Government advisor explains the possibility of using the dinar instead of the dollar in oil sales

TNT:

Tishwash:  Government advisor explains the possibility of using the dinar instead of the dollar in oil sales

The Prime Minister's Advisor for Financial Affairs, Mazhar Mohammed Salih, clarified today, Sunday, what is being circulated in some media outlets regarding the possibility of using the dinar instead of the dollar in oil sales.

Saleh said in an interview with the Iraqi News Agency, followed by "Al-Eqtisad News", that "the adoption of the dinar in the pricing of oil, or what is called (petro dinar), especially when the national currency is not one of the international reserve currencies, requires the availability of foreign reserve currencies or gold, as Russia did when it bought Russian oil with gold-backed rubles, which caused problems that we will come to later."

He added that "these foreign reserves must be available (as a necessary condition) and operate according to a high standard of efficiency that guarantees the stability of the exchange rate linked to oil (the petro dinar) in order to hedge against oil price fluctuations to ensure the stability of the exchange rate (the petro dinar) itself from the beginning."

He added that “linking oil sales to the dinar on a fixed basis with oil prices instead of the foreign reserves base means linking the dinar to the oil asset cycle first, and that oil is sold according to global oil prices. If the exchange rate of the dinar (petrodinar) against the (petrodollar) is fixed, for example, and oil prices fall, then the demand for the dinar for accounting purposes will certainly fall, and the dinar will be exchanged for oil in larger quantities and the demand for the (petrodinar) will be lower, and vice versa.”

He pointed out that "any deviation between oil prices (petrodollar) and the exchange rate (petrodinar) according to international market data will be considered a cost that requires compensation by paying fewer dinars or collecting a higher dinar in the opposite case," indicating that "international reserve currencies are foreign currencies held by central banks and global financial institutions as part of their cash reserves. These currencies are used in international transactions and settling debts between countries, and are a standard for international payments and facilitating global trade."

He explained that "Russia suffered a lot when it priced its exported oil in rubles (petrorubles) and the ruble is a non-reserve currency and committed to a value for the ruble that was initially denominated in gold to ensure the stability of oil revenues. Here (petrorubles) were subject to two asset cycles at the same time (which complicated the scene of selling oil in local currency and stabilizing the value of the petrorubles)."

He pointed out that "the first cycle: is the result of the impact of what is called the gold assets cycle and its impact on the value of the (petroruble) or the local currency denominated in exported oil, while the second: is the oil assets cycle, and its impact on the value of a barrel of oil outside the global price and the reflection of that on oil revenues priced in that currency."

He stressed that "the two cycles are asset cycles that are linked and contradictory at the same time on the value of (the currency priced in the exported oil, such as the petroruble), which made pricing Russian oil in rubles as a local currency and according to the data of the global oil market a very complex issue."

He added that "the principle of using the dinar as a local currency in international oil exchanges (petrodinar) is not without many challenges, which is why those potential challenges must be carefully considered, especially the issue of the flexibility or stability of the value of the (petrodinar) itself to change and fluctuation, especially since we in the oil market are not price makers in it, but rather price takers." 

He noted that "the global oil market will control the fluctuation of the local currency (petrodinar), in addition to the importance of international recognition of it, and the financial infrastructure necessary to support such operations of (petrodinar), in other words, the strategy of relying the value of the currency directly on oil exports may make the value of the local currency vulnerable to fluctuations in the global market."

Saleh added that “the proposal to sell oil in dinars as a local currency must take into account an important theory in global trade called the Law of One Price, which is an economic concept that assumes that the same commodity must be sold at the same prices in all markets when the price is expressed in the same currency, provided that there are no transportation costs or trade barriers such as customs tariffs and others. The Law of One Price is the basis for many economic and trade models, and the theory is based on the assumption that markets operate efficiently.”

He added: “The single price theory is the basic path to understanding the pricing mechanism in foreign exchange markets, as the theory seeks to explain that currency exchange rates always reflect the difference in prices between two countries, and when oil is priced in dollars (petrodollars), the exchange rate of the dinar (petrodinar) should be consistent with oil prices without fluctuation and at the same time consistent with the (petrodollars) and also steadily, and these are two issues that are difficult to control because they are external international factors that determine the value of the local currency so that it operates regularly and in a stable price compatibility with the oil market and international foreign currencies at the same time.”

“For example, if a barrel of oil is sold in the United States at $76 and in Europe at 72 euros, the single price theory predicts that, taking into account the exchange rate between the dollar and the euro, the price of a barrel of oil should be equal after adjusting the currency, provided that there are no transportation costs or trade barriers. This requires that the value of oil sold to Europe and America be consistent with the fluctuations in currency prices in order to ensure that the single price theory is in place. Thus, adopting the local currency in global trade is a very complex issue to ensure the stability of oil prices consistent with the value of the Iraqi dinar (petrodinar), especially in a fixed exchange rate system (exchange rate), unless discounts are granted or differences are charged in oil marketing operations or floating (petrodinar). Then, for example, the Oil Marketing Company (SOMO) will play a dual role in oil and monetary policies, whether in the field of oil pricing or pricing the oil dinar exchange rate (petrodinar),” he continued.

He added: "The strength and stability of the Iraqi dinar will remain linked to the factors of real growth and diversity in the national economy, in addition to achieving an appropriate surplus in the current account of the balance of payments, and linking the national currency to a basket of foreign currencies that provides stability in the value of the dinar itself.

In light of the above, introducing mechanisms for stabilizing the dinar exchange rate into a single rentier economy exclusively based on the oil dinar is an economic trend with ambiguous results and is very vague, in addition to entering the (petrodinar) system, which requires risks (the aforementioned single price theory) to ensure its stability in light of the fluctuations in the oil assets cycle and a single rentier economy, not to mention not knowing the adopted exchange system (petrodinar).

Will it be a fixed exchange system supported by foreign reserves or will it be a flexible exchange system in which the (petrodinar) changes with the change in oil prices? These are paths that have no answers on the ground and are really very ambiguous."  link

Seeds of Wisdom RV and Economic Updates Saturday Afternoon 8-17-24

Good Afternoon Dinar Recaps,

Bank of Ghana unveils draft rules for cryptocurrency exchanges

The Bank of Ghana introduces draft guidelines to regulate digital assets, focusing on exchanges and consumer protection measures.

The Bank of Ghana (BoG) has proposed fresh regulatory measures for digital assets following an extensive internal review of Bitcoin, Tether, USDT, and other cryptocurrencies.

On Aug. 16, the central bank of the West African nation issued draft guidelines on digital assets while seeking feedback on the upcoming crypto regulations from the public and industry stakeholders.

According to the BoG, data collected over three years shows a significant increase in Ghana’s appetite for crypto. As a result, it intends to implement laws targeting risks related to money laundering and terrorism financing, fraud and other measures for consumer protection.

The central bank proposed an eight-pillar framework for crypto regulations, mainly intensifying the registration and reporting requirements of cryptocurrency exchanges or virtual asset service providers (VASPs).

Ghana pays special attention to crypto exchanges

If signed into law, the proposed regulations will require crypto exchanges to monitor and report suspicious transactions and comply with the Financial Action Task Force’s Travel Rule. Additionally, the bank plans to collaborate with external stakeholders such as commercial banks and offshore regulators.

“The Bank would collaborate with the Securities and Exchange Commission (SEC) to develop distinct complementary regulatory frameworks that encompass various applications or use cases of digital assets.”

Curating crypto laws based on public feedback

Exchanges will also need to register with the BOG and undergo sandbox testing before being allowed to provide trading services in Ghana. The bank is currently seeking recommendations from industry players, experts and the public until Aug. 31.

“The bank will consider these inputs in determining the next steps forward,” the draft proposal said.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

XRP Ledger Sets New $1 Trillion Trust Limit in Ripple USD (RLUSD)

▪️A significant event on the XRP Ledger involved setting a $1 trillion trust limit for Ripple USD (RLUSD), though no actual issuance of RLUSD has occurred yet.

▪️This action serves as a preparatory framework for future transactions, reflecting the XRP Ledger’s scalability and users’ confidence in the ecosystem.

Popular crypto analyst Amelie has brought the XRP community’s attention to a significant event taking place on the XRP Ledger. As tweeted by Amelie, the XRP Ledger has set a new trust limit of $1 trillion in Ripple USD (RLUSD).

Let’s first understand the concept of Trust lines and Trust limits on the XRP Ledger. A trust line helps the user build a trusted relationship with the currency issuer on the XRP Ledger. After setting up the trust line, users enable the recei[t of the issuer’s currency up to a certain predefined limit also known as the trust limit. This limit basically safeguards users from receiving more of the currency than they are willing to trust.

