Seeds of Wisdom RV and Economic Updates Thursday Evening 12-12-24

Good Evening Dinar Recaps,

GOLDMAN SACHS CEO DAVID SOLOMON SAYS BANK NEEDS REGULATIONS TO CHANGE BEFORE LOOKING AT CRYPTO: REPORT

The CEO of Wall Street titan Goldman Sachs reportedly says the investment bank is not diving into crypto without regulatory permission.

According to Reuters, David Solomon says US regulations need to change before the bank can start holding and trading crypto assets.

Says Solomon during an interview at the Reuters NEXT conference in New York,

“That’s a question you have to ask regulators. At the moment, as a regulated banking institution, we’re not allowed to own a cryptocurrency like Bitcoin as a principal.

We give our clients advice around a variety of these technologies and these issues and will continue to do that, but for the moment our ability to act in these markets is extremely limited from a regulatory perspective.”

Solomon’s statement comes amid growing interest in crypto-focused financial products. Investment giant BlackRock’s Bitcoin (BTC) exchange-traded fund is now bigger than its gold exchange-traded fund despite the latter’s 19-year head start.

The crypto market is also anticipated to explode following the victory of Donald Trump in the November election. The president-elect promised to implement policies that will solidify crypto self-custody and bolster the growth of the industry.

Trump also picked crypto-friendly Scott Bessent and Paul Atkins as Treasury Secretary and U.S. Securities and Exchange Commission (SEC) chair, which is regarded as an early sign of an incoming shift in the government’s stance on digital assets.

@ Newshounds News™

Source:  DailyHodl

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IOTA COFOUNDER MEETS PHILIPPINE SECRETARY OF TRADE TO DISCUSS EXPANSION IN SOUTH EAST ASIA

▪️Dominik Schiener met Philippine Trade Secretary Cristina Aldeguer-Roque to explore integrating IOTA’s TWIN logistics network into Southeast Asia by 2025.

▪️IOTA’s Rebased protocol introduces a dual-contract system (EVM and MoveVM) enabling 50,000+ transactions per second with minimal latency.

IOTA, a decentralized blockchain solution known for its scalability and efficiency, is ramping up its efforts in Southeast Asia. In a strategic move, Dominik Schiener, IOTA’s co-founder, engaged in an important discussion with Cristina Aldeguer-Roque, the Secretary of Trade for the Philippines.

 This meeting occurred during a high-profile international summit, setting the tone for IOTA’s expanding footprint in the region.  

The session highlights cooperation between prominent industry leaders and government officials. Discussions reflect a strategic vision to incorporate TWIN into Southeast Asia’s logistics networks, with the aim of implementing it by 2025. 

TWIN seeks to optimize trade processes by merging physical goods with digital infrastructure, eliminating inefficiencies and boosting transparency.

Rebased Upgrade Solidifies IOTA’s Expansion

In parallel, IOTA continues to evolve its ecosystem by introducing the Rebased protocol, which represents a pivotal upgrade for the platform. 

Building on earlier updates like Stardust, Rebased brings groundbreaking changes, solidifying IOTA’s standing as a leading blockchain innovator. Features such as low transaction fees, staking rewards, and enhanced scalability further underline its commitment to progress.  

The Rebased protocol introduces advanced smart contract capabilities through its unique dual-contract framework, which blends the Ethereum Virtual Machine (EVM) with MoveVM. Developers can now leverage Ethereum-compatible tools or Move-based programming languages to create seamless, scalable solutions on the IOTA network.  

Moreover, the Mysticeti consensus switch bolsters the protocol’s capacity, enabling over 50,000 transactions per second with minimal latency. This ensures faster finality while retaining decentralization. Notably, IOTA’s adaptive fee burn mechanism keeps transaction costs low, catering to a wide spectrum of users.  

The network’s staking model offers attractive incentives, with an initial annual inflation rate of 6-7% and staking yields as high as 10-15% for participants. Such robust features are steering IOTA toward a sustainable future, fostering innovation in decentralized finance (DeFi) and other blockchain applications.  

Expanding Ecosystems and Strategic Partnerships

IOTA’s commitment to scalability is evident in the recent growth of its Ethereum Virtual Machine (EVM) Layer 2 platform. Introduced in June 2024, the platform achieved remarkable success, with its Total Value Locked (TVL) climbing from $30 million to $86 million. To further encourage DeFi adoption, IOTA has set aside $28 million for development over the next two years.  
On a global scale, IOTA has forged critical alliances. Notable partnerships include the development of Kenya’s Trade and Logistics Information Pipeline, the tokenization of U.S. Treasuries with Realize, and collaborations with Rabby Wallet, LayerZero, and Pyth Network. These ventures showcase IOTA’s dedication to practical applications of blockchain technology.

As 2025 approaches, all eyes are on IOTA to see how it will continue reshaping the digital landscape, driving transparency, efficiency, and growth across industries worldwide.

@ Newshounds News™

Source:  Crypto News Flash

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JUST IN: COINBASE SCORES MAJOR WIN IN FOIA CASE AGAINST FDIC

A Federal Judge has once again ruled in favor of Coinbase as FDIC's redactions in core files were called into question

American crypto trading firm Coinbase Global Inc. has scored another major win against the Federal Deposit Insurance Commission (FDIC) in its ongoing Freedom of Information Act (FOIA) legal battle. This new ruling flags the FDIC for making what the court called “nuanced redactions.”

Coinbase and FDIC: Where is The Case Heading?

According to excerpts of the ruling shared by Paul Grewal, the exchange’s Chief Legal Officer, the Judge said FDIC acted in bad faith with its redactions. The judge noted that the market regulator cannot just “blanket redact everything that is not a preposition.”

This new ruling comes as Coinbase shared documents last week that exposed the FDIC’s role in the much criticized Operation Chokepoint 2.0.

@ Newshounds News™

Source:  CoinGape

Read more:  X .com 

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Seeds of Wisdom RV and Economic Updates Thursday Afternoon 12-12-24

Good Afternoon Dinar Recaps,

TEXAS LAWMAKER PROPOSES STRATEGIC BITCOIN RESERVE

Texas Representative Giovanni Capriglione proposed a taxpayer-free Strategic Bitcoin Reserve.

Texas State Representative Giovanni Capriglione has introduced a bill to establish a Strategic Bitcoin Reserve for the state.

The announcement was made during a discussion on Spaces hosted by Dennis Porter of the Satoshi Action Fund, an organization focused on Bitcoin policy advocacy.

Key provisions of the bill include:

▪️Acquiring Bitcoin as a reserve asset.

▪️Storing the Bitcoin in cold storage for a minimum of five years.

▪️Allowing residents to contribute Bitcoin donations.

▪️Ensuring transparency through annual reports and audits.

▪️Permitting state agencies to accept cryptocurrencies and convert them into Bitcoin.

▪️Establishing guidelines for security and reserve management.

The bill specifies that it will take effect immediately if passed with a two-thirds majority in both legislative houses; otherwise, it will become effective on September 1st, 2025.

This proposal aligns with broader interest in Bitcoin reserves in the U.S. and globally. Earlier this year, a similar federal Strategic Bitcoin Reserve bill was introduced by Senator Cynthia Lummis.

Other states, such as Pennsylvania, and countries including Russia and Brazil, have also put forth similar initiatives.

Lee Bratcher, President of the Texas Blockchain Council, expressed support for the proposal, highlighting Representative Capriglione’s leadership role and noting that the plan does not involve taxpayer funding.

The bill’s progress will depend on legislative deliberation and public feedback, as its implications for Texas’s financial strategy and digital asset policy come under consideration.

@ Newshounds News™

Source:  BTC Times ,  X .com

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RAY DALIO SAYS TO INVEST IN BTC AND GOLD, NOT DEBT ASSETS: REPORT

Dalio says he is investing in BTC and gold, not debt assets because the latter would lose their value due to an incoming debt crisis among major economies.

Ray Dalio, an American investor and founder of the world’s largest hedge fund, Bridgewater Associates, says he is investing in bitcoin (BTC) and gold rather than debt assets.

The billionaire, who now serves as Bridgewater Associates’ investment chief, is more interested in the precious metal and cryptocurrency because they are “hard money.”

On the other hand, debt assets like bonds are to be avoided because major economies are bound to face debt crises in the coming years, leading to a decline in their value.

BTC and Gold Over Debt Assets

According to a report from the South China Morning Post, Dalio dropped his remarks on BTC and gold during a speech on December 10 at the Abu Dhabi Finance Week (ADFW).

He stated that all major economies, including the United States, China, and, excluding Germany, are seeing their indebtedness surge to unprecedented levels. Unfortunately, these levels are unsustainable, and there could be a debt money problem in the future.

“I believe that there would likely be a pending debt money problem. I want to steer away from debt assets like bonds and debt and have some hard money like gold and bitcoin,” Dalio said.

The billionaire further explained that debt, money, the economy, acts of nature, and the invention of new technologies are the forces driving everything in the world. Other factors, such as countries’ political and external geopolitical orders, could contribute significantly. 

Judging by Dalio’s preference for BTC and gold, he believes these assets are the best for preserving wealth as the world reacts to these forces.

