4 Common Mistakes Affluent Americans Make With Their Money

4 Common Mistakes Affluent Americans Make With Their Money — and How To Avoid Them

Vance Cariaga  Tue, March 18, 2025  GOBankingRates

Affluence, like beauty, is often in the eye of the beholder. What looks like wealth to one person might not seem that way to others — especially if that “wealth” is offset by high debt and reckless spending. Just because someone earns a high salary doesn’t make them immune to the same financial mistakes as everyone else.

Even defining “affluence” isn’t easy. As Forbes reported, many factors go into determining someone’s wealth — including net worth, household income and location. A net worth of $500,000 might make you affluent in some parts of the country, while in other parts even $1 million falls short of the mark.

A recent survey from financial services provider Equitable defined the “mass affluent” as Americans who have an income level at or above $90,000 per year. According to that survey, 80% of all Americans are “concerned” about the affordability of everyday living costs, regardless of income. Nearly half aim to change their financial habits in 2025 to ease financial stress. Almost 70% of the mass affluent said they plan to increase their savings by $500 or more per month.

Increasing savings is one way to bolster your finances. Another way is to avoid making the same mistakes over and over. Here are four common mistakes affluent Americans make and how to avoid them, according to Nasha Knowles, CFP, a financial advisor with Equitable Advisors who counsels high net worth individuals.

Underestimating Income Taxes

Many affluent people don’t realize the tax impact when they start earning more money, Knowles told GOBankingRates in an email.

“They will now pay more in taxes because they make more, and they will also be in a higher tax bracket,” she said. “It always surprises them how much they are now paying in taxes.”

To avoid this mistake, hire a tax professional or financial advisor to help with tax planning.

Making Big Ticket Purchases Without Considering Related Costs

TO READ MOREl:  https://www.yahoo.com/finance/news/4-common-mistakes-affluent-americans-150403040.html

Iraq Economic News and Points to Ponder Thursday Evening 3-20-25

Al-Alaq: We Are Working To Establish A Data Center That Represents A Successful Foundation For Digital Transformation.

Banks  Economy News – Baghdad  Central Bank Governor Ali Al-Alaq confirmed on Thursday that the digital currency the bank intends to launch will enhance transparency and limit the flow of cash out of banks. He also revealed plans to establish a data center that will serve as a successful platform for digital transformation.

Al-Alaq said in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News," that "financial technologies are developing rapidly, in line with the requirements of the financial and banking sector in terms of speed, accuracy, and economic efficiency,

in addition to transparency and oversight. The reality of the digital revolution is imposing itself on all sectors, including the financial and banking sector, which is the most beneficiary of the major transformations taking place."

He added, "Digital currency can serve many purposes, limit the leakage of cash outside banks, and achieve a high degree of transparency, as funds can be tracked, whether in the areas of consumption, investment, savings, or even in legitimate and illegitimate businesses.

It also provides important databases for analytical purposes, not just for the movement of paper money, in addition to the economic benefits digital currency offers from printing and tracking currency."

Al-Alaq confirmed that "we have begun taking steps in coordination with international organizations to review initial experiments in the digital currency file, which we do not wish to delay." He explained that "there are existing experiments in some countries in the region, and we are also following up with the Arab Monetary Fund to develop appropriate steps in this direction, and what is required is infrastructure.

" He continued, "The Central Bank has advanced infrastructure, as the new bank building contains a sophisticated data center, and we are also working to establish a data center that will represent a successful foundation for digital transformation."https://economy-news.net/content.php?id=53628

Oil Prices Rose In Today's Trading

Economy |03/20/2025  Mawazine News – Baghdad  Oil prices rose in early trading on Thursday, driven by a decline in US fuel inventories and rising tensions in the Middle East.

Brent crude futures rose 40 cents, or 0.57 percent, to $71.18 a barrel by 02:13 GMT, while U.S. West Texas Intermediate (WTI) crude gained 34 cents, or 0.51 percent, to $67.50. Prices rose after U.S. government data showed a larger-than-expected drawdown in distillate inventories last week.

Distillate stocks, which include diesel and heating oil, fell by 2.8 million barrels last week, while crude inventories rose by 1.7 million barrels. Global risk premiums rose after Israel launched a new ground operation in Gaza on Wednesday after violating a nearly two-month ceasefire.

The United States also continued airstrikes on Houthi targets in Yemen in response to the group's attacks on ships in the Red Sea. Trump also pledged to hold Iran responsible for any future Houthi attacks. Ukrainian President Volodymyr Zelensky said on Wednesday that a halt to strikes on energy facilities in the war with Russia could be achieved quickly, suggesting the two sides are moving closer to a potential ceasefire that could lead to sanctions relief and the return of Russian supplies to the market. https://www.mawazin.net/Details.aspx?jimare=260274

Exchange Rates Drop In Baghdad

economy | 03/20/2025  Mawazine News – Baghdad  The dollar exchange rate declined on the Al-Kifah and Al-Harithiya stock exchanges, reaching 147,300 Iraqi dinars per $100.

The selling price at exchange shops in local markets in Baghdad was 148,250 Iraqi dinars per $100, while the buying price was 146,250 dinars per $100. https://www.mawazin.net/Details.aspx?jimare=260281

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

Seeds of Wisdom RV and Economic Updates Thursday Afternoon 3-20-25

Good Afternoon Dinar Recaps,

PRESIDENT TRUMP PLEDGES US LEADERSHIP IN CRYPTOCURRENCY AT DIGITAL ASSET SUMMIT

President Donald Trump outlined his administration’s vision for U.S. leadership in cryptocurrency and financial technology during the Digital Asset Summit.

Trump Touts Crypto as Key to U.S. Economic Growth

Addressing the summit’s attendees via video feed, Trump declared his commitment to making America the global center for digital assets.

“Together we will make America, the undisputed bitcoin superpower and the crypto capital of the world,” he stated. He also highlighted the recent White House Digital Asset Summit, where top crypto executives met with White House AI and Crypto Czar David Sacks.

Trump announced the creation of a strategic bitcoin reserve and a U.S. digital asset stockpile, a move aimed at maximizing the government’s holdings. “Instead of foolishly selling them for a fraction of their long-term value, which is exactly what Biden did,” he asserted.

The president also vowed to end what he described as the previous administration’s “regulatory war on crypto,” including halting Operation Choke Point 2.0. “It was a form of lawfare through government weaponization. Frankly, it was a disgrace,” he said, pledging that such policies ended on January 20, 2025.

Trump called on Congress to pass legislation establishing clear regulations for stablecoins and market structure, arguing that a strong legal framework would allow institutions to invest and innovate freely. “You will unleash an explosion of economic growth,” he told the audience.

He concluded by reinforcing his belief that crypto will drive financial innovation in the U.S. “It’s going to be right here in the USA, the good old USA,” he said.

@ Newshounds News™

Source:  Bitcoin News

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XRP JUST HIT MAJOR MILESTONE WITH FIRST US REGULATED FUTURES

The first-ever regulated XRP futures in the U.S. are live, delivering compliant, physically settled contracts that enhance market integrity and strengthen price discovery.

Regulated XRP Futures Are LIVE in the US

Bitnomial, a U.S.-based digital asset derivatives exchange, has launched the first-ever U.S. Commodity Futures Trading Commission (CFTC) regulated futures contract for XRP, the company announced on March 20. The announcement states:

"This marks the first-ever CFTC-regulated XRP futures product in the United States, providing traders with a compliant, transparent, and capital-efficient way to gain exposure to XRP".

The newly introduced XRP US Dollar Myra (XRUY) Futures are designed to enhance market integrity by ensuring contracts are physically settled in actual XRP rather than cash. This approach strengthens price discovery by directly linking derivatives trading to the real supply and demand dynamics of XRP.

Along with the product launch, Bitnomial Exchange, LLC voluntarily dismissed its lawsuit against the U.S. Securities and Exchange Commission (SEC), which was initially filed in October 2024. The company shared:

"Bitnomial is also pleased to announce that yesterday, Bitnomial Exchange LLC filed a notice of voluntary dismissal of its case against the U.S. Securities and Exchange Commission (SEC)."

The lawsuit questioned whether Bitnomial’s XRP futures should be classified as security futures contracts. With the SEC’s evolving stance on crypto assets providing greater clarity, Bitnomial decided to withdraw the case, emphasizing the importance of regulatory certainty for fostering innovation in digital asset markets.