In the case of Ripple, a trust line was created for RLUSD, setting up the trust limit of $1 million. This figure represents the maximum amount of RLUSD the account holder is willing to trust. However, there’s no RLUSD transfer or creation in the process. Instead, this action simply establishes the framework for future transactions involving RLUSD on the ledger.

Last week, Ripple started beta-testing the RLUSD stablecoin facilitating cross-border transactions between the XRP Ledger and Ethereum, reported CNF.

XRP Ledger Implications and Community Reaction

The $1 trillion trust limit even in the absence of the actual asset shows high flexibility and scalability of the XRP Ledger. Also, the ability of users t also prompts questions about the role trust lines play in the issuance and circulation of digital assets on the XRP Ledger.

With Ripple expanding its range of products and services including the introduction of the RLUSD stablecoin, it becomes increasingly crucial to understand the technical workings of the XRP Ledger.

RLUSD will compete in the highly competitive stablecoin landscape currently dominated by Tether’s USDT and Circle’s USDC, reported CNF.

Interestingly, this announcement of the $1 trillion trust limit has also sparked some reactions from the community. Many users were actually curious to under the purpose behind this trust limit.

One community member Aron Madarasz confused it with some illicit activity stating: “It means that this is a fake. RLUSD isn’t issued yet. This is a trustline on the XRPL everybody can create, and everybody can name it as wanted. RLUSD will be issued by Ripple on the ledger but not as a trustline thing.”

Madarasz clarified that while a trust line for RLUSD has been established, Ripple has not yet issued the asset. As a result, the substantial trust limit set does not represent an asset currently in circulation. Rather, it serves as a preparatory measure within the XRPL, while enabling users to set up trust lines in anticipation of RLUSD’s future issuance.

@ Newshounds News™

Source:  Crypto News Flash

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IMF Proposes Drastic 85% Electricity Tax Increase For Crypto Mining

Two IMF officials pitched for steep electricity taxation on cryptocurrency miners and recommended increasing their average global electricity cost by 85%.

The proposal has, in fact, called for a sharp rise in the electricity tax paid by crypto miners to drastically bring down carbon emissions from the mining of such cryptocurrencies, which have been rising and pose an environmental threat.

IMF: Over $5 Billion In Taxes

The International Monetary Fund says that a levy of $0.047 per kilowatt hour would bring in about $5.2 billion annually and trim global emissions by about 100 million tons, equivalent to current emissions of Belgium.

However, the actual reduction of emissions from such a tax is arguable, as miners have the tendency to shift operations to countries where electricity is cheap.

Here, IMF executives Shafik Hebous and Nate Vernon-Lin have used an astonishing figure for the consumption of energy used in cryptocurrency transactions. According to them, a single transaction in Bitcoin uses as much electricity as the average person in Pakistan uses over three years.

Crypto mining data centers, added to this, and the aggregate energy use for artificial intelligence will grow to a level comparable in use to Japan’s electricity in three years.

Though the proposed tax might provide incentives for miners to become more energy-efficient, the IMF acknowledges that global coordination is needed to avoid having miners simply move their bases of operation into countries and jurisdictions with lower standards.

Environmental Impact Of Crypto Mining

Thus, environmental considerations argue for crypto mining regulation. The IMF’s decision shows a rising awareness of the need to intervene in a fast-expanding polluter. Finding solutions is necessary because crypto mining and AI data centers account for almost 1% of global carbon emissions and 2% of global electricity usage. This tax could encourage miners to invest in greener technologies, making the sector more sustainable.

Economic Considerations

While the yield in tax from this proposal is huge, it opens up a Pandora’s box on the economic viability of crypto mining operations. Small miners—who are already hard hit by the reduction in profits after Bitcoin’s halving in April—may not survive easily if electricity costs rise even further.

That would mean consolidation in the industry, and only the large and more efficient miners able to survive would do so. The analysis by the IMF estimates that the tax may further drive innovations in energy-efficient mining technologies, but its immediate impact on smaller players could be quite destructive.

@ Newshounds News™

Source:  Bitcoinist

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EU Merchants Accept Ripple Payments; Buy Gold & More With XRP

It feels like we just pulled a shiny rabbit out of the hat; various merchants in Europe accept Ripple’s XRP as a payment method for gold and silver! Yes, you read that right—your favorite altcoin can now buy you some solid gold bars.

It’s not just gold and silver; they’ve thrown in platinum, palladium, and rhodium for good measure. Plus, they’ve got live pricing in XRP, so you can watch those rates in real time, like a hawk eyeing its prey.

Ripple’s XRP: Shaking Up the Financial Scene Like a Snow Globe

Suisse Gold, Swiss Bullion, W. Hamond, have jumped on the XRP bandwagon and it isn’t just a fluke; it’s a sign of the times. Ripple’s cryptocurrency, XRP, has been strutting its stuff lately, making waves that are hard to ignore.

Take this: (OPINION) previously, reports circulated that Russian President Vladimir Putin, of all people, confirmed that BRICS—think of them as the cool kids of emerging economies—are cooking up their own independent payment system. And guess what? XRP might just be the secret sauce for cross-border payments in this new setup. If that doesn’t get your financial radar pinging, I don’t know what will.

@ Newshounds News™

Source:  CryptoNewsz

~~~~~~~~~

US Financial Services Committee leaders want ‘regulatory sandboxes’ for AI

In a letter signed only by republicans, the committee responded to a request for information sent by the Department of the Treasury.

US Financial Services Committee leaders want ‘regulatory sandboxes’ for AI News

Members of the United States House Financial Services Committee (FSC) responded to a request for feedback from the US Treasury concerning the regulation of artificial intelligence in an Aug. 16 letter addressed to Treasury Secretary Janet Yellen.

The letter, signed by the committee’s Republican leadership, calls for what amounts to a light-touch approach to regulation. “A one-size-fits-all approach will only stifle competition among financial institutions,” wrote the signatories, adding that “regulators must evaluate each institution’s use of AI technology on a case-by-case basis”

AI sandbox

The committee appeared bullish on the use of generative AI — which includes services and products such as OpenAI’s ChatGPT and Anthropic’s Claude — in the financial services sector. It highlighted the potential for these technologies to provide greater access to financial services, increasing both adoption and inclusion.

It also strongly recommended an organic approach to creating new regulations and laws. Describing a “regulatory sandbox” for AI, the FSC appears to be advocating maintaining a general focus on sustaining the status quo by applying existing rules to challenges as they arise.

@ Newshounds News™

Read more:  CoinTelegraph

~~~~~~~~~

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Awake-In-3D: When Will the RV/GCR Happen?

When Will the RV/GCR Happen?

On August 17, 2024 By  Awake-In-3D

Endgame GCR Podcast Episode 4

What you will learn in this episode:

• What is Japan’s Economic Influence on Current Financial System?

• What are the Signs of the Fiat Currency System’s Collapse?

* Why Inflation is a Key Driver of Fiat Financial System Weakness

• How Carry Trades Create Global Financial System Instability

• The Problem With Central Bank Interest Rate Manipulation

• Why Demand for Commodities and Precious Metals is Related to the RV/GCR

• What Will Happen if the United States Begins Buying Gold?

• Why the New BRICS Gold-Backed Financial System is Important

• The Revaluation of Currencies Amid a Fiat Financial System Collapse

• Rejecting the “Shotgun” GCR/RV Event Narrative

• What are the Key Indicators to Watch in the Coming Financial Collapse?

In this episode, the focus is on answering the central question: “When will the Global Currency Reset (GCR) and the Revaluation of Currencies (RV) happen?” It becomes clear that the RV/GCR will align with the collapse of the global fiat currency system. This sets the stage for the discussion, which explores current financial events that are leading towards this shift.

What is Japan’s Economic Influence on Current Financial System?

We look at Japan’s recent economic instability and how it affects the global financial landscape. Japan’s interest rate hikes and market volatility are early signs of a broader shift. Given Japan’s role as the fourth-largest economy and its status as a key reserve currency, its actions have a significant impact on the future of the global financial system.

What are the Signs of the Fiat Currency System’s Collapse?

Key indicators of the impending collapse of the fiat currency system are examined. The idea that the collapse will unfold “slowly at first, then all of a sudden” is discussed. The gradual breakdown of the fiat system is directly linked to the eventual realization of the GCR and RV, making it essential to track these developments.

Why Inflation is a Key Driver of Fiat Financial System Weakness

Inflation is identified as one of the main factors weakening the fiat currency system. It is described as a hidden tax that reduces the purchasing power of currencies around the world. This episode points out that inflation is unique to fiat systems and accelerates their collapse, driving up the cost of goods and services.

