“Tidbits From TNT” Sunday Morning 8-11-2024

TNT:

Tishwash:  Al-Alaq: 44 billion dinars is the volume of fuel sales via electronic payment in a month in Baghdad

The Governor of the Central Bank, Ali Al-Alaq, confirmed today, Saturday, that payment transactions at fuel stations in Baghdad recorded more than (44) billion dinars in July of this year.

Al-Alaq said during a workshop specializing in electronic payment, "The Central Bank of Iraq is working side by side with the government program and the Prime Minister's direction to support electronic payment."

He added: “We are proud of what we have achieved so far. In 2023, the amounts processed through the national switchboard witnessed a significant increase, reflecting the development of the infrastructure, the expansion in the use of electronic payment channels, and the impact of the campaign launched by the Prime Minister to activate electronic payment operations in general, and in the government sector in particular.”

The Governor of the Central Bank explained that "these upward trends continued to develop in 2024, as the amounts processed in the national switchboard systems amounted to more than (2) trillion Iraqi dinars in July alone, compared to (800) billion dinars in the same month of 2023, after which it became (1) trillion dinars in January of 2024, and government payments witnessed an additional increase, reaching (912) billion Iraqi dinars last July compared to (287) million dinars in the same month of 2023."

He pointed out that "payment operations at fuel stations in Baghdad alone increased significantly, recording more than (44) billion dinars in July of this year, compared to (183) million dinars in July of 2023 and (4.5) billion dinars in December 2023."

Al-Alaq revealed "a huge increase in the number of POS points of sale to reach more than (50) thousand POS points of sale this year, compared to approximately (11) thousand POS points of sale at the beginning of 2023, and thousands of them in government institutions after they were zero before the launch of the campaign in June 2023."

He expressed his "hope that government institutions would adopt the establishment of specialized units in electronic payment technologies to work on following up and developing this important aspect."  link

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Tishwash:  Al-Alaq: The Central Bank is working with the Prime Minister’s direction and the government program to support electronic payment

- Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, confirmed today, Saturday, that the Central Bank is working with the Prime Minister's direction and the government program to support electronic payment.

 The Central Bank stated in a statement received by the Iraqi News Agency (INA) that "the Governor of the Central Bank participated in a specialized workshop to accelerate the transition to electronic payment, sponsored by the Prime Minister, and organized by the Osool Foundation for Economic Development and Sustainable Development."

The Governor said during his speech at the workshop - according to the statement - that "the Central Bank of Iraq works side by side with the government program and the Prime Minister's direction to support electronic payment, and we are proud of what we have achieved so far," noting that "in 2023, the amounts processed through the national switchboard witnessed a significant increase, which reflects the development of the infrastructure and the expansion in the use of electronic payment channels and the impact of the campaign launched by the Prime Minister to activate electronic payment operations in general, and in the government sector in particular."

He added that "these upward trends continued to develop in 2024, as the amounts processed in the national switchboard systems amounted to more than (2) trillion Iraqi dinars in July alone, compared to (800) billion dinars in the same month of 2023, after which it became (1) trillion dinars in January of 2024," noting that "government payments witnessed an additional increase, reaching (912) billion Iraqi dinars last July compared to (287) million dinars in the same month of 2023." 

Al-Alaq pointed out that "payment operations at fuel stations in Baghdad alone have increased significantly, recording more than (44) billion dinars in July of this year, compared to (183) million dinars in July 2023, and (4.5) billion dinars in December 2023," revealing "a huge increase in the number of points of sale (POS) to reach more than (50) thousand points of sale this year compared to approximately (11) thousand POS points of sale at the beginning of 2023, and thousands of them in government institutions after they were zero before the launch of the campaign in June 2023."

The governor expressed his "hope that government institutions will adopt the establishment of units specialized in electronic payment technologies to work on following up and developing this important aspect."  link

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Tishwash:  Iraq's External and Internal Debts: Details and Figures from the Prime Minister's Financial Advisor

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed the size of Iraq's internal and external debts.

Saleh said, in a statement to the media followed by "Al-Eqtisad News", that "Iraq is no longer, in terms of its balance of external debt, one of the countries with high debts, as the external debts due during the current decade do not exceed, in all cases, 9 billion dollars, and the general budget provides sufficient annual allocations to service all debts, which means paying installments and interest, according to the nature of the debt, which is what is called debt amortization."

He added, "Accordingly, Iraq has not recorded any default in paying its external debt obligations over the past twenty years, as payment mechanisms are carried out in accordance with strict financial and banking rules that are highly coordinated between the Ministry of Finance and the Central Bank of Iraq, which has shown sustainable stability in creditworthiness indicators with international rating agencies, since the adoption of the first credit rating for Iraq in 2016 until the present time."

Saleh continued, "As for the internal debt, which amounts to nearly 78 trillion dinars or about 60 billion dollars, it is a debt existing within the government financial and banking system (exclusively) at a rate of 96%, and most of that debt was issued with debt instruments represented by government bonds of various terms and treasury transfers with a term of one year, and all of them carry an interest rate not exceeding 3% annually (with the exception of the recent issues of achievement bonds or others, in which the interest rate rises between 6.5 and 8.5% annually."

He pointed out that "mechanisms were adopted to pay interest or repay debt installments from the annual allocations allocated in the federal general budget. It is noted that the monetary authority, by deducting those internal government debts specifically, was able to liquidate them or convert them into cash by discounting them at the Central Bank of Iraq and through secondary market operations and within the scope of monetary policy activities that target growth in money supply, regulate economic liquidity and address the manifestations of economic recession during the past ten years."  

He added, "The Central Bank's holdings of internal public debt instruments (specifically), whether bonds or treasury transfers, are estimated at about 45% of the total internal debt."  

Saleh pointed out that "the growth of the domestic debt in particular during the last decade came as a result of two dual crises, the first: the financial-security crisis between 2014 and 2017 resulting from the drop in oil prices to less than half of their expected or indicated levels in the general budget law, accompanied by the increase in the expenses of the war on ISIS terrorism, which continued until Iraq was completely liberated from the clutches of terrorism."  

He continued, "The other crisis is the financial-health crisis that worsened in early 2020 and until 2021, which witnessed a sharp deterioration in global oil prices and reached less than half of their expected price rates as well, accompanied by the health crisis (the Corona pandemic) and the closure of the global economy, which caused a deterioration in budget revenues, whether oil or non-oil."   

He added, "Since the annual public budgets depend in their revenues on the revenues of exported oil, the revenues of which were exposed to a sharp decline during the two aforementioned dual crises, there was no suitable financial refuge for the financial authority except to borrow from the domestic banking market."  

He stressed that "despite the above, all of Iraq's internal and external public debts do not exceed $70 billion today, and their ratio to the gross domestic product is about 30%, while the global standard ratio indicating the ability to bear the debt reaches 60% according to European Union standards."

He concluded his speech by saying, "Therefore, there is effective cooperation today between the financial and monetary authorities, to draw a roadmap for extinguishing the internal debt in addition to the external one, and in accordance with the financial strengthening policy aimed at reducing the balance of public debt and reducing the annual deficit in the annual budgets, and in accordance with the standard ratios adopted globally in determining the debt-bearing capacity."  link

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Mot: ... A day of hope

Mot: . ((( heee heee heeee ))) - My Poor Puppy!!! 

Seeds of Wisdom RV and Economic Updates Saturday Afternoon 8-10-24

Good Afternoon Dinar Recaps,

DOLLAR SLIPS AGAINST DONG

"The U.S. dollar weakened against Vietnamese dong both at banks and unofficial exchange points Friday morning. 

Vietcombank sold the greenback at VND25,280, down 0.16% from Thursday."

"The dollar has increased against the dong by 3.52% since the beginning of the year. Globally, the dollar hovered close to a one-week high against major rivals on Friday, after the biggest drop in U.S. jobless claims in close to a year allayed fears of a looming economic downturn, Reuters reported."

"The U.S. currency extended gains against the Japanese yen to a fourth day, buoyed by a spike in Treasury yields following Thursday's firmer-than-expected employment data, which spurred a paring back in bets for Federal Reserve interest rate cuts this year."

@ Newshounds News™

Source:  VN Express

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JP Morgan has even said that stablecoin issuers who adhere to regulations will benefit from the upcoming regulatory crackdown AND GAIN MARKETSHARE💯

Looks like JP Morgan knows what’s coming.

