Seeds of Wisdom RV and Economic Updates Thursday Evening 9-26-24
Good Evening Dinar Recaps,
IRAQ BOOSTS GOLD RESERVES TO OVER 145 TONS
Data from the World Gold Council reveals that Iraq purchased a total of 51.9 tons of gold between 2022 and September of this year.
ERBIL (Kurdistan24) - Iraq has significantly increased its gold reserves over the past three years, acquiring approximately 52 tons of the precious metal. The majority of these purchases occurred in 2022, accounting for 65% of the total acquired gold.
Data from the World Gold Council reveals that Iraq purchased a total of 51.9 tons of gold between 2022 and September of this year.
The breakdown shows a significant purchase of 33.9 tons in 2022, followed by 12.3 tons in 2023, and 5.7 tons so far this year. Notably, there were substantial purchases of 3.1 tons in February and 2.6 tons in May of this year.
This strategic accumulation of gold aligns with a global trend among central banks seeking to diversify their reserves and hedge against economic uncertainties.
Gold Prices in Iraq Soar
The increased demand for gold has also driven up its price in Iraq across all carats. Currently, one gram of gold is priced as follows:
- 24 carat gold: 108.652 dinars (equivalent to 83 US dollars – based on the official exchange rate by the Iraqi government.)
- 22 carat gold: 99.598 dinars (equivalent to 76 US dollars – based on the official exchange rate by the Iraqi government.)
- 21 carat gold: 95.071 dinars (equivalent to 72 US dollars – based on the official exchange rate by the Iraqi government.)
- 18 carat gold: 81.489 dinars (equivalent to 62 US dollars – based on the official exchange rate by the Iraqi government.)
Iraq's Global Ranking
According to the World Gold Council's latest data for June, Iraq's gold reserves have now reached 145.7 tons, a notable increase from 142.6 tons in May.
This increase has solidified Iraq's position as a significant holder of gold reserves globally. While the country has dropped one place to 31st in the World Gold Council's ranking of the 100 countries with the largest gold reserves, its holdings represent a substantial 9.8% of its total reserves.
The United States, Germany, and Italy continue to hold the top three positions in terms of gold reserves, while Suriname ranks at the bottom of the list.
@ Newshounds News™
Source: Kurdistan24
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US SANCTIONS RUSSIAN CRYPTO PLATFORMS FOR MONEY LAUNDERING TIES
Two crypto exchanges and two individuals have been sanctioned for ties to underground finance.
The United States government has taken action against two Russians and two cryptocurrency exchanges tied to alleged illicit Russian finance. The departments of the Treasury, Justice and State were involved, along with an assortment of overseas law enforcement agencies.
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) identified PM2BTC, a Russian cryptocurrency exchange, and Sergey Ivanov, who is associated with that exchange, as being of “primary money laundering concern.” At the same time, Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned Ivanov and another crypto exchange, Cryptex.
Crypto exchanges to the underworld
PM2BTC is alleged to process the proceeds of ransomware attacks and other illicit activities. Half of its activities are linked to illegal operations, according to FinCen.
According to Chainalysis, PM2BTC shares wallet infrastructure with UAPS (Universal Anonymous Payment System), an underground payment processing system.
Cryptex is registered in St. Vincent and the Grenadines but advertises in Russian. According to the Treasury:
“Cryptex is also associated with over $720 million in transactions to services frequently used by Russia-based ransomware actors and cybercriminals, including fraud shops, mixing services, exchanges lacking KYC programs, and OFAC-designated virtual currency exchange Garantex.”
The Treasury Department acknowledged the US Secret Service Cyber Investigative Section, the Netherlands Police and the Dutch Fiscal Intelligence and Investigation Service for seizing web domains and infrastructure associated with PM2BTC, Cryptex and Ivanov. Chainalysis said that it and Tether also contributed to the effort.
Links to “carding”
In documents unsealed in the District Court of Eastern Virginia, Ivanov was charged with one count of conspiracy to commit and aid and abet bank fraud in connection with websites that engage in “carding,” or trading in stolen credit card information.
Timur Shakhmametov was charged with one count of conspiracy to commit and aid and abet bank fraud, one count of conspiracy to commit access device fraud, and one count of conspiracy to commit money laundering in connection with the same operations.
The State Department is offering a reward of up to $10 million for information leading to the arrest and/or conviction of Ivanov or Shakhmametov.
@ Newshounds News™
Source: CoinTelegraph
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BRICS NEWS: 40% GOLD AND 60% LOCAL—IS THERE ROOM FOR BITCOIN, XRP, AND OTHER CRYPTOS?
▪️The BRICS currency, which is reported to be in development, is said to be backed by 40% gold and 60% local currencies.
▪️The currency is disclosed to be apolitical and would be outside the “circumference” of the SWIFT payment network.