How Carry Trades Create Global Financial System Instability

There’s a detailed exploration of the carry trade, particularly between Japan and the US. The way investors profit from borrowing in low-interest countries and investing in higher-interest markets is explained. The unwinding of the carry trade is recognized as a key indicator of financial instability and is a sign of bigger disruptions to come.

The Problem With Central Bank Interest Rate Manipulation

We take a closer look at how central banks around the world manipulate interest rates in an attempt to manage inflation. These adjustments are contributing to a global recession and could even lead to a depression. The manipulation of interest rates plays a significant role in weakening the fiat system and preparing for its collapse.

Why Demand for Commodities and Precious Metals is Related to the RV/GCR

The episode also addresses the growing global demand for commodities, especially gold, silver, and other industrial metals. More individuals and central banks are diversifying into precious metals to safeguard against future instability. The increasing purchases of gold by central banks are a clear signal that they are preparing for the collapse of fiat currencies and the transition to a gold-backed system.

There’s further discussion on how central banks are using gold as a hedge against the coming collapse of the fiat system. Despite what is said publicly, their ongoing accumulation of gold shows that they are preparing for a post-fiat world where gold-backed systems will dominate.

What Will Happen if the United States Begins Buying Gold?

The episode emphasizes the unique position of the US dollar as the world’s reserve currency, being used in over 80% of global transactions. Speculation arises over what would happen if the US started buying gold, which would signal a loss of confidence in the dollar and likely cause panic in global markets.

Why the New BRICS Gold-Backed Financial System is Important

The discussion also explores the efforts of BRICS nations to create an alternative gold-backed financial system. This system could challenge the dominance of the US dollar and potentially force the Federal Reserve to adopt a similar gold-backed approach. Such a shift would create significant changes in the global financial landscape.

The Revaluation of Currencies Amid a Fiat Financial System Collapse

As the fiat currency system collapses, opportunities for currency revaluation (RV) are expected to emerge. This transition will likely happen gradually, with the RV being part of a larger shift towards a gold-backed system.

Rejecting the “Shotgun” GCR/RV Event Narrative

There’s a clear rejection of the idea of a sudden, global “shotgun” GCR/RV event. Instead, the transition is expected to be gradual, with notifications and preparations required from governments and central banks. An overnight switch is deemed unrealistic, and a step-by-step process is considered far more likely.

What are the Key Indicators to Watch in the Coming Financial Collapse?

The episode concludes by recapping the five key indicators that signal the collapse of the fiat system and the opportunity for currency revaluation: inflation, interest rates, carry trade unwinding, central bank gold purchases, and the US dollar’s position as the world reserve currency. These factors provide a roadmap for understanding and tracking the impending shifts in the financial system.

Approximate Time Markers For Each Topic

0:00 – Introduction to the GCR and RV Timeline
2:00 – Japan’s Economic Influence on Global Finance
6:00 – Signs of the Fiat Currency System’s Collapse
9:00 – Inflation as a Key Driver of Fiat System Weakness
13:00 – The Carry Trade and Its Role in Global Financial Instability
19:00 – Central Bank Interest Rate Manipulation
23:00 – Increasing Demand for Commodities and Precious Metals
27:00 – Gold Purchases as a Hedge Against the Fiat Collapse
30:00 – The US Dollar as the World’s Reserve Currency
33:00 – The BRICS Gold-Backed Financial System
36:00 – The Revaluation of Currencies Amid the Fiat System Collapse
39:00 – Rejecting the “Shotgun” GCR/RV Event
43:00 – Key Indicators to Watch for the Coming Collapse

Podcast Links:

Endgame GCR Episode 4 on Rumble

Endgame GCR Episode 4 on YouTube

© 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

https://ai3d.blog/when-will-the-rv-gcr-happen/

https://www.youtube.com/watch?v=Eqfa12rI6LU&feature=youtu.be

More News, Rumors and Opinions Saturday PM 8-17-2024

KTFA:

Clare:  Iraq "Moves to Profit-Sharing" in New Oil Contracts

17th August 2024 

By Charles Kennedy for the OilPrice.com. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.

Iraq Moves to Profit-Sharing Terms in New Oil and Gas Contracts

Iraq seeks to attract more investment in its oil and gas industry by moving to profit-sharing contracts for new bid rounds from the technical service contracts it has awarded so far.

Click here to read the full report.

LINK

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Clare:  Finance: The Accounting Department begins working with the electronic issuance verification system (QR)

8/17/2024   Baghdad - WAA

The Ministry of Finance announced, today, Saturday, that the Accounting Department has started working with the electronic QR system regarding withdrawing amounts.

The ministry said in a statement received by the Iraqi News Agency (INA): "The Accounting Department has started working with the electronic check-in system using (QR code) regarding withdrawing amounts," noting that "the financing platform is currently limited to answering inquiries from spending units for the financing process in ministries, governorates and entities not affiliated with a ministry."

It added that "this comes within the framework of the government's orientation to simplify government procedures, reduce time and effort, in addition to reducing administrative momentum in institutions, and moving away from paper transactions."   LINK

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

Militia Man  Article: "Baghdad investigates the region's salaries and sends a monitoring committee to audit the 'spacemen' "  The corrupt are going to get exposed. Paying double and or to fake people is not going to fly with the new systems in place. Skimming off the top is going to have to stop.  I would suspect it will quickly too...

Frank26  Question: "As far as the training videos, are there any more subjects remaining with the RI and monetary reform that the Iraqi have not seen?"   Yes.  Right now they're teaching them about the float.  They hadn't seen that up until two days ago.

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

Shocking! 159 Countries Adopting BRICS New Payment System! What's Next?

We Love Africa:  8-17-2024

Do you know what shocks will be given to the West at the Brics Summit 2024?

As of now, the world seems to be busy with broader political issues. However, Brics has been working secretly and as of now, it not only has put a new payment system in place but is attracting hundreds of countries

. It’s just unbelievable that 159 out of the 195 countries of the world have already committed to adopting this new Brics payment system.

What does that mean for the West-dominated SWIFT payment system?

What are these countries that are joining hands with Brics against the West’s bullying payment system?

https://www.youtube.com/watch?v=fR-zQ4mxoJQ

Bigger Banking Crisis Than '08 When Amid Dollar Crisis | Matthew Piepenburg

Liberty and Finance:  8-17-2024

Matthew Piepenburg  discusses the recent Yen crisis which led to a world-wide market panic.

He notes that when the Dollar enters a similar crisis, the U.S. could face a banking crisis worse than 2008.

Owning gold has a record of preserving purchasing power through inflationary times, he notes.

INTERVIEW TIMELINE:

0:00 Intro

1:34 Yen crisis

13:30 Currency destruction

24:50 1929 parallel

35:10 Owning gold

https://www.youtube.com/watch?v=-UGp8xRY3n8

Tidbits From TNT” Saturday 8-17-2024

TNT:

Tishwash:  Romanowski confirms that her country is looking forward to deepening its security relations with the Kurdistan Government

U.S. Ambassador to Iraq Elena Romanowski welcomed the new U.S. Consul in the Kurdistan Region, Steve Bitner.

In a post on platform X, Romanowski stressed that her country is looking forward to deepening its strong security relations with the Kurdistan Regional Government.

She pointed to the desire of the United States "to expand educational ties between it and the Kurdistan Region, and to monitor free and fair elections on October 20 October."

Earlier, the U.S. Ambassador expressed her sincere thanks to former Consul Mark Straw for his services at the Consulate General in Erbil.

Over the past year, your leadership has helped strengthen economic, security, and cultural ties between the United States and the Kurdistan Region. link

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Tishwash:  Attracting investors and limiting currency smuggling.. Specialist explains the importance of "digitizing" Iraqi banks

Financial and economic expert Nawar Al-Saadi revealed, today, Friday (August 16, 2024), the importance of the benefits of "digitizing" financial transactions for Iraqi banks, while pointing out that digitization can enhance financial inclusion by attracting users who do not deal with traditional banks by providing easy-to-access and easy-to-use services.

Al-Saadi told Baghdad Today that “digitizing financial transactions in Iraqi banks can provide significant benefits, especially in terms of reducing currency smuggling,” indicating that “by adopting digital systems, banks can track all financial transfers with greater accuracy and transparency. This means that each transaction is automatically recorded and saved in a central database that can be reviewed at any time. This allows the relevant authorities to monitor and quickly detect suspicious financial activities, making it difficult for smugglers to exploit the financial system to smuggle currencies.”