Bitnomial has been broadening its range of physically settled futures, now offering contracts on solana, avalanche, chainlink, bitcoin cash, litecoin, ethereum, polkadot, and hedera. The company detailed:

"Bitnomial’s physically settled futures ensure contracts are delivered in actual XRP upon settlement, distinguishing them from cash-settled alternatives that do not have direct interaction with the underlying asset."

“This structure enhances market integrity and strengthens price discovery by tying derivatives trading directly to XRP’s supply and demand dynamics,” the company added.

 CEO Luke Hoersten highlighted the significance of physically settled contracts in reinforcing market transparency, while President Michael Dunn noted that the introduction of XRP futures solidifies Bitnomial’s role as a leader in regulated crypto derivatives trading.

Bitnomial’s announcement of launching the first CFTC-regulated XRP futures contracts came a day after Ripple CEO Brad Garlinghouse revealed that the SEC is dropping its appeal in the company’s long-running lawsuit over XRP.

@ Newshounds News™

Source:  BitcoinNews

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Seeds of Wisdom RV and Economic Updates Thursday Morning 3-20-25

Good Morning Dinar Recaps,

DUBAI LAND DEPARTMENT BEGINS REAL ESTATE TOKENIZATION PROJECT

The Dubai government has started the pilot phase of a project that will convert real estate assets into digital tokens on the blockchain.

The Dubai Land Department (DLD), a government entity responsible for registering, organizing and promoting Dubai real estate, announced that it started the pilot phase of its real-estate tokenization project.

The project was launched in collaboration with the Dubai Future Foundation (DFF) and the Virtual Assets Regulatory Authority (VARA), Dubai’s crypto regulator.

The token launch makes the DLD the first real-estate registration entity in the UAE to implement tokenization on property title deeds.

DLD expects the sector to grow $60 billion by 2033

In the announcement, the DLD said the initiative is expected to drive growth in real estate tokenization. The government agency predicts that its market value could reach over $16 billion by 2033. According to the agency, this represents 7% of Dubai’s total real estate transactions.  

DLD Director-General Marwan Ahmed Bin Ghalita said in the announcement that real estate tokenization drives a fundamental change in the sector.

“By converting real estate assets into digital tokens recorded on blockchain technology, tokenization simplifies and enhances buying, selling, and investment processes,” he said.

The official said this aligns with the DLD’s vision to become a global leader in real estate investment and use technology to develop innovative real estate products.

Tokenization to open up Dubai real estate to global investors

Tokinvest co-founder and CEO Scott Thiel said the initiative is a “transformative moment” for the sector. Thiel told Cointelegraph:

“The initiative not only reinforces Dubai’s leadership in blockchain adoption but also paves the way for a more inclusive, liquid, and efficient real estate market.” 

“Tokenisation is no longer a concept. It’s a reality that will open up Dubai’s real estate market to a global pool of investors like never before,” Thiel told Cointelegraph.

In a previous interview, Thiel told Cointelegraph that the UAE’s proactive regulations paved the way for the country’s real-world asset (RWA) tokenization boom. The executive said there was a genuine desire from government agencies to develop clear guidelines for the sector.

@ Newshounds News™
Source:  CoinTelegraph

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BRICS: ANALYST REVEALS IF THE US DOLLAR CAN MAINTAIN ITS DOMINANCE

The BRICS alliance is looking to uproot the US dollar from the world’s reserve currency position. The bloc wants to put local currencies in the top slot and reduce dependency on the greenback. The power struggle has ignited fresh debates about the use of the USD among developing nations. Eastern nations want to tilt power from the West and usher into a new financial era.

The move will shake the foundation of the US dollar and weaken its dominant position in the currency markets. Local currencies are getting stronger in 2025 as the USD is down against all leading currencies this year as the DXY index fell to the 103.2 mark.

BRICS: The US Dollar Will Maintain Its Dominance

Ashishkumar Chauhan, the Managing Director of the National Stock Exchange (NSE) spoke about the US dollar’s prospects. He spoke at a Singapore panel on capitalism and technology highlighting the importance of geopolitics and the global stock markets. He also touched on the subject of de-dollarization where BRICS aims to replace the US dollar with local currencies.

Chauhan stressed that BRICS cannot shake the foundation of the US dollar and it will remain the dominant currency. “After World War II, the US meticulously positioned itself to replace the British pound as the global reserve currency. Today, no other country is ready to take on that role,” he argued.

He explained that leading currencies like the euro and the pound are not strong enough to stand the whiplash of the markets. The Chinese yuan and the Japanese yen also fold under pressure and cannot challenge the USD. Therefore, no matter how hard BRICS tries its hand in de-dollarization, the US dollar will remain the dominant currency.