@ Newshounds News™

Source:   Twitter  

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August 2024 Harvard Business Review: The Race to Dominate Stablecoins.

Yes, it is a race.

Companies are fighting to capture the market share that this new form of money is creating in the crypto universe.

“Stablecoins have the potential to REWIRE the global financial system and DISPLACE legacy payment systems like SWIFT.

@ Newshounds News™

Source:  Twitter

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"Bringing a trusted stablecoin onto XRPL will drive more adoption and development, contributing to a vibrant ecosystem." QUOTE from Brad Garlinghouse

"The stablecoin market is about $150B today, and is forecasted to exceed $2.8 trillion by 2028. There’s clear demand for stablecoins that deliver trust, stability, and utility. 

To meet this growing demand, Ripple will issue a stablecoin, leveraging its decade-plus of experience building real-world financial solutions for institutions around the world."

"This move is also monumental for the XRP Ledger community, driving more use cases, liquidity and opportunities for developers and users.

At launch, the stablecoin will be available on the XRP Ledger (XRPL) and Ethereum (ETH) blockchains, with plans to expand to additional blockchains and decentralized finance (DeFi) protocols and apps over time."

"Issuing our stablecoin on the XRP Ledger and Ethereum will serve as a pivotal entry point to unlock new opportunities for institutional and DeFi use cases across multiple ecosystems," added Monica Long, Ripple President.

 "The XRP Ledger’s native capabilities, including a decentralized exchange and automated market maker, were built to utilize XRP as THE BRIDGE ASSET."

LET'S CONSIDER THE QUOTES FOUND IN THIS ARTICLE AS WE CONTEMPLATE THE ROLE RLUSD WILL PLAY ALONG WITH XRP.

 IT'S OBVIOUS THAT RIPPLE HAS POSITIONED ITSELF AS A PIONEER IN THE DEFI ARENA.

RLUSD POSSIBLY BECOMING THE STABLECOIN OF CHOICE AFTER LAUNCH AND THE UTLITIY FACTOR THAT XRP PLAYS IN THE DIGITAL ECOSYSTEM, THERE CAN BE LITTLE DOUBT THAT RLUSD WILL ENHANCE THE MARKETABILITY OF XRP, EVEN THOUGH THEY PROVIDE ARE TWO COMPLETELY DIFFERENT PRODUCTS.

XRP WILL LIKELY RISE IN VALUE BASED ON ITS OWN USE AND UTILITY, BUT MAY SEE A BUMP IN VALUE WHEN RLUSD IS LAUNCHED.

@ Newshounds News™

Source:  Finance Yahoo

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All About ZiG, Zimbabwe’s Latest Shot at a Stable Currency

"IN the latest effort to devise a credible national currency, Zimbabwe in April replaced its dollar with the ZiG, short for Zimbabwe Gold. 

The new unit is backed by bullion and foreign currency reserves held at the central bank. It’s the country’s sixth attempt at establishing its own currency since 2008, when inflation crossed 500 billion percent, according to International Monetary Fund estimates."

"Not only did that render it worthless, it turned the unit into a global punchline: US Treasury secretaries would carry the notes as a reminder of the evils of hyperinflation.

 Confident that they’ve finally got it right, Zimbabwe has announced plans to go all-in on the ZiG and make it the southern African nation’s sole legal tender. That’s an audacious goal, given that the dollar still accounts for the bulk of transactions in the country."

What went wrong with the Zimbabwean dollar?

"Brought back to life in 2019 after a decade-long furlough when the country ran solely on foreign currency, the Zimbabwean dollar lost ground against the US dollar every trading day this year.

This had wiped around 80% off its value by the time newly appointed central bank Governor John Mushayavanhu put it out of its misery on April 5."

"The collapse had already forced more than four-fifths of the southern African nation’s economy to transact in US dollars for everything from food to medicine, with some businesses only accepting payment in greenbacks. 

Few people have forgotten the experience of 2008 when their savings were wiped out by inflation, so public trust in the local unit had always been low."

"The ZiG started trading on April 8 at an exchange rate of 13.56 to the dollar. 

Banks, mobile-money platforms, retailers and other intermediaries reconfigured their systems to take account of the new currency, though the process has been a bumpy one."

Where does the currency’s value come from?

"The central bank said the new currency would be fully backed by $100 million in cash and 2,522 kilograms of gold worth $185 million. New banknotes were released on April 30, and the central bank went on a publicity drive to raise awareness of the new currency. "

"They have also fined traders for refusing to accept payment in ZiG. The authorities say that dollar-denominated transactions have declined to around 70% from 85% when it was introduced."

"In early August, the cabinet said it had adopted a “de-dollarization roadmap” without providing details of when it would take effect, though President Emmerson Mnangagwa has hinted it could happen as early as 2026. Official statistics suggest that the ZiG has helped to rein in surging price pressures since its April launch, though there are only a few months’ worth of data to go on."

@ Newshounds News™

Source:  The Zimbabwe Mail

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WHERE IS THE LEGAL CLARITY UNDER THE BIDEN ADMINISTRATION TO THE CRYPTO INDUSTRY TO OPERATE LEGALLY IN THE US?

Crypto Industry execs met with White House officials to discuss crypto policy on August 8.  Representatives from Coinbase, Kraken, Ripple and Circle reportedly attended a video call with US policymakers to discuss their approach to crypto regulation.

IMO, THE FOLOWING IS THE MOST IMPORTANT THING DISCUSSED DURING THAT MEETING:

"The crypto executives reportedly pushed the Biden administration for regulatory clarity in the digital asset space, hinting at the removal of Securities and Exchange Commission (SEC) Chair Gary Gensler.

Many in the industry have criticized the SEC under Gensler for bringing enforcement actions against crypto firms that seemingly do not have a clear path to operate legally in the US."

Lawfirm Holland & Knight made the following statement in a report titled, "Blockchain & Cryptocurrency Laws and Regulations 2024":

"In the United States, cryptocurrencies have been the focus of much attention by both federal and state governments. 

At the federal level, most of the focus has been at the administrative and agency level, including the Securities and Exchange Commission (the “SEC”), the Commodity Futures Trading Commission (the “CFTC”), the Federal Trade Commission (the “FTC”) and the Department of the Treasury (the “Treasury”), through the Internal Revenue Service (the “IRS”), the Office of the Comptroller of the Currency (the “OCC”) and the Financial Crimes Enforcement Network (“FinCEN”).

While there has been significant engagement by these agencies, little formal rulemaking has occurred. Many federal agencies and policymakers have praised the technology as being an important part of the U.S.’s future infrastructure and have acknowledged the need for the U.S. to maintain a leading role in the development of the technology."

The Seeds of Wisdom Team " Roadmap ", has documented many laws that have been introduced in both the House and the Senate.  Some have passed the House or the Senate, but only one was passed by both the House and the Senate.  However, that bill was Vetoed by Biden.  

The industry executives were correct in saying that they are operating without a clear legal path to do so in the US.  The BRICs nations have Russia in the lead providing a framework for cross border payments and stablecoins.  

The EU Parliament has passed and implemented the Markets in Crypto-Assets (MiCA) to provide regulatory clarity to crypto businesses in the European Union.  

The US is way behind and needs to pass laws to provide not only legal clarity to the crypto Industry in the US, but also security and protection regulations to it's citizens.

@ Newshounds News™

Read more:  CoinTelegraph, Roadmap, Global Legal Insights

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More News, Rumors and Opinions Saturday PM 8-10-2024

KTFA:

Clare: JPMorgan Chase Supports Employees with AI Software from OpenAI

8/10/2024

JPMorgan Chase has rolled out a generative AI assistant to tens of thousands of its employees in recent weeks, the first phase of a broader plan to integrate the technology across the sprawling financial giant.

The software, called LLM Suite, is already available to more than 60,000 employees, helping them with tasks like writing emails and reports. It’s expected to eventually be as ubiquitous across the bank as video conferencing software Zoom, people familiar with the plans told CNBC.

Rather than developing its own AI models, JPMorgan designed LLM Suite to be a gateway for users to tap into large external models — the complex software that powers generative AI tools — and launched it with LLM from OpenAI, the maker of ChatGPT, according to the people.

“Ultimately, we want to be able to move seamlessly across models based on use cases,” Theresa Heitzenreither, JPMorgan’s head of data and analytics, said in an interview. “The plan is not to commit to a specific model of service providers.”

The move by JPMorgan, the largest US bank by assets, shows how quickly generative AI has spread across US businesses since ChatGPT arrived in late 2022.