“Don’t get too caught up on the twists and turns of the day-to-day headlines, and instead, think more about the big forces. Think strategically as well as tactically, taking a global perspective while recognizing that what you don’t know about the future is more than what you do know,” the Bridgewater founder added.

BTC Exceeds Dalio’s Expectations

Dalio used to be a Bitcoin critic a few years ago. In 2020, he opined that the crypto asset is unlikely to perform as remarkably as people hoped. Bitcoin was worth around $15,000 at the time.

Four years later, Dalio has become a Bitcoin advocate and now considers the cryptocurrency a better option than debt assets, especially with BTC crossing $100,000 for the first time.

@ Newshounds News™

Source:  CryptoPotato

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ROGER VER CLAIMS US TARGETS HIM FOR BITCOIN ADVOCACY, NOT TAXES

Roger Ver, also known as “Bitcoin Jesus,” contests US DOJ tax evasion charges, alleging political retaliation over his crypto advocacy.

Roger Ver, widely known as “Bitcoin Jesus” for his early promotion of cryptocurrency, is contesting charges made against him by the United States Department of Justice (DOJ).

Ver, who renounced his US citizenship in 2014, was arrested in Spain in April. US authorities are seeking his extradition on charges including tax evasion, mail fraud and filing false tax returns.

Prosecutors claim Ver undervalued his assets and failed to report ownership of about 131,000 Bitcoin. He denied the allegations in an interview with Tucker Carlson on Dec. 10.

“I wasn’t an American citizen or living in the US at the time these claims were made,” Ver said. He accused the US government of being “angry” not about taxes but about his “lack of obedience.”

Legal history

According to the DOJ, Ver failed to report significant capital gains from Bitcoin sales and underreported the value of two companies when he renounced his US citizenship in 2014.

Prosecutors allege Ver concealed 131,000 BTC, worth nearly $240 million at the time of sale in 2017, leading to a $48 million tax shortfall.

Ver’s defense argues the allegations are outdated and stem from ambiguous cryptocurrency tax laws. His legal team also contends that US prosecutors misused confidential communications and violated legal protections.

Political retaliation claims

In the interview with Carlson, Ver insisted that the charges don’t stem from tax charges but from his high-profile promotion of cryptocurrencies, which he believes threatens government control of money systems.

He also said that US intelligence agencies orchestrated a campaign to suppress BTC’s original goal of decentralization.

The Bitcoin evangelist also linked his indictment to the recent publication of his book, which he claimed exposes government interference in the cryptocurrency industry.

Tax evasion charges dismissal

On Dec. 3, Ver moved to dismiss the US tax evasion charges by claiming the case was “unconstitutional” and arguing that the Internal Revenue Service’s (IRS) exit tax was “inscrutably vague.”

In the filing, he said that the charges relied on “provisions of the US tax laws” that were unclear about the “application to digital assets of the kind that underlie the charges.”

The IRS exit tax requires that US citizen pay all required taxes before renouncing their citizenship and removing themselves from the country’s taxation system.

@ Newshounds News™

Source:  CoinTelegraph

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CHRISTMAS CALL FROM OUR FAMILY TO OKIE AND ALL!  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

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Some “Iraq News” Posted by Clare at KTFA 12-12-2024

KTFA:

Clare:  With the participation of 80 companies.. Opening of the Iraq International Exhibition for Building and Construction

12/12/2024  Baghdad - WAA - Hassan Al-Fawaz

Baghdad Governor Abdul Mutalib Al-Alawi opened the Iraq International Exhibition for Construction, Building and Infrastructure today, Thursday, while pointing out that most of the participating companies are from the private sector, which is the main partner in the process of construction, reconstruction and development.

Baghdad Governor Abdul Mutalib Al-Alawi said during the opening of the Iraq International Exhibition for Construction, Building and Infrastructure to the Iraqi News Agency (INA): "Today we opened this exhibition, which contains materials involved in the field of construction and reconstruction taking place in Iraq in general and especially in the capital, Baghdad."

He added, "The products of these companies on display are made with the latest technologies and we are in dire need of them as Iraq is witnessing a major urban renaissance, in addition to the market's need for such products," noting that "most of the companies participating today are from the private sector, which is the main partner in the process of construction, reconstruction and development in general."

He explained that "these companies come to Baghdad and display their products, and they will have a share in the Iraqi market and contribute to development in all governorates."

For his part, the Assistant Director General of the Private Sector Development Department at the Ministry of Trade, Mohammed Hanoun, confirmed to the Iraqi News Agency (INA), that "Iraq is witnessing a major urban renaissance that requires international, Arab and Iraqi companies to participate in the process of construction, rehabilitation and reconstruction, as well as strengthening partnerships between the Iraqi and international private sectors and giving a realistic picture of what Iraq is witnessing in terms of reconstruction and building."

He pointed out that "international companies provide many construction materials that will in turn contribute to the construction process that Iraq is witnessing, noting that "this exhibition, in its third edition, is the largest in terms of the participating companies and the quality of the materials on display."

He added, "We aspire to achieve a partnership between the Iraqi and international private sectors, and for state institutions to benefit from this exhibition in a way that enhances development, construction, reconstruction and investment in Iraq."   LINK

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Clare:  The Securities Commission warns against dealing with fictitious companies claiming to provide stock trading services

12/12/2024  Baghdad

The Securities Commission warned citizens, on Thursday, against dealing with fictitious companies that claim to provide online stock trading services.

A statement by the Authority, seen by Al-Eqtisad News, quoted its Chairman, Faisal Al-Haims, as saying, “These misleading companies that publish their advertisements on social media sites aim to exploit and deceive citizens.”

Al-Haimas called on "citizens to invest in the Iraqi Stock Exchange, where there is a safe investment environment and companies licensed by the Commission, subject to strict controls and laws set to protect investors and guarantee their rights."

He added, "The Iraq Stock Exchange includes reliable companies operating in various sectors, and provides promising investment opportunities. We invite everyone to visit the official website of the Securities Commission to verify the companies authorized to trade."

The Authority indicated that it "continues to monitor the market and take the necessary measures against illegal entities," stressing "the importance of being accurate and avoiding dealing with suspicious entities."   LINK

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Clare:  Central Bank Governor: Opening external channels with foreign currencies to eliminate the black market

12/12/2024  Baghdad - WAA -

Governor of the Central Bank, Ali Al-Alaq, confirmed today, Thursday, that opening channels in foreign and Arab currencies achieves stability in the exchange rate and gradually eliminates the black market.

The media advisor of the Trade Bank of Iraq (TBI), Aqeel Al-Shuwaili, said in a statement received by the Iraqi News Agency (INA): "The governor of the Central Bank visited the Trade Bank of Iraq and appreciated the bank's efforts to expand its customer base of importing merchants and the procedures to facilitate their transactions in a way that contributes to achieving stability in the exchange market. "

The governor of the Central Bank stressed - according to the statement - the need to make efforts to achieve fluidity and provide the best banking services to the bank's customers.

The governor pointed out that "the Central Bank's continued opening of multiple external channels in foreign and Arab currencies achieves continuous stability in the exchange rate and gradually eliminates the black market."  LINK

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Clare:  MP reveals movement to call for early elections: Ending the parliament that offers nothing to the people

12/12/2024

Independent MP Mohammed Al-Ziyadi revealed on Thursday that there is a desire to submit a request to the presidency of the House of Representatives to hold early elections and end the work of the current House of Representatives, indicating that the parliament was unable to legislate important disputed laws. 

Al-Ziyadi told Shafaq News Agency, "The House of Representatives, during the period of extending the legislative term, was unable to legislate important and disputed laws," stressing that "the heads of the political blocs were unable to manage the sessions." 

Al-Ziyadi continued: “If the legislative role of the House of Representatives continues to be disrupted after the holiday and in the next legislative session, we will collect signatures to demand early elections and the end of this council, which is no longer able to provide services to the citizen or the country.”

He explained, saying: “After the legislative holiday and in the next legislative session, we will submit a request to the Council Presidency to hold early elections for the House of Representatives by amending the elections law and setting a date for holding legislative elections in the country.”

The Iraqi Council of Representatives failed to hold its 20th regular session on Sunday, December 8, to vote on proposed laws, Personal Status Law No. 188 of 1959, the return of properties to their owners covered by some decisions of the dissolved Revolutionary Command Council, and the second amendment to the General Amnesty Law No. 27 of 2016.

Although the House of Representatives extended its legislative session for 30 days on November 7th to pass pending laws, the House was also unable to pass these controversial laws during the extension period, and thus they were postponed until the new legislative session.

The House of Representatives entered a legislative session recess after extending it for 30 days based on Article 58 of the Iraqi Constitution. Consequently, that period has ended and it has become obligatory to enter a recess from December 9 of this year to January 9, 2025, according to political researcher Saif Al-Saadi.   LINK

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Clare:  Blinken arrives in Jordan on Middle East tour to discuss Syrian crisis

12/12/2024

US Secretary of State Anthony Blinken arrived in Jordan on Thursday, starting a tour to discuss the crisis in Syria after the overthrow of Syrian regime President Bashar al-Assad.

