EddieJayonCrypto
23 Jan 23
• Saudi Arabia and UAE filing to join the BRICS nations is a very big deal and smashes the Petrol-Dollar• A China-based firm unveiled the cross-border payments system for stablecoins and CBDCs in Davos• Stellar Development Foundation is the only organization representing crypto of the CFTC's Global ...
• Saudi Arabia and UAE filing to join the BRICS nations is a very big deal and smashes the Petrol-Dollar• A China-based firm unveiled the cross-border payments system for stablecoins and CBDCs in Davos• Stellar Development Foundation is the only organization representing crypto of the CFTC's Global Advisory Committee (GMAC)• Signature Bank decreases crypto exposure by limiting transactions to $100K and up• Brian Armstrong, CEO of Coinbase, steps in it again by suggesting Brazil and Argentina consider Bitcoin as their common currencyThere is one very important macro event that is looming over the US, UK and Europe. Here is what is on my mind today.1. BRICS: Brazil, Russia, India, China and South Africa make up the current financial bock. Saudi Arabia and United Arab Emirates have each filed to join them. This is a huge event since the US Dollar had decoupled from gold and created the Petrol Dollar with Saudi Arabia. Well, not that is all but gone. This points out just how much the dollar is backed by nothing while the BRICS nations have their money backed by gold and other real assets. I think this is more of a reason to get into crypto. Mind you, all of this is going on as the US government falters on coming to a deal for the debt ceiling. 2. A China-based firm unveiled the cross-border payments system for stablecoins and CBDCs in Davos. This is a very big deal as many see it as a clear competitor to the current SWIFT network. 3. Stellar Development Foundation is the only organization representing crypto of the CFTC's Global Advisory Committee (GMAC). The foundation expects to represent Layer 1protocols and remittances. Other members of the committee including Uniswap Labs, the Chamber of Digital Commerce and CoinFund. This is right after the CFTC's Caroline Pham says US regulators could have prevented FTX contagion and urges US regulators to do more to regulate the industry. Clearly, this points out that regulation through enforcement is not working. 4. Signature Bank announces they will only process transactions of $100K and above from their fiat partner, Binance. This is because the bank is beginning to reduce their exposure to crypto. This is to take effect February 1st. This is a major move for the bank as it is one of the biggest fiat partners in the space. 5. Once again, Brian Armstrong, CEO of Coinbase, opens his mouth about something that is not his business and is getting lit up on Twitter. He had suggested that Brazil and Argentina should consider Bitcoin as the common currency. I find this to be especially dumb considering Brazil's involvement with BRICS.