“Digitizing the banking system contributes to reducing money laundering cases, as these operations usually depend on exploiting loopholes in traditional systems, but with an advanced digital system, these operations become more complex. Digitization also allows the use of advanced technologies such as artificial intelligence to analyze patterns in banking data and identify any abnormal or suspicious transactions,” he added, stressing that “this helps prevent money laundering by early identification of unusual activities and reporting them to the competent authorities.”

Al-Saadi explained that “to implement this digital transformation in Iraq, there is a need for investments in technological infrastructure and developing the institutional capabilities of banks,” noting that “this requires providing modern technology, training employees to use it effectively, in addition to developing legislation and laws that protect users and encourage digital transactions. It is also important to enhance customer awareness of the benefits of digital transactions and build their confidence in the new systems.”

He stressed that “digitization in banks contributes to achieving more transparency and credibility in the financial system, as each transaction can be easily tracked and reviewed. It also improves the operational efficiency of banks by completing transactions faster and at a lower cost. In terms of security, digitization provides higher levels of protection against fraud and theft through advanced encryption technologies.”

The financial and economic expert concluded by saying, “Digitization can enhance financial inclusion by attracting users who do not deal with traditional banks by providing easy-to-access and easy-to-use services. Digitizing financial transactions in Iraqi banks also has great potential to enhance economic stability and reduce the risks associated with money laundering and currency smuggling, leading to a safer and more efficient financial system.”  link

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

Mot:  This is probably the best answer l've ever heard to the question, "Why did God create evil?"

READ THIS...

Why did God create evil? The answer struck me to the core of my soul!

A professor at the university asked his students the following question:

- Everything that exists was created by God?

One student bravely answered:

- Yes, created by God.

- Did God create everything? - a professor asked.

"Yes, sir," replied the student.

The professor asked :

- If God created everything, then God created evil, since it exists. And according to the principle that our deeds define ourselves, then God is evil.

The student became silent after hearing such an answer. The professor was very pleased with himself. He boasted to students for proving once again that faith in God is a myth.

Another student raised his hand and said:

- Can I ask you a question, professor?

"Of course," replied the professor.

A student got up and asked:

- Professor, is cold a thing?

- What kind of question? Of course it exists. Have you ever been cold?

Students laughed at the young man's question. The young man answered:

- Actually, sir, cold doesn't exist.

According to the laws of physics, what we consider cold is actually the absence of heat. A person or object can be studied on whether it has or transmits energy.

Absolute zero (-460 degrees

Fahrenheit) is a complete absence of heat. All matter becomes inert and unable to react at this temperature.

Cold does not exist. We created this word to describe what we feel in the absence of heat.

A student continued:

- Professor, does darkness exist?

— Of course it exists.

- You're wrong again, sir. Darkness also does not exist. Darkness is actually the absence of light. We can study the light but not the darkness.

We can use Newton's prism to spread white light across multiple colors and explore the different wavelengths of each color. You can't measure darkness. A simple ray of light can break into the world of darkness and and illuminate it. How can you tell how dark a certain space is? You measure how much light is presented. Isn't it so? Darkness is a term man uses to describe what happens in the absence of light.

In the end, the young man asked the professor:

- Sir. does evil exist?

This time it was uncertain, the professor answered:

- Of course, as I said before. We see him every day. Cruelty, numerous crimes and violence throughout the world. These examples are nothing but a manifestation of evil.

To this, the student answered:

- Evil does not exist, sir, or at least it does not exist for itself. Evil is simply the absence of God. It is like darkness and cold—a man-made word to describe the absence of God. God did not create evil. Evil is not faith or love, which exist as light and warmth. Evil is the result of the absence of Divine love in the human heart. It's the kind of cold that comes when there is no heat, or the kind of darkness that comes when there's no light.

The student's name was Albert Einstein.

Seeds of Wisdom RV and Economic Updates Saturday Morning 8-17-24

Good Morning Dinar Recaps,

XRP Ledger Sets New $1 Trillion Trust Limit in Ripple USD (RLUSD)

▪️A significant event on the XRP Ledger involved setting a $1 trillion trust limit for Ripple USD (RLUSD), though no actual issuance of RLUSD has occurred yet.

▪️This action serves as a preparatory framework for future transactions, reflecting the XRP Ledger’s scalability and users’ confidence in the ecosystem.

Popular crypto analyst Amelie has brought the XRP community’s attention to a significant event taking place on the XRP Ledger. As tweeted by Amelie, the XRP Ledger has set a new trust limit of $1 trillion in Ripple USD (RLUSD).

Let’s first understand the concept of Trust lines and Trust limits on the XRP Ledger. A trust line helps the user build a trusted relationship with the currency issuer on the XRP Ledger.

After setting up the trust line, users enable the recei[t of the issuer’s currency up to a certain predefined limit also known as the trust limit. This limit basically safeguards users from receiving more of the currency than they are willing to trust.

In the case of Ripple, a trust line was created for RLUSD, setting up the trust limit of $1 million. This figure represents the maximum amount of RLUSD the account holder is willing to trust.

However, there’s no RLUSD transfer or creation in the process. Instead, this action simply establishes the framework for future transactions involving RLUSD on the ledger.

Last week, Ripple started beta-testing the RLUSD stablecoin facilitating cross-border transactions between the XRP Ledger and Ethereum, reported CNF.

XRP Ledger Implications and Community Reaction

The $1 trillion trust limit even in the absence of the actual asset shows high flexibility and scalability of the XRP Ledger. Also, the ability of users t also prompts questions about the role trust lines play in the issuance and circulation of digital assets on the XRP Ledger.

With Ripple expanding its range of products and services including the introduction of the RLUSD stablecoin, it becomes increasingly crucial to understand the technical workings of the XRP Ledger.

RLUSD will compete in the highly competitive stablecoin landscape currently dominated by Tether’s USDT and Circle’s USDC, reported CNF.

Interestingly, this announcement of the $1 trillion trust limit has also sparked some reactions from the community. Many users were actually curious to under the purpose behind this trust limit. One community member Aron Madarasz confused it with some illicit activity stating: 

“It means that this is a fake. RLUSD isn’t issued yet. This is a trustline on the XRPL everybody can create, and everybody can name it as wanted. RLUSD will be issued by Ripple on the ledger but not as a trustline thing.”

Madarasz clarified that while a trust line for RLUSD has been established, Ripple has not yet issued the asset. As a result, the substantial trust limit set does not represent an asset currently in circulation.

Rather, it serves as a preparatory measure within the XRPL, while enabling users to set up trust lines in anticipation of RLUSD’s future issuance.

@ Newshounds News™

Source:  Crypto News Flash

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Dubai court recognizes crypto as a valid salary payment

UAE lawyer Irina Heaver said the ruling shows the growing acceptance of crypto in employment contracts, recognizing the evolving nature of Web3 financial transactions.

In a significant update to the United Arab Emirates’ judiciary approach to crypto, the Dubai Court of First Instance recognizes salary payments in crypto as valid under employment contracts.

Irina Heaver, a partner at UAE law firm NeosLegal, explained that the ruling in case number 1739 of 2024 shows a shift from the court’s earlier stance in 2023, where a similar claim was denied because the crypto involved lacked precise valuation.

Heaver believes this shows a “progressive approach” to integrating digital currencies into the country’s legal and economic framework.

Dubai court recognizes inclusion of tokens in salary
Heaver said that the case involved an employee who filed a lawsuit claiming that the employer had not paid their wages, wrongful termination compensation and other benefits.

The worker’s employment contract stipulated a monthly salary in fiat and 5,250 in EcoWatt tokens. The dispute stems from the employer’s inability to pay the tokens portion of the employee’s salary in six months.

In 2023, the court acknowledged the inclusion of the EcoWatts tokens in the contract. Still, it did not enforce the payment in crypto, as the employee failed to provide a clear method for valuing the currency in fiat terms.

“This decision reflected a traditional viewpoint, emphasizing the need for concrete evidence when dealing with unconventional payment forms,” Heaver said.

However, the lawyer said that in 2024, the court “took a step forward,” ruling in favor of the employee and ordering the payment of the crypto salary as per the employment contract without converting it into fiat. Heaver said:

“This decision reflects a broader acceptance of cryptocurrency in employment contracts and highlights the court’s recognition of the evolving nature of financial transactions within the Web3 economy.”

Heaver added that the court’s reliance on the UAE Civil Transactions Law and Federal Decree-Law No. 33 of 2021 in both judgments shows the consistent application of legal principles in wage determination. 🍳

Far-reaching implications for UAE crypto adoption

According to Heaver, the decision also sets a positive precedent that encourages the further integration of digital currencies in everyday financial transactions. The lawyer believes that this fosters a more inclusive and innovative business environment. Heaver said:

“This ruling affirms that if an employment contract includes such terms, both the company and the employee must honor them. It is reassuring to see the court recognize that wages, whether paid in fiat or cryptocurrency, are the rightful entitlement of the employee for their agreed-upon work.”