The much anticipated BRICS currency, which would be the principal driving force at the heart of the de-dollarization strategy, could be on the table at the upcoming summit in October.
According to experts, this kind of development could largely erode a significant portion of the US dollar dominance as several other developing countries show their willingness to join the alliance.
Even before that, details of the expected BRICS currency have started leaking as reports establish that the potential currency could be based on a “basket” of 40% gold reserves and 60% BRICS sovereign nation currencies.
According to the details, the regional currencies that could be involved are the Chinese yuan, Russian ruble, and Indian rupee. Interestingly, this report aligns with the alleged outcome of a recent meeting between Russian President Vladimir Putin and the Head of the BRICS New Development Bank (NDB).
In our review of a publication by a Russian news platform, it was discovered that shareholders directed the NDB to prioritize the new digital currency to facilitate trade and avoid Russian sanctions.
Some Exclusive Details Around the BRICS Currency
According to the report, Russia is facing limitations as its trade volume among certain members remains one-sided. A typical example is Russia’s possession of excessive rupees received in exchange for energy, such as oil and gas, with India.
In this case, backing the BRICS currency with gold and local currency could provide enough stability and take care of the exchange rate fluctuations. Conversely to the US dollar, the BRICS currency would be apolitical and transactional and operate externally from the SWIFT payment network.
According to reports, the West can only distract this arrangement by sanctioning currencies such as the Chinese RMB and the Indian Rupee. Unfortunately, this could negatively impact the Western economy as the trade between these two countries and the US and EU amounted to around $1.56 trillion last year.
According to experts, an attempt to impose sanctions could cause serious inflation and recession in the West. Meanwhile, the NDB shareholders include Brazil, India, China, and South Africa, and Bangladesh, Egypt, the UAE, and Uruguay have joined them. More than 30 other countries have expressed interest in joining the alliance.
Amid the ongoing developments, enthusiasts have highly recommended Bitcoin, XRP, and other cryptos for consideration for their democratic qualities. Already, countries like El Salvador have declared Bitcoin a legal tender and the process could be keenly studied by the BRICS nations. However, no official announcement on this possibility has ever been made.
Commenting on the impact of these developments, the founder and CEO of Zang Enterprises, Lynette Zang, recently disclosed in a CNF report that the US Dollar’s dominance has reduced to 3% and could dwindle to zero in 2025.
I believe with all my heart and everything that I know that we’ve already begun the transition to hyperinflation. We’re going to see more borrowing, more money printing, and more inflation because they have not killed that beast that they created and continue to create. It’ll become very obvious in 2025.
@ Newshounds News™
Source: Crypto News Flash
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SEC CHAIR GENSLER PLUGS CHANGES TO EXCHANGE DEFINITION THAT WORRIES CRYPTO
Gary Gensler reminded a conference on Treasury bonds about a proposed rule change that would impact DeFi, too.
The United States Securities and Exchange Commission will continue to pursue changes to the definition of “exchange” and alternative trading systems, Chair Gary Gensler told attendees of the US Treasury Market Conference on Sept. 26.
Gensler was speaking about issues that affect the efficiency and resilience of the US Treasury bond market, but that proposal has been heavily criticized in the digital asset space.
Defining dealers to include more market players
One of the measures the SEC has taken to buttress the Treasury market was a change to the definition of a “dealer” that was meant to clarify the role of market participants such as principal-trading firms, which might use algorithmic and high-frequency trading strategies.
The changes, proposed in 2022, were criticized at the time by pro-crypto politicians for the spillover effect they would have on digital asset trading. Nonetheless, they were adopted in February.
What makes an alternative trader?
The worst may be yet to come, however. Another issue for Treasury bonds that also touched digital assets is the definition of “exchange” and alternative trading systems. A proposal dating to 2022 would extend registration requirements for platforms that served as market makers for government securities.
The wording of that proposal implied other kinds of exchange platforms would be subject to the new rules as well, and potentially raised issues of constitutionality.
When the proposal was revived a year later, a section was added to apply specifically to decentralized finance (DeFi). “This update would close a regulatory gap among platforms,” Gensler said. The changes have not been finalized yet.
Notably, Prometheum and tZero are registered alternative trading systems. They are also the first and so far only firms to receive special purpose broker-dealer status for digital asset securities, which allows them to provide custody of digital asset securities on behalf of retail and institutional clients.
Gensler did not mention cryptocurrency or DeFi in his presentation. He stopped by CNBC the same day to talk about crypto regulation and claimed that the crypto industry is adequately regulated by existing laws.
@ Newshounds News™
Source: CoinTelegraph
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BILLIONAIRES FLOCKING TO DUBAI WHY? #DUBAI #BILLIONAIRE | Youtube
@ Newshounds News™
Source: Seeds of Wisdom Team Currency Facts
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