US officials told reporters accompanying him that the outgoing Blinken will meet with Jordan's King Abdullah II and his foreign minister in the Red Sea city of Aqaba (about 325 kilometers south of Amman) as part of his efforts to have an "inclusive" process to select members of the next Syrian government.

Upon his arrival, Blinken headed to the meeting, and is scheduled to travel to Türkiye later today.

Blinken called for an "inclusive" process to form the next Syrian government that includes protecting minorities after opposition factions led by Hayat Tahrir al-Sham ended the rule of Bashar al-Assad, who belongs to the Alawite sect, which constitutes a minority in Syria.

The US State Department said in announcing Blinken's tour that he would call for an authority in Syria that does not provide "a base for terrorism or pose a threat to its neighbors," in reference to concerns expressed by both Turkey and Israel, which has carried out hundreds of airstrikes in the neighboring country in recent days.

State Department spokesman Matthew Miller said that during the discussions in Aqaba on the Red Sea, "Blinken will reiterate U.S. support for an inclusive transition to accountable and representative government."

It will also discuss "the need to respect the rights of minorities, facilitate the delivery of humanitarian aid, prevent Syria from becoming a base for terrorism or a threat to its neighbors, and ensure that chemical weapons stockpiles are secured and safely destroyed."

This is Blinken's twelfth visit to the Middle East since October 7, 2023, and the Hamas attack on Israel, which responded with a violent and destructive campaign that is still ongoing in the Gaza Strip.

Blinken's previous trip ended in disappointment after he failed to secure a deal in which Israel and Hamas would end the war in exchange for the release of hostages held in Gaza.

Blinken will leave office on January 20 with the administration of President Joe Biden.

President-elect Donald Trump has described the situation in Syria as a "chaos" and said the United States should not intervene, although he has not clarified U.S. policy since Assad's fall.   LINK

Seeds of Wisdom RV and Economic Updates Thursday Morning 12-12-24

Good Morning Dinar Recaps,

EL SALVADOR TO EXTEND CRYPTO AGREEMENTS BEYOND ARGENTINA

El Salvador partners with Argentina to strengthen the digital assets industry, and has talks underway with over 25 nations for similar partnerships.

El Salvador signed a mutual agreement with Argentina to help both countries strengthen their digital asset industries. The Bitcoin-friendly nation is also discussing similar agreements with over 25 other countries.

On Dec. 11, Juan Carlos Reyes, president of the National Commission of Digital Assets (NCDA) in El Salvador, announced the signing of a mutual collaboration and training agreement with Roberto Silva, president of Argentina’s National Securities Commission (CNV).

Speaking to Cointelegraph, Reyes said Argentina’s robust and innovative blockchain industry and El Salvador’s technological expertise will “create a highly productive partnership.”

Highlighting El Salvador’s three-year advantage over most countries in digital assets regulation, Reyes said, “One of the most significant immediate benefits will be information sharing, particularly since we have Argentine companies registered in El Salvador.”

Symbiotic partnerships for mutual benefit

El Salvador plans to refine its own regulatory framework and improve its understanding of the digital assets market through its partnership with Argentina. Additionally, Reyes told Cointelegraph that El Salvador regulators are in talks with multiple nations for similar crypto-focused partnerships:

“We are currently in discussions with over 25 countries and anticipate many more agreements in the future. As a regulator, we recognize that our approach may be unconventional since we are not what they are used to a central bank or other legacy entity, which has led to some delays in understanding how we can collaborate with other countries.”

El Salvador seeks cross-border collaboration to further crypto adoption

To effectively collaborate with other nations, El Salvador has set up a team of over 20 members comprising Bitcoin experts and crypto-literate individuals.

Reyes strongly advised against delaying establishing rules and following Financial Action Task Force (FATF) recommendations, giving a clear message to regulators in other jurisdictions:

“The longer you wait, the more challenging it becomes to implement effective regulations, and the greater the risk of scams and money launderers gaining control of the industry.”

 Reyes also told Cointelegraph that El Salvador is “nearing completion of two more agreements with other countries,” emphasizing his team’s commitment to helping any nation interested in collaborating with El Salvador.

 “Our experience has shown that cross-border knowledge sharing is essential for creating a safe and effective regulatory environment, and we encourage other regulators to prioritize this approach,” he said.

@ Newshounds News™

Source:  CoinTelegraph

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DONALD TRUMP CONSIDERING A16Z CRYPTO POLICY HEAD FOR CFTC ROLE: BLOOMBERG

While Brian Quintenz was a CFTC commissioner, he oversaw the launch of the first regulated Bitcoin and Ethereum futures contracts.

President-elect Donald Trump is reportedly considering Brian Quintenz, a former Commodity Futures Trading Commission (CFTC) commissioner, to lead the agency.

Currently serving as the policy lead for VC giant Andreessen Horowitz’s crypto division, Quintenz has emerged as a frontrunner among candidates, according to sources cited in Bloomberg's report.

An announcement is expected in the coming days following the conclusion of interviews for the chair position.

Other candidates reportedly include current CFTC Commissioners Summer Mersinger and Caroline Pham, as well as legal experts Joshua Sterling and Neal Kumar.

If selected, Quintenz would bring a wealth of experience from both the public and private sectors.

During his tenure at the CFTC, he oversaw the launch of the first regulated Bitcoin and Ethereum futures contracts and promoted discussions on decentralized finance (DeFi).

Quintenz’s pro-innovation stance complements Trump’s apparent focus on fostering a supportive environment for the crypto industry, which played a significant role in the 2024 elections.

Andreessen Horowitz alone donated $25 million and $23 million, respectively, to pro-crypto political candidates through its political action committee, Fairshake.

Since joining a16z Crypto, Quintenz has remained an outspoken advocate for crypto-friendly policies, calling for regulations tailored to blockchain technology.

He has criticized the U.S. Securities and Exchange Commission’s (SEC) approach as overly restrictive, noting that the crypto ecosystem needs rules “fit for purpose” to realize its full potential.

“I think what the crypto ecosystem wants is rules that fit its technology, that are fit for purpose, that allow for the innovation to actually reach its full potential,” Quintenz said in a 2022 interview with Decrypt. “You’re not getting that out of the SEC.”

The CFTC chair position is critical as the agency is expected to tackle major policy shifts, particularly amid jurisdictional tensions with the SEC.

If confirmed, Quintenz would oversee a regulatory environment primed for change.

@ Newshounds News™

Source:  Decrypt

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WANT AN EPIC CHRISTMAS PARTY? WATCH THIS NOW!  |  Youtube

A live recorded call for Okie from the members of Seeds of Wisdom Team.

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

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Iraq Economic News and Points to Ponder Thursday AM 12-12-24

Government Advisor: Tightening Control Over Suspicious Financial Transfers Reduces Manipulation Of Exchange Rates

 Economy     Yesterday, Baghdad - IA - Nassar Al-Hajj Advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed today, Wednesday, that  tightening control over suspicious financial transfers reduces manipulation of exchange rates and the stability of the national currency, while limiting speculation reduces the use of foreign currencies in unproductive operations.

 Saleh said in a statement to the Iraqi News Agency (INA):

“The Prime Minister’s directives to the monetary and financial a uthorities stressed the intensification of inspection and control procedures for financial transfers and monitoring speculators.

This remains of great importance in enhancing currency stability and reducing speculation that is harmful to the national economy, through mechanisms leading to...

To combat illegal speculative activities, including specifically:

tightening control over suspicious financial transfers that conflict with the rules of compliance and transparency and in a way that reduces illegal activities,

such as “Smuggling money or manipulating exchange rates, which maintains the stability of the value of the national currency.” He added,

  “Taking strict measures against speculators and manipulators in the currency market

     strengthens confidence in the financial system and        

demonstrates the strength of government policy in protecting the national economy, and

     increases the confidence of citizens and investors in the country’s financial system, as well as

     directing resources towards the real economy to invest in the opportunities available in it, whether industrial.” Or agricultural or services,” pointing out that

 “by limiting speculation, the use of foreign currencies in unproductive operations is reduced, which helps save them to finance imports or beneficial investments.” He continued,

 "The measures to protect against currency speculation come to limit the negative effects resulting from the impact of regional crises, through preventive measures that reduce the exploitation of economic and political crises in the region to achieve illicit gains, which enhances the stability of the local market." Saleh stated that “the importance of

 reducing speculation and the opportunities of speculators remains to enhance the efficiency of the banking system through the role of monitoring financial transfers,

which undoubtedly

    contributes to revealing the gaps in the banking system and

    enhancing  governance and transparency in it, as such measures are in line with the comprehensive reform plan for the financial sector.” and banking, and aims to  enhance financial stability and   prevent violations that negatively affect the national economy.”  https://www.ina.iq/223455--.html

The Governor Of The Central Bank Of Iraq Receives A Delegation From The International Finance Corporation

 December 11, 2024    His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, received a delegation from the International Finance Corporation, which included the director of the institution’s financial sector in the region, Mr. Yousef Habash, and Mr. Bilal Al-Zaghir, the resident representative in Iraq, the financial investment officer, and the head of the advisory department.