 Rival bank Morgan Stanley has already released a pair of OpenAI-powered tools for its financial advisers.

Tech giant Apple said in June it was integrating OpenAI's models into the operating system of hundreds of millions of its consumer devices, significantly expanding its reach.   LINK

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Clare:  Prime Minister's Advisor: The government has established a roadmap for the economic model in Iraq

8/10/2024 Baghdad-INA- Nassar Al-Hajj 

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, defined today, Saturday, the vision of the government's program regarding the economic model, and while he indicated that it will direct investment decisions to achieve their goals, stressing that the government of Prime Minister Muhammad Shia Al-Sudani has established a road map for the work of the economic model in Iraq.

Saleh told the Iraqi News Agency (INA): "The economic model is a mathematical model used to represent the economy and analyze the behavior of various economic factors, as these models are used to understand how economic elements interact."

Indicating that "at the level of the philosophy of the Iraqi government curriculum, the basics of modeling the Iraqi economy were launched from an important vision based on the principle of analyzing the entire economy, taking into account the overall variables, most notably the basics of development and growth in the gross domestic product and imposing stability and effective operation of the joints of the national economy and the level of its interconnections."

He added that "the current digital life helps to use computing to conduct simulation experiments to understand the potential effects of various economic policies and adopt optimal paths from them," stressing that "Iraq has established in its government curriculum a practical foundation and a roadmap for the work of the economic model for Iraq through the development path strategy, since the beginning of the government of Prime Minister Mohammed Shia al-Sudani."

He pointed out that "the state of economic imbalance and its severe unilateralism has always required thinking about the future of the economy through an approach based on generating an alternative sector that leads the national economy."

Explaining that "the development path program is an academic viewpoint, and what the German economic thinker Albert Hirschmann presented in his famous book (Economic Development Strategy) published in 1958, in combating the state of imbalance and economic unilateralism with a theory based on economic development weight, and a leader for the economy that provides a high degree of backward and forward sectoral interconnections and high interactivity that achieves sustainable growth and restores balance in the long term for the national economy."
He pointed out that "this theory emphasizes in its model the need to invest in strategic sectors with a specific high priority instead of investing in all sectors at once," adding that "according to this theory, other sectors will develop automatically over time, and from this standpoint the idea of ​​the economic model for the future of Iraq in prosperity and diversity was born, which is undoubtedly based on a strategy for the overall economy based on the development path."

Saleh noted that “this development strategy and the economic model that drives the macroeconomic variables, did not separate from it the vision of partnership between the state and the private sector and the principles of the social market within the data of the five-year national development plan and its objectives that were recently launched,” concluding his speech by saying that “the economic model or model for Iraq that we aspire to establish will provide the predictive foundations for evaluating economic policies and directing investment decisions to achieve their specific objectives in an optimal manner.”   LINK

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

Militia Man  Why did Al-Sudani say to the world that the Iraqi dinar is stronger than the dollar?  Was he lying?  ...I don't think he was.  We have to just wait and see how things progress because it wasn't said just once, he said it more than once.  For a Prime Minister of a country to say something there was probably some reasoning for it, meaning behind it.  That's his words not mine.

Militia Man   Article:  "Urgent: Central Bank Governor: No intention to reconsider dollar exchange rates, we are undergoing a major transformation"  Does Alaq have any control whatsoever over the dollar?  No, not at all.  But what does he have control over?  When he states he's not going to do anything about the dollar he means it because he can't.  But what he does have control to change the exchange rate of the dinar.  He has that control. 

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Electronic iqd

Nader:  8-10-2024

https://www.youtube.com/watch?v=SDWSOm_jpY0

Bigger number in Baghdad

Nader:  8-10-2024

https://www.youtube.com/watch?v=7jhOgVxpR3k

Economist’s “News and Views”

Stocks Dropped 89% - Will It Happen Again? | Alasdair Macleod

Liberty and Finance:  8-9-2024

Financial analyst Alasdair Macleod draws parallels between current market conditions and those of 1929, just before the Great Depression.

He observes that the disparity between bond yields and equity valuations today mirrors the imbalances seen before the 1929 crash.

This disconnect could lead to a severe market correction, similar to the initial panic that triggered the Great Depression.

 Macleod warns that while central banks attempt to stabilize the situation, the underlying economic issues could result in a prolonged and significant downturn.

https://www.youtube.com/watch?v=O9uTClRuR9c

BRICS Advances Toward Independent Digital Payment Platform, Russian Official Says

Geopolitical analyst:  8-9-1014

The BRICS economic bloc is progressing towards a digital payment platform, Russia’s Federation Council Speaker Valentina Matviyenko has revealed. The initiative, named BRICS Bridge, aims to establish an independent financial system. This system could mitigate dependency on Western institutions, especially amid sanctions and Russia’s SWIFT disconnection.

https://www.youtube.com/watch?v=LiB8O5O46Rs

Fed Broke Another Central Bank, Global Sovereign Debt Crisis & Financial Turmoil Coming – Ed Dowd

Kitco News:  8-10-2024

Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, interviews Edward Dowd, Founding Partner of Phinance Technologies, who warns that the Federal Reserve finally broke something as interest rates remained at 23-year highs for over a year.

Dowd explains that during this rate-hike cycle, what ended up breaking was another central bank – the Bank of Japan.

He outlines the consequences of this and says the clock has started counting down towards a global debt crisis. Dowd shares his macro outlook while also weighing in on geopolitical tensions and potentially identifying the next ‘Black Swan’ event.

 He also gives his outlook on banking, projecting more stress and consolidation in the sector. Dowd warns of a scenario that could open the door to a central bank digital currency (CBDC).

He also speaks about U.S. elections, the U.S. dollar, Bitcoin and gold.

00:00 Coming Up

01:49 Introduction: The Fed Finally Broke Something

04:01 Fed's Actions and Economic Indicators

06:09 Global Debt Crisis and Japan

09:24 Yen Carry Trade 14:60 Geopolitical Tensions and Economic Implications

23:59 Banking Sector Outlook and CBDC Concerns

 29:48 CBDCs 36:55 Macro Outlook

44:14 The Future of the Dollar and De-dollarization

https://www.youtube.com/watch?v=Cdom1Of0FMY

“Tidbits From TNT” Saturday 8-10-2024

TNT:

Tishwash:  Parliamentary Committee: The decline in oil prices will not affect the budget

On Saturday, the Parliamentary Oil and Energy Committee in the House of Representatives renewed its assertion that the drop in oil prices to $70 per barrel will not affect the budget. 

Vice Chairman of the Committee, Nehru Mahmoud Qadir, told the Maaloma Agency, “There are concerns if the price of a barrel of oil reaches less than $70 in next year’s budget.” 

He added, "The price of a barrel of oil was calculated at $70 in the budget for the year 2024, indicating that the slight fluctuation in oil prices will not affect it."

He stressed that "employees' salaries are fully insured even if oil prices drop to $70."  link

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Tishwash:  Central Bank Governor Participates in a Workshop Specialized in Electronic Payment

His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, participated in a specialized workshop on accelerating the transition to electronic payment, sponsored by the Prime Minister, and organized by the Osool Foundation for Economic Development and Sustainable Development.

His Excellency the Governor said during his speech at the workshop: The Central Bank of Iraq works side by side with the government program and the Prime Minister's direction to support electronic payment, and we are proud of what we have achieved so far. In 2023, the amounts processed through the national switchboard witnessed a significant increase, reflecting the development of the infrastructure and the expansion in the use of electronic payment channels and the impact of the campaign launched by the Prime Minister to activate electronic payment operations in general, and in the government sector in particular. His Excellency added that these upward trends continued to develop in 2024, as the amounts processed in the national switchboard systems amounted to more than (2) trillion Iraqi dinars in July alone, compared to (800) billion dinars in the same month of 2023, after which it became (1) trillion dinars in January of 2024, and government payments witnessed an additional increase, reaching (912) billion Iraqi dinars last July compared to (287) million dinars in the same month of 2023. 

His Excellency pointed out that payment operations at fuel stations in Baghdad alone increased significantly, recording more than (44) billion dinars in July of this year, compared to (183) million dinars in July of 2023 and (4.5) billion dinars in December 2023, revealing a huge increase in the number of points of sale (POS) to reach more than (50) thousand points of sale this year compared to approximately (11) thousand POS points of sale at the beginning of 2023, and thousands of them are in government institutions after they were zero before the launch of the campaign in June 2023.

