Latest news with #US-dollar-based
Sharjah 24
6 hours ago
- Politics
- Sharjah 24
Seven killed in latest Ecuador pool hall shooting
"Seven people died from gunshot wounds" at a pool hall in the nightlife district of Santo Domingo, about 150 kilometers (93 miles) west of the capital Quito, national police said in a WhatsApp group with reporters. Police said they were investigating the incident and hunting for those responsible. Purported security camera footage of the massacre circulating online showed several attackers wearing black masks open fire on two men standing at the entrance to the pool hall, sending pedestrians scrambling. The gunmen then entered the hall and continued shooting, fleeing before a police vehicle approached. AFP has not yet independently verified the footage. According to local media, preliminary investigations indicated that the killings may be related to organized crime in the region. A similar pool hall massacre took place last month in the southwestern tourist city of General Villamil Playas, leaving at least nine dead. And in April, armed men killed 12 people at a cockfighting ring around 30 kilometers from Santo Domingo. Once considered a bastion of peace in Latin America, Ecuador has been plunged into crisis after years of expansion by transnational cartels that use its ports to ship drugs to the United States and Europe. Drug trafficking organizations have been multiplying in Ecuador, where the homicide rate rose from six per 100,000 residents in 2018 to 38 per 100,000 in 2024. Between January and May, there were more than 4,051 homicides, according to official figures. Analysts say it is the most violent start to a year in the country's recent history. President Daniel Noboa's government has promised to crack down on crime, but despite widespread operations and constant states of emergency, there has been little reduction in the violence. Last weekend alone, 14 people were killed in massacres in the troubled province of Guayas, one of four provinces where Noboa recently declared a state of emergency to combat gang violence. Gangs vying for control of drug trafficking routes in Ecuador have taken advantage of the country's strategic location, its US-dollar-based economy, and the corruption of some authorities. According to official figures, 73 percent of the world's cocaine production passes through Ecuadorian ports. In 2024, the country seized a record 294 tons of drugs, mainly cocaine, compared to 221 tons in 2023.
Int'l Business Times
14 hours ago
- Politics
- Int'l Business Times
Seven Killed In Latest Ecuador Pool Hall Shooting
Gunmen shot dead at least seven people at a pool hall in the Ecuadoran city of Santo Domingo, police said Sunday, in the country's latest gruesome massacre amid soaring gang violence. "Seven people died from gunshot wounds" at a pool hall in the nightlife district of Santo Domingo, about 150 kilometers (93 miles) west of the capital Quito, national police said in a WhatsApp group with reporters. Police said they were investigating the incident and hunting for those responsible. Purported security camera footage of the massacre circulating online showed several attackers wearing black masks open fire on two men standing at the entrance to the pool hall, sending pedestrians scrambling. The gunmen then entered the hall and continued shooting, fleeing before a police vehicle approached. AFP has not yet independently verified the footage. According to local media, preliminary investigations indicated that the killings may be related to organized crime in the region. A similar pool hall massacre took place last month in the southwestern tourist city of General Villamil Playas, leaving at least nine dead. And in April, armed men killed 12 people at a cockfighting ring around 30 kilometers from Santo Domingo. Once considered a bastion of peace in Latin America, Ecuador has been plunged into crisis after years of expansion by transnational cartels that use its ports to ship drugs to the United States and Europe. Drug trafficking organizations have been multiplying in Ecuador, where the homicide rate rose from six per 100,000 residents in 2018 to 38 per 100,000 in 2024. Between January and May, there were more than 4,051 homicides, according to official figures. Analysts say it is the most violent start to a year in the country's recent history. President Daniel Noboa's government has promised to crack down on crime, but despite widespread operations and constant states of emergency, there has been little reduction in the violence. Last weekend alone, 14 people were killed in massacres in the troubled province of Guayas, one of four provinces where Noboa recently declared a state of emergency to combat gang violence. Gangs vying for control of drug trafficking routes in Ecuador have taken advantage of the country's strategic location, its US-dollar-based economy, and the corruption of some authorities. According to official figures, 73 percent of the world's cocaine production passes through Ecuadorian ports. In 2024, the country seized a record 294 tons of drugs, mainly cocaine, compared to 221 tons in 2023.