 During the meeting, they discussed

  strengthening bilateral relations between the Central Bank of Iraq and the International Finance Corporation, the importance of

     cooperation between local banks and correspondent banks with technical support from the institution, and the

      development of Islamic banks operating in Iraq, as well as the

      banking reforms that the bank is carrying out in cooperation with the concerned authorities, especially the restructuring of government banks. The

      role of international companies working in this field (Ernst & Young and Oliver Wyman).

 His Excellency the Governor discussed the proposal to establish a leasing finance company with local and foreign contributions,

which is one of the financial systems used to provide financing for projects and individuals without the need to directly purchase assets such as

      industrial machinery and equipment,

     vehicles, offices, and

     warehouses.

This proposal supports

      emerging projects and

     small and medium-sized companies that are looking for easy financing. And flexible.

 The meeting discussed the importance of launching Riyada Bank during the next year, which will support projects with small and medium loans, in line with the government’s vision of supporting graduates and entrepreneurs and developing labor markets.   Central Bank of Iraq    Media office    December 11, 2024   https://cbi.iq/news/view/2733    

CBI, IFC Discuss Setting Up Leasing Company In Iraq

  Iraq Amr Salem December 11, 2024 The new headquarters of the Central bank of Iraq (CBI). Photo: Zaha Hadid Architects

 Baghdad (IraqiNews.com) – The Governor of the Central Bank of Iraq (CBI), Ali Al-Alaq, and officials from the International Finance Corporation (IFC) discussed on Wednesday strategies to set up a leasing company with both local and foreign funding.

The meeting addressed strategies to improve the CBI-IFC relationship, the value of encouraging local banks to work with correspondent banks with IFC technical assistance, and the growth of Islamic banks in Iraq.

 The two sides talked about the role of foreign firms like Ernst & Young and Oliver Wyman working in this sector, as well as the CBI’s banking reforms implemented in collaboration with the pertinent Iraqi authorities, including the reorganization of government banks.

 Since a leasing company funds the asset and leases it for use or ownership, this approach assists new projects and small and medium-sized businesses seeking simple and flexible financing, according to Al-Alaq.

In keeping with the government’s goal of assisting recent graduates and entrepreneurs while simultaneously fostering the growth of labor markets, the meeting additionally addressed the establishment of Riyada Bank in 2025, which would provide small and medium-sized loans to projects.  

https://www.iraqinews.com/iraq/cbi-ifc-discuss-setting-up-leasing-company-in-iraq/    

The Iraq Fund For Development Announces The Imminent Launch Of 4 Basic Projects

 Economy     10-12-2024, 14:12 Baghdad - INA - Hassan Al-Fawaz   Today, Tuesday, the head of the Iraq Fund for Development, Muhammad al-Najjar, revealed the fund’s future plans, while confirming the imminent launch of 4 basic projects.

Al-Najjar said, in a statement to the Iraqi News Agency (INA):

 “The Fund has spent the first year of its work arranging and organizing its affairs, given that it is a completely new experience in Iraq, and has no local backgrounds,” noting

 “the use of international companies and institutions to support it in this.” field".  He added,

 "During the second year, we focused on 4 basic projects that will be launched soon through (Lease and Own), and  now we are ready to start the projects that we promised the public." 

He pointed out that "during the coming period, new projects will be announced, approximately the equivalent of a new announcement every month," noting that

 "each project goes through stages of preparation and study that may take from 6 to 7 months for the purpose of reaching convictions that these projects are good and serve the citizens of the world." “By preparing the right partners and financing because we work largely with the private sector.”  He continued:   "Soon many projects will appear on the ground."   https://www.ina.iq/223368--4-.html    

For current and reliable Iraqi news please visit:  https://www.bondladyscorner.com/

“Tidbits From TNT” Thursday Morning 12-12-2024

TNT:

Tishwash:  Government advisor: Tighter controls on suspicious money transfers reduce exchange rate manipulation

12/11/2024

Baghdad - WAA - Nassar Al-Hajj

Advisor to the Prime Minister, Mazhar Mohammed Salih, confirmed today, Wednesday, that tightening control over suspicious financial transfers reduces manipulation of exchange rates and the stability of the national currency, while indicating that limiting speculation reduces the use of foreign currencies in unproductive operations.

Salih said in a statement to the Iraqi News Agency (INA): "The Prime Minister's directives to the monetary and financial authorities stressed the intensification of inspection and control procedures for financial transfers and monitoring speculators, which remain of great importance in enhancing currency stability and reducing speculation that is harmful to the national economy, through mechanisms leading to combating illegal speculative activities, including specifically: tightening control over suspicious financial transfers that conflict with the rules of compliance and transparency in a manner that reduces illegal activities, such as money smuggling or manipulation of exchange rates, which maintains the stability of the value of the national currency."

He added that "taking strict measures against speculators and manipulators in the currency market strengthens confidence in the financial system and demonstrates the strength of government policy in protecting the national economy, and increases the confidence of citizens and investors in the country's financial system, in addition to directing resources towards the real economy to invest in the available opportunities in it, whether industrial, agricultural or service," noting that "by limiting speculation, the use of foreign currencies in unproductive operations is reduced, which helps to provide them to finance imports or beneficial investments."

He continued that "the protective measures against currency speculation come to limit the negative effects resulting from the impact of regional crises, through preventive measures that reduce the exploitation of economic and political crises in the region to achieve illegitimate gains, which enhances the stability of the local market."

Saleh explained that "the importance of limiting speculation and speculators' opportunities remains in enhancing the efficiency of the banking system through the role of monitoring financial transfers, which undoubtedly contributes to revealing the loopholes in the banking system and enhancing governance and transparency in it, as such measures are in line with the comprehensive reform plan for the financial and banking sector, and aim to enhance financial stability and prevent violations that negatively affect the national economy."   LINK

************

Tishwash:  Al-Hakim: Kirkuk will get its due in the 2024 budget

The head of the National Wisdom Movement, Ammar al-Hakim, held a press conference in Kirkuk on Wednesday, during which he confirmed that support for the governorates will be present in the 2024 budget and Kirkuk will receive its due share.

Al-Hakim said during the conference, during his meeting with a number of members of the provincial council, heads of administrative units, directors of service departments, and security leaders in the province, in the presence of Governor Ribwar Taha, his deputies, and the head of the provincial council, Engineer Muhammad Ibrahim Al-Hafez, that “Kirkuk is an icon of Iraqi coexistence and the key to consolidating national unity.”

He stressed the "importance of administrative decentralization and the powers of local governments as a guarantee for the unity of Iraq," calling for "abandoning the rentier state and activating productive sectors."

He added, "Kirkuk is a model of coexistence and is prepared to activate agriculture, industry and tourism," indicating that "support for the governorates will be present in the 2024 budget and Kirkuk will get its due share."

He called for “fighting corruption, supporting youth, and spreading positivity,” stressing that “improving services enhances confidence in the political system and fortifies the country,” noting “restoring the powers of local governments according to the constitution and working to facilitate citizens’ transactions.”

Al-Hakim praised the “zeroing of Kirkuk’s stalled projects and stressed the importance of investing in health and education,” adding that “diversifying the economy is the solution to confronting the challenges of population growth.”  link

************

Tishwash:  Parliament and government.. a race with the 2025 budget

The 2025 budget schedules in Iraq are witnessing a delay that is causing widespread controversy between the government and parliament, as the government has not yet sent the full details of the budget to the House of Representatives, which has raised concerns among members of the parliamentary finance committee about the deadline for approval. 

The statements indicate that the reasons for the delay are related to reviews of financial schedules, especially those related to oil extraction expenses in the Kurdistan Region and the costs of projects funded in 2025.

The Financial Management Law requires the government to submit the general budget to the Council of Representatives 45 days before the beginning of the fiscal year, in order to allow the necessary time to discuss and approve it. Despite the clarity and explicitness of the legal text, no Iraqi government, including the current government, has committed to implementing this entitlement.

Speaking about this file, member of the Parliamentary Finance Committee, Mustafa Al-Karaawi, revealed the existence of legal and constitutional violations by the government in sending the budget law to the House of Representatives.  

Al-Karawi said in a statement to Al-Maalouma Agency, “Article 77, paragraph two of the Federal Triennial Budget Law indicated that the government must send the budget tables before the end of the fiscal year,” indicating that “the government sent only one amendment to the text of the budget, which is the text of Article 12 related to the costs of extracting oil in the region.” 

He added, "Not sending the schedules on time is considered a legal and constitutional violation, and if the government proceeds with amendments to the articles, there are many articles that need to be amended and to be fair to many groups," adding, " We recorded all of these observations in the session last Tuesday during the first reading of the amendment to the budget law.” 

He explained that "his committee is working on re-amending the budget and sending it to the government to work on general amendments to the law so that it is fair to all segments of society and addresses the problems in the previous budget." 

In addition, a member of the Parliamentary Finance Committee, Hussein Mounes, revealed that the budget amendments are subject to political amendments, not technical ones. 

In a statement to Al-Maalouma Agency, Mounes said, “The government has a point of view in resolving the issues with the region and limiting oil smuggling operations by increasing production costs by $16 per barrel.” 

He added, "During the discussion of the proposal, we raised several questions: Why was $16 set? Is it a technical or political consensus number?"

He pointed out that "the Parliamentary Finance Committee hosted the concerned parties and they confirmed to us that the issue is political and not technical."