@ Newshounds News™
Source:  Watcher Guru

~~~~~~~~~

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$3,000 Gold Is Not The End Of This Story

$3,000 Gold Is Not The End Of This Story

Notes From the Field By James Hickman (Simon Black) March 17, 2025

On November 1, 2023, just as the price of gold reached its record high price of $2,000 per troy ounce, I clearly stated my position that $2,000 gold was just the beginning.

As usual, my argument was grounded in history. Back in the 1960s and 1970s, US government spending soared thanks to the mounting costs of the Vietnam War coupled with incredibly expensive social initiatives dubbed ‘The Great Society’.

The national debt exploded as a result.

Then, throughout the 1970s, the US suffered an incredibly humiliating withdrawal from Vietnam, complete with a helicopter airlift from the US embassy in Saigon. The Cold War with the Soviet Union was at its peak. Serious trouble brewed with Iran. War broke out in the Middle East.

Civil unrest and ‘mostly peaceful’ protests were also a constant problem in the 1970s, and major cities like New York, LA, and Chicago became synonymous with violent crime.

It was also a time of soaring inflation, weak leadership and political chaos in the US, not to mention rampant criminality in the federal government.

All of this led to a significant loss of confidence in America’s standing on the global stage.

Simply put, the world stopped making sense, and gold became a safe haven from that chaos. That’s why the gold price rose more than 20x over the course of the decade.

When I wrote to you back in late 2023, I described a number of similarities between the 1970s and the 2020s. Chaos and criminality. Weakness and war. Humiliation and inflation. Oh, and that little thing called Covid.

Similarly, the world stopped making sense in the 2020s.

And based on that conclusion, I wrote that $2,000 gold was just the beginning of a much bigger story... and that the price of gold would continue to surge.

It’s not hard to understand why.

Back in late 2023 when I wrote that article, the US national debt was around $33 trillion (it’s up $3+ trillion since then).

The federal government had recently ended its fiscal year (FY23), in which it spent every tax dollar collected just to pay interest on the debt, plus mandatory entitlements like Social Security and Medicare.

100% of US government ‘discretionary’ spending, which includes everything from the military and homeland security, to national parks and federal courts, had to be funded with more debt.

I assumed that this trend of higher spending and higher debt would continue. And it did.

The following year, in FY24, the government spent an unbelievable $1.1 trillion just to pay interest on the national debt— vastly exceeding the defense budget. Plus the FY24 budget deficit increased to more than $1.8 trillion.

So the fiscal situation has only become worse. Not better.

The other issue that I foresaw driving backlash against the dollar was the heavy-handedness of the US government against other nations.

Whenever foreign governments (or even foreign businesses) did things that the US government didn’t like, the Biden administration’s knee-jerk reaction was to impose— or at least threaten— sanctions.

In many respects the only reason that the US government even has the power to sanction other nations is because the dollar is the dominant global reserve currency.

If Costa Rica threatened to sanction other countries, everybody would just laugh... because Costa Rica has no power. But America has enormous power, simply because the rest of the world has to use US dollars for global trade and commerce.

I concluded that, sooner or later, foreign governments would get tired of being pushed around by the US government and start seeking alternatives to the dollar. This is also happening.

One thing that modern history makes very clear is that global monetary regimes tend to reset every few decades.

We can go back to the year 1867 in which the International Monetary Conference in Paris ultimately led to a global gold standard.

This gold standard lasted for a few decades... until World War I broke out. One by one, sovereign governments suspended their gold standards, causing significant disruption to the global monetary regime.

Three decades later, the global financial system was reset at the Bretton Woods Conference which anointed the US dollar as the global reserve currency... on the understanding that the dollar would be backed by gold.

This system lasted for 27 years, when, in 1971, Richard Nixon took the US dollar off the gold standard; this led to a system of “fiat currencies” around the world which were backed by nothing but phony promises from politicians and central bankers.

That system was adjusted once again in the late 1990s in the wake of the Asian financial crisis, and Russia’s sovereign debt default, in which most of the developing world piled into US dollars to hold their reserves. Foreign ownership of US government bonds skyrocketed as a result.

That system has lasted for a few decades— during which period a number of countries (like China) bought up trillions of dollars of US government debt.

Well, we are now witnessing in real time what appears to be another reset in the global financial system. And in some respects, it may even be planned.

The main problems that foreign governments and central banks have against the US dollar— the Treasury Department’s heavy-handedness, the constant threat of sanctions or tariffs, and the unimaginably high levels of debt— are still absolutely present.

And on top of that, this new administration is actively floating what has been dubbed the Mar-A-Lago Accords, i.e. an agreement to force America’s foreign bondholders to reset the financial system.

Just as predicted, all of this uncertainty has been incredibly bullish for gold— primarily because foreign governments and central banks are aggressively seeking an alternative to the US dollar.

At the moment, nobody really knows what the next global financial system will be.

Personally I don’t think the dollar is going to disappear as a reserve currency. But “King Dollar” probably won’t dominate the world— instead perhaps it will be “Earl Dollar” or “Viscount Dollar”, in a mix with other currencies.

No one knows for sure. And that’s why central bankers have been buying gold— because it’s the only asset in which they can have complete confidence. No matter what the new global financial system looks like, gold will continue to have value.

It has been those central banks buying up gold (literally by the metric ton) and pushing prices to record highs.

We said in November 2023 that $2,000 was just the beginning. We’ve just hit $3,000 gold.

I won’t say that is “just the beginning.” But it certainly is not the end to this story.

To your freedom,  James Hickman   Co-Founder, Schiff Sovereign LLC

 https://www.schiffsovereign.com/trends/3000-gold-is-not-the-end-of-this-story-152316/

Iraq Economic News and Points to Ponder Wednesday Afternoon 3-19-25

Prime Minister: Iraq Is Witnessing A Comprehensive Development Renaissance.

Buratha News Agency1362025-03-19  Prime Minister Mohammed Shia al-Sudani affirmed on Wednesday that Iraq is witnessing a comprehensive development renaissance, while indicating that 323 power stations are under construction and implementation as part of the campaign to rehabilitate distribution networks and install power stations.

In his speech during the launch of the implementation works of the projects to rehabilitate distribution networks and install power stations via a closed-circuit television, the Prime Minister stated that "the start of work on rehabilitating electricity distribution networks in various governorates comes within the framework of the largest campaign to resolve power grid bottlenecks in preparation for the summer of 2025."

He added that "323 power stations are currently being built and implemented as part of this campaign," noting that "the government is working according to a well-thought-out technical plan, independent of any investment from political or societal entities."

He also explained that "the government has made significant efforts in the energy production sector and is seeking to diversify its sources to ensure the stability of the country's electricity system."

The Prime Minister concluded by stressing that "Iraq is witnessing a comprehensive development renaissance."    https://burathanews.com/arabic/news/457789

The Central Bank Of Iraq Explains The Reasons For The Decline In Its Foreign Reserves During The Third Quarter Of 2024.

Wednesday, March 19, 2025, | Economic Number of reads: 169  Baghdad / NINA / The Central Bank of Iraq announced, on Wednesday, a decline in its foreign exchange reserves during the third quarter of 2024, explaining the reasons that led to this decline.

The bank stated in a report that "Iraq's foreign exchange reserves decreased by 0.52% during the third quarter of 2024, reaching 143.35 trillion dinars, compared to the same period in 2023, when reserves amounted to 144.10 trillion dinars."

The bank attributed this decline to "the Central Bank's resort to withdrawing cash liquidity from the market by strengthening cash sterilization operations, as part of its efforts to maintain monetary stability."

The report added, "As a result of these measures, cash receipts increased from 18.46 trillion dinars to 20.09 trillion dinars during the same period."

It also indicated that "the decline in oil prices from $82.2 to $77.3 during the same period was another factor in the decline in foreign reserves."

The bank explained that "the increase in receipts led to the depletion of a portion of net foreign reserves, and the issued currency increased from 100.06 trillion dinars to 104.13 trillion dinars, as a result of the increase in public spending, which in turn led to an increase in public debt."

The central bank stressed that "despite this decline, it still has large net foreign reserves compared to the money supply, which makes it in a relatively safe position, according to global financial standards that set the minimum at 20%."  https://ninanews.com/Website/News/Details?key=1192853

Telecommunications Announces The Imminent Launch Of An E-Commerce Platform In Iraq.

Local |  03/19/2025  Mawazine News – Baghdad  The Ministry of Communications announced on Wednesday the preparation of the infrastructure and warehouses for the opening of branches of international e-commerce companies in Iraq, while indicating the imminent launch of an e-commerce platform in Iraq.

The Director General of the General Company for Postal and Savings Services at the Ministry of Communications, Zainab Abdul Sahib, said: “Plans have been made for the year 2025, after we have established the basic infrastructure.

Planning began in 2023, starting with this government, towards transforming the postal services into automated services (digital transformation) to keep pace with the development taking place in countries around the world.”

Regarding e-commerce, Abdul Sahib explained that “there is an effort to bring Amazon and Shein to open branches in Iraq, not as agents. The land, infrastructure, and warehouses have been prepared near the airport,” noting that “the effort is to have an e-commerce platform in the near future, which is currently being analyzed and referred.”  https://www.mawazin.net/Details.aspx?jimare=260243

The Prime Minister's Advisor Calls For Encouraging Investments And Improving The Business Environment In Iraq.

Time: 2025/03/19 Read: 1,185 times {Economic: Al Furat News} The Prime Minister's advisor for financial affairs, Mazhar Muhammad Salih, called for focusing on economic development programs and encouraging local and foreign investments by providing tax incentives and improving the business environment.

Saleh also pointed out in a statement to Al Furat News Agency the importance of launching development projects that contribute to creating job opportunities, especially for young people, with the aim of reducing unemployment and poverty.

These projects include the Riyada Project and the Riyada Bank, in addition to activating the activities of the Iraq Development Fund and the Sovereign Guarantees Committee to finance strategic industrial projects.

Saleh emphasized the need to strengthen social protection programs to mitigate the repercussions of economic crises on the poor. These programs are managed with high professionalism, contributing to building buffers that protect the national economy from regional influences and tensions.  LINK

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

Seeds of Wisdom RV and Economic Updates Wednesday Evening 3-19-25

Good Evening Dinar Recaps,

BITNOMIAL SET TO LAUNCH CFTC-APPROVED XRP FUTURES ON MARCH 20, WITHDRAWS SEC LAWSUIT

The decision comes following the SEC dropping its lawsuit against Ripple on the XRP case.

Bitnomial will launch its CFTC-approved XRP futures contracts on March 20 and drop its lawsuit against the US Securities and Exchange Commission.

The firm said its decision to withdraw its lawsuit was driven by the regulator’s move to abandon legal action against Ripple.

According to the March 19 announcement, the contracts will be physically settled, providing a new regulated trading instrument for institutional and retail investors’ exposure to XRP.

Regulatory improvement

Bitnomial clients will gain access to XRP futures immediately at launch. In contrast, prospective clients can onboard through Futures Commission Merchant (FCM) partners, including R.J. O’Brien and Associates, Marex Capital Markets, and Bitnomial Clearing.

The introduction of these contracts follows the broader trend of increased regulatory clarity in the crypto sector, particularly as legal developments reshape the landscape for digital assets.

One such development was Ripple’s decisive victory against the SEC. The regulator formally dropped its appeal in the long-standing legal battle over XRP’s classification. Ripple CEO Brad Garlinghouse confirmed the resolution on March 19, calling it a significant moment for the industry.

Initiated in December 2020, the case accused Ripple of conducting unregistered securities sales worth $1.3 billion. A key ruling in August 2024 determined that XRP is not a security when traded on public exchanges, although penalties were upheld for institutional sales.

The ruling ordered Ripple to pay $125 million in penalties, significantly lower than the SEC’s original demand of nearly $2 billion.

The regulator and Ripple appealed the decision, with the SEC ultimately deciding to let go of its appeal. However, Ripple’s appeal to avoid the fine and clear XRP’s status as security on institutional sales is still up.

Bitnomial ends lawsuit against SEC

In tandem with the launch of its XRP futures, Bitnomial announced it has voluntarily dropped its lawsuit against the SEC.

The firm had sued the regulator in October 2024 over jurisdictional disputes concerning futures contracts based on XRP’s price.

Bitnomial initially filed for its XRP futures product in August 2024 after the federal ruling that XRP is not a security, challenging the SEC’s stance on overseeing XRP derivatives.

The firm’s decision to dismiss its case is based on the shifting regulatory environment and improving clarity regarding digital asset classification.

@ Newshounds News™

Source:  CryptoSlate

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PRESIDENT TRUMP TO SPEAK AT DIGITAL ASSETS SUMMIT TOMORROW

President Donald Trump will make history as the first sitting U.S. president to speak at a Bitcoin and crypto conference, delivering remarks at Blockworks’ Digital Asset Summit (DAS) in New York City tomorrow.

President Donald Trump is expected to deliver a speech at Blockworks’ Digital Asset Summit (DAS) in New York City on March 20. This will be the first time a sitting U.S. president has addressed a Bitcoin and crypto conference, highlighting the growing influence of digital assets in mainstream financial policy.

Although this marks his first speech as a sitting president at a crypto event, Trump has previously engaged with the Bitcoin community, having spoken at the world’s largest Bitcoin conference in Nashville last summer while on the campaign trail. His return to the stage now as president further highlights the continued support from the U.S. government on Bitcoin.

Trump’s speech at DAS comes only a couple weeks after moving forward with officially integrating Bitcoin into his national strategy, when he signed an executive order establishing the U.S. Strategic Bitcoin Reserve, positioning BTC as a key asset for the country’s financial future.

Joining the lineup tomorrow at DAS is Strategy’s Michael Saylor, who will deliver a keynote speech and engage in a fireside chat with Bitcoin historian Pete Rizzo.

 Additionally, Bloomberg ETF analyst James Seyffart will host a panel discussion with BlackRock’s Head of Digital Assets Robbie Mitchnick and  Nasdaq’s Head of U.S. Equities & Exchange-Traded Products Giang Bui, where they will delve into the evolving landscape of Bitcoin ETFs and institutional adoption.

The announcement of Trump’s participation follows remarks from Bo Hines, Executive Director on Digital Assets for President Trump, who spoke earlier this week at DAS. Hines reaffirmed the administration’s commitment to accumulating Bitcoin for the Strategic Bitcoin Reserve, stating:

“I think it’s high time that our President started accumulating assets for the American people, which is what President Trump is doing rather than taking it away.”

He also emphasized the administration’s approach to acquiring Bitcoin in budget-neutral ways, likening BTC accumulation to gold reserves:

“You know, I’ve been asked all the time, it’s like how much do you want? Well, that’s like asking a country how much gold do you want – as much as we can get."

 Trump’s executive order has already sparked legislative action aiming to build on this momentum. Senator Cynthia Lummis and Congressman Nick Begich have each proposed plans for the U.S. to acquire 1 million BTC over the next five years, ensuring a long-term reserve of the scarce asset.

Earlier today at DAS, House Majority Whip and Congressman Tom Emmer stated that he believes this legislation will be enacted “before this congress is done.”

@ Newshounds News™

Source:  Bitcoin Magazine