Expressing his hope that government institutions will adopt the establishment of units specialized in electronic payment technologies to work on following up and developing this important aspect. 

Central Bank of Iraq 
Media Office 
August 10, 2024  link

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Tishwash:  Document.. The Iraqi judiciary settles the controversy over whether the governor of the Central Bank should remain in his position or not

 The Supreme Judicial Council in Iraq supported the State Council’s decision to refer the Central Bank Governor, Ali Al-Alaq, to ​​retirement after reaching the legal age.

The Supreme Judicial Council said in an official document, a copy of which was received by Shafaq News Agency, that the same subject was studied by the Studies Committee in the Presidency of the Judicial Supervision Authority, and the same opinion of the State Council was reached in the two aforementioned decisions.

The House of Representatives had sent a letter to the Supreme Judicial Council inquiring about the judiciary’s opinion on the permissibility of the bank governor continuing in service after reaching the legal retirement age.

The State Council has decided the official position on whether or not the Central Bank Governor, Ali Al-Alaq, will continue in his position, confirming that he has exceeded the legal retirement age.

It was stated in correspondence between the State Council and Parliament, in response to the House of Representatives’ request to clarify the opinion of the State Council regarding the permissibility of the Governor of the Central Bank continuing in service after reaching the legal retirement age.

The State Council had explained, according to the documents, that Clause (First) of Article (103) of the Constitution stipulated that the Central Bank shall be a financially and administratively independent body whose work shall be regulated by law and which shall be accountable to the House of Representatives. Article (2) of the Central Bank Law issued pursuant to Order No. (56) of 2004 of the (dissolved) Provisional Coalition Authority stipulated that the Central Bank shall be a legal entity with full capacity and independence and subject to accountability.

He pointed out that the legislator has explicitly stipulated that retirement upon reaching the legal age is an inevitable retirement by law unless exempted by a special provision, and since there is no special provision exempting the Governor of the Central Bank from the provisions of inevitable retirement upon reaching the legal age.

The State Council confirmed that the legal principle states: “Heads of independent bodies are subject to the legal retirement age.”  link

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Tishwash: Iraq loses $52 billion in foreign investment due to "corruption"

On Saturday, the head of the "Iraq Al-Mustaqbal" Foundation concerned with economic affairs, Manar Al-Obaidi, referred to the latest report of the United Nations Development Program, which revealed the exit of more than 5 billion US dollars in foreign direct investments from Iraq in 2023. 

The report showed, according to Al-Obaidi, that Iraq lost foreign investments worth more than 52 billion US dollars from 2013 to 2023.

Al-Obaidi stressed, in a statement received by Shafak News Agency, the importance of foreign investments in stimulating economic growth, increasing job opportunities, and transferring knowledge, stressing that foreign investments are an important source of income for funds not linked to state revenues or local investments.

Al-Obaidi identified the main reasons for the exit of these investments from Iraq, which include the deteriorating business environment, lack of transparency, accumulated bureaucracy, and multiple and conflicting decision-making sources, explaining that the lack of clear laws to protect foreign investors’ funds also contributed to this deterioration.

Al-Obaidi described the private sector support programmes as “weak slogans”, pointing out that the totalitarian and socialist thinking is prevalent in government institutions, which has negatively affected the objectives of investment agencies that have focused mainly on local real estate investments rather than in the fields of energy, infrastructure and productive projects.

Al-Ubaidi stressed that the continuation of socialist and pastoral thinking in government agencies will lead to the continued draining of foreign investments from Iraq. 

He stressed the need for a real will to improve the business environment through three basic elements: transparency, facilities, and protection, in order to attract foreign investors and strengthen the Iraqi economy.   link

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Mot:  ..... OK Gals!! -- What Can Ya Do With $5......

Mot: ... Once More - a Great Person Saying ~~~~~

News, Rumors and Opinions Saturday AM 8-10-2024

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

RV Excerpts from the Restored Republic via a GCR: Update as of Sat. 10 Aug. 2024

Compiled Sat. 10 Aug. 2024 12:01 am EST by Judy Byington

Global Currency Reset: (Opinions/Rumors)

Bruce: Over 1500 Farm Claims have been paid out. Prosperity Packages National Guard deliveries started on Fri. 9 Aug. We would get notification to set appointments for Tier 4B and Tier 4A by noon Sat. 10 Aug. The new currency rates were trading on the Forex till Sunday 11 Aug. at 5pm.

Wolverine:

A trusted military intelligence contact confirmed that GCR Liquidity release began at exactly 3:00 PM PDT on Wed. 7 Aug. 2024 and would unfold over the next 72 hours. “The Sovereign Committee and US federal government have just approved T4A and B payments – this has started Reno, Miami, and other East Coast states.”

Those holding ZIM bonds will receive a $500 million advance until structured payments begin.

All non-ZIM FX proceeds will be immediately accessible.

For those who choose to place their funds under a structured payment program (SPP), there will be an advance of up to $250 million until the first SPP payment is made.

Distributions are scheduled to begin after Sat. 10 Aug.

Mid-September was anticipated to be a period of substantial activity of significant financial movement.

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

On Fri. 9 Aug. 2024 the below briefly appeared on a John F. Kennedy Jr. Telegram site, but then disappeared so it is not known if it was valid or not: John F. Kennedy Jr.

Sources said delays were from making sure QFS system and all the test clients were done perfectly so they can see their funds in their accounts (or hold SKRs) but would not be able to use these funds until the shotgun start has started.

Understand that the Swift System might still be in use until all old currency has been declared useless, but those evil sources are still trying their best to keep it open or slow down the exchange.

Sources say Monday/Tuesday for release of emails/800#

International Default Rates (not Humanitarian):

Dinar will value at a “RI” rate from the time Iraq was invaded which would put it around $3.22 – $3.78

Zim was being offered at a default rate of first two 100T aa bond notes up to 30 T notes at $20 Million each, 31 T notes and up would default to $15 million decreasing the more notes you own.

HOWEVER the AA Zim are Bonds and we have been told they can NOT be renegotiated, ASK for the contract/solverant rate

These rates can be negotiated on your second visit with your projects and team members.

You will have 90 days to exchange
Have all currency on a spreadsheet and a copy for your appointment personal.
Currency should be separated by countries and denominations
Have your projects ready with a copy for your appointment personal.
Have your amounts ready to take care of your immediate needs.
No cash will be given, but an account of 50,000 to 100,000 will be put in your account
You can bring accountants, lawyers, banker and or family members but all must sign a NDA

The money from your birth certificate is already deposited in that account, as well as the repayment of the loans you have requested, student loans, mortgages, etc.

We all have monies that is ours in those accounts. You do not need to have Zim Bonds or Dinar. It is money that you have earned during your life and that is in that account.