He explained that "the government's proposal is to form an advisory body, and in the event of non-compliance, a committee of consultants will be formed to determine production costs."

He pointed out that "the Finance Committee determined that the amount would be an advance granted to the region and that a settlement would be arranged later." 

He added, "There are approximately 256 thousand barrels smuggled daily from the region with OPEC's permission. This file must be closed because it negatively affects government production," stressing that "the Finance Committee has reservations regarding the advances and loans granted to the region. "

It is noteworthy that the House of Representatives previously hosted Prime Minister Mohammed Shia Al-Sudani and his deputies, the Minister of Planning, the Minister of Foreign Affairs, and the Minister of Interior, where the amendments to the budget for next year 2025 were discussed .  link

************

Tishwash:  The Iraqi Parliament... Frustrates Iraqis and Causes Huge Financial Losses

The Iraqi parliament ended its second legislative session without being able to pass any of the pending controversial laws, despite extending its sessions for an additional month to try to resolve these sensitive issues.

At the forefront of these laws are the general amnesty, personal status, state real estate, and the vital amendment to the general budget law, which is seen as a renewed dilemma affecting the resumption of oil exports from the Kurdistan Region.

These issues reflect the deep-rooted differences between political parties, where factional, sectarian and national interests appear to be a solid barrier to any common understanding.

According to an informed political source speaking from Baghdad, “the delay in passing the laws was not due to the complexity of the texts as much as it was a direct result of party directives that prompted some representatives to deliberately miss sessions in order to disrupt the legal quorum.”

The source added that these directives are linked to what he called “rearranging political alliances” that precede any influential vote.

Citizen Ahmed Al-Saadi, an activist from Basra, commented in a Facebook post saying: “The House of Representatives lives in a parallel world; it discusses matters that concern its interests while the citizen suffers from crises in services and the economy. The budget is faltering, oil exports have stopped, and millions are being lost every day.”

A similar tweet on the X platform described the situation as “legislative chaos that reflects the collapse of the concept of the state in favor of the concept of class and party.”

The election of Mahmoud al-Mashhadani as the new speaker of parliament has sparked great controversy. Analysts have suggested that this change reflects an attempt to restore the image of the legislative institution, but the same analyses have not ruled out that the issue could turn into a mere change in names without achieving a fundamental change in performance.

Social researcher Ali Al-Jubouri said: “This election is like trying to treat a deep wound with a simple bandage. The problem lies in the quota structure that turns positions into fixed shares for parties and sects.”

On the other hand, obstructing the amendment related to the budget law will cause the state huge losses.

According to economic information published by a local financial institution, stopping oil exports from the Kurdistan Region costs Iraq more than $8 million per day, deepening the financial crisis for both the federal state and the region.

Kurdish citizen Saman Abdullah from Erbil spoke in a video clip he posted on Facebook, saying: “Political differences do not only harm Baghdad, but we in the region are paying the price directly. Employee salaries are delayed, and prices are rising without control.”

An analysis by economic expert Fadhel Al-Dulaimi explained that the crisis could become more complicated if it is not resolved in the coming months.

Al-Dulaimi said: “Without an agreement on the budget law and oil exports, the economic situation may explode, especially with the increase in debts and the decrease in cash reserves.”

The atmosphere inside the parliament is described as gloomy, according to what a citizen named Iman Al-Taie said on her X account, where she said: “The representatives are exchanging accusations via media platforms, while we have not seen any practical steps yet. Everyone blames everyone else, but it is the people who pay the price.”

Thus, the Iraqi parliament remains stuck in a vicious circle of disagreements, as its sessions turn into an arena for settling political scores instead of resolving crises. Analysts expect that this situation will continue as long as sectarian and nationalist quotas govern the state’s scene.  link

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Tishwash:  Strengthening Iraq’s position”: Praise for Al-Sudani and Al-Halbousi’s regional and international moves

Political analyst, Aid Al-Hilali, praised today, Wednesday, the regional and international moves made by Prime Minister Mohammed Shia Al-Sudani and the head of the Progress Party, Mohammed Al-Halbousi, to enhance Iraq's position and have a role in shaping the region's policies in the future.

Al-Hilali told Al-Jarida, “Iraq, with its careful and balanced stance, has gained the respect and appreciation of the regional and international environment, and the moves made by the Prime Minister at various levels in the issue of openness to the Arab and international environments come in order for Iraq to have a role in shaping the region’s policies in the future. This is a result of Iraq’s great recovery and the agreements and partnerships signed by the Iraqi government with countries of the world, and these connections have great effects on Iraq’s position.”

He added, “There are also political parties that have worked to open channels for dialogue, especially with the United States of America, and one of these figures is Mohammed al-Halbousi, who returned the visit to America and was well received there. This visit received different reactions, between those who welcomed it and those who doubted it, but it seems that al-Halbousi’s visit is in the interest of Iraq and the Iraqi government and greatly supports the position of the Iraqi government.”

He pointed out that “Al-Sudani’s visit to Jordan today and before that his contact with the Emir of Qatar confirms Iraq’s firm and steadfast position and strengthens its position and makes it steadfast in its position, and this stance will be credited to Iraq and Al-Sudani, and despite some political leaders issuing irresponsible statements, Al-Sudani’s rationality, calmness and balance were positively reflected in Iraq’s position.” link

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Mot .. Now Don't Ferget the winter rules at Walmart  

Mot:  Yahoooooooooooo!! -- Its Tomorrow!!!! 

MilitiaMan & Crew-Iraq Dinar News-Kurds-Baghdad-Salaries-Budget Law-Auction Deadline Sunday- Currency-Article 12

MilitiaMan & Crew-Iraq Dinar News-Kurds-Baghdad-Salaries-Budget Law-Auction Deadline Sunday- Currency-Article 12

12-11-2024

The Crew:  Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man

Be sure to listen to full video for all the news……..

https://www.youtube.com/watch?v=IY_dGTrWwRQ

Seeds of Wisdom RV and Economic Updates Wednesday Evening 12-11-24

Good Evening Dinar Recaps,

US DEMS CHOOSE LEADERSHIP FOR COMMITTEES CRUCIAL TO CRYPTO POLICY

Republican lawmakers are also expected to choose leadership roles for Senate and House committees soon.

Democratic lawmakers have selected ranking members of key committees going into the 119th United States Congress as the party prepares to be in the minority.

In a Dec. 11 notice, Democrats said California Representative Maxine Waters would continue to serve as the ranking member of the House Financial Services Committee into 2025 as the new Congress is sworn in.

The House committee is responsible for legislation and policies affecting the financial services sector, including the cryptocurrency industry.

North Carolina Representative Patrick McHenry, a Republican, will chair the committee until Jan. 3, when he will leave office. Representative Waters has been acting as the committee’s ranking member — the highest leadership position for a party in the minority — since January 2023, when Republicans took a majority of seats in the House.

With McHenry’s impending departure, a few Republicans are under consideration as the next committee chair, including digital assets subcommittee chair French Hill. Lawmakers in the party are expected to decide on leadership positions in the next seven days.

Republicans will take control of the banking committee

With Democrats also losing their majority control of the Senate in January, the party is restructuring its roles for other committees impacting crypto policy. Massachusetts Senator Elizabeth Warren announced after winning her election against Republican John Deaton that she would be the ranking member of the Senate Banking Committee.

The banking committee provides oversight of the US Securities and Exchange Commission and regulators relevant to the crypto industry. Ohio Senator Sherrod Brown, a vocal digital asset skeptic who lost his reelection bid to Republican Bernie Moreno, will chair the committee until January.

Senator Tim Scott, the current ranking member of the banking committee, is poised to be the next chair. The South Carolina lawmaker said at the Bitcoin 2024 conference in July that he would support pro-crypto legislation as chair if Republicans won a majority in the chamber.

Committee providing oversight of CFTC also changing hands

In the Senate Agriculture Committee, currently chaired by Democratic Senator Debbie Stabenow and Republican John Boozman as the ranking member, there is also expected to be a shakeup in leadership following the results of the 2024 election.

Senator Stabenow announced in 2023 that she intended to retire at the end of her term, leaving the door open for Democratic Senator Amy Klobuchar to potentially replace her as ranking member of the committee starting in January. Boozman is also expected to step up as chair.

The agriculture committee has oversight authority of the Commodity Futures Trading Commission, one of the agencies responsible for regulating aspects of the crypto industry. If the Financial Innovation and Technology for the 21st Century Act is signed into law in the next Congress, the CFTC could have more significant influence over digital assets than the SEC.