~~~~~~~~~

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Bruce’s Big Call Dinar Intel Tuesday Night 3-18-25

Bruce’s Big Call Dinar Intel Tuesday Night 3-18-25

Transcribed By WiserNow Emailed To Recaps

Welcome everybody to the big call tonight - it's Tuesday,  march 18th  and you're listening to the big call thanks everybody for tuning in wherever you're located all around the globe. Thank you for that. All right, thank you, Bob again, two days until the vernal  equinox at five something in the morning on the 20th which is Thursday. Interesting timing.

 Okay, now let's talk about one or two other things before we get into our timing. One, let's talk about med beds  -  We brought that up earlier tonight, and there was a question as to, what about the dates we're hearing about med beds?  25th 26th 27th 28th  of this month?

Those are the dates, and it could vary from the 25th or the 26th to the 27th or the 28th when the public is supposed to be notified and start their ability to get access to the med beds, 25th or the 26th or the 27th or the 28th one of those four days. That's the latest that we've heard about that.

Why does it keep getting moved back? Because the RV keeps getting moved back. We have been pushed and pushed and pushed, as you guys know. So So what about us?

We were told that once the first exchange is done in this country, that the med beds would be available for us anytime after that first exchange is done. And I'll tell you about when that first exchange is supposed to be done in a minute.

So that is telling us that we and I hate to say that I am I don't hate to say it. I love to say that I am one that will be an early adopter into the med bed because I have a dire need, and I'm also a zim holder. Your zim holder and you’re in dire need, you kind of go to the top of the list.

So keep that in mind if you are a zim holder, especially if you have dire need, especially --  and you let them know when you go into the redemption center, that's when you let them know. Hey, I'd like to get into the med bed. I've got issues, this issue or that. Blah blah blah, by the way, I'm a zm holder blah blah blah.

They'll know that very quickly, and they'll make a couple keystrokes to get you in the system so that they're aware of you. In my case, I'm going to have them call me. They may do email too but because I can't read email right now. I'm just looking forward to a phone call to get that done, to get that set up pretty quickly after I exchange.

The other thing is, there's a thing called the COMEX, C, O, M, E, X. It's a commodity of metals exchange. The COMEX has sort of artificially manipulated the price of gold and silver for a long time. It's traded, but it's not traded quite as freely, maybe as it should have been.

The word manipulation comes into play. Well, the COMEX is about being dismantled, and the free market of supply and demand will control the pricing of precious metals, including gold, silver, platinum, palladium, other metals, like copper and so on these some of them are commodities - some are precious metals, and that is all going to be open to, proper trading - like, as  of today    / tomorrow we're starting to see some movement already  on the metals, taking it up.

And like anything else, you know you're going to have ups and you have dips, and then you up and dips, just like buying stock, the smart money, if you will, buys on the dips when the prices are lower, and then you hold it until the prices go up. And that's sort of the theory with precious metals.

And so I wanted to mention that. Mention about the med beds, and let's talk about what we're hearing about us – Now we have several sources. We did get here from three different categories of sources so far today, and I'm excited to say that it appears they're all in alignment. They're in consensus.

One might be a redemption center leader. One might be someone who has very close ties to President Trump and his organization, and so they're all saying the same thing right now, and that is that we should be notified -  I'm going to say should  - “should” be notified tomorrow with our 800 numbers in the emails that are coming from Wells Fargo and we should set our appointments tomorrow for Thursday, and then exchanges would begin on Thursday, the first day of spring, the vernal equino - Interesting timing.

Now I've got one source redemption center that is saying that notification would happen anytime after 1030 in the morning tomorrow. The other source is saying, don't be so time sensitive - it could happen. the times tend to change for this kind of a thing, but don't put a time on.

But it is supposed to be tomorrow that we get our notifications and set appointments for this to start on Thursday, and then you go Thursday -  Friday, Saturday, Sunday, money all the way through. All the way through. Most redemption centers would be open every day, including Sunday for 14 days, some will go longer -  18 /19, days, some will be shorter.

They don't have that many currency holders in their area, or that many zim holders, they might go eight or nine days, but most markets will go about two weeks. So that's good.

 If you know anybody traveling, they'll be able to set their appointment and catch that when they get back, whether they're in the hospital, whether they're traveling and they're on a cruise or whatever, they'll be able to make an appointment, and then, of course, allow for the time that they need to get home and get settled and then get to their appointment the next day or whatever.

So it's very encouraging, because Lord knows, we've we've waited very patiently for everything to manifest. I was telling Sue today that, you know, today makes 20 years and three days that I have been invested and owned these currencies.

You know who thought? Who would have thought? 20 years later, this is about to go and you know, guys, I tell you what I hear. I don't doctor it. I don't try to change what I'm hearing, I just try to give you what I'm getting, so that you're essentially getting the same thing I see, they say that I hear.

And I'm excited about where we are and the timing of this, and I find it interesting that a lot of good things have happened already today, and a lot of good things should be happening for us tomorrow and then Thursday should be an absolute Abu and danza of activity for us.

 I don't think there's anything I need to bring up about the exchange itself, other than make sure that you call set your appointment, D no more than 10 minutes early to your appointment, and don't be late your appointment, or you might get taken to the back of the line. You missed your appointment time.

Man, you don't want to be that person, but just don't get there more than 10 minutes before your appointment time. Okay? Because that way. Push them that way. If you can get a couple minutes early, they can do it. Otherwise, you come at your point in time and get it done and go

They're allotting about 30/40, minutes for us to get all of these things done. And I think that's going to be adequate, unless you've got a box or two of bonds. And there are people that are going to be bringing in bonds to the redemption center.