Once everyone has collected the bonuses, the general public will come, they will be called to the redemption center, they will be given a QFS card and they can use their money.

~~~~~~~~~~~

Global Financial Crisis:

Fri. 9 Aug. 2024: Bank of England expected to lose £254 BILLION from the QE money printing programme since December 2021 – The Economist

Fri. 9 Aug. 2024: Number of bankruptcies in Germany “unexpectedly” rose in July to the highest level in about ten years. https://www.berliner-zeitung.de/news/iwh-zahl-der-insolvenzen-im-juli-auf-rekordwert-gestiegen-berlin-besonders-betroffen-li.2242948

Fri. 9 Aug. 2024 US Traders lose billions on volatility short after Stocks Rout: https://www.reuters.com/markets/us/traders-lose-billions-big-volatility-short-after-stocks-rout-2024-08-07/

Major US Banks shut down 33 locations in just two weeks:

National banks continue to shut down branches at an alarming rate, with multiple locations being shuttered in just two weeks in July.

33 is a significant number for “them”

Florida lost the most branches, with Ohio, Virginia and Texas following with three branches each in those states.

Bank of America closed 100 branches in 2024 alone.

California saw the most closures at 72 while New York was second with 51 and Pennsylvania had 40 branches closed.

Banks closing branches include:
1. Chase
2. Lemont
3. PNC
4. Dollar Bank
5. Axiom Bank
6. Wells Fargo
7. Zions Bancorporation
8. Capitol, Citizens
9. Bank of America

Read full post here:  https://dinarchronicles.com/2024/08/10/restored-republic-via-a-gcr-update-as-of-august-10-2024/

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

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

Mnt Goat   My CBI contact said...that the GOI has not yet accepted his [Ali Al-Alaq] resignation and so it is not final...The news media ran off half cocked with the story... She said let’s wait and see what happens to Mr. Alaq.  If he stays, he has to agree to work with the Feds and the US Treasury and work out a satisfactory plan, then take it back the Finance Committee and explain it. He is scheduled for a trip to the US for this purpose very soon...  [Post 1 of 2....stay tuned]

Mnt Goat  She [CBI contact] thinks he will remain as the proxy director for a period more...  I believe he does...have   the best interest of the country in mind with his policies. He has talked about reviving the Iraqi dinar to 1980’s levels. This is what we all want as investors...Let’s see what happens. [Post 2 of 2] 

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

DOLLAR CRASH & END OF EMPIRE: Iran War, Dollar's Loss of Reserve Status, Propaganda | Dr. Ron Paul

Lena Petrova:  8-9-2024

https://www.youtube.com/watch?v=YEf35ERXj5w

Was Deep State Interference Exposed in Blocking Iraq’s Currency RV?

Was Deep State Interference Exposed in Blocking Iraq’s Currency RV?

On August 8, 2024  By Awake-In-3D

Recent leadership changes at Iraq’s Central Bank have raised suspicions of a hidden agenda. Could deep state operatives be behind the move to obstruct Iraq’s currency revaluation?

If you’re curious about what’s really going on with Iraq’s Central Bank, you’re not alone. Recent changes in leadership have sparked a lot of intriguing questions in my mind about Western (G7) deep state interference.

Mustafa Ghaleb Mukheef, the former Governor, has been replaced by Ali Mohsen Al-Alaq, but why? Some say it’s because of the Iraqi Dinar’s sharp decline, but there’s a deeper story here.

Mukheef might have been involved in a covert agenda by Western deep state operatives to block Iraq’s efforts to revalue its currency.

This article explains the allegations, the investigations, and what these events mean for the future of the IQD.

In This Article

• Leadership Changes Amidst Depreciation of the IQD Currency Rate

• Scrutiny of the New Acting Governor

• Investigations and Allegations of Mismanagement

• The Deeper Implications: Hidden Agendas

The sudden replacement of Mustafa Ghaleb Mukheef, the Governor of the Central Bank of Iraq (CBI), has raised eyebrows. Was this merely a response to the depreciating value of the Iraqi Dinar (IQD), or are there deeper, more sinister reasons at play?

Leadership Changes Amidst Depreciation of the IQD Currency Rate

The Iraqi Dinar has depreciated significantly, losing around 7% of its value in just two months.

Mukheef’s replacement, Ali Mohsen Al-Alaq, who previously held the position from 2014 to 2020, has returned as the “acting” governor.

The conflicting reports about Mukheef’s departure—whether a resignation or dismissal by Prime Minister Mohammed Shia al-Sudani—add to the intrigue.

The depreciation of the IQD currency rate alone doesn’t seem sufficient to explain such drastic leadership changes. Could there be more to Mukheef’s exit than meets the eye?

Scrutiny of the New Acting Governor

Al-Alaq’s extended interim appointment has not gone without scrutiny.

Hadi Al-Salami, a member of Iraq’s Integrity Committee, disclosed ongoing investigations into Al-Alaq’s tenure. According to Al-Salami, the Prime Minister was urged to terminate Al-Alaq’s appointment due to alleged violations.

Despite these calls, Al-Alaq remains in his position, raising questions about his true role and influence.

Investigations and Allegations of Mismanagement

The Integrity Committee has referred several issues to the Integrity Commission and the Public Prosecutor, including alleged mismanagement of exchange rates and financial irregularities.

Substantial sums of money and benefits have reportedly accrued to various Arab and foreign banks, sparking further investigation.

Additionally, Al-Salami revealed that the Acting Speaker of Parliament has agreed to host Al-Alaq in upcoming sessions to address numerous questions about his actions as governor.

Al-Alaq’s defense centers on his claims of effective management and forthcoming discussions with the Federal Reserve and the US Treasury Department.

The Deeper Implications: Hidden Agendas

Mukheef’s replacement may not simply be about the depreciation of the IQD currency rate.

There are suspicions that Mukheef could have been a Western (G7) deep state operative, deliberately stalling Iraq’s progress towards the Iraqi Dinar revaluation.

Soran Omar, a member of the Iraqi parliament’s Economic Committee, announced that Al-Alaq has reached retirement age and submitted his resignation to the Prime Minister.

However, Al-Alaq’s continued presence, despite reaching the legal retirement age, suggests powerful backing that defies standard procedures.

The Bottom Line

The leadership changes at the Central Bank of Iraq raise more questions than answers.

While the official narrative cites the depreciation of the IQD currency rate, the persistence of allegations, the unusual circumstances surrounding appointments, and the shadow of potential Western deep state influence suggest a more complex reality.

As Iraq faces critical decisions on the Iraqi Dinar revaluation, the true motivations behind these moves warrant closer examination.

=======================================

© GCR Real-Time News

Visit the GCR Real-Time News website and search 100’s of articles here: Ai3D.blog

Join my Telegram Channel to comment and ask questions here: GCR_RealTimeNews

Follow me on Twitter: @Real_AwakeIn3D

Seeds of Wisdom RV and Economic Updates Friday Afternoon 8-9-24

Good Afternoon Dinar Recaps,

Trump Jr. to Launch Crypto Platform, to “Take on” Banks

PAY ATTENTION TO THIS ONE. THIS ARTICLE IS ANOTHER CONFIRMATION THE DIRECTION OF THE FINANCE WORLD .

"On August 8, Donald Trump Jr. revealed plans for a new DeFi platform aimed at addressing banking access inequality. During a Q&A session on the subscription-based platform Locals, Trump Jr. clarified that this venture is not a memecoin but a comprehensive crypto platform designed to take on traditional banking systems."

“This isn’t about creating a memecoin,” Trump Jr. stated, emphasizing that his initiative represents a broader and more impactful platform. However, he did caution that it will be some time before the project comes to fruition, withholding specific timelines for now.

"He expressed frustration with the current financial system’s exclusivity and its tendency to limit financing opportunities to select individuals. “Decentralized finance is very appealing to me, especially for those of us who have been debanked,” he said.

"Speculation about the new crypto project surged earlier in the week after Trump Jr. tweeted about DeFi, leading many to believe it might involve a new memecoin. On August 7, he posted on X, “We’re about to shake up the crypto world with something HUGE. Decentralized finance is the future — don’t get left behind.”

"Trump Jr. also warned against fraudulent tokens claiming affiliation with the Trump name, stating, “I love the crypto community’s enthusiasm for Trump, but beware of fake tokens. The only official project will be announced by us directly, and it will be fair for everyone.”

@ Newshounds News™

Source:  CryptoTimes

~~~~~~~~~

RIPPLE´S STUART ALDEROTY MENTIONS THE PHRASE "HITTING THE #RESET BUTTON" FOUR TIMES IN HIS INTERVIEW WITH CNBC

 CLICK ON THE LINK TO HEAR THE 1 MINUTE INTERVIEW

1) "[...] FINALLY, THIS ADMINISTRATION WILL TURN THE PAGE ON THEIR WAR ON CRYPTO AND HIT THE RESET BUTTON."

2) "[...] AND THIS ADMINISTRATION TRULY IS SERIOUS ABOUT HITTING THE RESET BUTTON ON THEIR WAR ON CRYPTO, THERE SHOULD BE NO APPEAL."

3) "WHAT WE NEED AS A COUNTRY IS TO HIT THE RESET BUTTON [...] AND CREATING CLEAR LAWS."

4)  "THE COMBINATION OF OUR LITIGATION OUTCOME, THE COMBINATION OF THE ELECTION SEASON WE´RE IN, WE CAN REALLY SEE A RESET BUTTON HERE"

@ Newshounds News™

Read more:  X formerly Twitter

~~~~~~~~~

Speaking of RESET

Here is the New US Debt Clock image from yesterday

AND NEW BOXES WERE ADDED TO THE DEBT CLOCK YESTERDAY

@ Newshounds News™

Source:  US Debt Clock

~~~~~~~~~

RIPPLE RIPPLE RIPPLE

"Testing, testing…RLUSD! We’re excited to share that Ripple USD (RLUSD) is now in private beta on XRP Ledger and Ethereum mainnet. RLUSD has not yet received regulatory approval and therefore is not available for purchase or trading – please be cautious of scammers who claim they have or can distribute Ripple USD"

"RLUSD will be valued 1:1 to the US dollar (USD) and 100% backed by US dollar deposits, short-term US government treasuries, and other cash equivalents. These reserve assets will be audited by a third-party accounting firm, and Ripple will publish monthly attestations."