Heaver added that it’s a win for employees and a significant step forward in the UAE’s journey toward becoming a digital economy leader.

@ Newshounds News™

Source:  CoinTelegraph

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Bank of Ghana unveils draft rules for cryptocurrency exchanges

The Bank of Ghana introduces draft guidelines to regulate digital assets, focusing on exchanges and consumer protection measures.

The Bank of Ghana (BoG) has proposed fresh regulatory measures for digital assets following an extensive internal review of Bitcoin, Tether, USDT, and other cryptocurrencies.

On Aug. 16, the central bank of the West African nation issued draft guidelines on digital assets while seeking feedback on the upcoming crypto regulations from the public and industry stakeholders.

According to the BoG, data collected over three years shows a significant increase in Ghana’s appetite for crypto. As a result, it intends to implement laws targeting risks related to money laundering and terrorism financing, fraud and other measures for consumer protection.

The central bank proposed an eight-pillar framework for crypto regulations, mainly intensifying the registration and reporting requirements of cryptocurrency exchanges or virtual asset service providers (VASPs).

Ghana pays special attention to crypto exchanges

If signed into law, the proposed regulations will require crypto exchanges to monitor and report suspicious transactions and comply with the Financial Action Task Force’s Travel Rule. Additionally, the bank plans to collaborate with external stakeholders such as commercial banks and offshore regulators.

“The Bank would collaborate with the Securities and Exchange Commission (SEC) to develop distinct complementary regulatory frameworks that encompass various applications or use cases of digital assets.”

Curating crypto laws based on public feedback
Exchanges will also need to register with the BOG and undergo sandbox testing before being allowed to provide trading services in Ghana. The bank is currently seeking recommendations from industry players, experts and the public until Aug. 31.

“The bank will consider these inputs in determining the next steps forward,” the draft proposal said.

@ Newshounds News™

Read more:  CoinTelegraph

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NEWS BRIEFS from the NEWSHOUNDS

▪️Trump Organization to launch crypto real estate initiative says Eric Trump | Crypto Briefing

▪️Xaman Wallet Partners with Mastercard’s Immersve to Roll out Self-Custody Web3 Cards  |  The Crypto Basics

▪️Cantor Fitzgerald CEO to co-lead Trump transition team |  Coin Telegraph

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Economist’s “News and Views” Saturday 8-17-2024

Rafi Farber: 1970s Are Repeating, and That Is Good News for Gold

Arcadia Economics:  8-16-2024

Despite the rise to $2,500 an ounce, gold is still below where it was in 1971 in terms of percentage of assets on the Federal Reserve's balance sheet.

Back on August 15, 1971 - exactly 53 years ago yesterday - gold made up 12% of Fed assets.

Today, even at $2,500, it makes up less than 9%.

By those metrics, we are lower now at $2,500 than we were at $35 in 1971. From that point, gold rose by a factor of 24x to the 1980 top.

A repeat of that move brings us to a top of about $60,000 per ounce. That rally also ended with a 15:1 gold to silver ratio. That brings us to $4,000 per silver ounce in a full blown monetary panic.

This is not a prediction. It's just simple math, and if we do have a repeat of the 1970s, that it where the math leads. To learn more, click the button to watch the video now!

https://www.youtube.com/watch?v=IPvNlTzKL0Y

The 'Biggest Black Swan' That 'Scares' Rick Rule

David Lin:   8-17-2024

Rick Rule, Rick Rule, Founder of Rule Media, and co-founder of Battle Bank, answers viewer questions, including whether or not the economy is heading into a "global depression", outlook for commodities, and how he picks mining stocks.

0:00 - Intro

1:00 - Are we in a recession?

3:30 - Copper

6:35 - Rising debt

12:20 - Building prosperity

15:00 - Inflation

17:50 - Market sentiment

21:26 - Liquidity concerns

24:33 - Mining stocks

30:15 – Mining M&A

 34:00 - Commodities and AI

38:00 - Copper deficits

40:30 - Rick's stock picking strategy

https://www.youtube.com/watch?v=I2EA1SFNyHc

Dollar Liquidity Flooding Ahead, Sovereign Debt Crisis Looms - How to Monetize Chaos: Jack Mallers

Kitco News:  8-17-2024

Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, interviews Jack Mallers, CEO and Founder of Strike, who warns that markets will be flooded with dollar liquidity “in a major way” before the year-end.

Mallers discusses the state of the U.S. economy, the Federal Reserve’s next moves, and implications for the equity markets and Bitcoin.

 He explains how the U.S. government deals with its debt trap, stating that the only way out is by debasing the U.S. dollar, printing more money, and creating massive asset bubbles.

 Mallers weighs in on how to “monetize” this chaos. He shares his thoughts on Bitcoin as a reserve asset, giving his latest Bitcoin price outlook for the short and longer term.

Mallers also explores the potential for Bitcoin as both a store of value and a medium of exchange, along with its role in the global financial system.

https://www.youtube.com/watch?v=IV2dVE6S2yM

News, Rumors and Opinions Saturday AM 8-17-2024

Note From Dinar Recaps:

We were just notified that a long time intel provider for many years has passed away. 

AngelQuest was a newshound at KTFA and posted at several other sites for many years.

RIP Darline. Prayers and condolences to all of your friends and family.

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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. 17 Aug. 2024

Compiled Sat. 17 Aug. 2024 12:01 am EST by Judy Byington

Judy Note: Trump recently warned of an unprecedented collapse of the US and World financial markets, “It will be a Blow Up like you’ve never seen before, a Bankruptcy of the entire system, perhaps the Nation”

Fri. 16 Aug. 2024 Will Barney, former Banker: “We are undergoing a massive transition in the World and the financial system is about to collapse. Chase Bank has lost two billion in deposits. It’s a Banking Apocalypse. The Military is on heavy movement throughout the US. There are internet outages where people are being taking into custody and the Military wants to stop communication. There are tests of the EBS system. Germany is on the edge of a big financial collapse. All credit could freeze up. The RV will likely be during the EBS. Train derailments are continuing. The Deep State is moving cargo they shouldn’t be and the Cabal is deliberately spilling chemicals into the ground water to create chaos.”

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Global Currency Reset: (Rumors)

Judy Note: What we think we know as of Sat. 17 Aug. 2024:

Fri. 16 Aug. 2024 TNT Tony: “The system is live and working. People high up exchanged yesterday Thurs. 15 Aug. and today Fri. 16 Aug. The system is working. We are hours maybe a day away – tonight or tomorrow morning Sat. 17 Aug. emails could come out. Iraq has officially RV’d with a Rate of $3.19, Contract Rate $28.50. It would happen after Banks close tomorrow Sat. 17 Aug. Tier4b (us, the Internet Group) will be notified Mon. 19 Aug. with exchanges beginning Tues. 20 Aug.”

Fri. 16 Aug. 2024 MarkZ: Mark was hearing the process was underway.  More bond contacts continuing to anticipate payments through the weekend. One large group in Reno is expectant but hasn’t started yet. Redemption Centers on standby. Mark suggested things could very well start this weekend but don’t be disappointed if it takes an extra day or two.

Thurs. 15 Aug. 2024 Bruce: “The USN will be on the Forex Sun. night 18 Aug. and will be seen on bank screens Mon. morning 19 Aug. Tier4b(us, the Internet Group) should get notified sometime by Tues. 20 Aug. 2024.Tier 4b exchange/redemption appointments should start by Wed. 21 2024.”

Fri. 16 Aug. 2024 Wolverine: “Exciting things have happened, but I’m not allowed to say what. People are expecting something Sun. night 18 Aug. Just to let you know guys is to get ready. I’m sorry that I can’t say anything as everyone is under total NDA now and soon I will be as well. That opera will be release any day now.

Thank you for all the support you have all given me as this is one of the most hardest things that I have done in my life as it has control our way of life for years and played with our emotions. We have seen so many of our compatriots that did not make it and thankfully their family will cross the finish line for them.

During this journey I never thought that I was going to be attacked viciously and even to this day the attacks are still continuing. I know within my heart that I’m doing God’s work and that too many of you are suffering and you need hope and a messenger to know what is going on. As soon as I’m under NDA you won’t hear from me anymore but my job has been completed and I can leave with good conscience that I have done everything possible to help you.