Let them know when you call to set your appointment, when you get transferred from your the call center to the redemption center, and you talk a live, living, breathing person that, oh, by the way, not only do I have blah, blah, blah currencies, but I also have bonds. And tell them, which ones you got dragon bonds. I've got German bonds. I've got such and such bonds etc

Let them know approximately how many you have, and they could prepare for that. Make sure they have a bond back there that can handle those for you.

Okay, the other good thing that's happening is the crypto coins you know, are being integrated into the QF System and the Starlink satellite system. And there is a rhyme & reason to the cryptos being there to help back the value of our USN, and there's a relationship between  some of the couple of the coins that is allowing for more accessibility and transfer and so on, using this blockchain technology that will allow them to be more convertible. I believe.

I'm not sure how all five are going to come together, but it may be, there may be a consolidation in the future, all five states stand on their own  that are integrated through the blockchain technology to be usable as a means of exchange. But we'll see that all comes together.

We know that there's a crypto currency reserve, and that is part of what President Trump  brought out, like what two weeks ago or so, it can be utilized to help back the value of our currency, talking about the United States Treasury notes, USTN  our physical spending folding money and the US digital version, which is what will be on the screens USN  -  so we have quite a bit to look forward to, I think the exchanges are going to be, don't blink miss something.

There's a lot of steps in this thing to get done in 30 / 40 – 35 minutes Max, that's what they're thinking. Maximum, it's not a time to tell your life story. It's only a time to if you have time to do your presentation. It might not be five to eight minutes. It could be three to five minutes.

 So work on getting it consolidated clear.  And I think they will appreciate it, and you'll appreciate the rapidity of how quickly they're going to move quickly through this thing.

You are not changing stations. People have said in the past, you are staying put, they're coming to you. And you should have four people, pretty much three or four people that you're going to be working with, and then bring a new person here, a new person there, as you move through the different steps in the exchange.

We got the Q phone that they should be giving you for free at the end. Take it home, learn about it, set it up. There's a, what do you call it? It's a you should have a sheet of perks, p, e, r, k, s, perks, benefits that the bank will want you to know about. Maybe you'll take advantage of some of them.

They're not supposed to be taxable to you. There are supposed to be free to you for being, you know, a valued currency holder and essentially, a strong bank account holder with Wells, Fargo and other banks will have perks too, if you decide that you want to put them up to three different banks connected to your quantum account card.

Okay, that's going to be the biggie, and maybe you want to shorten the process just a little bit by coming up with a brand new username and password for your quantum card. What I don't know is, how many characters does it need to be? Got to be at least eight, the password and maybe more. And then you for your password and your username.

I don't know how long that's going to be. Going to be, too, but if you want to practice on that, going your five digit pin, that's not a big, big thing. You can come up with that right away. And then, of course, your new email, they will like a new gmail email for you, and your password for that, and you’re your biometric thumb or fingerprint, there's six steps  really six points of the quantum account that you're setting up getting a quantum access card with a three times the thickness of it of a credit card with three chips in it, one, I'm sure it'll store your biometric and some other personal information,  the other two I think, are account related.

So it'll be something that you'll you'll want to keep very safe, very safe and in a safe place.  You don’t Bring it out to use it except to move money from  your quantum account, to primary bank accounts. So initially, you'll move money on day one at redemption center that will hold you for 60 days. After that you've got per se, and you'll be able to more money, as you need

Remember, you're being paid interest on the money that's in your primary or secondary Wells Fargo accounts. Using Wells Fargo, because they're the ones that are over the exchanges in the United States, in Canada, you're using HSBC Scotia Bank, and I believe they have merged with Royal Bank of Canada, RBC. So you've got those two main banks.

And then, of course, globally, you've got HSBC in most and in Latin America you have  Santander Bank. Okay, Santander, believe is also in Mexico and all the rest of Latin America, and they are a tier one bank good bank to work with in Latin America. A lot of people already know that. Know that bank  down there, but that's really the bulk of the information.

Gosh, I'm excited about this possibility of tomorrow. I really am, and I hope, I hope this goes through just like we've heard. So let's do this. Let's pray the call out, seal it.

Well, everybody. have a great night tonight. Let's see what happens tomorrow, Thursday. If we get our numbers, tomorrow, and we set appointments, we start on Thursday, a short celebration, call on Thursday night. All right, everybody. Take care and have a great day. God bless you.

Bruce’s Big Call Dinar Intel Tuesday Night 3-18-25 REPLAY LINK   Intel Begins   1:00:10

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Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 3-19-25

Good Afternoon Dinar Recaps,

BIG BREAKING: SEC DROPS XRP CASE, RIPPLE CEO CONFIRMS

The SEC drops its lawsuit against Ripple after four years, marking a major legal victory for XRP and the crypto industry.

Ripple CEO Brad Garlinghouse calls the SEC case a "flawed attack on crypto" as regulators retreat from their claims against XRP.

After more than four years of legal battles, the U.S. Securities and Exchange Commission (SEC) has officially dropped its lawsuit against Ripple Labs (pending vote of the commission). 

The case, which was filed in December 2020, accused Ripple of conducting an unregistered securities offering by selling XRP.

Ripple’s CEO, Brad Garlinghouse expressed relief and pride as he reflected on the outcome. “It’s over,” Garlinghouse said, explaining how the case marked a pivotal moment in the ongoing struggle for clarity in the cryptocurrency industry. “Looking back on four years ago, it’s clear to me that this case was flawed from the start. It was the first major shot fired in the war against crypto.”

Garlinghouse went on to explain that, while Ripple faced huge challenges, the company always believed it was on the right side of history.

“I knew we weren’t on the wrong side of the law, and I believed we’d ultimately be proven right. Today’s outcome is a victory for innovation and a long-overdue surrender by the SEC under Chairman Gary Gensler.”

This decision is seen as a major win for the cryptocurrency industry, as it represents the first successful fight against the SEC’s broad interpretation of securities laws applied to digital assets. Garlinghouse credited Ripple’s resources, determination, and grit for pushing back against regulatory agencies.

For many in the crypto community, the SEC’s action was seen as an effort to intimidate the industry, using arguments that they claimed were meant to protect investors but ultimately did more harm than good.

As the crypto industry continues to grow, Ripple’s victory signals a turning point in regulatory efforts, reinforcing the need for clearer guidelines that support innovation without stifling progress.

@ Newshounds News™
Source:  Coinpedia

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DUBAI LAUNCHES TOKENIZATION SANDBOX

The Dubai Financial Services Authority (DFSA) has launched a tokenization sandbox and is accepting expressions of interest through to April 24. The DFSA is the regulator for the Dubai International Finance Centre (DIFC).

Applicants could be involved in the issuance, trading, holding, or settlement of tokenized assets. Cryptocurrencies are excluded along with stablecoins. The financial instruments that are tokenized should be similar to conventional securities including equities, bonds, sukuk and collective investment fund units.

As with most sandboxes, the aim is to relax certain regulatory requirements under the supervision of the regulator. Hence, it’s open to companies whether or not they are already DIFC-regulated. If accepted they will be granted a special Innovation Testing License (ITL) that will last from six to twelve months. It appears that the rule relaxations might be assessed on a case-by-case basis. At the end of the ITL period, the entity either will be awarded a full DIFC license or the ITL license will be terminated.

The program supports live market testing and helps firms to clarify the tokenization requirements in the DIFC.

Tokenization rules were introduced in the DIFC in 2021. They support trading by consumers without intermediaries but access must be permissioned, although this doesn’t necessarily rule out the use of a public blockchain.

Tokenization regulations include some additional requirements compared to conventional securities, including informing the DFSA regarding custody arrangements and technology audits.

@ Newshounds News™

Source:  Ledger Insights

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LIVE UPDATES: FED LEAVES INTEREST RATES UNCHANGED, BUT FORECASTS FUTURE CUTS

The Federal Reserve took a wait-and-see approach to an uncertain US economy Wednesday, opting to leave interest rates unchanged at the close of its March meeting.  

That decision leaves the benchmark federal funds rate parked at a range of 4.25% to 4.5%, where it has sat since December. The Fed has now stood on the economy’s sidelines for two consecutive meetings, dating to January, after an unusually busy period of interest rate increases and reductions over the previous three years.

The Fed also kept its forecast for two cuts in 2025.