"This is a significant milestone and a step closer to bringing more high-quality assets to the XRP Ledger, driving new opportunities, liquidity, and institutional use cases for users, developers, and applications."

@ Newshounds News™

Source:  X formerly Twitter

~~~~~~~~~

BRICS Strike Back: Russia and India Team Up to Challenge Dollar Dominance

The trend of de-dollarization continues to gain traction despite many analysts saying the threat is overblown as India and Russia have announced a new partnership that will see their respective payment systems – India’s RuPay and Russia’s MIR – integrated to allow for seamless cross-border transactions without the need for U.S. dollars.

The partnership announcement follows the recent visit by India’s Prime Minister Narendra Modi to Moscow, during which the two countries forged new alliances and trade agreements.  At the meeting, India confirmed its commitment to open trade with Russia, a key BRICS counterpart, and will facilitate trade using the RuPay and MIR payment systems.

As part of their agreement, Russian President Vladimir Putin and Modi reportedly set a goal to achieve $100 billion in trade turnover between Russia and India by 2030.

As part of their agreement, Russian President Vladimir Putin and Modi reportedly set a goal to achieve $100 billion in trade turnover between Russia and India by 2030.

@ Newshounds News™

Source:  InfoBrics

~~~~~~~~~

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Is U.S. Dollar Becoming an ‘Unhinged Paper Currency’? ‘It’s Worst It’s Ever Been!’ – Art Laffer

Is U.S. Dollar Becoming an ‘Unhinged Paper Currency’? ‘It’s Worst It’s Ever Been!’ –  Art Laffer

Kitco News:  8-9-2024

Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, interviews Dr. Arthur Laffer, Founder & Chairman of Laffer Associates and Former Economic Advisor to President Reagan and President Trump.

 Laffer says the U.S. dollar is moving towards becoming an “unhinged paper currency.” He discusses de-dollarization, the implications of the weaponization of the U.S. dollar, and the competing global payment alternatives gaining traction, including Bitcoin and gold.

00:00 Coming Up

 02:07 Introduction: U.S. Dollar

 04:27 Global Economic Decline

07:23 U.S. Economic Indicators

 15:18 Trade and Sanctions

19:24 De-dollarization and Global Monetary System

26:06 Economic Policies and Future Outlook

40:46 King Dollar and Global Prosperity

 41:24 U.S. Economy

43:14 Sanctions vs. Military Strength

47:02 The BRICS and Alternative Currencies

 52:53 Bitcoin as a Strategic Reserve Asset

 01:10:14 Global Economic Prosperity

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

“Tidbits From TNT” Friday 8-9-2024

TNT:

Tishwash:  Sudden escalation"... America threatens Iran with a "devastating strike" and reveals a message to it

America threatened Iran today, Thursday, August 8, 2024, with a "strike and devastating consequences" if it launched a major attack against Israel, in revenge for the assassination of former political bureau chief Ismail Haniyeh in Tehran at the end of last month.

The Wall Street Journal quoted an American official as saying, "We warned Iran that it could suffer a devastating blow if it launched a major attack on Israel."

"We sent a message to Iran that there is a risk of escalation if it launches a major retaliatory attack," the US official added.

He said, "Our message to Tehran did not include a threat to carry out an American strike against targets in Iran," stressing that "they warned Iran of consequences for its economy and the stability of its government if it launched a major attack."

For its part, the US State Department announced that "escalating the conflict could harm the Iranian economy," adding, "We continue to make clear to Iran that it should not escalate the conflict."

The US State Department stated that the US administration "does not communicate directly with Hezbollah, but we have partners in the region who are talking to the party."

The world, the countries of the region, and Israel are awaiting the Iranian military response to the assassination of the former head of the political bureau, Ismail Haniyeh, at his residence in Tehran on July 31, a day after the inauguration of the new Iranian president.

In the latest Iranian threats, Iran's acting Foreign Minister Ali Bagheri told France Presse today, "Our response to Haniyeh's assassination will be costly for Israel, but it will be in the interest of the region's security," stressing that "Israel is not in a position to wage war against Iran." link

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

Tishwash:  Parliamentary Committee: Consultative meetings to amend the Investment Law

A member of the Parliamentary Investment Committee confirmed, on Friday, that consultative meetings will be held to amend the investment law in the country.

 Committee member Asaad Al-Bazouni told {Al-Furat News} agency that “ the parliamentary investment committee is working on amending the investment law, especially with regard to industrial investment, and discussing its paragraphs through large advisory sessions, especially since Iraq is now heading towards the private investment sector, so there is a need for the law to be suitable for the Iraqi environment and for investors from other countries.”

Al-Bazouni pointed out that "work is underway on the law because it is of great importance in the field of investment, especially since Iraq needs investment because Iraq relies on oil and other simple resources," indicating that "by activating investment and the private sector, there will be other doors for Iraq's income. The budget now has a large deficit and the decline in oil prices is declining and putting us in a big problem, especially since the budget was calculated on the basis of $60 per barrel."

 He added, "Reliance on oil resources causes us major problems, and we must rely on more than one resource. Iraq is capable in its industry, agriculture, investment, and lands, and we need to provide a safe and suitable environment for economists, foreign investors, and major international companies . "link

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

Tishwash:  Parliamentary Finance: Political and economic reasons prevent Iraq from opening foreign currency channels

The Parliamentary Finance Committee confirmed, today, Friday (August 9, 2024), that there are political and economic reasons preventing Iraq from opening channels for foreign currencies other than the dollar.

Committee member Jamal Kojer said in an interview with Baghdad Today, "Iraq's failure to open channels for foreign currencies other than the dollar is certainly due to political and economic reasons and internal and external factors."

Kocher explained that "opening a window for foreign currencies is done through the presence of tourism, various foreign investments, and foreign industry inside Iraq, and until now the security environment and the political environment are not conducive to providing such an atmosphere, and for this reason there is no window for foreign currencies, and therefore the matter is limited only to dealing in dollars."

It is noteworthy that the Central Bank of Iraq decided on July 4, 2024, to start selling dollars to travelers, exclusively through corporate and banking outlets at international airports.

Meanwhile, the Central Bank decided to grant category “AB” exchange companies the ability to record internal and external remittance activities via the FITR platform.  link

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

Tishwash:  Revealing the ministries that constitute 80% of the value of salaries in Iraq

Today, Thursday, August 8, 2024, the head of the "Iraq the Future" Foundation for Economic Studies and Consultations, Manar Al-Obaidi, revealed the ministries that constitute 80% of the value of salaries in Iraq.

Al-Obaidi said in a post on Facebook, followed by Sumaria News, that the ministries that constitute 80% of the value of salaries are: the Ministry of Interior 14 trillion dinars annually, the Ministry of Education 10 trillion dinars annually, the Ministry of Defense 8 trillion dinars annually, the Council of Ministers and all the bodies under it 6 trillion dinars annually, in addition to the Ministry of Health 5.6 trillion dinars annually, and higher education 2.6 trillion dinars annually, in addition to the Council of Representatives 500 billion dinars annually.

He added that most ministries witnessed annual growth in their salaries during 2024 and 2023, noting that some ministries, such as electricity, oil, industry and communications, have mostly self-financed directorates, so their salary schedules do not appear in the government's operating expenses.  link

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

Mot: . You's Ready?? -- I's Ready - I Is!!!

Mot: ....... Hmmmmmmmmmmmm - No Comment! – LOL  

Zimbabwe Approves Roadmap to Replace US Dollar with Gold-Backed Currency

Zimbabwe Approves Roadmap to Replace US Dollar with Gold-Backed Currency

August 7, 2024

HARARE– Zimbabwe’s cabinet has approved a comprehensive plan to transition from the US dollar to the country’s gold-backed currency, the Zimbabwe Gold (ZiG), in economic transactions.

The roadmap for this shift will be detailed by Finance Minister Mthuli Ncube.

“On modalities to operationalize the ZiG currency as legal tender for use in the economy, a de-dollarization roadmap is now in place,” Information Minister Jenfan Muswere announced at a post-cabinet briefing in Harare on Tuesday.