 The opera will be release once I receive the green light. Don’t forget the Get Together in February 2025 here in Sydney as we are planning to have the biggest party that Sydney has ever held with all these patriots coming from so many countries. Remember that it’s going to be a gala night and so wear your best clothes everyone. I’ll let you all know the day and the address of the Get Together. Love you all. Your friend Wolverine.”

Thurs. 15 Aug. 2024 Farm Claims liquidity, Ginger’s Liberty Lounge: Reports regarding Farm Claims settlements being paid are accurate; and this is a very nice item which we can happily check off our “non negotiable list”. I was unable to share the exact details from my own confirmed contact, so I am sharing this other news passed along from someone else. 8.14.24. Lamb: “I just got off the phone with a friend of mine, she told me that her friend that had registered with the farm claim packages … He woke up to $500,000 in their bank account with no explanation, no nothing, he showed her the bank statement and knows this other person had “no pot to piss in” before (per se). So the statement about farm claims being paid is 100%.”

Fri. 16 Aug. 2024 RV Highlights: Nesara will be announced first. This way the PUBLIC (everyone) will receive financial relief from debts. The RV will also be released QUIETLY for T4b for us to revalue.  Once 4b is done or nearly done, then the public will commence on their exchange.  The purpose of the NDA is to keep T4b mouths shut (or their funds will be clawed back) regarding the amount of rates being paid out because the PUBLIC will NOT be receiving the same high rates. This is to keep the PUBLIC for being upset and causing backlash. 

Read full post here:  https://dinarchronicles.com/2024/08/17/restored-republic-via-a-gcr-update-as-of-august-17-2024/

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

Buckeyetree  Talking about new currency, lower notes, signifies to Iraqis that a rate change is coming with purchasing power, being able to buy more with less, the opposite of inflation.  Alak and Sudani are holding back the lower notes till they can give them the new rate.  The Iraqis win, and we win because a rate change is coming which requires new notes.

Nader From The Mid East   [Iraq former government/UN employee friend Imad from Basra update]  Question:  "Have they come out with the new notes in Iraq?"   No.  They working on it.

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Fiat Money FAILING, Gold HITS All-Time Highs (2024)

The Market Sniper:  8-17-2024

https://www.youtube.com/watch?v=zyPy3yfIxqs

Seeds of Wisdom RV and Economic Updates Friday Afternoon 8-16-24

Good afternoon Dinar Recaps,

U.S. Crypto Bill Can Happen This Year, Senate's Schumer Tells Crypto Backers of Harris

At the opening Crypto4Harris event, industry supporters of the Democratic presidential candidate suggested Harris will lead a crypto surge, though she hasn't yet shared her view.“something passed out of the Senate.”

▪️U.S. Senate Majority Leader Chuck Schumer came out guns-blazing during a Crypto4Harris event, saying what's been considered a longshot idea of getting some kind of crypto legislation out this year could really happen.

▪️Billionaire Mark Cuban said former President Donald Trump and his party are primarily interested in crypto to make rich digital assets investors richer.

▪️Sens. Debbie Stabenow and Kirsten Gillibrand joined nearly a dozen other Democratic lawmakers, as well as industry titans like Mark Cuban and Anthony Scaramucci, in a virtual event to garner crypto support for Vice President Kamala Harris's presidential bid.

U.S. crypto legislation can happen this year, Senate Majority Leader Chuck Schumer (D-N,Y,) said Wednesday at the first major event in which crypto insiders have come out for Vice President Kamala Harris as their favored presidential contender.

@ Newshounds News™

Read more: CoinDesk

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Stablecoins Can Make the World a Safer Place. Regulators Should Encourage Them  - OPINION

The global financial system will be better off if stablecoins are fully adopted and foreign exchange risk goes the way of the dinosaurs, says Christopher Perkins, president of CoinFund.

In 1974, German regulators liquidated Herstatt Bank because it was unable to settle its foreign exchange obligations. Time zone differences and a lack of global settlement technology led to its demise. 

In the aftermath of this and other bank failures, central bankers formed the Basel Committee on Banking Supervision that same year to set standards for bank capital, liquidity and funding.

Fifty years later, “Herstatt” risk is synonymous with foreign exchange settlement risk, and the Basel Committee has become a powerful forum for global bank supervision because of the regulatory capital standards it sets. Its Basel Rules are designed to ensure that banks are sufficiently capitalized based on the underlying risks of their activities.

However, across the $7.5 trillion a day global foreign exchange markets, Herstatt risk remains. While the financial services industry has sought to modernize its infrastructure, many currencies still take as long as two days to settle. 

And across the $700 trillion derivatives market, lumbering daily batch settlement processes fail to keep pace with the real time volatility of the markets that they seek to collateralize.

But breakthroughs in technology have the potential to banish settlement risk to a thing of the past. There’s a crucial role for blockchain technology to play. Stablecoins, tokens designed to be pegged to an underlying currency and settled on blockchains, can now reduce currency settlement latency from days to a matter of seconds.

The global financial system will be better off if stablecoins are fully adopted and Herstatt risk goes the way of the dinosaurs

Stablecoins, a form of cryptocurrency, are not without risk. Unregulated stablecoins have “de-pegged” in the past because of design flaws or the failure of traditional banks that held their fiat reserves.  

But, strong policies and thoughtful regulations that require transparency and minimum reserve asset standards mitigate these risks. Bank insolvency risk — an issue stemming from traditional, not cryptocurrency markets — can be reduced through more effective capital standards, diversification or policies that allow for the bankruptcy remoteness of stablecoin reserves. or policies that allow for the bankruptcy remoteness of stablecoin reserves.

Properly regulated and backed by quality reserves, stablecoins — with their instant and simultaneous settlement on blockchains — reduce counterparty risk because obligations are satisfied immediately. 

From payments to collateral to foreign exchange markets, this undoubtedly improves the safety and soundness of the global financial system. Clearly, today’s foreign-exchange settlement system is in dire need of a technology overhaul, and regulations should incentivize the adoption of technologies, like stablecoins, that mitigate risk.

Last month, the Basel Committee published a framework describing how stablecoins can achieve “preferential” capital treatment. But, to the Basel Committee, this means that projects achieving these standards will simply receive the same capital treatment as the underlying fiat currency tokenized by the stablecoin.

The banking sector and the global financial system will be better off if stablecoins, settled over blockchains, are fully adopted and Herstatt risk goes the way of the dinosaurs. It’s time for regulators to actually incentivize their use.

@ Newshounds News™

Read more:  Coin Desk,  BIS

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PIC

INTERVIEW WITH BOB LOCK on his new book, " MANAGING SUDDEN WEALTH THROUGH SMART TEAM BUILDING A Guide For The Post-RV World  ".  

Listen on Youtube Currency Facts

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NEWS BRIEFS from the NEWSHOUNDS

▪️Donald Trump Holds Over $1M in Ether, Also Receives NFT Licensing Fees  |  CoinDesk 

▪️Bitcoin, Ether Held in BlackRock ETFs Cross Those of Grayscale’s for the First Time  |  CoinDesk

▪️Dubai court recognizes crypto as a valid salary payment  |  CoinTelegraph 

▪️Coinbase, KuCoin join list of crypto exchanges seeking licenses in Turkey | Crypto . News

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Newshound's Daily Breakdown Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

159 Countries Set to Adopt BRICS New Payment System

159 Countries Set to Adopt BRICS New Payment System

Joshua Ramos   August 16, 2024

Amid the alliance’s continued efforts to create a SWIFT alternative, the economic alliance has sought to create its very own BRICS payment system. It will play a major role in the alliance trade dealings. Specifically, allowing unilateral settlement to be done without the need for the US dollar.

The move is poised to be vital for the bloc and participating nations, and it appears there will be a lot of them. According to one Russian official, there are already 159 countries seeking to adopt the system currently. With a potential launch coming in October, it could have massive global market ramifications.

Countries Flock to BRICS Payment System as SWIFT Opposition Emerges

The past several years have seen the BRICS alliance committed to enhanced de-dollarization efforts. With the impact of Western sanctions on Russia, the move is a clear promotion of local currency and alternative settlement methods. Although many have been skeptical, there is no denying its popularity to this point.

According to Russia’s Central Bank Governor, Elvira Nabiullina, 159 countries are ready to adopt the BRICS payment system when it goes live. Indeed, these foreign participants are looking to explore an expansion to Russia’s System for Transmitting Financial Messages (SPFS) platform.

Nabiullina said the system “is an alternative to SWIFT.” Moreover, she added, “Similar infrastructure exists in some other countries. We are holding discussions on the interaction of such platforms, but here the interest and technical readiness of our partners are important.”

The payment system has become increasingly important for the alliance. The mechanism is a priority of the upcoming BRICS 2024 Summit, according to the head of Russia’s BRICS Presidency Council, Viktoria Panova.