"We do not need to be in a hurry to adjust our policy stance, and we are well-positioned to wait for greater clarity," said Fed Chair Jerome Powell during a news conference. In Powell's remarks, "clarity," or the lack of it, emerged as a recurring theme.

@ Newshounds News™

Source:  USA Today

~~~~~~~~~

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Iraq Economic News and Points to Ponder Wednesday AM 3-19-25

To The Ministerial Council For The Economy
 
Samir Al-Nusairi  Finally, forecasts indicate that the Russian-Ukrainian war is nearing a halt with US intervention.
 
We recall that when the war broke out three years ago, oil prices soared to over $110 a barrel, resulting in a surge in oil revenues for both rentier and oil-producing countries.
 
This included Iraq, given its rentier economy.

Unfortunately, the achieved abundance was not utilized to activate the real economy.
 
Rather, operational allocations in the general budgets increased, and the deficit exceeded 60 trillion dinars.
 
Now, with the inevitable expectation that the war will soon end, oil prices will fall, and it is expected that its average price will reach less than 60 dollars per barrel.
 
And we are still without other significant sources of national income.
 
The Iraqi economy, God forbid, will enter a new economic and financial crisis.
 
We expect the deficit to rise, the inflation rate to rise, and the government will be forced to borrow domestically and abroad.
 
Borrowing from the central bank will be required,
foreign exchange reserves will decline, and
external and domestic debts will rise.
 
Since these expectations could soon be realized, they require swift action.
 
Here, we propose that the Ministerial Council for the Economy hold extraordinary sessions to discuss the expected new crisis and prepare for confrontation in a manner that preserves the path of economic, financial and banking reform and finds solutions and remedies to protect our national economy. views 381    https://economy-news.net/content.php?id=53476

Parliamentary Finance: The Necessity Of Activating Tax Collection Mechanisms. 

Money and Business  Economy News – Baghdad  The Parliamentary Finance Committee stressed the need to activate tax collection mechanisms, stating that this remains weak despite the multiple financial resources that could support state revenues.
 
It also urged the activation of privatization as a primary option to
 
     boost revenues and
     reduce operational burdens on the government.
 
Committee member Jamal Koujar explained in an interview with the official newspaper, followed by "Al-Eqtisad News," that
 
"tax collection is a basic resource for the state in all countries of the world,
 
but its collection in Iraq remains very weak."

He emphasized "the need to establish a comprehensive government program to ensure full collection of tax collection, and to search for new alternatives away from old mechanisms."
 
Koger pointed out that there are several issues that must be considered in this context.
 
First, a clear government program must be put in place to fully collect taxes.
 
Second, alternatives to traditional mechanisms must be sought.
 
Third, incentives must be provided to those who collect taxes, as well as those who pay them.
 
Finally, privatization represents the optimal solution to fully collect taxes.
 
Koger added that privatization will help the government in two key areas:
 
     first, reducing the burdens associated with hiring, and
     second, reducing operating expenses.
 
He emphasized that these mechanisms, if implemented in practice, could yield significant positive returns.
 
The member of parliament pointed out that the expected revenues from these reforms will depend on the mechanism implemented by the government.
 
If it opts for privatization, this will boost state revenues and reduce its financial burdens.
 
views 66     Added 03/18/2025 - 8:54 AM  https://economy-news.net/content.php?id=53522

Kazan Forum: A New Mechanism To Attract Investments From Islamic Countries And Iraq
 
Economy    WAA  The Russian market has become more open to halal investments.
 
Since 2023, regions in the Russian Federation have witnessed a successful experiment in partnership financing, leading to the development of a new mechanism to attract investments from Islamic countries.
 
Now, plans are underway to expand this experiment and extend it until the fall of 2028.
 
The Russian Parliament announced plans to extend the experiment for an additional three years, expanding the list of Sharia-compliant financial transactions, including mutual property insurance.
 
These amendments are expected to enhance the attractiveness of Islamic finance, attracting investors from OIC countries, including Iraq.
 
Statistics indicate that the volume of Islamic banking transactions will double by 2024 in the Republic of Tatarstan, one of four Russian regions implementing the experiment.
 
According to Taliya Minullina, head of the Tatarstan Investment Development Agency, the experiment could become permanent.
 
Investments through Islamic finance in Russian projects are estimated at more than $10 billion, and experts expect this figure to grow tenfold in the next two years.
 
Mignolina also emphasized that the formation of an Islamic financial market in Russia will boost investment and create a more stable environment.
 
To ensure the success of this initiative, Islamic finance specialists are being trained in cooperation with AAOIFI, the Bahrain-based organization responsible for Islamic financial accounting standards.
 
Work is also underway to launch a Sharia-compliant halal investment platform, in partnership with two Arab institutions, to finance startups in Russia and the Commonwealth of Independent States (CIS).
 
The platform is scheduled to launch in May 2025.
 
With the growth of Islamic finance, trade between Russia and the Islamic world has witnessed a significant increase, reaching $106 billion during the first nine months of 2024, of which $5.9 billion was for Tatarstan alone, marking a 40% increase compared to the previous year.
 
According to Abdullah Platik, Secretary General of the General Council for Islamic Banks, recent years have witnessed a growth in the number of transactions between Russia and OIC countries, which enhances opportunities for future cooperation.
 
Further development of Islamic finance in the Russian Federation in the near future may raise economic relations with countries of the Global South to a new level.   https://www.ina.iq/230205--2025-.html   

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

Seeds of Wisdom RV and Economic Updates Wednesday Morning 3-19-25

Good Morning Dinar Recaps,

FOMC MEETING TODAY: WILL POWELL’S SPEECH TRIGGER A CRYPTO RALLY OR SELL-OFF?

Bitcoin dropped below $83,000 early Wednesday, while Ethereum, Solana, and XRP saw slight ups and downs. The Market Fear & Greed Index hit 23, showing traders are feeling cautious as the market stays uncertain.

The current situation is keeping the crypto market on edge as the Federal Open Market Committee (FOMC) meeting nears its conclusion today. Investors are closely watching the Federal Reserve’s decision on interest rates, as any shift in policy could send ripples through the market. While most analysts expect rates to remain between 4.25% and 4.5%, the Fed’s outlook for future cuts is the real wildcard.

No Rate Cuts Yet, But Hints Matter

Fed Chair Jerome Powell has repeatedly stressed caution, pointing to inflation and economic uncertainty as reasons to hold rates steady. Current expectations suggest that meaningful rate cuts might not come until mid-2025. However, Powell’s post-meeting statements could shape investor sentiment. If he hints at easing sooner than expected, risk assets like Bitcoin and altcoins could see a surge. On the other hand, a continued hawkish stance may add selling pressure to the market.

However, as per QCP Capital’s latest report, they don’t expect a surprise rate cut from the Fed but warn that any dovish hint from Powell could drive markets higher. Investors are shifting money away from Bitcoin and NASDAQ stocks and into European and Chinese markets, signaling a possible change in capital flows. The market’s reaction after the FOMC meeting could determine the next big move for risk assets.

Bitcoin in a Tight Spot

Bitcoin has been fluctuating around $85K, with traders preparing for potential turbulence. Higher interest rates generally favor traditional investments like bonds and savings accounts, pulling capital away from speculative assets such as crypto. If the Fed sticks to its high-rate policy, liquidity may tighten further, which could lead to a market downturn.

Can Altcoins Benefit from Rate Cut Signals?

Despite concerns, a shift in Fed policy could spark optimism. The U.S. Consumer Price Index (CPI) has declined from 3.1% to 2.8%, indicating some progress on inflation. If Powell acknowledges this trend and suggests that rate cuts are coming soon, risk appetite could increase, benefiting altcoins in particular.

The next 24 hours are crucial. If the Fed doubles down on its hawkish stance, crypto markets may face further losses. However, if there’s a signal of rate cuts in the near future, the market could rally. Investors are watching Powell’s every word, as his tone will dictate the next big move in crypto.

@ Newshounds News™
Source:  Coinpedia

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BRICS: NEW COUNTRY PLANS TO REDUCE 25% OF TRADE WITHOUT US DOLLAR

The number of countries apart from BRICS that are planning to ditch the US dollar for trade and commerce is increasing alarmingly. Developing countries worldwide are looking to use local currencies and sideline the greenback for cross-border transactions. This adds pressure on the USD as it could lose out on the supply and demand mechanism in the currency markets.

If more nations end reliance on the currency, the cost of daily essentials could skyrocket in the homeland. The USD stands at the crosshairs of a global change that could dim its lights and send it towards the path of decline.

BRICS: Venezuela Says 25% of Trade Can Be Conducted Without the US Dollar

Venezuelan Foreign Minister Yvan Gil said that 25% of trade can be conducted without depending on the US dollar. He cited that local currencies can be used for trade among like-minded nations to boost their overall economies. He spoke highly of the BRICS alliance saying that the bloc ushered the world into a new financial era

“At least 25% of global trade operations can be conducted without being tied to the dollar which will be a significant step towards greater financial independence of countries subject to sanctions,” said Gil. He noted that the development became possible with BRICS as the rise of a multi-polar world brought changes in trade settlements.

However, despite attempts to join BRICS, Venezuela was denied entry into the bloc. The upcoming summit in July could decide its fate as Brazil chairs the discussions.

In conclusion, one thing is clear, BRICS is providing confidence to developing countries to ditch the US dollar. Emerging economies find the de-dollarization ideals daring and lucrative that can change the global financial order.

@ Newshounds News™
Source:  Watcher Guru