He mentioned that the timeline for implementation would be presented by Minister Ncube but did not specify when this announcement would occur. The Treasury has not provided immediate comments on the matter.

For the past 15 years, Zimbabwe has heavily relied on the US dollar, which currently constitutes about 70% of all economic transactions, according to central bank data. When the gold-backed ZiG was launched in April, the dollar was used in 85% of transactions.

President Emmerson Mnangagwa has indicated that the ZiG might become the sole currency by 2026, ahead of the initial target year of 2030, a move that has garnered support from the banking sector.

In the interim, authorities are planning to increase penalties for those involved in “unjust price hikes, manipulation of the ZiG currency, smuggling, and all forms of unfair trade practices” to encourage the adoption of the ZiG, Muswere stated. The fines will be raised from a minimum of $200 to a maximum of $5,000 or the equivalent in ZiG.

Source: (Bloomberg)

https://www.thezimbabwemail.com/banking/zimbabwe-approves-roadmap-to-replace-us-dollar-with-gold-backed-currency/#google_vignette

Seeds of Wisdom RV and Economics Updates Friday Morning 8-9-24

Seeds of Wisdom RV and Economics Updates Friday Morning 8-9-24

CFTC announces $1M award for crypto whistleblower
The United States Commodity Futures Trading Commission (CFTC) announced that a whistleblower who assisted the financial regulator in an enforcement action “connected to digital asset markets” would receive a $1 million reward.

In an Aug. 8 notice, the CFTC said it had brought an enforcement action against a firm connected to the digital asset space based on “information about improper trading” provided by an unnamed whistleblower. The regulator did not suggest which crypto firm it was referring to.

“Identifying unlawful conduct in the digital asset marketplace is a major priority for the CFTC, especially as everyday Americans are increasingly victimized by digital asset scams,” said CFTC enforcement director Ian McGinley. “During the last fiscal year, digital asset cases accounted for almost 50% of the CFTC’s docket, and the majority of whistleblower tips that year were related to digital assets.”

@ Newshounds News™
Source:  Coin Telegraph

~~~~~~~~~

FTX, Alameda Research Must Pay Customers $12.7 Billion In Fraud Suit

Collapsed crypto exchange FTX and its sister trading firm Alameda Research must pay $12.7 billion to resolve a suit from the Commodity Futures Trading Commission (CFTC), according to a court order on Thursday, marking the latest financial blow for convicted head Sam Bankman-Fried’s once thriving crypto empire.

THIS COULD BE THE CASE ASSOCIATED WITH THE $1M Whistleblower Payout!

@ Newshounds News™
Source:  Forbes

~~~~~~~~~

US lawmakers introduce legislation to expand Secret Service authority in battling crypto crimes

The bill aims to address the urgent need for robust measures against the complex landscape of digital asset crimes.

A new bill introduced in the Senate seeks to strengthen the US Secret Service’s authority to investigate crimes involving crypto.

The bipartisan effort, led by Senator Catherine Cortez Masto (D-NV) and Senator Chuck Grassley (R-IA), aims to combat transnational cybercriminal activities, including unlicensed money-transmitting businesses, structured transactions, and fraud against financial institutions.

The bill aims to address the urgent need for robust measures against the complex landscape of digital asset crimes. The lawmakers said the legislation will empower the Secret Service to act decisively against these threats, ensuring the safety and security of the financial system.

Expanding authority
The proposed legislation aims to expand the Secret Service’s investigative authority, granting it increased jurisdiction to address crimes involving digital assets, including fraud, money laundering, and illegal money-transmitting businesses.

This expansion will equip the agency with the necessary tools to tackle the evolving nature of cybercriminal activities. According to Grassley:

“Cybercriminals are becoming more innovative and elusive. By enhancing the Secret Service’s authority, we can better protect Americans from financial fraud and other cyber-related crimes.”

The bill encourages enhanced collaboration between the Secret Service and other federal agencies, such as the Department of Justice and the Financial Crimes Enforcement Network (FinCEN).

@ Newshounds News™

Source:  CryptoSlate

~~~~~~~~~

BitGo secures major payment license from Singapore’s MAS

California-based digital asset trust and security company BitGo has received a Major Payment Institution license from the Monetary Authority of Singapore.

The company made the announcement on Aug. 8, stating that the MPI license allows it to offer regulated crypto payment services in Singapore, including custody and trading.

Following the approval, BitGo’s Singapore clients will be able to buy and sell crypto from the company’s cold storage custody solutions. Additionally, according to BitGo, the services will include access to its liquidity as well as insured cold storage custody solutions.

The crypto custodian now joins 27 other digital asset companies, including Coinbase and Ripple XRP, which have already secured full MPI licenses to offer crypto services in the city state.

@ Newshounds News™

Source:  Crypto News

~~~~~~~~~

Thiel-backed One Trading secures license from Dutch regulator for perpetual futures

Crypto exchange One Trading has been granted an Organized Trading Facility license by the Dutch financial regulator to bring crypto futures onshore in the European Union.

One Trading, a crypto trading platform incubated by Bitpanda, has secured a license from the "Dutch Financial Markets Authority", becoming the only perpetual futures trading venue in the European Union.

The so-called Organized Trading Facility license positions the Netherlands-headquartered crypto exchange as the first cash-settled perpetuals platform in Europe, including the U.K., the press release reads. One Trading founder Joshua Barraclough says the license is part of the company’s mission to enable all customer types “to go long or short on any asset, use any asset as collateral, settle everything instantly, and perpetually roll contracts.”“With this license, we are well positioned to introduce new regulated products and offer institutional-grade solutions to all customer types starting with BTC and ETH products where no onshore E.U. regulated venue currently exists.”

Joshua Barraclough

One Trading emerged as an independent entity from Bitpanda Pro, a unit of the Austrian exchange catering to institutional crypto traders. In 2023, the exchange raised €30 million in a Series A round led by Peter Thiel’s Valar Venture with participation from other investors, including MiddleGame Ventures, Speedinvest, Keyrock, and Wintermute Ventures. In addition to the OTF license, One Trading also holds a virtual asset service provider license from the Italian regulator.

@ Newshounds News™

Source:  Crypto News

~~~~~~~~~

Banks and Their Tech Suppliers Face More IT Scrutiny in Europe

Banks and their IT providers will soon face tougher scrutiny in the European Union (EU).

That’s because of the Digital Operational Resilience Act (DORA), which passed last year but isn’t set to be enforced until January of 2025. A report Thursday (Aug. 8) by CNBC examines the implications of the law, particularly in the wake of last month’s CrowdStrike outage.

DORA requires banks to carry out strict IT risk management, digital operational resilience testing, information and intelligence sharing on cyber threats and vulnerabilities, along with taking measures to manage third-party risks.

In addition, the report notes, companies will have to assess their “concentration risk” in relation to outsourcing critical operational functions to third-party companies.

These IT providers often provide “critical digital services to customers,” Joe Vaccaro, general manager of Cisco-owned internet quality monitoring company ThousandEyes, told CNBC.

“These third-party providers must now be part of the testing and reporting process, meaning financial services companies need to adopt solutions that help them uncover and map these sometimes hidden dependencies with providers,” said Vaccaro.

Lenders will also have to “expand their ability to assure the delivery and performance of digital experiences across not just the infrastructure they own, but also the one they don’t,” he added.

As the report notes, DORA aims to help banks escape incidents like the massive IT outage last month when a software update glitch at cybersecurity provider CrowdStrike caused Microsoft Windows systems to crash at airports, hospitals and financial services companies.

Weeks later, the fallout from the outage continues, with Delta Air Lines — which canceled more than 5,000 flights following the disruption and says it stands to lose $500 million — threatening legal action against CrowdStrike.

CrowdStrike struck back against the airline’s claims on Sunday (Aug. 4), arguing that while it accepts responsibility for the outage, it does not accept responsibility for Delta’s IT decisions, noting that “Delta’s competitors, facing similar challenges, all restored operations much faster.”

As PYMNTS wrote earlier this week, the incident underlines the importance of third-party vendors like cloud service providers and IT companies in maintaining resilient infrastructure.

@ Newshounds News™

Source:  PYMNTS

~~~~~~~~~

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News, Rumors and Opinions Friday AM 8-9-2024

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

RV Excerpts from the Restored Republic via a GCR: Update as of Fri. 9 Aug. 2024

Compiled Fri. 9 Aug. 2024 12:01 am EST by Judy Byington

Judy Note: The CIA US Oil Dollar that once controlled Middle East Oil was done and Money Laundering Operations were falling apart with the fiat US Dollar near collapse – making the fake Wall Street Financial Report to be placed in limbo.