“Active efforts are underway to create a financial payment mechanism that would make cooperation between BRICS countries easier, maintaining their sovereign trade and economic exchanges,” she said. “This issue tops the agenda because every member of the group sees it as important,” she added.

The system’s debut should come with immediate activity. Additionally, it could open the door to expanded trade dealings for the alliance. With a plethora of nations seeking membership, they could opt to embrace the system when it launches. At this point, there is a chance it is ready for October’s critical summit.

Read full post here:    https://watcher.guru/news/159-countries-set-to-adopt-brics-new-payment-system?c=515

More News, Rumors and Opinions Friday Afternoon 8-16-2024

KTFA:

Clare:  Attracting investors and limiting currency smuggling.. Specialist explains the importance of "digitizing" Iraqi banks

8/16/2024   Baghdad 

Financial and economic expert Nawar Al-Saadi revealed, today, Friday (August 16, 2024), the importance of the benefits of "digitizing" financial transactions for Iraqi banks, while pointing out that digitization can enhance financial inclusion by attracting users who do not deal with traditional banks by providing easy-to-access and easy-to-use services.

Al-Saadi told Baghdad Today that “digitizing financial transactions in Iraqi banks can provide significant benefits, especially in terms of reducing currency smuggling,” indicating that “by adopting digital systems, banks can track all financial transfers with greater accuracy and transparency. This means that each transaction is automatically recorded and saved in a central database that can be reviewed at any time. This allows the relevant authorities to monitor and quickly detect suspicious financial activities, making it difficult for smugglers to exploit the financial system to smuggle currencies.”

“Digitizing the banking system contributes to reducing money laundering cases, as these operations usually depend on exploiting loopholes in traditional systems, but with an advanced digital system, these operations become more complex. Digitization also allows the use of advanced technologies such as artificial intelligence to analyze patterns in banking data and identify any abnormal or suspicious transactions,” he added, stressing that “this helps prevent money laundering by early identification of unusual activities and reporting them to the competent authorities.”

Al-Saadi explained that “to implement this digital transformation in Iraq, there is a need for investments in technological infrastructure and developing the institutional capabilities of banks,” noting that “this requires providing modern technology, training employees to use it effectively, in addition to developing legislation and laws that protect users and encourage digital transactions. It is also important to enhance customer awareness of the benefits of digital transactions and build their confidence in the new systems.”

He stressed that “digitization in banks contributes to achieving more transparency and credibility in the financial system, as each transaction can be easily tracked and reviewed. It also improves the operational efficiency of banks by completing transactions faster and at a lower cost. In terms of security, digitization provides higher levels of protection against fraud and theft through advanced encryption technologies.”

The financial and economic expert concluded by saying, “Digitization can enhance financial inclusion by attracting users who do not deal with traditional banks by providing easy-to-access and easy-to-use services. Digitizing financial transactions in Iraqi banks also has great potential to enhance economic stability and reduce the risks associated with money laundering and currency smuggling, leading to a safer and more efficient financial system.”   LINK

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Clare:  Rafidain Bank warns its customers of "electronic fraud" and issues instructions to them

8/16/2024

Rafidain Bank confirmed, on Friday, its keenness to educate its customers and the public about sound practices in using electronic services in general, and to direct the customer to take caution and care, to ward off the risks that may result from any attempts to access the customer's personal and financial information, through electronic fraud, telephone fraud, viruses and spyware, and identity theft.

In a statement today, Rafidain Bank recommended its customers to adhere to the following guidelines: Avoid easy knowledge of the password, keep it confidential, avoid using common and well-known passwords that are easy to guess, and change them periodically. The bank advised its customers - for their security and safety - to refrain from using known information such as date of birth, phone number, or any easily recognizable part of the customer's name as a password.

The bank’s statement urged customers to avoid disclosing their password and personal data, and to maintain the confidentiality of their salary card number (Master or Visa Card), Internet banking, and mobile banking application, and not to disclose them even to bank employees, stressing that the customer’s information and data, whether domiciled in his salary or otherwise, should be updated whenever there is a change through the branches.

The bank directed its customers to “continuously check your account movements (via account statement, movements in the phone application), and if you have any doubts about any of them, visit your branch or the Banking Awareness and Public Protection Department in the bank’s general management.”

The statement gave examples of fraudulent messages, "These messages are sent to you by someone impersonating an employee at the bank you deal with, who sends you messages asking you for information about your bank account or credit card under the pretext of verifying their numbers."

Fraud by tricking your account into browsing

The bank explained that many users were trapped on social networks through the trick of “Find out who browsed your Facebook account” or any other social network.

Prize Winning Messages

The bank noted that "such messages claim that you have won valuable prizes or a trip to a certain country, and the sender of the message asks you to pay a certain amount to receive your prize. Never do that."

Fundraising fraud

The statement stressed that "they collect money in a deceptive manner, as these fraudsters publish fake stories about a patient's need for treatment, a poor family, or others, and ask for donations from social media users."

Online job postings

The bank said, "If you apply for a job online, you will definitely be asked to fill out an application form. You can do that, but be careful not to write down your bank account number and credit card."

Tips to protect yourself from fraud attempts

The bank addressed customers, saying: Do not interact with people who ask you to pay a small amount of money to get a prize, gift, or other offers.

The statement continued, "You do not agree to transfer a conversation with a specific person outside of social networks, such as communicating via WhatsApp or providing that person's email address."

The bank called on customers to verify the identity of people who message them due to an emergency, claiming to be their friends or relatives, warning that messages that contain spelling and grammatical errors are always suspect and you should be careful of them.

The bank also said in its recommendations to customers and clients, "If you want to provide assistance or help, do so through official and trusted sources," stressing that "do not trust pages that represent large companies or public figures that you have not verified."

He also continued, "Do not trust any social media pages that claim to make you a quick profit through the Internet or working from home," stressing that "do not click on links that you receive via WhatsApp or social networks or those that are published in comments."

The bank urged customers to take precautions and be careful to avoid falling victim to criminal methods that aim to defraud citizens and steal their money by having people impersonate employees working in financial institutions, international institutions or private companies, and then do the following:

Communicating with customers via social media (Facebook, Instagram, WhatsApp) under the pretext of providing financial assistance, prizes, or monthly salaries for a specific period, in exchange for obtaining the customer’s personal information, data and a picture of the bank card granted to him, the secret number, and the OTP verification code.

Use the data and information necessary to create accounts in the name of customers, modify their account data, update their data, or request the number that will be sent to you via SMS, and then carry out electronic transfer operations for the purposes of paying bills and purchases, charging mobile phone balances, or making electronic financial transfers to other persons.

Communicating with the beneficiaries of the money transfers under the pretext that they were executed in their favor by mistake, and then asking them to reverse the amount by transferring it to a specific account or charging a specific phone balance.   LINK

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

Frank26   [Iraq boots-on-the-ground report]  FIREFLY:
We see Saleh again on TV.  This is the second time he talks to us now about the float.  He's saying the float can be adventurous.  We intend to have it fixed.  Ours will be fixed or managed float.  That is what's best at this time for Iraq and our currency.  He went and talked about how...we went from 11,000 ATMs to over 55,000...in gas stations alone... FRANK:  Ever since the United States Treasury showed up last week they just cannot stop talking to you every day on the television about the success of the monetary reform...new lower notes...the new exchange rate...Now it's gone way deeper into the float.

Mnt Goat   Article quote:  “introduction of new currency does not mean the destruction of ancient coins, but it will continue to trade to about ten years”. How can this possibly...“lop” when they will continue trade and use these larger three zero notes in the background for 10 more years after they complete the Project...So no more negative stuff about a LOP…please! 

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Global Debt Just Hit Levels You Won't Believe (Here's Why It Matters)

George Gammon:  8-16-2024

https://www.youtube.com/watch?v=_isu8dz60jo

BRACE For IMPACT! This Is The Complete Collapse of the US Dollar

Atlantis Report:  8-13-2024

The United States dollar has been the dominant force in the global financial ecosystem, playing a central role in international trade and serving as the world's primary reserve currency. This has given the US significant economic influence and stability for many years. However, as we move through the challenges of the 21st century, there are threats on the horizon that could disrupt this established financial order.

https://www.youtube.com/watch?v=7qUPs4HSpDg

Economist’s “News and Views” Friday 8-16-2024

Is the dollar doomed? Feat. Andy Schectman - LFTV Ep 186

Kinesis Money:  8-16-2024

n this week’s episode of Live from the Vault, Andrew Maguire is joined by Andy Schectman, President & Owner of Miles Franklin, one of the first companies to be approved as an authorised reseller of minted products.

