoin (BTC -0.53%) this year has been nothing short of extraordinary. It’s now up about 46% since the election on Nov. 5, and 146% year to date. Best of all, Bitcoin recently broke through the $100,000 price level to hit another all-time high just north of $108,000.

But what if I told you that there is another top cryptocurrency that is up more than 120% since the election, and 430% year to date? And that this cryptocurrency also just set a new all-time high? That cryptocurrency is Sui (SUI -3.69%), which now ranks 14th among all cryptocurrencies with a $13 billion market cap.

What is Sui and why haven’t I heard of it before?

If you’ve never heard of Sui, that’s understandable. The cryptocurrency only launched in May 2023, just as the market was emerging from the crypto winter of 2022. So, in many ways, its launch flew under the radar of investors. There were bigger issues to consider. The industry was still coping with the aftermath of the collapse and scandal of crypto exchange FTX in November 2022, and nobody was very interested in hearing about another new cryptocurrency launch.

But fast-forward to August 2024. That’s when 21Shares — the company that partnered with Cathie Wood’s Ark Invest on the launch of spot exchange-traded funds (ETFs) for Bitcoin and Ethereum (ETH -0.79%) — released a research report on Sui, detailing all of its unique characteristics. For example, it described how a new technical upgrade suddenly made Sui faster than any other top blockchain by a substantial margin. It pointed out how Sui was rapidly growing in terms of total value locked (TVL), which is a key metric showing the relative strength of a particular blockchain.

Image source: Getty Images.

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The title of the report (“Is Sui a Solana (SOL -0.00%) Killer?”) was very provocative, at least for crypto investors. It suggested that Sui had the technological chops to take on Solana, which now ranks as the fifth-largest cryptocurrency. For several years now, Solana has been positioned as the next Ethereum, so Sui being tabbed as a potential Solana killer is a big deal. In fact, 21Shares suggested that there might be a $68 billion market opportunity for Sui if it was able to take on Solana and win.

How high can Sui go in 2025?

My primary concern right now with Sui is that it may be overheating. Just like Bitcoin, it is smashing through all-time high after all-time high. Right now, Sui is trading at about $4.50 after briefly testing the $5 price level. From the perspective of crypto traders, $5 presents the same psychological price barrier for Sui that $100,000 did for Bitcoin. It took Bitcoin a while to break through the $100,000 level, so Sui may not be able to break through the $5 price level by the end of this year.

But, in 2025, watch out. Just take a look at this comparison chart of Bitcoin and Sui since the presidential election. That leads me to think that the market is very bullish on Sui’s prospects under the Trump administration.

Bitcoin / U.S. dollar chart by TradingView

Moreover, consider the trading volume that Sui is now seeing on Coinbase Global (COIN 1.75%). Sui has become one of the 10 most popular cryptocurrencies on the platform in terms of 24-hour trading activity. Granted, the trading volume in Sui is nowhere near that of Bitcoin or Ethereum. But there’s more activity in Sui than in popular cryptocurrencies such as Chainlink, Litecoin, Cardano, Shiba Inu, and Avalanche.

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Best of all, Sui has a major new product launch coming in 2025. It’s a $599 handheld gaming device that is currently available for pre-order online. If that product launch is a success, then it could be off to the races for Sui. It could easily double in price to hit the $10 price level.

This cryptocurrency could soar even higher if it ever realizes its full potential as the next Ethereum. Imagine if you had invested in Ethereum just 18 months after its launch. Most likely, you’d be a crypto millionaire by now. In December 2016, Ethereum was trading around $5,  which is roughly where Sui is trading right now. Today, Ethereum trades for about $3,400.

That said, I can’t emphasize enough how speculative Sui is. It is still a baby in crypto terms. It has only been around for 18 months, and it can be difficult to get good data and reliable information about it. So, do your due diligence before investing in Sui, and keep your expectations in check. An investment opportunity like Ethereum might only come around once in a lifetime, so it’s asking a lot for it to happen with Sui as well.

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Dominic Basulto has positions in Bitcoin, Ethereum, SUI, and Solana. The Motley Fool has positions in and recommends Bitcoin, Coinbase Global, Ethereum, SUI, and Solana. The Motley Fool has a disclosure policy.

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