~~~~~~~~~

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Iraq Economic News and Points to Ponder Tuesday Evening 3-18-25

Monetary Policy In Iraq And Opportunities For Monetary Stability And Digital Transformation
 
Reports  Samir Al-Nusairi   Today, the Emirati economic magazine Investments, widely circulated in the Arab world, Egypt, and North Africa, published an exclusive analytical study prepared by Counselor Samir Al-Nusairi, a member of the World Union of Arab Bankers.
 
The study highlighted several factors, most notably monetary policy, opportunities for monetary stability, and digital transformation.  The study highlighted the economic changes that occurred after 2003, when the need for radical reform of the Central Bank emerged.

A new law was issued, affirming its independence and consolidating its essential role in protecting the country's resources.
 
Defining its tasks in combating money laundering and terrorist financing attempts, which are at the forefront of the challenges facing the Central Bank of Iraq.
 
It also aims to maintain the bank's independence, enable it to perform its mission without government interference, and make it an effective institution that guarantees the interests of society as a whole.
 
In addition to its control over the stability of the exchange rate and management of the money supply, she pointed out that the process of selling foreign currency requires a deep understanding in light of the major accusations the bank is facing without evidence proving the existence of suspicions of corruption, money laundering, or currency smuggling.
 
She added that selling currency is a waste of public funds, as this description does not relate to economic science.
 
She explained that the Central Bank of Iraq is concerned with financial stability, managing the payments system, managing foreign reserves, and licensing and monitoring banks and financial institutions, as it is responsible for establishing preventive controls, in addition to other tasks related to currency issuance and publishing data, indicators, and economic forecasts.
 
And managing monetary policy, which aims to stimulate the national economy, balance the balance of payments, and achieve monetary stability.
 
She noted that monetary stability represents the starting point for economic stability, which requires monetary stability, embodied in the monetary authority's ability to achieve price stability at targeted levels.
 
The study, prepared by "Consultant Samir Al-Nusairi," revealed the challenges facing monetary policy, most notably the rentier economy, which relies on 95% of general budget revenues, and the weak activation of the real sector and other productive sectors.
 
The study pointed out that financing the state's general budget deficit represents the greatest challenge facing monetary policy, and is inversely proportional to the independence of the Central Bank, as this deficit is financed by the bank purchasing treasury bills and rediscounting them.
 
The Central Bank has deducted treasury transfers from the end of 2015 to the present for the purpose of paying salaries and dues to contractors and farmers.

The study pointed out that the financial markets, stock and bond markets, capital markets, and money markets are limited, which misses opportunities to invest local savings and limit the phenomenon of hoarding and withdrawing liquidity to invest it in real sectors.
 
It pointed to the weakness of the banking system, which represents a fundamental pillar of the economy and its main link and an important arm of the Central Bank in achieving monetary stability. It confirmed the dominance of government banks in the sector by more than 80%.
 
There is also the problem of bad debts and credit concentration.
 
There is also weak institutional governance.
 
There is also the exposure to financial shocks due to the decline in real sector activity.
 
The study noted the decline in local investment and the increase in foreign savings.
 
Samir Al-Nusairi, a member of the International Union of Arab Bankers, pointed out that the Central Bank of Egypt began implementing the digital transformation in the banking sector in 2016, with clear phases included in its first, second, and third strategies.
 
Over the past two years, cooperation between the Central Bank and the government, with the personal support and follow-up of the Prime Minister and his chairmanship of the Digital Transformation Committee, has been a fundamental step toward activating and accelerating the transition to a digital government and moving from a cash economy to a digital economy.
 
The amount collected from digital payments reached 7.6 trillion Iraqi dinars in October 2024, up from 2.6 trillion Iraqi dinars in December 2023.
 
The rate of digital transformation and electronic payments increased to 48.5%, compared to 20% in previous years.
 
The study continued that Iraq now has an advanced infrastructure capable of accommodating electronic payment tools and financial services.
 
It will soon transition to digital banks, where smartphones will drive various banking operations.
 
This transformation will facilitate financial access to services for citizens and provide vital data at the national level on the nature of transactions, their content, supervision, and compliance achieved through this comprehensive system.

The study also indicated that banking reform has now entered the transition phase to digital banks, with the Central Bank currently examining and auditing approximately 70 applications to license new digital banks in accordance with the precise controls and conditions adopted by the Central Bank.

This represents a real and promising start for technical banking development in Iraq to bridge the technical gap with countries around the world in this field.
 
The study pointed out that the current phase is witnessing significant development in the electronic payment system through an increase in the number of ATMs, which exceeded 4,000, the number of electronic cards issued exceeded 17 million cards, the number of POS devices reached approximately 63,000 devices, and the number of credit wallets also increased.
 
It explained that the
 
financial inclusion rate rose to 40% after it was 20% two years ago, and that
 
Iraqi banks are currently witnessing qualitative transformations in their banking operations, especially with regard to future banks that will transform from traditional entities to smart digital platforms and issue digital financial identities that facilitate financial transactions without the need for banks.
 
It stated that the financial and banking system will witness a decline in paper currencies to be replaced by digital payments for central banks, and that
 
the Central Bank is moving to create its own digital currency to gradually replace the paper process, as is happening in some central banks around the world.
 
It is also working to establish a data center in Iraq similar to the major centers in the world, considering it in the digital economy the basis for artificial intelligence, applications, big data analysis and the Internet, and that the Central Bank of Iraq has begun promising steps in this direction.   https://economy-news.net/content.php?id=53283    

The Role Of Electronic Payment In Strengthening Our Banking System
 
Dr. Haitham Hamid Mutlaq Al-Mansour
 
In light of the rapid technological developments witnessed worldwide, financial and banking systems are facing radical transformations aimed at enhancing efficiency, transparency, and financial inclusion.
 
Among these transformations, the electronic payment system stands out as a fundamental pillar in reforming banking systems, especially in developing countries like Iraq.

The Iraqi banking system, which has suffered for many years from structural challenges and weak infrastructure, has begun to witness positive transformations thanks to the adoption of electronic payment technologies.
 
Electronic payment affects the banking system in general through:
 
1. Increased confidence in the banking system: Electronic payments enhance customer confidence in the banking system by providing secure and fast payment methods.
 
When individuals feel their financial transactions are secure and easy to conduct, they are more likely to deposit their money in banks rather than keeping it in cash.
 
2. Promoting financial inclusion: Electronic payments facilitate access to banking services for individuals and small businesses, especially in remote areas or areas with a lack of bank branches.
 
When more people can open bank accounts and conduct financial transactions easily,
this leads to increased deposit rates, as
 
depositing money in banks becomes more attractive than keeping it outside the banking system.
 
3. Reducing reliance on cash: In economies that rely heavily on cash, deposit rates are relatively low due to the widespread cash culture.
 
By adopting electronic payments, reliance on cash can be reduced and individuals and businesses can be encouraged to deposit their money in banks, leading to higher deposit rates.
 
4. Improving the efficiency of banking operations: Electronic payments reduce banks' operational costs, as they eliminate the need for traditional branches and their staff.
 
This improvement in efficiency can translate into better returns on deposits, making them more attractive to savers.
 
5. Increased transparency and anti-corruption: Electronic payments enhance transparency in the financial system, as financial transactions become recorded and monitored.
 
This reduces the risk of corruption and tax evasion, enhancing customer confidence in the banking system and encouraging deposits.
 
Global data clearly demonstrates the strong positive relationship between the spread of electronic payments and increased deposit rates in the banking system.