 The precious metals experts open with a discussion about the Bank of International Settlements Project mBridge, before discussing the widespread repatriation of gold by global central banks amid continued developments in the BRICS saga.

https://www.youtube.com/watch?v=X5mFb4NtPzw

These 2 Powerful Countries Got Invited To Attend BRICS 2024 Summit! What's Going On?

We Love Africa:  8-15-2024

BRICS rolled out their first two invitations to Venezuela and Bolivia to attend the 2024 summit.

Venezuela was the first country to receive the invitation and President Nicolas Maduro will attend the summit. “As BRICS chair, President Vladimir Putin invites President Nicolas Maduro to attend the BRICS+ summit,”

 The Eastern European nation Bolivia is the second country to have received the BRICS invitation for the 2024 summit. The Bolivian President Luis Arce will attend the summit along with his delegates. “He (the President) has been invited to the summit in Kazan in October,” State news agency ABI said.

Both Venezuela and Bolivia are interested in joining the alliance to revive their respective native economies.

The 16th BRICS summit will be held from October 22 to 24, 2024 in the Kazan region of Russia. Decisions about inducting new countries, de-dollarization, and new currency status could be discussed.

In addition, bloc is keen on de-dollarization and aims to push local currencies ahead of the US dollar for cross-border transactions.

The 2024 BRICS summit will decide the prospects of the US dollar that could affect the American economy.

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

Germany Nord Stream Bombshell, Japan Crashes & PM Resigns, Prepare For U.S. Price Controls

Sean Foo:  8-16-2024

Germany drops a big update on the Nord Stream saga. However, this doesn't change the fact their economy is still in real danger with deindustrialization not stopping.

Meanwhile, Japan's Prime Minister resigns and US Price Controls might be coming if Harris wins!

Timestamps & Chapters:

 0:00 Nord Stream Saga Big Update

2:18 Goodbye To Cheap Russian Gas

6:08 Japan's Kishida Shock Resignation

9:20 US Crazy Price Controls Plan

https://www.youtube.com/watch?v=KoT8N43bo2Q

News, Rumors and Opinions Friday AM 8-16-2024

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. 16 Aug. 2024

Compiled Fri. 16 Aug. 2024 12:01 am EST by Judy Byington

Possible Timing of the Quantum Financial System, NESARA GESARA Secrets on Telegram Thurs. 15 Aug. 2024

The city of Basel, located in the north-west of Switzerland, is one of the most dynamic economic regions of Switzerland and home to the world headquarters of the Bank for International Settlements. 

The Basel Committee on Banking Supervision was created in 1974.

Its 45 members comprise central banks and bank supervisors from 28 jurisdictions, the South African Reserve Bank is part of it.

The Basel Accords were formed with the goal of creating an international regulatory framework to reduce various risks.

Basel 4’s higher thresholds will further restrict banks’ ability to lend.

Basel 4 was originally intended to start on 1 Jan. 2022, but in March 2020 was delayed due to the pandemic till Jan. 2023, and will be enforced over 5 years (2027).

All banks across the Globe have to be Basel 4 Compliant (meaning their money had to be asset-backed), many banks have since consolidated, or closed completely.

Since Friday 3 Feb. 2023 all Basel 4 Compliant banks were expected to go public with the new Gold / Commodity-backed currency International Rates as required by the GESARA Law, this is the Re-evaluation of all the global currencies (meaning the global currency reset) – the Iraqi Dinar will be the first indicator that will trigger the rest: bloomberg.com/news/articles/…

FIAT money is backed by a country’s government instead of a physical commodity or financial instrument. This means most coin and paper currencies that are presently being used throughout the world are FIAT money. This includes the US Dollar, the British Pound, the Euro and the SA Rand.

All Basel 4 compliant countries will then put out their new currencies and take the old money in, so the FIAT Dollar will become obsolete outside of the US and millions hidden will become worthless.

The world will use the FIAT and then transition over to the precious metals / commodity backed currencies and the USD / Sterling Pound and Euro will have no value whatsoever anymore.  

The use of the FIAT will be used for up to 90 days Feb. / March / April 2025 parallel with the new United States Note (USN), they may cut it off of by April 30th or soon thereafter. 

No FIAT currency or any other form of currency or cash can be deposited into the QFS without going through an exchange process and having a digital gold certificate assigned. Without the gold certificate the computer will not recognize it as money. 

The redemption of Zim Bonds creates a transaction where the gold certificates are activated and put into your account(s) in the QFS.

No currency is automatically activated in the QFS.

When the time comes, each owner of a bank account will access the QFS portal and can exchange their FIAT currency in that bank account to the QFS.

The QFS already knows if the money is clean and non-terroristic and will allow the exchange to take place, it will then be assigned the gold certificate and become active for use.

11 Global Banks Probing The Wonderful World of Quantum Technologies since 2021 already: thequantuminsider.com/2021/06/23/11

Is your bank Basel 4 and QFS compliant? No need to worry, you will get a QFS wallet and operate your wallet from your phone.

There are three Main Groups driving this initiative:

1 – Swiss Banking Group AG
2 – INDUS – BRICS
3 – US SPACE FORCE

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Thurs. 15 Aug. 2024 Bruce:  (RUMORS)

On Mon. 19 Aug. 2024 NESARA/GESARA is supposed to be announced either by Justice Clarence Thomas or by General Mike Flynn.

The new USN is supposed to be coming out around that same Mon. 19 Aug. 2024.

The R&R allowances are part of NESARA

If you have Zim and you have a dire health need you will get precedent for a Med Bed appointment. Ask for it at your exchange/redemption appointment.

On Mon, Tues, Wed. Aug. 19, 20, 21 Med Beds will be rolled out.

The USN is out on Forex and on bank screens Sun. night 18 Aug. and will be seen on bank screens Mon. morning 19 Aug.

Tier4b (us, the Internet Group) we should get notified sometime Tues. 20 Aug. 2024.

Tier 4b exchange/redemption appointments should start Wed. 21 2024

Redemption Center leaders will be emailed information on Sun. 18 Aug. afternoon to send out Monday 19 Aug.

Social Security increases (of 80%) should start around Wed. 21 Aug. 2024.

Restitution and Reclamation Allowance: The money we will get back from birth, marriage, death certificates that were traded as bonds. We will get back the interest paid on mortgages, bank loans, credit cards, etc.

It will be different for those who have Zim – will get the R&R in the Quantum Account. They will tell us how much that will be before our exchange.

The Quantum Card is not something we carry around. Put it in a very safe place and only use it when moving from Quantum Account into your bank account. You can have three different banks.

To access your Quantum Account you will need to have a (1) a biometric thumb or finger print (2) a password (3) a User Name (4) a five digit ID number (5) an Email address.

Non Exchangers (28 years of age and older), US Citizen or Green Card Holder will have their R&R by direct deposit in your bank account.

Non Exchangers R&R payments start on Mon. 18 Aug. and will take 18 days to deposit in your account.

If you are under 65 in order to receive your R&R payment, you have to stay employed at least 30 hours a week until retirement age.

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Thurs. 15 Aug. 2024 Farm Claims liquidity, Ginger’s Liberty Lounge: Reports regarding Farm Claims settlements being paid are accurate; and this is a very nice item which we can happily check off our “non negotiable list”. I was unable to share the exact details from my own confirmed contact, so I am sharing this other news passed along from someone else. 8.14.24. Lamb: “I just got off the phone with a friend of mine, she told me that her friend that had registered with the farm claim packages … He woke up to $500,000 in their bank account with no explanation, no nothing, he showed her the bank statement and knows this other person had “no pot to piss in” before (per se). So the statement about farm claims being paid is 100%.”

Read full post here:  https://dinarchronicles.com/2024/08/16/restored-republic-via-a-gcr-update-as-of-august-16-2024/

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

Militia Man  What I bring has data behind it.  I'm not just making it up or just getting phone calls.  I'm actually doing the work.  I put it together.  It takes a lot of time to put all the work together.  I like doing it because it does help so many people...You're not the only ones that are tired.  Everybody in our crews can be tired at times.  We all need to support..

Fnu Lnu  There will be NO NDA necessary for a public transaction with a public bank for a publicly traded currency! PERIOD. The only people who have NDA's, like myself, have a contractual agreement to sell Dinar to private buyers at a rate not published and is not public. There are buyers that have contracted to buy Dinar from private sources because they might be sanctioned from using the auctions or buying from the source. They are doing it for Oil Credits. ONLY they have NDA's. No other will have any reason for a NDA.

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Good news for iqd iraq finance

Nader:  8-15-2024

https://www.youtube.com/watch?v=zk7kYEg74Lo