Money was evaporating inside a massive Black Swan Event Collapse and the Deep State Cabal was going broke.

~~~~~~~~~~

Global Currency Reset: (Opinions/Rumors)

Thurs. 8 Aug. 2024 Bruce:

We were big on today and we did have some things that got started like BH’s paid out of Reno and lots of flights in and out  – 3 per hour.  

Nothing on CMKX yet – but be patient and hasn’t happened for everybody yet.

Over 1500 Farm Claims have been paid out and a good thing. Three specific people we know one was paid all different sums for Farm Claims.  

Prosperity Packages: We confirmed they had the meeting last Saturday and decided to use hand to hand delivery for those payments. Now I hope they will call before they show up and it’s a pretty sizeable check and also the people that will be doing the deliveries will be National Guard  – two coming to the door. Those deliveries start tonight Thurs. 8 Aug. or tomorrow morning Fri. 9 Aug.

We know that today RC staff went in at noon – but didn’t get the Green Light to send out to the staff and principals in all of those centers.  So we still don’t have that happening yet – but could happen tomorrow Fri. 9 Aug. or Saturday 10 Aug.

The Latest this evening was that we would get notification to set appointments for Tier 4B and Tier 4A Saturday morning by noon 10 Aug. 

Exchanges could also occur on Sat. 10 Aug.

Redemption Centers would be open on Sat. 10 Aug. to do our exchanges for currency and bonds.  

The ZIM rate is extremely high – Dinar and also Dong but we don’t have Dong rate yet.

On Thurs. 8 Aug. all 19 new rates were flashing really fast on the bank screens and will be solid by tomorrow Fri. 9 Aug. or Saturday 10 Aug.  

The rates are trading on Forex till Sunday 11 Aug. at 5pm.  

Everything is moving behind the scenes but I don’t have anything on the political front.

We are looking at getting this well underway for us but we don’t know the actual start rate of Nesara and Gesara – but we think it might just come out and not be announced.

Our currency will be asset backed with the new Gold backed dollar and the old fiat currency will go away – but don’t save the new because eventually it will also still be useless at some point in time and New USN United States New notes.

Pay attention between now and the weekend for those emails. The latest info took Friday out and put Saturday 10 Aug. in play.

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Thurs. 8 Aug. 2024 Wolverine:

Good Intel from Bruce today is what I told you yesterday. It has commenced. Tier 4B should comenmcé any time now.

I’m hoping to get the green light tomorrow Fri. 9 Aug. and I’ll know when I have to fly off. When that happens you won’t hear from me ever again until the Get Together. My job will be done.

OBTW in regards to MarkZ it was no offence to Mark as I do respect him and the work he has done throughout the years but I can categorically say what Mark said this morning was BS. He probably being cautious or he’s being told to be quiet.

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Thurs. 8 Aug. 2024 American Media Group, Wolverine:

Liquidity Release and Notifications Have Begun!

At exactly 3:00 PM PDT (on Wed. 7 Aug. 2024), our trusted military intelligence contact confirmed that the long-awaited liquidity release and notifications for tiers and lower categories, including 4B, has officially begun. This monumental event will unfold over the next 72 hours, bringing significant financial changes and opportunities for those involved. Stay tuned as we delve into the details and implications of this groundbreaking launch.

The Liquidity Release, An Overview: At the heart of today’s explosive news is the start of the liquidity release. This process is crucial to distributing funds across various financial tiers and categories, including the highly anticipated Tier 4B. For months, anticipation and speculation have surrounded this event, and now it’s finally happening.

Our military intelligence contact, who has been a trusted source of information, indicated that everything was set in motion at 3:00 PM PDT (on Wed. 7 Aug.). Shotgun issuance is expected to distribute funds and notifications within the next 72 hours. This swift and decisive action is designed to ensure a smooth and efficient distribution of financial resources to those who have been patiently waiting.

Restrictions and Happiness What to Expect: Although our contact was not at liberty to discuss specific limits and limitations, he assured us that the outcome will be overwhelmingly positive. Details will be revealed during the appointments, but preliminary information suggests that everyone will be very pleased with the rates.

One of the highlights is the 90-day advance of ZIM. Those holding ZIM bonds will receive a $500 million advance until structured payments begin. This important advance provides immediate liquidity and demonstrates the financial system’s commitment to ensuring that participants have access to substantial resources quickly.

Immediate access to non-ZIM FX proceeds: In addition to the ZIM advance, all non-ZIM FX proceeds will be immediately accessible. This means that participants can begin using their funds without delay. For those who choose to place their funds under a structured payment program (SPP), there will be an advance of up to $250 million until the first SPP payment is made. This structured approach ensures that funds are managed effectively while also providing immediate liquidity to recipients.

The launch is done – a week late but finally here. Today, August 7th, marks an important milestone. Although the launch happened a week later than initially promised, it is crucial to focus on the fact that it actually happened. The reasons for the delay are still unclear, but what matters now is the start of distributions.

These distributions are scheduled to begin next week, after August 10th, setting the stage for significant financial activities and opportunities.

Preparing for the change. With the launch already underway, it is time to prepare for the upcoming changes. The next few days will be crucial as we understand the change and begin to set up preliminary structures to create corporate bonds. This preparation phase is vital to ensure that we can smoothly transition to the full funding cycle.

Mid-September is anticipated to be a period of substantial activity and significant financial movements are expected. Those who are aware and prepared will not be caught off guard by the big booms expected in the coming weeks.

Stay safe and focused. In these transformative times, it is essential to stay safe, focused, and vigilant. The changes taking place will have far-reaching implications and being prepared is key. Watching and praying, as our contact advises, will help to stay focused and prepared.

The Road Ahead: Big News in the Days and Weeks Ahead The news of the shotgun release is just the beginning. The coming days and weeks promise to be filled with important developments and opportunities. Those involved at the financial levels and tiers will need to stay informed and prepared to act as the situation evolves.

Understanding Shotgun Liquidity Release: What is Shotgun Release? The term “instant release” refers to a rapid and simultaneous distribution of funds across multiple financial levels and tiers. This method ensures that all participants receive their allocations promptly, minimizing delays and maximizing efficiency. This strategy is particularly important in scenarios where large sums of money need to be distributed quickly to a wide group of recipients.

Why Now? The timing of this release is critical. The global financial landscape is undergoing significant changes and the release of these funds is a key part of a broader strategy to stabilize and stimulate economic activity. By injecting liquidity into the market, the aim is to encourage growth, provide immediate financial relief and lay the groundwork for sustained economic development.

Mid-September is predicted to be a period of substantial activity and significant financial movements are expected. Those who are aware and prepared will not be caught off guard by the major booms expected in the coming weeks.

Stay safe and focused. In these transformative times, it is essential to stay safe, focused and vigilant. The changes taking place will have far-reaching implications and being prepared is key. Watching and praying, as our contact advises, will help to maintain focus and readiness.

The road ahead: Big news in the days and weeks ahead. The news of the shotgun launch is just the beginning. The coming days and weeks promise to be filled with important developments and opportunities. Those involved at the financial levels and levels will need to stay informed and prepared to act as the situation evolves.

Red full post here:  https://dinarchronicles.com/2024/08/09/restored-republic-via-a-gcr-update-as-of-august-9-2024/

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

Jeff  Since Al-Alaq returned as the CBI governor I've always shared he would only remain until Iraq RVs.  Now they're talking about forcing him into retirement!

Frank26  [Iraq boots-on-the-ground report]  FIREFLY:
Alaq has just retired from the CBI as the governor.  FRANK: Thank you for your service Alaq. Move over, the US Treasury is here.  FIREFLY:  Hours earlier Alaq was on Channel One saying don't believe the rumors and the TV said he was retiring.  Now he does retire.  FRANK:  The US Treasury is not playing...

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Heads Up BREAKING NEWS Troops Being Deployed to Middle East

Edu Matrix:  8-8-2024

Heads Up BREAKING NEWS Troops Being Deployed to Middle East - US Troops Injured in Attack at Military Base in Iraq. Troop Deployment is for the Entire Region.

https://www.youtube.com/watch?v=nj2cxU9CaVg

DITCH THE DOLLAR: China & Russia To Use Barter to Grow Bilateral Trade & Avoid Western Sanctions

Lena Petrova:  8-8-2024

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