New Straits Times
14 hours ago
- Politics
- New Straits Times
Seven killed in latest Ecuador pool hall shooting
BOGOTÁ: Gunmen shot dead at least seven people at a pool hall in the Ecuadoran city of Santo Domingo, police said Sunday, in the country's latest gruesome massacre amid soaring gang violence. "Seven people died from gunshot wounds" at a pool hall in the nightlife district of Santo Domingo, about 150 kilometres (93 miles) west of the capital Quito, national police said in a WhatsApp group with reporters. Police said they were investigating the incident and hunting for those responsible. Purported security camera footage of the massacre circulating online showed several attackers wearing black masks open fire on two men standing at the entrance to the pool hall, sending pedestrians scrambling. The gunmen then entered the hall and continued shooting, fleeing before a police vehicle approached. AFP has not yet independently verified the footage. According to local media, preliminary investigations indicated that the killings may be related to organised crime in the region. A similar pool hall massacre took place last month in the southwestern tourist city of General Villamil Playas, leaving at least nine dead. And in April, armed men killed 12 people at a cockfighting ring around 30km from Santo Domingo. Once considered a bastion of peace in Latin America, Ecuador has been plunged into crisis after years of expansion by transnational cartels that use its ports to ship drugs to the United States and Europe. Drug trafficking organisations have been multiplying in Ecuador, where the homicide rate rose from six per 100,000 residents in 2018 to 38 per 100,000 in 2024. Between January and May, there were more than 4,051 homicides, according to official figures. Analysts say it is the most violent start to a year in the country's recent history. President Daniel Noboa's government has promised to crack down on crime, but despite widespread operations and constant states of emergency, there has been little reduction in the violence. Last weekend alone, 14 people were killed in massacres in the troubled province of Guayas, one of four provinces where Noboa recently declared a state of emergency to combat gang violence. Gangs vying for control of drug trafficking routes in Ecuador have taken advantage of the country's strategic location, its US-dollar-based economy, and the corruption of some authorities. According to official figures, 73 per cent of the world's cocaine production passes through Ecuadorian ports. In 2024, the country seized a record 294 tons of drugs, mainly cocaine, compared to 221 tons in 2023.-AFP
DW
19-07-2025
- Business
- DW
US: Trump sings law paving way for dollar-based stablecoins – DW – 07/19/2025
US President Donald Trump has signed a law to create a regulatory regime for US-dollar-based stablecoins. This could see the cryptocurrency coming into regular use. US President Donald Trump signed a law to create a regulatory framework for stablecoins. This could create a way for the US-dollar-based cryptocurrencies to come into regular use for making payments and moving money. The bill, also known as the GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins), passed in the House of Representatives by a vote of 308 to 122 after being approved by the Senate earlier. "The GENIUS Act, they named it after me," Trump said at the bill-signing ceremony at the White House, where a few government officials, lawmakers, and crypto industry leaders were present. "It's good for the dollar and it's good for the country. That's why I backed you at an early stage. And I also did it for the votes," he added, referring to the crypto industry. This law is a huge victory for the crypto industry and its supporters. They have pushed for such a legislation for a long time, to legitimize the use of cryptocurrencies and make banks, retailers and consumers more willing to use them. The industry donated more than $245 million (€210 million) in last year's elections to boost pro-crypto candidates such as Trump. Stablecoins are designed to maintain a constant value, typically at a 1:1 peg to the US dollar. The GENIUS law requires them to be backed by liquid assets. According to CoinGecko, the stablecoin market is valued at more than $260 billion (€223 billion). Under the new law, Standard Chartered bank says it could grow to $2 trillion by 2028. "This groundbreaking technology will buttress the dollar's status as the global reserve currency, expand access to the dollar economy for billions across the globe, and lead to a surge in demand for US Treasuries, which back stablecoins," Treasury Secretary Scott Bessent said in a statement. However, critics say the law should have included stronger anti-money laundering protections and prohibited foreign stablecoin issuers. They are also wary of the growing influence of a sector that is already powerful. "By failing to close known loopholes and protect America's digital dollar infrastructure, Congress has risked making the US financial system a global haven for criminals and adversarial regimes to exploit," Scott Greytak, deputy executive director of Transparency International US said. Trump has signed an executive order to establish a strategic bitcoin reserve in March this year. He partly owns crypto company World Liberty Financial and launched a meme coin called $TRUMP in January.