It is noted that countries that have adopted effective electronic payment systems, such as China, India, and Kenya, have seen significant increases in deposit rates, demonstrating the impact of electronic payments on the banking system. This is as follows:
 
1. China:
 
It is one of the most advanced countries in the field of electronic payments, with more than 80% of the population relying on platforms such as Alipay and WeChat Pay.
 
According to World Bank reports, deposit rates in China have increased significantly with the spread of electronic payments, with the deposit-to-GDP ratio reaching more than 180% in 2022.
 
Electronic payments have contributed to increased financial inclusion, with the number of bank accounts increasing from 64% in 2011 to more than 90% in 2022.
 
2. India:
 
Following the launch of the Unified Payments Interface (UPI) system in India, bank deposits increased significantly.
 
In 2022, the deposit-to-GDP ratio reached 75%, up from 60% in 2016.
 
Electronic payments have contributed to an increase in the number of bank accounts from 35% in 2011 to more than 80% in 2022.
 
3. Kenya:
 
Kenya is a pioneer in the use of mobile payments through M-Pesa.
 
Bank deposits have increased from 20% in 2007 to more than 70% in 2022, thanks to the spread of electronic payments and increased financial inclusion.
 
4. Sweden:
 
Sweden is one of the countries with the highest reliance on electronic payments, with cash transactions accounting for less than 1% of total transactions.
 
Meanwhile, the Swedish deposit-to-GDP ratio is around 90%, reflecting high confidence in the banking system.
 
In Iraq, the deposit-to-GDP ratio remains relatively low compared to other countries, recording a 9% decline.
 
However, since 2024, the banking sector has begun to witness a significant decline in the total value of deposits, with a 9% decline from IQD 133.5 trillion in 2023 to IQD 123.5 trillion in 2024.
 
This decline is despite the increase in the number of bank accounts following the widespread adoption of electronic payments, which rose from 23% to approximately 50% in just a few years.
 
This reveals the reasons behind the decline in the value of deposits in the banking system, especially in light of the Central Bank's move to promote electronic payment tools and increase reliance on the banking sector.
 
This poses significant challenges for the government to address, developing medium- and long-term plans, and adopting supportive policies to address these challenges, which include the following:
 
1. Weak technological infrastructure: Iraq's telecommunications and internet networks continue to suffer from quality and coverage issues, hindering the effective implementation of electronic payment systems.
 
2. Low levels of financial literacy: A large portion of the population relies on cash transactions due to a lack of sufficient awareness of the benefits of electronic payment and how to use it.
 
3. Lack of a legal and regulatory framework: The implementation of electronic payment requires clear laws and regulations that govern electronic payment operations, protect consumer rights, and facilitate and enhance the flexibility of payment processes.
 
4. Security concerns: Some individuals still fear the risks of cyber-hacking and data theft, which limits their use of electronic payments.   https://economy-news.net/content.php?id=53398 

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

Seeds of Wisdom RV and Economic Updates Tuesday Evening 3-18-25

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SEC COULD AXE PROPOSED BIDEN-ERA CRYPTO CUSTODY RULE, SAYS ACTING CHIEF

Acting SEC chair Mark Uyeda said he’s asked his staff to look at possibly withdrawing a proposed crypto custody rule for investment advisers.

The US Securities and Exchange Commission could change or scrap a rule proposed under the Biden administration that would tighten crypto custody standards for investment advisers, according to the agency’s acting chair, Mark Uyeda.

In prepared remarks to an investment industry conference in San Diego on March 17, Uyeda said the rule proposed in February 2023 had seen commenters express “significant concern” over its “broad scope.”

“Given such concern, there may be significant challenges to proceeding with the original proposal. As such, I have asked the SEC staff to work closely with the crypto task force to consider appropriate alternatives, including its withdrawal,” Uyeda said.

The rule was floated under the Biden administration during Gary Gensler’s tenure leading the regulator. It aimed to expand custody rules for investment advisers to any and all assets held for a client, including crypto, and upped the requirements to protect them.

This meant that investment advisers would have to custody their clients’ crypto with a qualified custodian. Gensler said at the time that investment advisers “cannot rely on” crypto platforms as qualified custodians due to how they operate.

The proposal caused friction with Uyeda and Commissioner Hester Peirce, along with industry advocacy bodies who claimed the rule was unlawful and dangerous.

“How could an adviser seeking to comply with this rule possibly invest client funds in crypto assets after reading this release?” Uyeda remarked at the time. He did, however, support the proposal despite disagreeing “with a number of provisions.”

Peirce, who was the sole commissioner of the five to vote against the rule, said at the time that the proposed rule “would expand the reach of the custody requirements to crypto assets while likely shrinking the ranks of qualified crypto custodians.”

Uyeda’s latest remarks come days after he said on March 10 that he had asked SEC staff “for options on abandoning” part of a proposal pushing for some crypto firms to register with the regulator as exchanges.

The Trump-era SEC has also killed a rule that asked financial firms holding crypto to record them as liabilities on their balance sheets, called SAB 121.

In December, President Donald Trump picked former SEC Commissioner Paul Atkins to take over from Uyeda to chair the agency. This is now a step closer, with a Senate hearing reportedly slated for March 27.

@ Newshounds News™
Source:  Cointelegraph

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BITCOIN AND NASDAQ SLUMP WHILE GOLD HITS NEW HIGHS – MARKET TRENDS TO WATCH

▪️US stock indices (Nasdaq) have declined in early 2025, mirroring a drop in Bitcoin's value.

▪️Gold has surged, and Peter Schiff predicts further Nasdaq declines will drive Bitcoin down significantly, while gold rises.

▪️Schiff argues gold is a safer hedge than Bitcoin during market instability, predicting a major Bitcoin crash and gold surge.

Since the start of 2025, the Nasdaq Composite Index has dropped by 8.21 percent, while the Nasdaq 100 Index has fallen by 6.16 percent. Bitcoin hasn’t fared any better, sliding 11.25 percent. Meanwhile, gold is on a steady rise, gaining at least 15.1 percent.

With uncertainty gripping the markets, investors are scrambling for safe-haven assets. Gold advocate Peter Schiff believes this is just the beginning. He warns that if the Nasdaq enters a bear market, Bitcoin could plunge to 65,000 dollars—or even as low as 20,000 dollars. At the same time, he predicts gold could soar past 3,800 dollars as investors move away from riskier bets.

Let’s take a closer look.

Bitcoin Faces Growing Pressure

Over the past 30 days, Bitcoin has fallen by about 14.3 percent, including a 0.5 percent drop in just the last 24 hours.

Bitcoin skeptic Schiff warns that if the Nasdaq falls 20%, Bitcoin could drop to $65,000. He also points out that a deeper stock market crisis could pull the BTC price to a low of $20,000 or even lower.

Schiff sees similarities between today’s market and past financial downturns.

Could History Repeat Itself?

Schiff compares the current market to previous major crashes in the United States:

▪️In 2008, during the Global Financial Crisis, the Nasdaq fell 55 percent.

▪️During the COVID crash of 2020, it dropped by 30 percent.

▪️When the dot-com bubble burst, the market collapsed by 80 percent.

Based on these past trends, Schiff argues that Bitcoin is at risk of following the stock market downward.

Gold is Gaining Strength

At the start of this year, the gold spot price was $2,623.954. Since then, the gold market has registered a rise of no fewer than 15.1%.

Schiff notes that there is an inverse relationship between the US market and the gold market.

He forecasts that if the Nasdaq drops further, the price of gold could reach as high as $3,800 per ounce.

Bitcoin vs Gold: Which is the Better Hedge?

Schiff remains firm in his belief that Bitcoin is not a reliable hedge against stock market instability. If gold keeps rising while Bitcoin struggles, he believes many investors will turn away from Bitcoin in favor of gold.

He also warns that major institutional investors—including governments, ETFs, and companies like Strategy – may start reducing their Bitcoin holdings if its price continues to drop.

Will Gold Finally Outperform Bitcoin in 2025?

In conclusion, Schiff maintains that Bitcoin is headed for a major crash, while gold is poised to surge. While the crypto market has defied pessimistic predictions before, Schiff remains firm in his belief that gold will outperform Bitcoin in the long run.

Notably, in 2024, the gold market recorded a growth of just 27.21%, while the BTC market registered a rise of at least 121.28%.

History favors gold, but Bitcoin has rewritten the rules before. This showdown isn’t ending anytime soon.

@ Newshounds News™
Source:  Coinpedia

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