@ Newshounds News™

Source: CoinTelegraph 

~~~~~~~~~

CRYPTO NEWS INDIA: DIGITAL RUPEE TO TRANSFORM PAYMENTS, SAYS OUTGOING RBI GOVERNOR

▪️Outgoing RBI Governor envisions CBDCs replacing paper money for efficient transactions.

▪️Shaktikanta Das calls for careful phased rollout after sufficient research and user data.

▪️Digital rupee expansion targets instant settlements with Asian and Middle Eastern partners.

India is stepping into a new era of finance with the introduction of the digital rupee, a Central Bank Digital Currency (CBDC). Retiring Reserve Bank of India (RBI) Governor Shaktikanta Das recently shared his vision for this groundbreaking currency and how it could reshape the country’s economy.

A Vision for Change

In his farewell speech on December 10, Das spoke about the digital rupee’s potential to revolutionize payments in India. He explained that it could reduce dependence on paper money and make transactions faster and more efficient.

“The RBI, among the central banks, is a pioneer,” Das said, highlighting the institution’s leadership in CBDC development.

India has already taken significant steps toward adopting the digital rupee. The RBI has launched pilot projects, placing India ahead of many countries still in the testing phase. These pilots mark India as a global leader in exploring the possibilities of CBDCs.

Careful and Steady Rollout

Das thinks CBDCs could be very helpful, not only for payments in India but also for transactions between countries. While Das expressed excitement about the digital rupee’s future, he emphasized the need for a slow and steady rollout. He stressed the importance of conducting more research to ensure the currency integrates smoothly into the economy.

Beyond its use in domestic payments, Das also highlighted the digital rupee’s potential for international transactions. He pointed out that India’s payment platform already supports countries like Sri Lanka, Bhutan, and Nepal, laying the groundwork for cross-border CBDC adoption.

New Leadership, New Challenges

As Sanjay Malhotra steps in as the new RBI governor, markets are watching closely to see how he navigates India’s financial challenges. With inflation and economic growth at the forefront, Malhotra’s decisions will play a crucial role in shaping the digital rupee’s future and driving India’s financial transformation.

Under strong leadership and with careful planning, the digital rupee has the potential to revolutionize the way India—and eventually the world—handles payments and transactions.

@ Newshounds News™

Source:  Coinpedia

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HIDDEN TRUTH ABOUT LAND DEEDS  |  YOUTUBE

Mason, Amy, and Lowtide share information about deeds.

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

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Iraq Economic News and Points to Ponder Wednesday Afternoon 12-11-24

Identifying The Most Prominent Ways To Reduce “Manipulation” Of Exchange Rates And Stabilize The National Currency

 December 11, 2024 Baghdad/Iraq Observer  Today, Wednesday, Advisor to the Prime Minister, Mazhar Muhammad Saleh,  revealed ways to
 
     reduce manipulation of exchange rates and
     stabilize the national currency, while stressing the
     reduction of the use of foreign currencies in unproductive operations.

Saleh said in a statement to the official agency and followed by “Iraq Observer”:
 
“The Prime Minister’s directives to the monetary and financial authorities stressed the intensification of inspection and control procedures for financial transfers and monitoring speculators.
 
This remains of great importance in
 
     enhancing currency stability and
     reducing harmful speculation in the national economy, through mechanisms.” Leading to
     combating illegal speculative activities, including specifically:
     tightening control over suspicious financial transfers that conflict with the rules of
     compliance and transparency and in a way that
     reduces the activities. Illegal acts, such as money smuggling or manipulation of exchange rates, which
     maintains the stability of the value of the national currency.” He added,
 
 “Taking strict measures against speculators and manipulators in the currency market
 
     strengthens confidence in the financial system and
     demonstrates the strength of government policy in protecting the national economy, and
     increases the confidence of citizens and investors in the country’s financial system, as well as
     directing resources towards the real economy to invest in the opportunities available in it, whether industrial.” Or agricultural or services,” pointing out that
 
“by limiting speculation, the use of foreign currencies in
 
     unproductive operations is reduced, which
     helps save them to finance imports or beneficial investments.” He continued,
 
“The measures to protect against currency speculation come to limit the negative effects resulting from the impact of regional crises, through preventive measures that reduce the exploitation of economic and political crises in the region to achieve illicit gains, which enhances the stability of the local market.”

Saleh stated that “the  importance of reducing speculation and the opportunities of speculators remains to
 
     enhance the efficiency of the banking system through the role of
     monitoring financial transfers, which undoubtedly contributes to
     revealing the gaps in the banking system and
     enhancing governance and transparency in it, as
 
such measures
 
     are in line with the comprehensive reform plan for the financial sector.” and banking, and aims to
     enhance financial stability and
     prevent violations that negatively affect the national economy.”   
 
https://observeriraq.net/تحديد-أبرز-طرق-تقليل-التلاعب-بأسعار-ا/   

What Is The Relationship Between Gold Imports And Dollar Smuggling In Iraq?
 
Economy | Yesterday, 13:02 | Baghdad today – Baghdad Economic affairs specialist Ahmed Al-Tamimi confirmed today, Wednesday (December 11, 2024), the  use of  gold import operations in operations to smuggle the dollar out of Iraq.
 
Al-Tamimi said, in an interview with “Baghdad Today,” that “recently, there have been more gold imports by the Emirates and Turkey than in previous periods, and  this indicates the existence of operations to smuggle the dollar through such import operations, especially since the dollar for these operations is done through the official price.”
 
Through a special platform, this brings huge profits to some of these smugglers.” He stressed that  
"there must be strict controls on importing gold from abroad, and imports must be according to specific weights as well as time frames between one operation and another.
 
This matter may lead to tightening American measures again on the dollar in Iraq, as  
this matter is an indicator of smuggling operations through... Importing gold, and even 
Iraqi government agencies are aware of this, and they are working to limit it during the next stage.”
 
In a related matter, independent MP Kazem Al-Fayad confirmed, on Friday (October 25, 2024), the existence of companies working to smuggle currency abroad in many illegal ways. Al-Fayyad told Baghdad Today:
 
 “There are fake companies in Baghdad and the rest of the governorates that work to smuggle currency.
 
There are also non-fake companies that also work to smuggle work in many different illegal ways, and  
some of them were revealed by the competent authorities during the past periods.”

He stated,  “Despite the tightening of security and oversight by the Central Bank and other arties,  these companies are still working to smuggle currency, and  this is considered the most prominent reason for the continued rise of the dollar in the parallel market, significantly above the official price, and  some of these companies are affiliated with influential parties and figures.”
 
"It takes advantage of this matter in its illegal operations."
 
On Sunday (August 18, 2024), the Parliamentary Security and Defense Committee revealed the secrets of 6 specific strikes by what it called hard currency smuggling mafias in Iraq.
 
Committee member Representative Yasser Iskandar Watut told Baghdad Al-Youm,
 
“Smuggling hard currency in all its forms  is a drain on the country’s economic capabilities and  leads to pressure on the markets by raising exchange rates which leads to an increase in prices.”

Watout added,  “There are efforts being made, some of which are exceptional, through the reports we receive that reflect the continued implementation of a series of strategies to reduce the smuggling of hard currency, which has been controlled by up to 80% in recent months through the efforts of the Ministry of Interior and its formations with the Central Bank, which have achieved results.” positive in this regard.

He pointed out that   “six operations that took place in the past months represent qualitative strikes against the hard currency smuggling mafias in Iraq, and they bore fruit.” He explained,
 
“But has smuggling ended completely?
 
The answer is no, and efforts are continuing to end these illegal acts, which are carried out with complexities that require intense and multiplied work from before the competent authorities.   
 
https://baghdadtoday.news/263738-ما-علاقة-عمليات-استيراد-الذهب-بتهريب-الدولار-في-العراق؟.html   

The Governor Of The Central Bank Of Iraq Receives A Delegation From The International Finance Corporation
 
December 11, 2024    His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq,
received a delegation from the International Finance Corporation, which included the director of the institution’s financial sector in the region, Mr. Yousef Habash, and Mr. Bilal Al-Zaghir, the resident representative in Iraq, the financial investment officer, and the head of the advisory department.

During the meeting, they discussed    strengthening bilateral relations between the Central Bank of Iraq and the International Finance Corporation, the importance of  

     cooperation between local banks and correspondent banks with technical support from the institution, and the  
     development of Islamic banks operating in Iraq, as well as the 
     banking reforms that the bank is carrying out in cooperation with the concerned authorities, especially the restructuring of government banks.

The   role of international companies working in this field (Ernst & Young and Oliver Wyman).
 
His Excellency the Governor discussed the proposal to establish a leasing finance company  with local and foreign contributions,
 
which is one of the financial systems used to provide financing for projects and individuals without the need to directly purchase assets such as
 
     industrial machinery and equipment,
     vehicles, offices, and
     warehouses.

This proposal supports
      emerging projects and
     small and medium-sized companies that are looking for easy financing. And flexible.
 
The meeting discussed the importance of launching Riyada Bank during the next year, which will support projects with small and medium loans, in line with the government’s vision of supporting graduates and entrepreneurs and developing labor markets.   Central Bank of Iraq     Media office     December 11, 2024   https://cbi.iq/news/view/2733   

For current and reliable Iraqi news please visit:  https://www.bondladyscorner.com/

Danielle DiMartino Booth: The Recession the U.S. Needs is Already Underway

Danielle DiMartino Booth: The Recession the U.S. Needs is Already Underway

Palisdes Gold Radio:  12-11-2024

Tom Bodrovics engages in a discussion with Danielle DiMartino Booth, CEO and Chief Strategist for QI Research, former Fed Insider, and author of the book "Fed Up."

Danielle stresses the importance of monitoring private sector actions, particularly in 2025 due to recent job losses and the significance of shelter inflation's impact on the Federal Reserve. She highlights an upward trend in unemployment rates and potential recession expectations, but does not believe one is necessary.

The conversation touches upon central bankers' confidence bubble and its implications for the current economic climate.

They also delve into commercial real estate markets and the potential repercussions on banks and markets. Serious concerns in this sector have led to double defaults on commercial mortgage-backed securities, with regulators putting pressure on credit rating agencies not to downgrade them.

Tom also inquires about other financial burdens, such as rising unemployment, falling house prices, and mortgage delinquencies, which contribute to significant household financial pressures.

Canadian banks have announced larger losses but maintain they are contained. Banks attempt to slow charge-offs by modifying loans and extending terms, but this approach has limitations due to the possibility of re-default.

Danielle concludes the conversation by encouraging listeners to maturely face sacrifices and embrace long-term benefits that come with cutting government waste.

Time Stamp References:

0:00 - Introduction

0:44 - The Economy & Stats

 2:49 - Unemployment & Layoffs

 3:38 - Powell & Trump

 4:37 - Revisions & Recession

6:25 - Bankruptcies & Rates

8:13 - C.B. Confidence/Hubris

 11:22 - Dollar Strength & Trump

14:57 - Inflation Thoughts

16:47 - Housing Confidence

 19:38 - Commercial Real Estate

20:57 - Consumers & Banking

22:37 - Safe Assets & Dividends

24:14 - Buy Now Pay Later

? 26:42 - 2025 and Gov't Spending

27:49 - Wrap Up

Talking Points From This Episode

Danielle emphasizes investors monitor private sector actions amid job losses, shelter inflation, and potential recession concerns.

Concerns center around Central bankers' 'confidence', commercial real estate risks, and household financial pressures.

DiMartino cautions listeners that Trump cuts may require short to medium term sacrifices to gain long-term benefits.

https://www.youtube.com/watch?v=Wj7vTzWfxOI

Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 12-11-24

Good Afternoon Dinar Recaps,

ICMA ISSUES DLT BONDS REFERENCE GUIDE

Today the International Capital Market Association (ICMA) published a reference guide for DLT based digital debt, or digital bonds. While it describes it as 50 practical questions, the figure is closer to three times that. Despite that, for those familiar with the topic it’s a quick read and provides an excellent planning and execution guide.

The document is the product of ICMA’s DLT Bonds Working group, which is chaired by Union Investment’s Christoph Hock.

“The token economy, and DLT-based bonds in particular, have become increasingly more relevant in recent months,” said Mr Hock, alluding to the recent Eurosystem wholesale DLT settlement trials in central bank money which helped to ramp up activity.

He continued, “Where currently we see a high degree of fragmentation across the value chain, we look forward to greater collaboration and standardisation, which will play a key role in further building the token universe. With its DLT Bonds Reference Guide, ICMA and all involved parties have made a great step in this direction.”

As an asset manager, Union Investment has been one of the most prolific investors in digital bonds, starting with the European Investment Bank’s (EIB) inaugural bond back in April 2021. The EIB has now issued six digital bonds, including two in November as part of the ECB DLT settlement trials.

The guide is a little biased towards Europe, but that’s where the vast majority of issuances have taken place, particularly in Germany and Switzerland. For Europe, Luxembourg is the legal jurisdiction of choice. There have been hardly any issuances in North America, partly the result of custody issues with the SEC’s SAB 121.

In February Hong Kong issued a multi currency bond of more than $750 million, the largest DLT bond to date. However, Germany’s KfW has issued two larger digital bonds totalling €8 billion on Clearstream’s D7 platform.

Technically, as they used a CSD, under German law the KfW bonds are not ‘crypto’ bonds. That’s despite D7 using Digital Asset’s Canton infrastructure. These sorts of questions are included in the reference guide.

ICMA also collaborated with the Monetary Authority of Singapore on the Guardian Fixed Income Framework published last month.

@ Newshounds News™

Source:  Ledger Insights

~~~~~~~~~

'CONSUMERS EXPECT IMMEDIATE AND EFFICIENT TRANSACTIONS': TOKENIZATION GAINS MOMENTUM

▪️Tokenization is merging traditional finance and blockchain, creating new opportunities for financial innovation.

▪️Panelists discuss regulation and future potential.

Integrating real-world assets into blockchain systems opens new possibilities in the digital asset space. At the recent Benzinga Future of Digital Assets event, panelists explored the intersection of traditional finance and blockchain, highlighting how tokenization creates opportunities for financial innovation and accessibility.

Bridging the Old and New

Panelist Robert Leshner, CEO of Superstate, emphasized the potential of tokenization to merge conventional financial markets with blockchain technology. “We're seeing firms like Superstate act as bridges between the two by taking traditional assets, creating a token, and moving them on-chain,” Leshner said. This shift is beginning to blur the lines between digital and traditional financial systems.

Emma Marriott, co-founder of Atomic, also noted the increasing demand for streamlined integration. "Consumers expect immediate and efficient transactions," she said, pointing to Atomic's role in enabling smooth transitions between traditional and digital asset platforms. "We're helping firms expand their offerings to meet these expectations, whether they're moving from crypto to traditional assets or vice versa."

Driving Institutional Interest

Institutional players closely watch these developments, particularly how tokenized assets can enhance portfolio diversification and liquidity. Leshner explained how tokenization allows assets to be used across various decentralized finance (DeFi) protocols. “We're starting to see assets that began entirely within the crypto ecosystem now being joined by tokenized versions of traditional financial instruments," he said.

Charlie Sandor, investment partner at CMT Digital, highlighted the broader implications of tokenization for financial efficiency. “Platforms like Coinbase are facilitating payment networks between off-chain and on-chain systems, demonstrating how these worlds are merging in ways that were unthinkable just a few years ago,” he said.

Regulation and Adoption

Panelists also addressed the regulatory hurdles that continue to shape the adoption of tokenized assets. Leshner acknowledged that while the potential is vast, compliance remains a critical challenge. "We're at an early stage of understanding what open and autonomous financial markets look like," he said, adding that creating frameworks that satisfy both traditional compliance standards and blockchain's decentralized ethos is essential for future growth.

Marriott echoed this sentiment, pointing to the role of regulation in driving consumer trust. "As firms navigate these regulatory challenges, they're building the infrastructure needed to make these systems more accessible and trustworthy for everyday users," she said.

Looking Ahead

The panel concluded by focusing on what lies ahead for tokenization and its role in the financial ecosystem. Leshner predicted a rise in highly controlled and permissioned assets within DeFi platforms. "These systems will evolve to accommodate both traditional and decentralized markets, creating hybrid models that leverage the strengths of both," he said.

With traditional and blockchain-based systems converging, tokenization is poised to transform how assets are managed, traded, and utilized. The panelists agreed that this transformation is just beginning, with 2025 expected to bring significant progress in integrating real-world assets into blockchain ecosystems.

@ Newshounds News™

Source: Benzinga

~~~~~~~~~

MASON DEBUNKED TRUMP'S CRAZIEST CLAIMS AND HERE'S WHAT I FOUND  |  Youtube

 @ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

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Q & A Classroom Link  

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Follow the Timeline 

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Subscribe to Seeds of Wisdom Team™ Newsletter

Thank you Dinar Recaps

Seeds of Wisdom RV and Economic Updates Wednesday Morning 12-11-24

Good Morning Dinar Recaps,

BRICS NEWS: EXPERT SAYS NATIONS WILL EVENTUALLY DITCH US RESERVES FOR BITCOIN

With the ongoing tension between the BRICS alliance and the United States, one expert has theorized that most nations will eventually end up ditching US dollar reserves for Bitcoin. Indeed, economist Jeremy Siegel recently noted that the leading crypto has emerged as a threat to the greenback’s global standing.

Senior economist at WisdomTree, Siegel, discussed the curiosity of Trump’s continued embrace of Bitcoin. Specifically, he noted that the asset class is far more dangerous to the US dollar’s dominance than gold or any BRICS currency, according to a Benzinga report.

Expert Says Bitcoin, Not BRICS, Is Greatest Threat to US Dollar

Since 2022, when Russia invaded Ukraine, the BRICS bloc has been on a mission. Specifically, the collective has sought ways to ditch the US dollar in international trade.

Moreover, it has moved to lessen the global reliance on the Western currency. These decisions appeared made out of necessity. With the West sanctioning Russia, forcing it to rely on allies in the global south.

Yet, those de-dollarization plans have been confronted by President-elect Donald Trump. Moreover, with 100% tariffs planned under the returning president, things have certainly gotten interesting. For one economist, the incoming commander-in-chief’s position appears inconsistent, to say the least.

Indeed, amid the BRICS scuffle, finance expert Jeremy Siegel has said nations will likely eventually ditch the US dollar reserves for Bitcoin. What makes that interesting is that Trump has recently paraded BTC’s all-time increase above the $100,000 mark.

“I found it curious that Trump threatened 100% tariffs for the BRICS nation wanting to implement a new reserve currency, while also championing the rise of Bitcoin’s price surpassing $100,000 and attributing it to his pro-crypto world view,” Siegel said.

“Bitcoin is viewed by many as an alternative global currency similar to what the BRICS are looking to achieve,” he added. “Bitcoin is far more of a threat to replace the dollar in world reserves than anything created by the emerging market economies.”

The asset’s recent surge supports Siegel’s position. Bitcoin has been skyrocketing in value and is projected to reach $200,000 next year. Trump’s pro-BTC position could fuel global accumulation. Therefore, driving even more countries away from the dollar.

@ Newshounds News™

Source: Watcher Guru

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HONG KONG LOOKS TO SPEED UP CRYPTO REGULATION AMID RISING SECTOR DEMANDS

Hong Kong is exploring ways to expedite updates to its crypto regulations in response to the fast-growing global sector.

The fast growth of the crypto sector is pushing Hong Kong to reconsider its regulations, with talks focused on speeding up changes to meet growing industry needs. A proposal raised in the Legislative Council on Dec. 11 highlights the pressure on the government to keep up with the global rise in crypto investments.

In a written response, Acting Secretary for Financial Services and the Treasury, Joseph Chan, admitted that while the virtual assets sector offers financial innovation opportunities, it also presents new “complexities to the financial system.” 

He emphasized Hong Kong’s commitment to keep up with international standards, noting that the city “has key influence in the regulation and development of VA.”

However, Chan didn’t go into detail on how or when Hong Kong plans to adjust its crypto regulations to stay competitive.

Moreover, some lawmakers have even raised concerns about the need for a more comprehensive approach. There is speculation that Hong Kong could establish a dedicated department or commissioner to oversee crypto policies, following international trends.

One way or the other, the question of whether cryptocurrencies like Bitcoin should be included in Hong Kong’s fiscal reserves still seems to be open. In the meantime, Chan pointed out that crypto-assets are not currently a target asset for Hong Kong’s Exchange Fund.

“It cannot be ruled out that there may be investments involving crypto-assets during the investment operations of the external managers at different points of time, but the relevant proportion is minimal,” Chan said.

@ Newshounds News™

Source: Crypto News 

~~~~~~~~~

BINANCE AND CIRCLE ANNOUNCE STRATEGIC PARTNERSHIP TO ADVANCE GLOBAL CRYPTO ADOPTION

Key partnership between Binance and Circle seeks to accelerate the adoption of USDC and digital assets worldwide.

Binance and Circle Join Forces for Global Crypto Adoption

A new strategic partnership between Binance and Circle Internet Group was launched at the Abu Dhabi Finance Week. The cooperation will increase the use of USD Coin (USDC) and promote the growth of the global digital assets and financial services ecosystem.

This partnership combines a reliable and compliant digital currency with the biggest platform for using digital assets globally, thanks to USDC’s expansion and widespread use.

Through the collaboration, Binance will expand the availability of USDC throughout their whole range of goods and services, guaranteeing that over 240 million Binance users worldwide can easily access and utilize USDC for applications related to trading, saving, and payments. Binance will also use USDC as a key dollar stablecoin for their corporate treasury.

Richard Teng, CEO of Binance shared his thoughts about the partnership.

“Through our strategic partnership, our users will have more opportunities to use USDC on our platform, including more USDC trading pairs, special promotions on USDC across trading, and other products on Binance.

We will also work closely with Circle to drive innovation and utility for stablecoins globally. Working together as a team, we believe we can materially push forward the possibilities for the internet financial system.”

Jeremy Allaire, Chairman and CEO of Circle echoed Teng’s thoughts on the partnership.

“With Binance rapidly becoming the world’s leading financial super app, this is a tremendous opportunity for USDC as it becomes ubiquitous on the Binance platform. I’m thrilled to be working with the Binance leadership team as they continue to build the largest digital asset company in the world.”

This partnership aims to consolidate the role of USDC in digital payments, promising broader adoption and innovation in the crypto space.

@ Newshounds News™

Source:  Bitcoin News

~~~~~~~~~

CRYPTO SUCCESS SECRETS NOBODY SHARES  |  Youtube

Crypto Ledger, Nathan, and Seeds of Wisdom Team, Salty Toes and R Jax, discuss Crypto, Gold, and the direction of the future financial system.

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Seeds of Wisdom Team™ Newsletter

Thank you Dinar Recaps

News, Rumors and Opinions Wednesday AM 12-11-2024

Note: All intel should be considered as "Rumors" until we receive official announcements ...and “Rates and Dates” could change anytime until we get to the banks/redemption centers.

RV Excerpts from the Restored Republic via a GCR: Update as of Wed. 11 Dec. 2024

Compiled Wed. 11 Dec. 2024 12:01 am EST by Judy Byington

Global Currency Reset:

Judy Note: WARNING Scammers are everywhere. It is my understanding that:

(1) If you don’t presently physically hold currency or bonds, you don’t own them. Do not give your bonds or currency to anyone else to redeem. You are the only one who can exchange and redeem them. If you have a problem in doing that, ask the person you talk to when you set your appointment to help work out the problem.

(2) Do not exchange your currency at a bank. They will not (allegedly) give you the higher rates, nor the Contract Rates that a Redemption Center was authorized to give you.

(3) The Zim can only (allegedly) be redeemed at a Redemption Center, not at a bank.

(4) Some Redemption Centers are located in private banks, but make sure it is a Redemption Center where you do your business.

Fri. 6 Dec. 2024 TNT Intel Summary: Bank meetings today to discuss final aspects of RV. Three Letter Agencies say “IT’S DONE.” US and Canada started paying VIPs on Wed. 4 Dec, Thurs. 5 Dec, and today Fri. 6 Dec. The Iraqi Dinar being paid right now at $3.49 in-country.

Sat. 7 Dec. 2024: Rumor was that Vietnam had revalued their Dong in-country.

Sun. 8 Dec. 2024: Four day Victory Celebration begins in Iraq from Sun. 8 Dec. to Wed. 12th Dec. 2024. …Britt Vibes on Telegram posted by Wolverine

Tues. 10 Dec. 2024 MarkZ: A number of my contacts from Iraq that very much believe we will cross the finish line in the next three days.

Tues. 10 Dec. 2024 TNT: Kurdistan was using the Dinar in-country at a $3.28 rate today.

Tues. 10 Dec. 2024 : A banker and others have contacted me saying Iraq was exchanging the Dinar at a new and higher in-country rate. It is a 24-36 hour window before it reaches Tier4b (us, the Internet Group).

~~~~~~~~~~~~~~

Tues. 10 Dec. 2024 Bruce: (RUMORS)

You can present at your exchange appointment, a list of six people who need Med Bed appointments: name, age, phone number

Information late last night pointed toward us getting notified today, but a person needed to be removed at the Treasury.

The emails for Redemption Centers have not yet gone out, but once they are received Tier 3 and Tier 4a,b (Us, the Internet Group) will be given redemption appointments.

Notifications for Tier4b appointments should happen tomorrow Wed. 11 Dec., with exchange appointments on Thurs. 12 Dec. 2024.

Iraqis were to receive their funding today, but it could have been moved to tomorrow Wed. 11 Dec. 2024.

Bond Holders should receive access to funds on Thurs. 12 Dec. 2024.

~~~~~~~~~~~~~~

Global Financial Crisis:

A wave of financial collapses in multiple markets is happening across the world. Black Swan or Black Monday? Stocks and crypto have plunged as investors start to panic while a global sell-off deepens. Absolute chaos in Japan as stocks are on track for their biggest decline in more than eight years, following a significant drop last Friday. This is an even larger drop than the Black Monday crash of 1987. South Korea has halted all sell orders as markets crash more than 5%. In the United States, the Magnificent 7 stocks have erased nearly $500 billion overnight. With rumors of World War III and civil war across Europe, the markets are expecting an even deeper crash tomorrow. https://t.me/+pjtzOFcoBb8wZWNk

Read full post here:  https://dinarchronicles.com/2024/12/11/restored-republic-via-a-gcr-update-as-of-december-11-2024/

**************

Courtesy of Dinar Guru:  https://www.dinarguru.com/

Frank26  Sudani is waiting for the success of the budget in order to release the new exchange rate.  That success will come when the laws are given to him...He wants to give you the budget [with] exchange rate...Nothing is going to stop Sudani anymore.  That's the beauty of what I'm seeing right now...All I care about is what Sudani is doing and it is phenomenal. 

Militia Man  The private sector is here to stay for Iraq.  Iraq's population has doubled in the last two decades.  There's plenty of youth and now they will have plenty of opportunity with the private sector...They're moving forward and they're not stopping.  It's going to be more and more evident as we go because they are going to have to do what they said they were going to do - bring purchasing power to the people...

*************

BRICS Currency Anger the US, Trump Threaten 100% Tariffs: Is Dollar Falling?

Fastepo:  12-11-2024

https://www.youtube.com/watch?v=vhARqLpT09s

$2800, Silver Targets Explosive Highs: Don’t Miss This Year-End Surge! | Chris Vermeulen

Sprott Money:  12-11-2024

December is here, and the precious metals market is heating up!

 Craig Hemke and Chris Vermeulen discuss the latest trends in gold and silver, why seasonality could drive a year-end rally, and what to watch as we enter 2024.

 Could gold break $2800 and silver surge past $36? Learn why miners are leading the charge and how tax-loss selling could impact the market. Prepare your portfolio with insights from the experts!

https://www.youtube.com/watch?v=8cCmYZz7kII